IDFC First Home Loan Interest Rate, Eligibility and Documents

IDFC Home Loan Interest Rate

Are you eyeing your dream home but feeling overwhelmed by the financial intricacies? Well, you’re in luck! In this blog, we’re slicing and dicing everything you need to know about IDFC First Home Loan – from the nitty-gritty of interest rates to the A-to-Z of eligibility criteria and the paperwork you’ll need to gather. Whether you’re a first-time buyer or looking to invest in another property, understanding these essentials can make the home buying process as smooth as butter. So, buckle up as we embark on this journey to unlock the door to your dream home with IDFC First Bank by your side.

IDFC First Bank Home Loans

IDFC (Infrastructure Development Finance Company) Bank, founded on October 1, 2015, has quickly emerged as a leading player in the Indian banking sector. It is the 91st commercial bank in India and the second entrant in the banking sector after a decade. The bank commenced its operations with 23 branches in Delhi, Mumbai, and Madhya Pradesh, with 15 branches in Madhya Pradesh alone.

One of IDFC First Bank’s primary objectives is to provide long-term financial solutions for individuals looking to construct or purchase residential properties in India. Additionally, it caters to builders and developers involved in the construction of properties for resale.

IDFC First Bank prides itself on offering some of the most attractive home loan interest rates in the market, ensuring your dreams don’t get weighed down by financial burdens. The interest rates are designed to cater to a wide range of borrowers, offering flexibility and affordability. Whether you’re a salaried professional or a self-employed individual, IDFC First has got you covered with rates that make sense for your wallet and your aspirations.

IDFC First Home Loan Interest Rates

Choosing the right home loan can significantly impact your financial future. IDFC Bank offers competitive interest rates to cater to various financial needs. Below is a table detailing the current interest rates for different loan products and applicant types:

Type of LoanLoan Amount RangeInterest Rate (Salaried)Interest Rate (Self-Employed)
Home Loan Balance TransferUp to Rs. 30 lakhs8.75% onwards8.85% onwards
Rs. 30 lakhs to Rs. 50 lakhs8.75% onwards8.85% onwards
Rs. 50 lakhs and Above8.75% onwards8.85% onwards
Top-up LoanAs per BT rate cappingAs per BT rate cappingAs per BT rate capping
Home LoanUp to Rs. 30 lakhs8.75% onwards8.85% onwards
Rs. 30 lakhs – Rs. 50 lakhs8.75% onwards8.85% onwards
Rs. 50 lakhs and Above8.75% onwards8.85% onwards
Note: Interest rates may vary based on specific criteria. Please cross-check with the bank for most accurate information.

Key Features of IDFC First Home Loans

IDFC First Home Loans are known for their customer-centric features, making them a preferred choice for aspiring homeowners. Here are some key features that set them apart:

  • Flexible Loan Amounts: Borrow anywhere from Rs. 5 Lakhs to Rs. 5 Crores.
  • Fast-Track Balance Transfer: Easily transfer your existing home loan to IDFC First Bank for better terms.
  • No Income Proof Program: IDFC First offers solutions for those without regular income documents.
  • Loan Tenure: Repayment terms of up to 30 years for salaried individuals and 25 years for self-employed individuals.
  • Low Minimum EMI: Benefit from EMIs as low as Rs. 730 per lakh for a 30-year term at 7.95% interest.
  • Insurance Products: Protect your family with specialized insurance products.

Explore : IDFC First Home Loan Products

IDFC First Bank understands that one size doesn’t fit all when it comes to home loans. They offer a variety of home loan products tailored to different needs:

  • Simple Home Loan: Ideal for purchasing, renovating, or extending your home.
  • Short and Sweet Home Loan: Save on interest while having the flexibility to withdraw funds.
  • Booster Home Loan: Boost your eligibility and enjoy principal moratorium.
  • Max Saver Home Loan: Combine low-interest rates with interest-saving features.

IDFC First Home Loans Credit Requirements

To qualify for an IDFC First Home Loan, a decent credit score is essential. The applicant and co-applicant must have a CIBIL score of 650 or higher. Maintaining a good credit score is crucial to secure the best loan terms.

But remember, interest rates aren’t set in stone. They can vary based on various factors, including the loan amount, tenure, and your credit score. A higher credit score can unlock lower interest rates, making your loan more affordable. So, it pays to keep your credit health in check!

Home Loan Eligibility

Eligibility criteria are the gateway to securing a home loan, and IDFC First Bank ensures this gateway is wide enough for a diverse range of applicants. Generally, the bank looks at your age, income, employment status, credit history, and the value of the property you’re eyeing. Here’s a quick rundown:

  • Age: Typically, you should be between 23 and 60 years (for salaried individuals) and 23 to 65 years (for self-employed individuals).
  • Income: Your income determines your repayment capacity. IDFC First Bank assesses this through your salary slips, bank statements, and income tax returns.
  • Employment Stability: For salaried applicants, a stable job history is a plus. For self-employed applicants, the bank evaluates the stability and profitability of your business.
  • Credit Score: A credit score of 750 or above is golden, boosting your eligibility for the loan.

Documents Required for IDFC First Bank Home loan

When applying for an IDFC First Home Loan, you’ll need to provide a set of documents, including:

  • Loan application.
  • Identity proof (e.g., Aadhar card, passport, voter ID).
  • Address proof (e.g., utility bills, rent agreement).
  • Income-related documents (salary slips, IT returns for the last two or three years).
  • Bank account statements for the previous six months.
  • Property-related documents.

Eligibility Criteria

Before applying, ensure you meet the following eligibility criteria:

  • Professionals who are salaried or self-employed, sole proprietors, partnership firms, and MSMEs are eligible.
  • Age criteria: At least 23 years old at the time of application, with a maximum age requirement of 70 years or retirement.
  • Self-employed applicants must have at least three years of business experience and a positive net worth.
  • Salaried individuals must have at least three years of job experience and a track record of timely payments on previous loans and statutory payments.
  • A good credit score is required.

How to Apply for IDFC First Bank Home Loans

Getting started on your homeownership journey with IDFC First Bank is a straightforward process:

  • Submit your application along with the necessary documents.
  • Verify your KYC and documents.
  • Your CIBIL report will be checked.
  • A personal interview with an IDFC First Bank official will follow.
  • Upon approval, you’ll receive a loan offer letter.
  • Property evaluation and legal formalities will be conducted.
  • Your loan amount will be disbursed, bringing you one step closer to your dream home.

With IDFC First Bank Home Loans, achieving your homeownership dreams is within reach. Choose the loan product that suits your needs, meet the eligibility criteria, gather your documents, and embark on this exciting journey towards homeownership today!

Conclusion

Embarking on the journey to buy your dream home is exhilarating, and being well-informed is your first step towards making it a reality. IDFC First Bank’s home loan options, with their attractive interest rates, flexible eligibility criteria, and straightforward documentation process, are designed to make this journey as seamless as possible. So, why wait? Dive into the details, prepare your paperwork, and take the leap towards owning your dream home.

Also check home loans from other banks

LenderHome Loan Interest Rates (Above 75 lakhs)Home Loan Interest Rates (Above 30 lakhs to 75 lakhs)Home Loan Interest Rates (Up to 30 lakhs)
LIC Housing Finance8.50% – 10.75%8.50% – 10.55%8.50% – 10.35%
State Bank of India8.50% – 10.05%8.50% – 10.05%8.50% – 10.15%
HDFC Bank Limited8.40% onwards8.40% onwards8.40% onwards

FAQs

What is the maximum tenure IDFC First offers home loan for

The maximum tenure for the IDFC First home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)


Are IDFC First home loan interest rates fixed or floating?

IDFC First offers both fixed and floating interest rate options for home loans. With a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.


How is Interest Rate Determined for IDFC First Home Loan

IDFC First determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of interest rate (fixed or floating) chosen by the borrower.

How can I calculate the EMI for IDFC First Home Loan?

You can calculate the EMI for IDFC First Home Loan using any online EMI Calculator

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