IDFC First Bank Home Loan

IDFC FIRST Bank
4.5

IDFC First Bank Home Loan has now made your dream home purchasing easy. The home loan offers the finest interest rate, and now you can choose from a wide range of properties. You can now check below mentioned home loan conditions and procedures for IDFC First Bank like home loan eligibility and requirements etc.

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IDFC FIRST Bank

IDFC FIRST Bank Home Loan

  • Interest Rate

    8.75% - 10.5%

  • Loan Amount

    ₹1L - ₹10Cr

  • EMI Per Lakh

    ₹2,064 - ₹2,149

  • Processing Fees

    Up to 3.5% of the loan amount
  • Pre-Payment Charges

    Foreclosure charges 5% of the loan amount

Plan Offered

Term Loan

Showing Data for CIBIL Score -

IDFC Home Loan

  • CIBIL: -

IDFC Home Loan

CIBIL: -

CIBIL Score range

  • CIBIL: -

Showing Data for CIBIL Score -

  • Salaried
Loan AmountLoan TypeMen (ROI)Women (ROI)
Any Loan AmountNew8.85%8.85%
  • Salaried
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
MumbaiAny Loan AmountNew8.85%8.85%

Last updated on: 02, Mar 2024

Features & Benefits of IDFC Home Loan

While several banks list multiple kinds of home loans, IDFC home loans keep it simple. One single loan to suit them all. Check out the top features of IDFC bank home loans.

Secured Loan

IDFC First home loans are extended against a mortgage of the concerned property. While a certain portion of the property is financed by the bank, the remaining portion is covered through a down payment made by the borrower.

Loan Amounts up to 5 crores

Loan amounts ranging from Rs. 1 lakh to 5 crores offer unparalleled financial assistance for homebuyers and lucrative opportunities for investors. The loan amounts can cover up to 90% of the property’s value. 

Longer Loan Tenures

IDFC home loans are available for up to 30 years to salaried applicants and for up to 25 years to self-employed individuals. While longer tenures imply higher interest outflows, they also make up for affordable monthly instalments. 

Affordable Interest Rates

The floating home loan interest rates levied on IDFC First home loan range from 8.85% (salaried applicants) to 9.25% (self-employed individuals). Higher interest rates are levied on loans offering higher LVRs and vice-versa.

Easy Application

One can apply for IDFC home loans through branch visits, the bank’s official website and mobile application. The bank also allows co-application on home loans with one’s spouse, parent, or children. 

Multipurpose Home Loans

IDFC First Bank offers home loans for purchase, construction and investment purposes. Apart from that, the bank also offers Balance Transfer and Top-Up facilities on its home loans.

Charge Waivers

The bank offers a number of fee waivers to economise home loans for prospective borrowers. For instance, the bank’s BT surrogate program from select lenders helps eliminate legal charges. 

Repayment

IDFC First home loans can be repaid in monthly instalments via offline and online channels. Borrowers can repay the loan by visiting their nearest branch. The bank also offers an online ‘Quick Pay EMI’ portal where loans can be repaid through cards and online wallets. 

Online Calculators 

Apart from monetary assistance, the bank also provides digital financial planning tools. Home Loan EMI Calculator and Home Loan Eligibility Calculator can respectively be used to gain EMI schedules in advance and check eligibility.

IDFC Home Loan Overview

Purchasing your dream home has become easier with top-notch banking services offered by IDFC Bank. It gives you the finest home loan interest rates on housing finance and a large selection of properties. You can now apply for a home loan with IDFC online and take advantage of the lowest interest rates coupled with minimal documentation and speedy processing. You may even track the status of your home loan after the completion of your application. The home loan eligibility criteria have also been expanded to make them more accessible. If you already have a home loan, you also have the option of easily transferring it!

IDFC home loans offer full financial assistance for residential, investment and construction-based purchases. For owners, having their own house is the dream of a lifetime. While for investors, real-estate investments are gateways to immeasurable growth. The IDFC bank home loan takes care of all of these needs for its customers.

Ethical banking, sound technology and social commitment are IDFC First Bank’s founding pillars. IDFC First home loans are simple and straightforward credit products. Without diverging into numerous subcategories, the bank offers top-notch value to its customers with a single home loan product.

IDFC Home Loan Fees and Charges

IDFC Home Loan maintains complete transparency regarding additional charges. Check out the fees and charges you may have to pay over IDFC Bank home loan apart from interest payments.

Charges  Up to 
Processing Fee 3% of the loan amount
EMI Bounce Charges  ₹400 + GST per bounce
Repayment Instrument Swap Charges ₹500 per request
Copies of documents Charges ₹500 per request
List of Documents ₹500 for hard copy +GST
Duplicate NOC Issuance Charges ₹500 + GST
Stamp Charges  As per the State’s Law
Repayment Schedule  ₹500 for hard copy + GST
Statement of Account ₹500 for hard copy + GST
Document Retrieval Charges ₹500 + GST 
EMI pickup/ Collection charges ₹350 + GST
Cheque/Instrument Swap Charges ₹500 + GST
Cancellation and Rebooking Charges  1% of the loan amount + interest due from date of disbursement to receipt of cancellation request.
Late payment/ penal charges/ default interest/ monthly overdue 2% per month or ₹300, whichever is higher + GST
Incidental Charges and Expenses As per the T&Cs.

Important Note: Cancellation requests should be made within 30 days or 1st EMI presentation date.

Documents Required for IDFC Home Loan

A loan seeker must submit self-attested copies of any one document for each criterion while applying for an IDFC home loan.

Requirement  Accepted Documents 
Mandatory Requirement  PAN Card/ From 60
Identity Proof Aadhar Card/ Passport/ Driver’s licence/ Other accepted documents
Address Proof Voter ID card/ Aadhar card/ Driving License/ Other accepted documents
Income Proof Salaried Individuals: Last 2 months' salary slip/ latest ITR or Form 16/ last 6 months' bank statement/ other documents  Self-Employed Individuals: Latest ITR/ balance sheet or P&L statement/ GST return/ last 6 months bank statements or CC statements/ other documents
Property Proof  Sale deed/ Chain title documents Ownership proof NOC certificate  Other required documents
Business Proof Shop establishment certificate/GST return/ Trade license
Business Address Proof Telephone bill/ Electricity bill/ Other documents 

How Does the EMI Calculation Work for IDFC Home Loan?

To calculate the IDFC home loan EMI, enter specific details in the home loan EMI calculator or EMI formula. These details are loan amount, interest rate and repayment tenure. 

Enter these values in the EMI calculator and within seconds your monthly EMI will be calculated.

To calculate EMI manually count on depicted formula:

EMI = [P*R (1+R) *N] / [(1+R) N-1]

Where,

  • P represents Principal Amount
  • R represents Interest Rate
  • N represents repayment tenure

Balance Transfer IDFC Home Loan

The IDFC FASTRACK Home Loan Balance Transfer allows home loan borrowers from other lenders to shift their loans for lower interest rates and top-up benefits to IDFC First Bank. The bank offers low-interest rates to existing home loan account holders to help save money on interest payments. IDFC First Home Loan Balance Transfer allows several other benefits and advantages. 

An individual can apply for a balance transfer to IDFC First home loan in the following steps:

  • Visit www.idfcfirstbank.com
  • Select ‘Home Loan’ from the ‘Loans’ menu.
  • Click on ‘Apply Now’.
  • Enter your mobile number and accept the T&Cs.
  • Complete the OTP verification process and proceed.
  • Enter the required details and wait for the bank to contact you.

The eligibility criteria, document requirements and loan terms like tenure and interest rate are the same for balance transfer applicants as for new applicants.

IDFC Home Loan Customer Care Number

You can get in touch with the customer care executive by calling on their contact number  or via email.

  • Customer Care Number (24/7 availability): 1800 10 888
  • Whatsapp Banking: 9555 555 555
  • Email: banker@idfcfirstbank.com

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does IDFC provide home loans at the best rate?

Yes, IDFC provides home loans at a best interest rate starting from 6.5 percent.

What is the interest rate of home loan in IDFC?

For salaried employees home loan is available from an interest rate of 6.5 % onwards, whereas for self employed the starting interest rate is 6.7%.

Does IDFC check for CIBIL score for home loan?

Yes, IDFC First Bank takes CIBIL score into consideration to determine the best possible rate of interest for the loan applicant.

What is the maximum home loan amount I can get from IDFC First Bank?

At maximum, you can avail a home loan amount of INR 5 crores. IDFC offers the lowest home loan interest rate of 6.5% based upon certain factors such as cibil score, repayment history, financial stability, etc.

Can I take two home loans at a time?

Yes, you can have two home loans at a time, as there is no such law which barriers to servicing one loan at a time.

When does the loan repayment period start?

Loan repayment period starts from the very next month when your loan amount gets disbursed in your loan account.

Does IDFC have a fixed rate of interest on a home loan?

IDFC offers home loans at a floating rate of interest.

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