IDFC Bank Home Loan Interest Rate
IDFC First Bank is a leading private sector bank in India that was formed by the merger of Infrastructure Development Finance Company and Capital First. The bank offers various financial services at lucrative rates, such as home loans. IDFC Bank home loan interest rate 2024 starts at 8.75% per annum for salaried and 8.85% per annum for self-employed applicants. The maximum loan repayment tenure offered on home loan schemes by IDFC First Bank is up to 30 years. Women borrowers can avail of IDFC home loan interest rates at concessional rates and buy a home of their own with minimum documentation.
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IDFC Bank Home Loan Key Highlights
| Amount of Loan | Up to Rs. 5 crore |
|---|---|
| Rate of Interest | 8.75% p.a. onwards |
| Processing Fees |
Up to 3% |
| Max Tenure for Loan Repayment | 30 years |
IDFC Bank Home Loan Interest Rates in 2024
The IDFC First Bank has emerged as one of the preferred choices for potential homeowners applying for a home loan because the interest rates are competitive. The tables given below highlight the IDFC Bank home loan interest rate 2024 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Salaried | 8.75% p.a. onwards |
| Self-Employed | 8.85% p.a. onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Repo Linked Lending Rate (RLLR) is 8.75% p.a.
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loan | 8.75% - 8.85% p.a. |
IDFC FASTRACK Home Loan Interest Rates
| Loan Slab | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.75% p.a. onwards |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers (Outstanding Home Loan + To | (8.75% - 8.85% p.a.) Top Up interest rate is subject to a maximum capping of 100% Balance Transfer loan amount |
Interest rates were last updated on 21st November 2023
IDFC Bank Home Loan Interest Rates for All Schemes in India
The IDFC First Bank offers three popular home loan schemes to salaried and self-employed applicants. The lowest IDFC home loan interest rate starts at 8.75% per annum. The table below will give you a clear idea of the home plan schemes offered by the bank and the standard rate of interest offered on each.
| IDFC Bank Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| IDFC First Suvidha Shakti |
|
| IDFC First Housing Loan |
|
| IDFC FASTrack Home Loan Balance Transfer |
|
IDFC Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
IDFC First Bank offers three types of convenient home loan facilities to its customers who already have a home loan scheme with the bank, and these are listed below:
IDFC Bank Home Loan Balance Transfer
The IDFC bank allows you to easily transfer your existing home loan to the IDFC Bank at a lower interest rate through its FASTrack Balance Transfer Home Loan Scheme. The IDFC Bank balance transfer home loan interest rate starts at 8.75% per annum. The eligibility for this amazing balance transfer scheme from IDFC is based on the repayment track record of the existing house loan.
IDFC Bank Home Loan Top-Up
The IDFC First Bank offers an extra edge of financial help to existing home loan customers by providing them with easy Top-Up Home Loans. The IDFC Bank home loan top-up interest rate is the same as the original interest rate of the balance transfer loan scheme. However, it is subject to a maximum capping of 100% balance transfer loan amount.
IDFC Bank Home Loan Overdraft Option
The IDFC Bank home loan overdraft facility on home loans is a medium through which the bank allows its customers to avail some additional funds per their requirements. The IDFC OD facility saves them from reapplying for a new loan amount. They can take funds for emergency personal or professional commitments through this accessible overdraft facility.
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Compare IDFC Bank Home Loan Interest Rate with Top Banks
You are advised to conduct some research to draw a comparison between home loan schemes offered by IDFC and other leading banks and NBFCs. This comparison will make you more confident about your decision to apply for an IDFC home loan. The table below highlights the interest rates and processing fees of other prominent financial organizations in India providing home loans:
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Bank of India Home Loan | 8.30% p.a. onwards | Nil (until 31 Dec 2023) |
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| LIC HFC | 8.50% p.a. onwards | Up to 0.25% (Rs. 25,000 max) |
| Union Bank of India | 8.70% p.a. onwards | 0.50% of the loan amount (Rs. 15,000 max) |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Rs. 10,000 max) |
IDFC Home Loan Balance Transfer Interest Rates
IDFC First Bank tries its best to help customers lighten their financial burden. For this, it offers them the option to transfer their outstanding balance on loan repayment from another bank to IDFC's lower rate of interest home loan schemes.
IDFC Bank home loan transfer interest rates range between 8.75% and 8.85% per annum for all loans. This home loan facility is open for both salaried and self-employed borrowers. Have a look at the easiest way to apply for an IDFC Bank balance transfer home loan:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the IDFC Bank Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with IDFC Bank Balance Transfer on home loans.
Get Home Loan Starting at 8.5%*
How to Calculate IDFC Bank Home Loan Interest Rates?
The best way of determining the interest rate payable on an IDFC Bank home loan plan is by using the online home loan interest rate calculator available at EMI. Use this easy-to-use online EMI calculator to plan your monthly finances better without any confusion. The table below provides a detailed estimate of the EMI payable and the interest rate on IDFC Bank home loans:
IDFC Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.75% p.a. | Rs. 12,533 | Rs. 8,837 | Rs. 7,867 |
| Rs. 20 lakh | 8.75% p.a. | Rs. 25,065 | Rs. 17,674 | Rs. 15,734 |
| Rs. 30 lakh | 8.75% p.a. | Rs. 37,598 | Rs. 26,511 | Rs. 23,601 |
| Rs. 40 lakh | 8.75% p.a. | Rs. 50,131 | Rs. 35,348 | Rs. 31,468 |
| Rs. 50 lakh | 8.75% p.a. | Rs. 62,663 | Rs. 44,186 | Rs. 39,335 |
| Rs. 60 lakh | 8.75% p.a. | Rs. 75,196 | Rs. 53,023 | Rs. 47,202 |
| Rs. 70 lakh | 8.75% p.a. | Rs. 87,729 | Rs. 61,860 | Rs. 55,069 |
| Rs. 80 lakh | 8.75% p.a. | Rs. 1,00,261 | Rs. 70,697 | Rs. 62,936 |
| Rs. 90 lakh | 8.75% p.a. | Rs. 1,12,794 | Rs. 79,534 | Rs. 70,803 |
| Rs. 1 crore | 8.75% p.a. | Rs. 1,25,327 | Rs. 88,371 | Rs. 78,670 |
The figures in the table above are based on an 8.75% p.a. interest rate offered by the IDFC Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
IDFC Bank offers home loans at affordable interest rates starting at 8.75% per annum. These interest rates may rise according to market conditions and changes made to the repo rate by the RBI.
The easiest way for an existing IDFC home loan borrower to switch interest rates is by transferring the existing home loan to another bank at a lower interest rate. Alternatively, the borrower can make a prepayment to reduce the EMI amount and save on interest.
The best way to reduce home loan EMI in IDFC Bank is by making a lump sum loan repayment during the loan tenure. It will help decrease your principal amount and the home loan EMI.
Yes, the borrower can easily prepay the home loan, and the IDFC Bank won't charge any fee for this prepayment.
Banks like IDFC increase their home loan interest rates whenever the RBI increases the repo rate. The latest IDFC Bank home loan interest rates were revised in October 2023.
Yes, IDFC First Bank offers concessions on home loan interest rates to women borrowers under its Suvidha Shakti Home Loan Scheme. These are comparatively 0.05 - 0.1% lower than the standard interest rates.
Interested borrowers are free to choose IDFC Bank home loan interest rates on a fixed or floating basis. However, we recommend you choose floater plans because they are cheaper than fixed-rate basis.
The current IDFC Bank home loan interest rate 2023 starts at 8.75% per annum for salaried applicants and 8.85% per annum for self-employed applicants.