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. |
| 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'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. |
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
| 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
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
- 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
1. Is it mandatory to have a co-applicant for home loan in IDFC First Bank?
No, it's not compulsory to have a co-applicant for a home loan. However, if there are co-owners of the property, they should also be listed as co-applicants for the loan.
2. What is the current interest rates of IDFC First Bank?
IDFC First Bank offers home loans starting at 8.75% per annum, and the interest rate can vary based on the credit profile of the applicants.
3. What is the minimum credit score required to avail home loans from IDFC First Bank?
IDFC First Bank hasn't specified a minimum credit score requirement for home loan applicants. However, having a credit score of 750 and above increases the likelihood of getting a home loan at lower interest rates.
Also read: Best Home Loan Balance Transfer
4. Can I opt between fixed and floating rates of interest from IDFC First Bank?
IDFC First Bank provides home loans with floating interest rates only.
5. I do not have any income proof. Can I avail home loan from IDFC First Bank?
Yes, you can still get a home loan from IDFC First Bank even if you don't have income documents. Their "No Income Proof" program enables applicants without regular income to avail home loans.
6. What is the EMI date offered by IDFC First Bank?
IDFC First Bank has designated the 2nd, 5th, and 10th of every month for the repayment of home loan EMIs.