IDFC First Bank Home Loan
For most of us, owning a home is a major milestone in life, and reaching this is possible with attractive home loans from IDFC First Bank, which offers competitive interest rates and easy-to-pay EMI options. IDFC customers can avail of home loans from the bank for a tenure of 30 years at interest rates ranging between 8.85% and 10.75%. The bank charges a processing fee between 0.25% and 0.50% for your home loan application. The bank also allows for easy status tracking of IDFC home loan applications online from the comfort of your home. Existing home loan transfer is also possible with better interest rates at IDFC. Your dream home is just a click away with IDFC First Bank home loan plans.
IDFC Bank Home Loan EMI Calculator
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IDFC Housing Loan Key Highlights
Get the lowest interest rates with IDFC First Bank
| Loan Amount | Up to Rs. 5 crore |
|---|---|
| Rate of Interest | 8.75% p.a. onwards |
| RPLR | |
| Processing Fee |
Up to 3% |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | |
| Charges for Prepayment/Foreclosure |
IDFC First Bank Home Loan Interest Rates in 2024
IDFC home loan interest rate ranges between 8.75% for customers applying for housing loans. Also, note that the rate of interest offered by the bank varies for different products as well as for salaried and self-employed applicants. The table below enlists the different interest rates for IDFC First Bank basis the kind of loan applicants:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Housing Loan (For Salaried) | Starts at 8.85% |
| Home Loan Balance Transfer (For Salaried) | Starts at 8.85% |
| Home Loan Top-Up (For Salaried) | Same ROI as Balance Transfer up to max cap limit of 100% of the Balance Transfer loan amount |
| Housing Loan (For Self Employed) | Starts at 9.25% |
| Home Loan Balance Transfer (For Self Employed) | Starts at 9.25% |
| Home Loan Top-Up (For Self Employed) | Same ROI as Balance Transfer up to max capping of 100% of the Balance Transfer loan amount |
Interest rates were last updated on 6th May 2024
IDFC First Bank Home Loan Eligibility Criteria
Every bank has a set of eligibility criteria to filter home loan applicants. IDFC First Bank, too has some pre-defined requirements that its customers should qualify to be considered eligible for applying for a home loan. IDFC home loan eligibility criteria are as follows:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21-60 years | 23-70 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 1 lakh p.a. (minimum) | Rs. 1.5 lakh p.a. (minimum) |
IDFC First Bank Home Loan Processing Fee and Charges
Processing fee is the charge that a bank levies on its customers to cover the expenses involved in processing their home loan application. IDFC First Bank home loan processing fee and additional charges are detailed below:
| Processing Fee | 0.25% - 0.50% |
|---|---|
| EMI Bounce Charges | Rs. 400 (GST excluded) |
| Charges for Copies of Documents | Rs. 500 for a physical copy (GST excluded) |
| Charges for Duplicate NOC Issuance | Rs. 500 (GST excluded) |
| MCLR to EBR Type | - |
| Schedule for Repayment | Rs. 500 for a physical copy (GST excluded) |
| Charges for Document Retrieval | Rs. 500 (GST excluded) |
| Charges for Cheque/Instrument Swap (per swap) | Rs. 500 (GST excluded) |
| Penal Charges / Late Payment Charges | 2% per month for unpaid EMI (GST excluded) or Rs. 300 (GST excluded), whichever is higher |
| Charges for Repayment Instrument Swap | Rs. 500 |
| List of Documents | Rs. 500 for a physical copy (GST excluded) |
| Charges for Stamping | As per actuals |
| Charges for Loan Rescheduling | - |
| Account Statement | Rs. 500 for a physical copy (GST excluded) |
| Charges for EMI Collection | Rs. 350 (GST excluded) |
| Charges for Cancellation and rebooking | 1% of the loan amount + interest from the date of loan disbursal until the date of receipt of the request for loan cancellation |
| Incidental Charges (to cover dues recovery from defaulting customers) | As per actuals |
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IDFC First Bank Home Loan Schemes and Top Plans
IDFC offers a variety of home loan products to its esteemed customers to fulfill their varied needs. Some of the top home loan types offered by the bank are listed below:
1. IDFC First Suvidha Shakti
- Special loan plan devised for women to help them cover expenses on home improvement such as water connection, sanitation improvement, renovations, repairs, and more
- Loan offered for a tenure of 3 years total
- Loan amount offered for sanitation - Between Rs. 15,000 and Rs. 50,000
- The loan can be availed for repair, renovation, productive housing, or extension from Rs. 25,000 to Rs. 1 lakh
- Rs. 10,000 - Rs. 50,000 offered for getting a water connection
- Water + sanitation loan can be availed between Rs. 25,000 and Rs. 1 lakh
2. IDFC First Housing Loan
- The total amount of loan that can be availed under the scheme - up to Rs. 5 crore
- IDFC’s regular home loan plan is offered to all customers interested in purchasing a new property, building a house, or making renovations to an existing one
- Total loan tenure is for 30 years
3. IDFC FASTRACK Home Loan Balance Transfer
- The loan amount that can be availed under the scheme - up to Rs. 2 crore
- The scheme is specifically for existing home loan customers of other banks, encouraging them to transfer the balance loan amount to IDFC
- A top-up home loan facility also offered as part of the balance amount transfer
- Loan tenure is for up to 30 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of IDFC First Bank, taking into consideration the earning and repayment capacity of the applicant.
Get Home Loan Starting at 8.5%*
Documents Required For IDFC First Bank Home Loan
While applying for a home loan with IDFC First Bank, all applicants must submit a set of required documents to the bank, which is a mandatory step in the process. Listed below are the essential IDFC bank home loan documents that must be provided for a successful loan application with the bank:
Documents Required for Salaried Applicants
- ITR of the latest year/Form 16
- Bank Statement to track repayment with amortization schedule/letter for loan sanction
- Salary Certificate/Salary Slip of last 3 months
- Bank Statement to indicate salary credits of last 6 months
No Details
Documents Required for Self-Employed Applicants
- Credit card statement of 6 months
- ITR with computation of income
- Account of the borrower and co-borrower (if applicable)
- Balance sheets and P&L accounts with schedules (if applicable)
- Bank statement for the last 6 months
- GST return for months not covered in the latest FY
- Copy of Contract Order and Form 16 A (in case of income from contracts)
- Professional/Trade license
- Possession/Allotment Letter
- Photocopy of Draft Sale Deed and Chain Title Documents (if applicable)
- NOC from the society
- Latest updated bank statement in the name of the borrower/bank passbook
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
No Details |
Find IDFC Home Loan Offices Near You
If you wish to visit us, it is easy to reach out to the nearest IDFC First Bank Home Loan branch from your residence. We are available to answer all queries, address complaints, or redress our privileged customers' grievances. The easiest way to find us is to search online for an IDFC housing loan branch near you or connect with a BASIC Home Loan team representative in your area of residence for more assistance.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
IDFC home loan rate of interest ranges between 8.85% and 10.75%.
For IDFC home loans, a CIBIL credit score of 750 or higher is ideal.
IDFC First Bank offers home loans to its customers that have the following characteristics:
- All home loans are customized to meet individual customer needs
- Minimal documentation is required to apply for a housing loan
- The entire home loan application process at IDFC is digitized for the customer’s convenience
- Loans can be offered up to a total amount of Rs. 5 crore and for a maximum duration of up to 30 years
- The plan can be topped up to 100% at the same ROI as the Balance Transfer
- Salaried and self-employed loan applicants enjoy higher eligibility than other customers
The best way to reduce your IDFC home loan ROI is to make a higher down payment, thereby borrowing less money which considerably lowers the interest rate.
The maximum home loan amount that can be availed from IDFC First Bank is up to Rs. 5 crore.
Yes, IDFC allows its customers to apply for a joint home loan with an immediate family member, such as a father and his son may co-apply for a joint housing loan.
The easiest way to apply for a home loan with IDFC First Bank is to follow the instructions on the BASIC Home Loan website. One of our team representatives will get in touch with you to help you initiate the loan application process at the earliest.
The time taken by IDFC First Bank to process a home loan application and grant approval may vary from one applicant to another, basis their eligibility criteria and other factors.