Still paying more on your current home loan? Move to IDFC First Bank with a Home Loan Balance Transfer and watch your EMI reduce with every month you stay. Quick paperwork, transparent fees, and an interest rate that rewards smart choices—everything you need to start saving right below.
IDFC Home Loan Balance Transfer Highlights
| Category | Details |
|---|---|
| Home Loan Balance Transfer Interest Rates | 8.85% p.a. onwards |
| Tenure | 25 years |
| Processing fees | Up to 3% of the amount borrowed |
| Foreclosure Charges | NIL |
Check Out: IDFC First Bank Home Loan EMI Calculator
IDFC Home Loan Balance Transfer Interest Rates 2025
| Type | Home Loan Rate |
|---|---|
| Home Loan Balance Transfer | ROI starting from 8.85%* |
Source: IDFC First Bank Official Website
IDFC First Bank Home Loan Balance Transfer Eligibility Criteria
| Criteria | Self-Employed | Salaried |
|---|---|---|
| Nationality | Must be an Indian resident | Must be a resident or non-resident India |
| Age | 23-70 | 23-60 |
| Work Experience | Minimum 4 years of business continuity | Minimum 3 years of work experience |
| Salary | Minimum ₹1.5 lakh per annum | Minimum ₹1 lakh per annum |
| Tenure | 12 months to 300 months | 12 months to 360 months |
Check Out: IDFC First Bank Home Loan Eligiblility Calculator
IDFC First Bank Home Loan Balance Transfer Processing Fees ans Other Charges
When transferring your home loan to IDFC First Bank, there may be processing fees and other charges involved. It’s important to be aware of these costs to plan your transfer effectively.
| Category | Fees and Charges |
|---|---|
| Processing Fees | Up to 3% of the amount borrowed |
| Part payment charges | NIL |
| Foreclosure Charges | NIL |
Also Read: IDFC First Bank Home Loan for Salaried Professionals
IDFC First Bank Home Loan Balance Transfer Documents
To complete your home loan balance transfer with IDFC Bank, you will need to provide specific documents for verification and approval. These documents help facilitate the transfer process smoothly and ensure your eligibility.
| Document Category | Details |
|---|---|
| PAN Card | PAN Card |
| Photo Identity Proof | – Valid Passport (with expiry date, photo, signature) – Voter ID (Election Commission of India) – Driving License (RTO issued) – AADHAAR (UIDAI) – NREGA Job Card (signed by State Govt. officer) – National Population Register (name & address) |
| Address Proof | – Valid Passport (with expiry date, photo, signature) – Voter ID (Election Commission of India) – Driving License (RTO issued) – AADHAAR (UIDAI) – NREGA Job Card (signed by State Govt. officer) – National Population Register (name & address) |
| Income Proof (Salaried) | – Last 3 months’ salary slips/certificate – Latest ITR with income computation/Form 16 – Last 6 months’ bank statement showing salary credits – Loan sanction letter/amortization schedule, repayment track |
| Income Proof (Self-employed) | – ITR with income computation – Balance sheets, P&L accounts with schedules – GST returns (months not covered in latest FY) – 6 months credit card statement – Contract Order & Form 16A (if income via contracts) – 6 months’ bank statements (self + co-borrowers) – Loan sanction letter/amortization schedule |
| Additional Documents | – Letter from current lender listing property documents held – Latest outstanding balance letter (on bank letterhead) – Photocopy of title deeds (including Own Contribution Proof) |
Suggested Read: How do I pay the IDFC First Bank Home Loan EMI?
Home Loan Balance Transfer Case Study
This case study evaluates the financial impact of transferring a home loan balance from Axis Bank to IDFC First Bank after 2 years of repayment. The analysis focuses on interest savings, revised EMIs, and total repayment amounts under the new loan terms.
Current Home Loan Details at Axis Bank
| Parameter | Value |
|---|---|
| Loan Amount | ₹60,00,000 |
| Interest Rate | 9.70% p.a. |
| Tenure | 30 years |
| EMI | ₹51,549/month |
| Total Interest Payable | ₹1,25,57,640 |
| Total Amount Payable | ₹1,85,57,640 |
| Key Insight | Over 90% of the initial EMIs go toward interest payments due to the long tenure. |
Home Loan Status After 2 Years
| Parameters | Details |
|---|---|
| No. of EMIs Paid | 24 |
| Total Amount Paid | ₹12,37,176 |
| Principal Repaid | ₹54,000 (approx) |
| Interest Paid | ₹11,83,176 |
| Remaining Principal | ₹59,26,200 |
After 2 years, only ₹54,000 of the principal is repaid, with ₹11.83 lakhs paid as interest.
Balance Transfer to IDFC First Bank
| Parameters | Details |
|---|---|
| Transferred Balance | ₹59,26,200 |
| New Interest Rate | 8.85% p.a. |
| Remaining Tenure | 28 years |
| New EMI | ₹47,749/month |
| Total Interest Payable | ₹1,01,17,458 |
| Total Amount Payable | ₹1,60,43,658 |
Financial Impact Analysis
| Metric | Bank of Baroda (Current) | Balance Transfer (IDFC First Bank) | Savings |
|---|---|---|---|
| Total Payment | ₹1,85,57,640 | ₹1,60,43,658 | ₹25,13,982 |
| Monthly EMI | ₹51,549 | ₹47,749 | ₹3,800/month |
| Total Interest Paid | ₹1,25,57,640 | ₹1,01,17,458 | ₹25,13,982 |
Key Findings
- Monthly Savings: ₹3,800 reduction in EMI.
- Total Savings: ₹25.14 lakhs over the loan tenure.
- Effective Interest Rate Reduction: From 9.70% to 8.85%, lowering the cost of borrowing.
Also Read: IDFC Bank Home Loan Statement Download
Home Loan Balance Transfer Interest Rates by Top Banks
| Bank | Transfer Rate |
|---|---|
| SBI | 8.50% p.a. onwards |
| HDFC Ltd | 8.75% p.a. onwards |
| LIC Housing Finance Ltd | 9.10% p.a. onwards |
| Axis Bank | Contact the bank |
| Bank of Baroda | 8.85% p.a. onwards |
| Canara Bank | 8.80% p.a. onwards |
| Union Bank of India | 9.00% p.a. onwards |
| IDFC First Bank | 8.85% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards |
| Karur Vysya Bank | 9.00% p.a. onwards |
| Tamilnad Mercantile Bank | 9.45% p.a. onwards |
Check Out: IDFC First Bank Home Loan Foreclosure Calculator
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Frequently Asked Questions
IDFC FIRST Bank’s FASTTRACK Balance Transfer is designed for borrowers who have completed more than 12 months with their existing home loan. It offers a quicker and more streamlined transfer process.
– When you’re paying a higher interest rate than current market rates.
– You have a significant tenure left on your loan (preferably more than 5 years).
– The savings from the lower interest rate outweigh the associated transfer costs.
A balance transfer itself doesn’t negatively impact your credit score. In fact, if managed well, it can improve your credit profile by showcasing responsible credit behavior.
Yes, charges may include processing fees, administrative fees, and inspection fees. It’s advisable to compare these costs against the potential savings from the lower interest rate.
The balance transfer process typically takes 5 to 20 days, depending on factors like document submission, property verification, and coordination with the existing lender.
Yes, IDFC FIRST Bank offers a top-up loan facility up to 100% of the balance transfer loan amount at the same interest rate, subject to eligibility and terms.
IDFC FIRST Bank offers home loan balance transfer interest rates starting from 8.75% to 8.85% per annum, depending on the applicant’s profile and loan amount.
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