Check IDFC Home Loan

IDFC First Bank Home Loan

Know IDFC Home Loan Interest Rate & Eligibility

✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

 

**Disclaimer: IDFC Bank is not a Bajaj Markets’ partner. Offers would be from partner Banks/NBFCs only.

IDFC Home Loan

In your late mid-twenties, having a home of your own will be one of the biggest life goals you may have. The feeling of your own home is incomparable. A home loan can help you achieve this goal. With home loans, you don’t have to wait for years to transform your dream into a reality. 

Among the many home loans available, IDFC Bank Home Loan is flexible and innovative. IDFC Bank, now known as IDFC First Bank, offers IDFC First Bank Home Loan at lucrative interest rates starting from 6.90% with a maximum tenor of 30 years. Attractive features of this home loan include a simple documentation process, hassle-free application procedure and instant disbursement of loan amount after approval. Here are the complete details you need to know while considering IDFC Home Loan to make your dream come true.

IDFC Home Loan Interest Rates

IDFC First Bank offers different types of home loans from which you can choose the one that best suits your needs. The IDFC Bank Home Loan interest rates are very attractive compared to others in the market, and it is offered to both salaried employees and self-employed professionals. Take a look at the various options of home loans you have and their details;

Sr. No.

Home Loan

Features

Loan Amount

Interest Rate

Loan Tenure

1

IDFC First Bank Home Loan

Loans for all those who want to buy or build a new house or renovate an existing one.

Up to Rs. 5 Crore

Starting from 6.90% 

Up to 30 years

2

IDFC First Suvidha Shakti

Micro-housing loan for women.

Up to Rs. 5 Crore

Starting from 6.70% 

Up to 30 years

3

IDFC First Balance Transfer

Transfer your existing home loan to IDFC First Bank and pay low EMI per month. You can also avail a top-up loan of up to Rs. 50 Lakh on home loan balance transfer.

Up to Rs. 50 Lakh

Salaried person: 6.70% – 15%


Self-employed: 8.25% – 15%

Same as the outstanding home loan tenure

 

IDFC Home Loan Fees and Charges

IDFC First Bank charges certain other fees like processing fee which is charged over and above the loan amount, foreclosure fee to close the loan and prepayment fee for prepaying the loan before the tenor ends. IDFC First Bank processing fee should be paid at the time of application, and it is non-refundable. Usually, a minimum of Rs.10,000 is charged as a processing fee. IDFC First Bank also charges technical and legal fees once the application proceeds further. Given below are the different charges levied by the IDFC bank when you avail an IDFC Home Loan:

Charges

Amount

Remarks

Processing Fees 

Up to 3% of loan amount

Taken at the time of loan agreement execution

EMI bounce charges

Rs. 400

For each dishonored presentation

Copies of documents Charges

Rs. 500

For each copy request

Duplicate list of documents

Rs. 500


Per request of list of documents

Loan rescheduling charges

Rs. 300

For each rescheduling request

Physical Statement of Account

Rs. 500

For each physical Statement of Account request

Document retrieval charges

Rs. 500

For each retrieval request

EMI Pick-up/collection charges

Rs. 350

For each pick up /collection

Late payment/Penal charges

2% per month of the unpaid EMI or Rs 300, whichever is higher

Levied in case of non-payment of the monthly payment.

IDFC Home Loan Features & Benefits

IDFC First Bank Home Loan has various unique features and benefits that will make the journey towards your dream home quick and smooth.

  • Simple Procedure: You can have a quick and easy loan disbursement experience with very minimal documentation.

  • Attractive Interest Rates: With an interest rate as low as 6.90%, IDFC offers both a floating rate loan and a fixed-rate loan. IDFC First Bank Home Loan interest rate varies from person to person and depends on your age, repayment ability, annual income etc.

  • Low EMI: If you apply for a higher loan amount with an extended tenor of 30 years, you can enjoy the benefits of having to pay a low EMI.

  • Low Processing Fees: IDFC Bank levies very low processing fees compared to other banks. It is not cut from the loan amount and needs to be paid upfront. Upto 3% of the loan amount can be charged as the processing fees.

  • No Hidden Charges: All the charges and fees are explained to the applicant before submitting the application for IDFC Home Loan. 

  • Balance Home Loan Transfer: You can transfer your existing home loan to IDFC First Bank to avail low interest rates. So you can save more money per month by paying low EMIs.

IDFC Home Loan Eligibility

The criteria that a customer must satisfy to avail a IDFC First Bank Home Loan are mentioned below.

Nationality

Resident Indian

Age

For salaried: 21 years to 60 years

For self-employed: 23 years to 70 years

Occupation

  • Salaried and self-employed professionals

  • Sole proprietors and partnership firms

  • Micro, small and medium enterprises

Work Experience

Salaried: 3 years

Self-employed individuals: 4 years

Income

Salaried: Must earn minimum Rs. 1 lakh per annum

Self-employed individuals: Must earn a minimum Rs. 1.5 Lakh per annum

Loan Amount

Up to Rs. 5 Crore

Other Conditions

A good CIBIL score and a clear record without any defaults in terms of past loans and statutory payments.

You can use any IDFC Home Loan eligibility calculator available in the market to check whether you are eligible for an IDFC Home Loan. All you need to do is enter in your details like age, occupation, annual income and CIBIL score to know whether you are qualified or not. 

IDFC Bank Home Loan EMI Calculator

An IDFC Bank Home Loan EMI Calculator helps you calculate the monthly EMI you have to pay if you get an IDFC Bank Home Loan. You can use the IDFC Bank House Loan EMI Calculator offered by Bajaj Markets. Simply type in your principal amount, rate of interest and the tenor of your loan in the online calculator and click on ‘Calculate’. It will display your monthly EMI. Along with this, you can also analyze the total interest you have to pay for your loan and the total amount, including principal amount and interest. 

The table below shows the calculation using the Bajaj Markets IDFC Bank Home Loan EMI Calculator at the various combinations of loan amount and years at the lowest rate of 6.90%.

Loan Amount

EMI for 10 years tenure

EMI for 20 years tenure

EMI for 30 years tenure

Rs. 30 Lakh

Rs. 34,678

Rs. 23,079

Rs. 19,758

Rs. 50 Lakh

Rs. 57,797

Rs. 38,465

Rs. 32,930

Rs. 1 Crore

Rs. 1,15,594

Rs. 76,931

Rs. 65,860

Factors affecting IDFC Home Loan Rates

There are several factors that affect the housing loan interest rates. Before you proceed to apply for an IDFC Home Loan, check out the factors that influence the IDFC First Bank Home Loan interest rate. Some of the factors are:

  • Benchmark Rate - The minimum interest rate at which a bank can lend home loans is called Benchmark rate. The banks review the rate for the borrowers annually. The home loan interest calculation is done and charged based on the changes in the Benchmark rate.

  • Type of Interest Rate - Three types of interest rates are offered for a home loan. They are floating, fixed and mixed. 

  • A floating rate of interest changes depending on the RBI’s policy rate changes. 

  • The fixed rate will have the same rate of interest fixed at the time of the approval of the loan and will continue until the end of the tenure. 

  • The mixed rate will have the fixed rate of interest first and later the floating one.

  • Loan Tenure - The tenor of the loan can increase or reduce the interest. For instance, the home loan interest for the tenor of 20 years is higher than that of 15 years. 

  • Location of the Property - IDFC First Bank offers loans for the property with higher resale value, at a lower interest rate, and for the lower resale value, they charge a higher interest rate.

How to Apply for IDFC Home Loan

You can apply for an IDFC Home Loan both online and offline.

How to apply online

  • Visit the IDFC Bank Official website and go to the Home Loan section.

  • Click on ‘APPLY NOW’.

  • Enter your mobile number and click on I have read and agreed to terms and conditions.

  • Click on ‘VERIFY’.

  • Enter the OTP sent to your mobile number and click on ‘NEXT’.

  • Enter your first name, last name, email address, city and click on ‘CONTINUE’.

  • From there, a professional or the relationship manager will guide you through the next stages via phone call or email.

How to apply offline

  • Locate the nearest IDFC Bank branch.

  • Fill out the relevant form handed over to you carefully.

  • Carry relevant documents with you.

  • Submit the hard copy of your application form and the rest of the documents to the bank staff.

  • The bank staff will verify and check the documents and will help you to understand and complete the whole Home Loan process.

Documents Required for IDFC Home Loan

Here is the list of required documents to apply for IDFC Home Loan.

Identity Proof

Driving License, PAN Card, Passport, or Voter ID

Address Proof

Telephone, Water, Gas & Electricity Bills or Rental agreement

Income Proof

  • Salaried: Last 2 months salary slip/ latest ITR or Form 16/ last 6 months bank statement

  • Self-employed : Latest ITR/ balance sheet or P&L statement/ GST return/ last 6 months bank statements or CC statements, etc


Property Proof

  • Photocopy of draft sale deed and chain title documents (if any)

  • Allotment/Possession letter

  • No objection certificate from the society and other documents as per legal report

Business proof

Shop establishment certificate (first priority)/Trade/professional license/GST return

 

IDFC Home Loan Types

Here’s a quick run-through of the different types of IDFC Home Loans.

  1. Home Purchase Loan - The house loan offered by banks to help people purchase the residential property of their choice.

  2. Home Construction Loan - This type of loan is offered to people to construct a house on pre-purchased land. The bank approves the loan amount based on the estimated construction cost of the home.

  3. Home Extension Loan - This loan helps you extend the construction of your already built home.

  4. Home Improvement Loan -  If you want to renovate your house, you can do so with this type of loan.

  5. Home Loan Balance Transfer - You can transfer the loan balance to IDFC Bank from the present bank or non-banking financial institution to avail benefits.

  6. NRI Home Loan - Non-resident Indians can choose an NRI home loan for a property renovation or construction of a home in India. 

  7. Land Purchase Loan - You can purchase a plot as an investment or for construction with this type of home loan.

IDFC Home Loan Customer Care

You can contact the IDFC Bank’s customer care for any queries related to IDFC Home Loan. IDFC First Bank Home Loan toll-free number is 1860-500-9900. NRI customers can contact IDFC First Bank through the customer care number which is 022-62485152. IDFC First Bank Home Loan complaints can be addressed to their head office as well.

Head Office Address: IDFC FIRST Bank Ltd, KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031

The complaints raised are likely to be resolved within 10-15 working days.

IDFC Home Loan FAQs

  • Can I apply for an IDFC Home Loan online?

    Yes, you can apply for an IDFC Home Loan online.

  • What are the processing fees for IDFC Home Loans?

    The processing fees for IDFC Home Loans can go up to 3% of the loan amount.

  • Does IDFC give pre-approved home loans?

    Yes, IDFC gives pre-approved home loans. You can visit the “https://www.idfcfirstbank.com/finfirst-blogs/finance/how-to-get-a-pre-approved-personal-loan” to know the details.

  • What is the maximum limit of an IDFC Home Loan?

    The maximum limit of an IDFC Home Loan is Rs. 5 Crore.

  • How can I check my IDFC Home Loan status?

    You can check your IDFC Home Loan status using the https://www.idfcfirstbank.com/eTracking.html  facility provided by the IDFC Bank.

  • Does IDFC check CIBIL for a home loan?

    Yes, IDFC does check CIBIL for home loans. You should have a CIBIL score of 650 or above.

  • What is the maximum loan tenor I can opt under IDFC House Loan?

    The maximum loan tenor you can opt under IDFC House Loan is 30 years.

  • Can I transfer my house loan from another bank to IDFC?

    Yes, you can transfer your existing home loan from another bank to IDFC.

  • Can I club the income of my spouse with mine and apply for IDFC Joint Home Loan?

    If your spouse is a co-owner of the property, you can club your spouse’s income with yours and apply for IDFC Joint Home Loan.