IDFC First Bank Home loan


IDFC First Bank provides home loans starting at 8.75% per annum for up to 30 years, with loan amounts of up to Rs 5 crore. They offer a 'Fastrack' facility for quick balance transfers along with top-up home loans. For self-employed customers, they have programs to increase eligibility. The bank also offers insurance products to protect borrowers' families in case of emergencies. Additionally, their 'No Income Proof' Program allows customers without regular income documents to get a home loan.

IDFC First Bank Home Loan Highlights 
Interest Rate 8.75% p.a. onwards
Processing Charges Up to 3% of the loan amount
Loan-to-Value Ratio Rs. 1 Lakh to Rs. 5 Crore
Tenure Up to 30 years
Minimum Income

For Salaried: Rs 1 lakh p.a.

For Self-Employed: Rs 1.5 lakh p.a.

Pre Approved Home loan | Check Eligibility & Apply Online

Table of Contents
Compare Interest Rates offered by other Lenders
Interest Rates
Types of IDFC First Bank Home Loans
Processing Fees & Charges
Eligibility Criteria for IDFC First Bank Home Loan
Documents Required
EMI Calculator
FAQs

Compare Interest Rates offered by other Lenders

Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh to Rs. 75 Lakh Above Rs. 75 Lakh  
SBI Bank 8.40% - 10.15% p.a. 8.40% - 10.05% p.a. 8.40% - 10.05% p.a. Apply Now
HDFC Bank Limited 8.40% p.a. onwards 8.40% p.a. onwards 8.40% p.a. onwards Apply Now
Kotak Mahindra Bank 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
ICICI Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Federal Bank 8.80% p.a. onwards 8.80% p.a. onwards 8.80% p.a. onwards Apply Now
L&T Finance Limited 8.60% p.a. onwards 8.60% p.a. onwards 8.60% p.a. onwards Apply Now
Bajaj Housing Finance 8.50% p.a. onwards 8.50% p.a. onwards 8.50% p.a. onwards Apply Now
LIC Housing Finance 8.35% - 10.35% p.a. 8.35% - 10.55% p.a. 8.35% - 10.75% p.a. Apply Now
PNB Housing Finance 8.50% - 14.50% p.a. 8.50% - 14.50% p.a. 8.50% - 11.45% p.a. Apply Now
Punjab National Bank 8.45% - 10.25% p.a. 8.40% - 10.15% p.a. 8.40% - 10.15% p.a. Apply Now
Bank of Baroda 8.40% - 10.65% p.a. 8.40% - 10.65% p.a. 8.40% - 10.90% p.a. Apply Now
IDFC First Bank 8.75% p.a. onwards 8.75% p.a. onwards 8.75% p.a. onwards Apply Now
Tata Capital Housing Finance 8.70% p.a. onwards 8.70% p.a. onwards 8.70% p.a. onwards Apply Now
Axis Bank 8.70% - 13.30% p.a 8.70% - 13.30% p.a 8.70% - 9.10% p.a. Apply Now
Godrej Housing Finance 8.55% p.a. onwards 8.55% p.a. onwards 8.55% p.a. onwards Apply Now

Also read: Best Home Loan in India

 

IDFC First Bank Home Loan Interest Rates

IDFC First Bank's Home Loan interest rates begin from 8.75% per annum onwards. The lender offers varying interest rates based on the type of loan and employment status of the applicants.

Regular Home loan Interest Rates

Regular Home loan Interest Rates

For Salaried

Loan Type Interest Rate (p.a.)
Home Loan 8.75% onwards
Home Loan Balance Transfer 8.75% onwards
Top up Loan Top-up loans are available at the same rate of interest as the balance transfer, with a maximum cap set at 100% of the balance transfer loan amount.

For Self-Employed

Loan Type Interest Rate (p.a.)
Home Loan 8.85% onwards
Home Loan Balance Transfer 8.85% onwards
Top up Loan Top-up loans are offered at the same rate of interest as the balance transfer, with a maximum cap set at 100% of the balance transfer loan amount.

Types of IDFC First Bank Home Loan

IDFC First Housing Loan

Purposes: IDFC First Bank provides home loans to individuals for various purposes, including:

  • Purchasing or constructing a house/flat.
  • Renovating existing property.
  • Purchasing a plot and constructing a house on it.

Loan Amount: Up to Rs. 5 crore

Tenure: Up to 30 years

IDFC FASTRACK Home Loan Balance Transfer

Purposes: IDFC First Bank provides a home loan balance transfer facility to existing home loan borrowers from other banks and housing finance companies (HFCs). This allows them to transfer their home loans to IDFC First Bank at lower interest rates. Additionally, balance transfer applicants can also avail additional top-up home loans at the same rate as the balance transfer rates.

Loan Amount: Up to Rs. 2 crore

Also Read : Best Home Loan EMI Calculator

 

IDFC First Bank Home Loan Fees and Charges

Charges Charges Applicable (exclusive of GST)
Processing Fees Up to 3% of loan amount
Duplicate list of documents Rs 500
Loan rescheduling charges Rs 300
Repayment instrument swap charges Rs 500
Physical account statement Rs 500
Physical repayment schedule Rs 500
Bounce charges Rs 400
Document copy charges Rs 500
Cancellation and rebooking charges 1% of loan amount
Penal charges 2% per month of unpaid EMI or Rs 300, whichever is higher

Also read: Best Home Loan Fees and Charges

Eligibility Criteria for IDFC First Bank Home Loan

For Salaried

  • At least 3 years of work experience.
  • Nationality: Indian residents and NRIs.
  • Minimum Income: Rs 1 lakh per annum.
  • Minimum age at the time of loan application: 21 years.
  • Maximum age at the time of loan maturity: 60 years.

For Self-Employed

  • At least for 4 years into business
  • Nationality- Indian residents
  • Minimum Income: Rs 1.5 lakh p.a.
  • Minimum age at the time of loan application- 23 years
  • Maximum age at the time of loan maturity-70 years

Also Read : Best Home Loan Eligibility

Documents Required to Apply for IDFC First Home Loan

  • Mandatory Documentation: Form 16 or PAN card.
  • Photo Identity Proof/Address Proof: Aadhaar card, Passport, Voter ID, Driving License, Job card issued by NREGA, National Population Register.

Income Proof

Salaried Individual:

  • Salary slips for the last 3 months.
  • Bank statements for the last 6 months showing salary credits.
  • Latest Income Tax Return (ITR) with income computation or Form 16.
  • Bank statement proof or repayment track proof with loan sanction or amortization schedule.

Self-employed Individual:

  • Credit card statement for the last 6 months.
  • Copy of contract order and Form 16A.
  • Income Tax Return (ITR) with income computation.
  • GST return for months not covered in the latest financial year.
  • Bank statement of the business account for the last 6 months.
  • Balance sheet and Profit & Loss (P&L) account with schedules.
  • Account statements of individual borrower and co-borrowers, if their income is being considered.

Business Proof

  • GST return
  • Shop establishment certificate
  • Trade/professional license (sales tax number, importer’s/exporter’s code)

Business Address Proof

  • Property registered deed.
  • Registered or notarized rent deed.
  • Latest bank statement or updated passbook in the name of the borrower.
  • Property allotment letter from government/registered societies.
  • Property papers: unregistered sale deed plus General Power of Attorney (GPA).
  • Paid telephone bill and paid electricity bill not older than 3 months from the loan application date.

Property Proof

  • Allotment or Possession Letter.
  • Copy of draft sale deed and chain title documents.
  • No objection certificate from the society and other necessary documents as per the legal report.

Additional Documents for IDFC First Bank Home Loan Balance Transfer

  • Documents certified by the Balance Transfer bank or Housing Finance Company (HFC) that are retained by them.
  • Recent foreclosure letter from another lender, stating the account holder’s name and loan account number.

Also Read : Best Home Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.