IDFC Home Loan Eligibility Calculator

IDFC home loan eligibility calculator is a handy online calculator that enables you to assess your home loan eligibility. Namely, you just need to enter some basic personal and professional details of you, and in a jiffy, the calculator will display the total loan amount you are eligible for. 

Moreover, along with the result, you can also find the pertinent interest rate, monthly EMI, and the maximum loan tenure you can avail of. By doing so, you can ultimately eliminate the necessity of visiting a bank branch every now and then.

Hence, to make your homeownership journey a bit easier, Urban Money presents this guidance where you can find everything you need to know about the IDFC bank home loan eligibility calculator. Let’s scroll down to know more.

IDFC Home Loan Eligibility Calculator –  Key Features & Benefits

Following are some of the key features and benefits of the home loan eligibility calculator IDFC:

Completely Digital

You can conveniently use the IDFC Bank home loan eligibility calculator through the official Urban Money website, without any time or geographical constraints. This ultimately eliminates the need for frequent visits to the bank branch. Instead, via this handy calculator, you can easily assess your eligibility, compare various financing options, and apply for the most cost-effective home loan anytime and anywhere.

Easy to Understand

IDFC first bank home loan eligibility calculator uses a visually engaging interface to present results, avoiding the need for a tedious textual description. This allows you to easily understand your current financial status in relation to your home loan with just a glance.

Comparison Capabilities

The IDFC home loan eligibility calculator allows you to compare various loan options the bank provides. This dynamic feature enables you to assess interest rates, monthly repayment terms, and other associated costs associated with different financing options that may be available to you.

Real-Time Updates

The home loan eligibility calculator IDFC is consistently updated with real-time financial parameters. This ensures that you can make calculations using the most up-to-date information, thereby improving the accuracy and relevance of the result displayed on the calculator.

Free of Cost

Yes, you don’t need to pay any fees to use the IDFC First Bank home loan eligibility calculator, as it is entirely free for everyone. By visiting the official website of Urban Money, you can easily locate this calculator and conveniently assess your home loan eligibility. 

How to use the IDFC Home Loan Eligibility Calculator? 

To use the IDFC bank home loan eligibility calculator, you can follow these simple steps:

• Visit the official website of “Urban Money.”
• There is a horizontal menu bar at the top of the home page. This menu bar entails loans, insurance, credit card, investment, etc. 
• Click on the “Loans” option and “Home Loan.”
• You will then be directed to the home loan page, where you can find an array of leading banks and NBFCs in India.  
• Scroll down and select “IDFC First Bank.” This will redirect to ‘IDFC First Bank Home Loan‘ page.

• A form will be displayed under “Check IDFC First Bank Loan Eligibility.”
• Enter the required details, such as your name, phone number, city, desired loan amount, loan tenure, etc.
• Click the “Check Eligibility” button.
• In a jiffy, a 6-digit OTP will be sent to the phone number you provided.
• Enter the OTP and click “Submit.”
• The calculator will promptly present the total amount you can receive from the bank. You can also view the interest rate, tenure, monthly EMI, and total amount. 
• Moreover, if you wish to apply for an IDFC Bank Home Loan, click the “Apply Now” button. Alternatively, click “View All Offers” to explore and compare offers from other lenders alongside IDFC First Bank.

IDFC Home Loan Eligibility Criteria

IDFC First Bank offers a diverse range of home loans tailored to suit the requirements of different individuals and professions. Broadly, these loans can be classified into four categories: those for salaried individuals, self-employed individuals, non-resident Indians, and women applicants. Hereunder, we outline the eligibility criteria for each of these categories.

IDFC Home Loan Eligibility Based on Salary

• Applicants must be at least 21 years old when the loan starts and up to 60 years old when the loan ends.
• The applicant must have at least 3 years of work experience.
• Applicant must earn a minimum of Rs. 1 lakh per annum.
• Applicants should have a good credit score (a credit score of 750 or above is considered favourable).
• The applicant should be an Indian resident.

IDFC Home Loan Eligibility Criteria for Self-Employed Individuals

• Applicants must be 23 or older when the home loan starts and up to 70 or less when the loan ends.
• Applicants should have a minimum of 4 years of business continuity.
• Applicants should have a minimum annual income of Rs. 1.5 lakhs.
• Applicants should have a good credit score (a credit score of 750 or above is considered favourable).
• The applicant should be an Indian resident.

IDFC NRI Home Loan Eligibility: Requirements for Non-Resident Indians

• Applicants must be at least 21 years old when the loan starts and up to 60 years old when the loan ends.
• Applicant must have at least a minimum 3 years of work experience. 
• Applicant must earn a minimum of Rs. 1 lakh per annum.
• Applicants should have a good credit score (a credit score of 750 or above is considered favourable).
• The applicant should be an Indian resident.

Special IDFC Home Loan Eligibility for Women Applicants 

• Be at least 21 years old when the loan starts and up to 60 years old when the loan ends.
• Have at least 3 years of work experience. 
• Have a minimum income of Rs. 1 lakh per annum.
• Have a good credit score; typically, the bank considers a credit score of 750 as favourable.
• Be an Indian resident or a Non-Resident Indian (NRI).

List of Factors Affecting IDFC Home Loan Eligibility

Let’s take a look at a list of factors affecting IDFC home loan eligibility:

• Income: Your income level and stability are crucial factors in determining your eligibility. A higher and consistent income can significantly increase your likelihood of loan approval.
• Credit Score: Your credit score is the primary factor the bank considers when assessing your eligibility, as it demonstrates your creditworthiness to the bank. The bank evaluates your credit history to understand your repayment behaviour.
• Age: Your age at the time of loan application influences both the loan tenure and eligibility. Namely, younger applicants are typically eligible for longer loan tenure and faster loan approval.
• Employment History: A stable employment history showcases your ability to repay the loan. In contrast, applicants with a history of frequent job changes may be considered risky, which can affect their eligibility.
• Loan Amount: The correlation between the loan amount you intend to borrow, your income, and the property’s value has influenced your eligibility.
• Property Details: The type of property you want to use as collateral for your loan and its value can also impact your eligibility for a home loan.
• Debt-to-Income Ratio (DTI): Your eligibility for a loan can be affected by the relationship between your monthly income and debt payment. Namely, having a lower debt-to-income ratio can result in quick loan approval.
• Documentation: Submitting accurate and complete documents, which include proof of income and property details, is essential to facilitate a smooth loan approval process.

How Can You Improve your IDFC Home Loan Eligibility?

There are certain tips you can use if you fail to meet the minimum eligibility criteria to enhance your eligibility for an IDFC home loan.

Maintain a Good Credit Score

To boost your eligibility for a home loan with IDFC, make sure to pay your bills and existing loans punctually and strive to reduce your credit card usage. Following this practice can notably enhance your eligibility, often resulting in lower interest rates and more favourable loan terms. Generally, the bank views a credit score of 750 or higher as favourable.

Reduce Your Debt-To-Income Ratio

The DTI (Debt-to-Income) ratio shows what portion of your monthly income is allocated to paying off debts. I.e., a higher DTI suggests that you have less money available to repay a loan, which might lead the bank to decline your loan application. Ideally, you can reduce your DTI ratio by either increasing your income or decreasing your debts.

Affix Co-applicant

Boost your loan approval prospects by adding your spouse, sibling, or other family members as co-applicants. In such instances, the bank evaluates both applicants’ credit scores and repayment capacity, strengthening the overall loan eligibility.

Present All Your Income Sources

Showcase all your income sources alongside your monthly salary, which may encompass investments, rental properties, retail businesses, income-generating hobbies, and more. This will boost the bank’s confidence in your ability to repay the loan, ultimately increasing your chances of loan approval.

Avoid Multiple Loan Applications

Every time you apply for a loan, it gets noted on your credit report, potentially leading to a lower credit score. Namely, if you submit numerous loan applications in a short period, it can raise concerns for the bank, suggesting that you might be seeking credit too eagerly and may struggle to repay your debts. Therefore, to avoid making multiple loan applications, conducting thorough research and comparing various loan options before applying for a loan is wise.

Understanding the Impact of Credit Score on IDFC Home Loan Eligibility

A credit score is a number that reflects your creditworthiness, calculated from factors like your credit history, repayment habits, outstanding debts, and other pertinent financial aspects. Typically, credit scores range from 300 to 850, with higher scores indicating better creditworthiness.

The bank typically deems a credit score of 750 or higher as ideal. And a good credit score can significantly influence several aspects of your home loan, including your interest rate, loan amount, loan tenure, speed of approval, and the terms you receive.