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IDFC First Home Loan

IDFC FIRST Home loan interest rates starting from 8.75% - 8.85% p.a. You can get a maximum of Rs.10 crore with these schemes. With flexible repayment tenures of up to 30 years, you don’t have to worry about your monthly EMI.

IDFC FIRST Bank Home Loan Details:

Loan amount Rs. 5 Lakhs – Rs. 10 Crores
Rate of interest 8.75% - 8.85%
Tenure Up to 30 years
Lowest EMI possible Rs. 794 Per Lakh
Processing fee Up to 3% of Loan Amount

IDFC FIRST Bank Home Loan Features:

The attractive features of IDFC FIRST Home Loans are mentioned below:

  • Loans amount varies between from a minimum of Rs. 5 Lakhs and maximum Rs. 10 Crores
  • The IDFC FIRST Home Loan interest rates vary between 8.75% - 8.85% per annum
  • The processing fee is up to 3%
  • Maximum repayment tenure can go up to 30 years for salaried professionals and up to 25 years for self-employed.
  • Minimum EMI can be as low as Rs. 794 per lakh

IDFC FIRST Bank Home Loan Benefits:

Following are the benefits of availing IDFC FIRST housing loan:

  • Loans up to 90% of the cost of the property are available, based on your eligibility
  • IDFC FIRST Bank Home Loans are available in more than 57 locations across India
  • Availability of interest subsidy benefit of up to Rs. 2.67 Lakhs under PMAY Scheme
  • Various innovative and competitive income & surrogate programs available to fit your requirements.
  • Simple & hassle-free loan processing
  • Minimum turnaround time
  • Availability pre-approved loans as per requirement with zero hidden charges.

IDFC FIRST Bank Home Loan Interest Rate:

IDFC FIRST Home Loan rate of interest are as follows:

  • Salaried rate of interest: 8.85% 
  • Self-Employed rate of interest: 9.25%

IDFC Home Loan Interest Rate Details:

Loan Types Salaried Self Emp.
Home Loan 8.85% 9.25%
Home Loan Balance Transfer 8.85% 9.25%
Home Loan Top Up Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount

IDFC FIRST Bank Home Loan Comparison with Other Lenders

Lender Maximum Loan Maximum Tenure Interest Rate Processing Fee
IDFC FIRST Bank Home Loan Rs. 10 Crores 30 years 8.75% - 8.85% Up to 3%
Kotak Home Loan Rs. 10 Crores 25 years 8.70% - 8.95% Up to 0.50%
RBL Bank Home Loan Rs. 10 Crores 25 years 8.90% - 11.55% 1.50%
Federal Bank Home Loan Rs. 15 Crores 30 years 8.80% - 10.30% 0.50%, minimum Rs. 10,000 & maximum Rs. 45,000

Types of Home Loans Offered by IDFC FIRST Bank:

Types of IDFC FIRST Bank Home Loans depend on the purpose for which the Home Loan is availed, such as:

  • Purchase of Ready Property: The loan can be availed to buy a ready to move house/flat
  • Purchase of Under Construction Property: You can avail the loan to purchase a house/flat that is under construction currently.
  • Self-construction: The loan can be obtained to fund the cost of construction of your own house.
  • Composite Loan: This loan can be availed to purchase a plot and construct a house thereon
  • Plot Purchase: This loan is meant for individuals who want to buy a piece of land or plot for their own use.
  • Home Extension and Renovation: With this scheme, you can choose to renovate or expand your existing home.
  • Balance Transfer: If you wish to transfer the outstanding balance of your existing Home Loan from another bank or financial institution to IDFC FIRST Bank Home Loan, you can do so through Balance Transfer facility.
  • Top-up: This is an additional loan offered by the bank over your existing Home Loan amount to help you fund your personal monetary needs.

IDFC FIRST Bank Home Loan – Fees & Charges:

Home Loan at IDFC FIRST Bank involves the various fees and charges, such as IDFC FIRST Home Loan Processing Fees, foreclosure charges, etc.:

Processing fee Up to 3% of loan amount
Foreclosure charges
  • Variable interest rate home loans/ semi fixed rate or hybrid home loans (when the rate is variable): Nil
  • Fixed interest rate home loans/ semi fixed rate home loans (when the rate is fixed): Up to 2% of the amount being prepaid.
EMI bounce charges Rs. 400 for each bounce
Charges for repayment instrument swap  Rs. 500 per change request
Charges for copies of documents/ duplicate list of documents  Rs. 500 per request
Default interest 2% p.m. 
Duplicate NOC/ NDC Rs. 500 per request
Cancellation of disbursement cheque Rs. 500 per cancellation 

MCLR to EBR type

 

0.5% or Rs. 20,000, whichever is lower
Switch fees Up to 0.5% of the outstanding loan amount (applicable for variable rate loans for conversion from MCLR to EBR).
Product conversion fees Up to 0.5% of the outstanding loan amount (applicable for conversion of Short & Sweet Loan to Simple Home Loan and vice versa).
Re-pricing fees Up to 2% of the outstanding loan amount
Other statutory/mortgage creation charges, like Stamp duty, MOD, MOE, etc. As per actual

IDFC FIRST Bank Home Loan Eligibility Criteria:

IDFC FIRST Home Loan eligibility is dependent on the following factors:

  • Salaried, self-employed professionals, sole proprietors, partnership firms, and MSMEs (Micro, Small & Medium Enterprises) can apply.
  • Minimum age of the borrower should be 23 years or above at the time of taking the loan
  • The maximum age requirement is 70 years or retirement (whichever is earlier) at the time of loan maturity.
  • Self-employed applicants must have a minimum of 3 years experience in business with a positive net worth.
  • Salaried individuals must have a minimum 3 years of work experience
  • The applicant must have a clear payment record of past loans & statutory payments
  • The applicant must have a good credit score

Documents Required for IDFC FIRST Bank Home Loan:

IDFC FIRST Home Loan Documents requirement is mentioned below in details:

Document Type Accepted Documents (Self-attested copies)
Proof of Photo Identity  Any one: Aadhaar Card/ Passport/ Pan Card/ Voter's ID/ Driving License 
Proof of Address  Any one: Aadhaar Card/ Ration Card/ Passport/ Bank Account Statement/ Driving License/ Latest Utility Bills (Electricity Bill, Telephone Bill etc.)/ Sale Deed/ Property purchase agreement (in case of owned properties).
Proof of Income (Self-attested copy of relevant documents)

Salaried employees: 

  • Salary slip/salary certificate of last 2 months
  • Latest year’s ITR with income computation or Form 16
  • Last 2 years’ ITR/Form 16 if bonus is considered in eligibility
  • Bank statement of last 6 months, reflecting salary credits
  • Repayment track or bank statements proof, and loan sanction letter or amortization schedule.

Self-Employed:

  • ITR with income computation (if applicable)
  • Balance Sheets and P&L accounts with schedules (if applicable)
  • Sales Tax Return or VAT return for the number of months that are not covered in the latest financial year.
  • Last 6 months’ credit card statement (for Banking Surrogate cases)
  • Copy of Contract Order & Form 16 A (only if income is from contracts)
  • Last 6 months’ bank statements of business account of the firm or company and savings account of the individual borrower & co-borrowers (if income being considered).
  • Repayment track or bank statements proof, and loan sanction letter or amortization schedule.
Proof of Business
  • Shop establishment certificate
  • Sales Tax return or VAT return
  • Landline or postpaid mobile phone bill (Paid and not older than 90 days from loan application)
  • Trade license or professional license (Sales Tax Number, Importer's Exporter's Code)
  • Electricity bill (Paid and not older than 90 days from loan application)
  • Registered/ Notarized Rent Deed
  • Property registered deed Property allotment letter by Government/Registered societies
  • Property papers (Unregistered sale deed + GPA)
  • Latest updated bank passbook/ statements of months in borrower's name (CPV must confirm the same address)
Property Proof
  • Photocopy of original sale deed
  • Allotment letter/Possession letter
  • NOC from the society & other documents as per legal report

IDFC FIRST Bank Home Loan Balance Transfer and Top-Up:

If you already have a home loan from another lender, you can switch to IDFC FIRST Bank Home Loan with their FASTTRACK Balance Transfer Facility. The benefits of doing so are:

  • Additional top-up facility depending on your repayment track record of existing Home Loan
  • Balance Transfer accepted from all Banks, HFCs, and NBFCs
  • Get legal report waiver in case you Balance Transfer from leading bank or NBFC
  • Attractive interest rate
  • Top up loan amount up to Rs. 2 Crores available
  • Tenure up to 30 years

IDFC FIRST Bank Home Loan Application Process:

If you want to avail of the IDFC FIRST Home Loan apply online. The Home Loan application process of IDFC FIRST Bank is as follows: 

  • Application: Apply for IDFC FIRST Bank Home Loan by filling an online form through the bank’s website and bank’s representatives will call you back. You can also do so by visiting their branch.
  • Submitdocuments: You can also either submit your Home Loan documents by visiting any of IDFC FIRST’s branches or ask their relationship manager to visit you for documents collection.
  • Verification of application & property: A bank representative will contact you regarding the verification of your details and will schedule a personal discussion with you.
  • Disbursement: After your IDFC FIRST Home Loan application and property have been successfully verified and you’re deemed eligible by the bank, the bank will disburse the agreed loan amount to your bank account.

IDFC FIRST Bank Home Loan EMI Payment:

The borrower can pay their IDFC FIRST Home Loan EMI Online or offline through any of the following ways:

  • Electronic Clearing System (ECS): In the case of an ECS, you have to give your bank standing instruction to allow IDFC FIRST Bank to auto-debit the EMI amount every month.
  • Post-dated cheques (PDC): In the case of post-dated cheques, borrowers will have to sign a number of cheque leaves in advance in favour of IDFC FIRST Bank so that the bank can deposit them at the given payment dates. Sufficient funds must be maintained in the account to be able to opt for the post-dated cheque facility since payments made may bounce back if the borrower doesn't have enough money in his account every month.
  • Standing Instruction (SI): If you already have an account with the IDFC FIRST Bank, then you can allow them to debit the amount directly from your account at the end of each month. This process is called Standing Instruction.

Borrowers have the additional option of changing the payment method, but they have to visit an IDFC FIRST Bank branch to let the bank know of these changes. You must request the IDFC FIRST Bank to make the change in payment mode.

How to Calculate IDFC FIRST Bank Home Loan EMI?

  • MyMoneyMantra offers an easy-to-use IDFC FIRST Home Loan EMI Calculator which allows you to calculate the proposed equated monthly instalment (EMI) for IDFC FIRST Bank Home Loan instantly online. This helps you plan your monthly financial budget accordingly.
  • You just have to click on the EMI Calculator provided under Financial Tools tab given on MyMoneyMantra's home page, enter the loan amount, interest rate, and tenure, and click on the Calculate button to get an instant result.

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