IDFC First Bank Home Loan Interest Rates

IDFC FIRST Bank
4.5

IDFC First Bank offers customised home loan solutions that require minimal documentation. You can avail of home loans up to Rs. 5 crores with a flexible repayment tenure ranging up to 30 years. The bank provides a wide range of home loan products to meet end-user requirements. You can seamlessly transfer any existing home loan with the balance transfer facility. Salaried and self-employed applicants get higher home loan eligibility. The interest rate for this loan starts at 8.75% per annum.

  • IDFC FIRST Bank Home Loan Interest Rate

    Home Loan offer for You

  • 8.75% - 10.5%

    Interest Rate (p.a.)
  • ₹1L - ₹10Cr

    Tenure(1 - 30 Years)
  • ₹2,064 - ₹2,149

    EMI Per Lakh

Check Latest Home Loan Offer From IDFC First Bank

  • IDFC FIRST Bank Home Loan Interest RateHome Loan offer for You
  • 8.75% - 10.5%

    Interest Rate (p.a.)
  • ₹1L - ₹10Cr

    Tenure(1 - 30 Years)
  • Up to 3.5% of the loan amount

    Processing Fee

Compare IDFC First Bank Home Loan Interest Rates with Other Lenders

One of the key aspects of applying for a loan is navigating the prevailing interest rates across several lenders. This will provide significant insight into how lenders offer their loan products from a comparative angle. Customers can then proceed to the ones whose rates are feasible for them. Below is a table showing the home loan interest rates across some top banks.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • ICICI Bank home Loan Interest Rate

    ICICI Bank HL Interest Rate

  • 8.85% - 9.1%

  • The processing fee is 0.50% of the loan amount, plus applicable taxes

  • 4.5

  • ₹3L - ₹75L

    Tenure(5 - 30 Years)

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

IDFC First Bank home loan provides the benefit of creating customised loans with customer-specific plans and interest rates. Moreover, with minimal documentation and maximum tenure of 30 years, customers can experience relatively easy and hassle-free financial support. The interest rates for First Bank Home Loans start from 8.85% per annum. Additionally, with a lucrative home loan scheme, customers can avail of the comfort of reliability and attractive loan amounts. This piece explores all aspects of the IDFC First Bank Home Loan Interest Rates 2023. 

IDFC First Bank Home Loan Highlights

The following pointers give an insight into the IDFC First Bank Home Loan Scheme:

  • Loan sanctioning at attractive rates. 
  • Discounts are offered on the IDFC First Bank Home Loan processing fee. 
  • Enjoy the benefits of minimal documentation 
  • Top-up facility available with 100% loan-to-value ratio
  • Availability of loan amount up to INR 5 Crores
  • Maximum loan tenure of 30 years for repayment
  • Attractive offers for salaried employees and self-employed customers.

IDFC First Bank Home Interest for Salaried and Self-Employed

IDFC First Bank Home Loan Interest Rate for Salaried and Self-Employed customers are as provided in the table below:

Employment TypeProductHome Loan Rate
SalariedHome Loan8.85% onwards
Home Loan Balance Transfer8.85% onwards
Self-EmployedHome Loan9.25% onwards
Home Loan Balance Transfer9.25% onwards

IDFC First Bank Home Interest for Govt Employees

Any salaried employees can avail of the IDFC First Bank home loan scheme with an interest rate starting from 8.85% per annum. The maximum repayment period will be 30 years. Moreover, customers can reduce their interest rates by maintaining a good CIBIL score of 800 or above and keeping a good relationship with IDFC First Bank. 

IDFC First Bank Bank Home Loan Interest Rate For Women

Any customers that meet the eligibility criteria for a home loan from IDFC First Bank can get financial assistance with lucrative interest rates and access the full range of features and benefits of the loan scheme. The interest rate for salaried employees starts from 8.85% and 9.25% for self-employed customers. 

IDFC First Bank Bank Home Loan Interest Rate For NRI

Only salaried Non-resident Indians can apply for an IDFC First Bank home loan. The interest rates will range from 8.85% to 10.50% per annum. Moreover, NRI customers, like salaried employee borrowers, must be within the age range of 21 to 60 with a minimum of 3 years of work experience. Loan tenure can range from 1 year to 30 years.

IDFC First Bank Home Loan Fees and Other Charges

Customers applying for the IDFC First Bank Home Loan will have to pay certain fees and charges as a part of the application process and other services. Moreover, there will be penalties for delayed payments and prepayments. A detailed view of the IDFC First Bank home loan fees and charges is as follows:

Particulars Fees Details
Processing Fees3% of the Loan Amount 
Cheque Bounce RateINR 400 Plus GST
Instrument SwapINR 500
Document Charges INR 500
NOCINR 500
Cancellation Charges1% of the Loan Amount
Late Payment 2% per month

How to Calculate IDFC First Bank Home Loan Interest?

IDFC First Bank calculates the interest on its home loans based on various factors such as the loan amount, loan tenure, and the prevailing market interest rates.

To calculate the IDFC First Bank home loan interest, follow these steps:

  • Determine the loan amount you wish to borrow from IDFC First Bank for your home purchase or construction.
  • Check the current IDFC First Bank home loan interest rate.
  • Choose the loan tenure when you wish to borrow the funds. The loan tenure can typically range from 1 year to 30 years, depending on the bank's policies.
  • Once you have all the required details, you can use an online home loan EMI calculator on IDFC First Bank's or other financial websites. The EMI calculator will help you to estimate your monthly instalments and the total interest payable on the loan.

Alternatively, you can use the following formula to calculate the IDFC First Bank home loan interest: Interest Payable = (Principal Amount x Interest Rate x Loan Tenure)/100

where,

  • Principal Amount = The total amount borrowed
  • Interest Rate = The rate of interest charged by the bank
  • Loan Tenure = The duration of the loan in years

Why are IDFC First Bank Home Loan Interest Rates the Best for Customers?

Owing to the reasons given below, IDFC First Bank's home loan scheme can be considered one of the best for customers.

  • Competitive Interest Rates: IDFC First Bank offers competitive interest rates on home loans, making it easier for customers to afford their dream home.
  • Flexible Repayment Options: The bank provides customers with flexible repayment options, including tenure ranging from 1 to 30 years and the choice of fixed or floating interest rates.
  • Low Processing Fees: The bank charges minimal processing fees on home loans, reducing the overall cost of the loan for the customers.
  • Quick Approval and Disbursal: IDFC First Bank offers quick approval and disbursal of home loans, helping customers to meet their urgent financial requirements.
  • Additional Benefits: The bank offers additional benefits like a balance transfer facility, top-up loans, and online account management, making it a convenient and hassle-free customer experience.
  • Overall, these factors make IDFC First Bank Home Loan Interest Rates a popular choice among customers.

IDFC First Bank Home Loan Interest Rates for Existing Customers

For existing customers, IDFC First Bank home loan interest rates start from 8.85% per annum. In the case of a self-employed borrower, the starting rate will be increased to 9.25% per annum. Moreover, the interest rate may also vary depending on the customer's creditworthiness. 

Factors that affect IDFC First Bank Home Loan Interest Rate and EMI

Various factors affect the IDFC First Bank home loan interest rates. Understanding these factors can assist a borrower in improving their creditworthiness and procuring the best interest-rate deal available. These factors affecting the IDFC First Bank Home Loan Interest Rate are given below:

  • Credit Score: A higher credit score usually leads to a lower interest rate, indicating a lower risk of defaulting on the loan.
  • Loan Amount: Higher loan amounts usually have a lower interest rate, which means lower risk for the lender.
  • Loan Tenure: The loan tenure also affects the interest rate. Shorter loan tenures usually have a higher interest rate, whereas longer tenures have a lower interest rate.
  • Income: Higher income usually leads to a lower interest rate, indicating a lower risk of defaulting on the loan.
  • Property Location: The location of the property also affects the interest rate, with properties in prime locations having a lower interest rate.
  • Market Conditions: The interest rate can also be affected by market conditions such as inflation, economic growth, and interest rate trends.
  • Loan-to-Value Ratio (LTV): The LTV ratio is the percentage of the property value that is being borrowed. Lower LTV ratios usually have a lower interest rate.
  • Loan Type: Different types of loans, such as fixed or floating interest rates, can also affect the interest rate.

Frequently Asked Questions (FAQs)

Does IDFC First Bank provide a 90% home loan?

Yes, IDFC First Bank home loan comes with the facility of a 90% loan-to-value ratio. However, the amount sanctioned will depend on the eligibility of the borrower.

What is the EMI for 30 lakhs home loan for 20 years?

EMI for INR 30 Lakhs IDFC First Bank home loan for 20 years will be INR 26,703 when the interest rate is 8.85% per annum.

How can I reduce my IDFC First Bank home loan interest rate?

Firstly, salaried and self-employed customers are given higher eligibility concessions. Moreover, anyone can reduce their interest rate by maintaining their CIBIL score, repayment discipline, and a good repo with the bank.

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