IDFC First Bank offers home loans to eligible customers at affordable interest rates starting at 8.40% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.
So now, here’s how to check your IDFC First Bank home loan eligibility.
Eligible for IDFC First Bank Home Loan? See How Affordable Your EMI Can Be!
IDFC First Bank Home Loan Eligibility Criteria
Before applying for a home loan, it’s essential to understand the eligibility criteria. Here’s the essential eligibility checklist set by IDFC First Bank:
| Category | Salaried | Self Employed |
|---|---|---|
| Age | 21 – 60 years | 23 – 70 years |
| Minimum Work Experience | 3 years | 4 years |
| Minimum Income | ₹1 lakh p.a. | ₹1.5 lakh p.a. |
| Nationality | Resident Indian/ NRIs | Resident Indian |
Suggested Read: Home Loan Eligibility – Salaried vs. Self Employed
IDFC First Bank Home Loan Highlights
IDFC First Bank home loan offers flexible terms, competitive interest rates, and high loan amounts, making it an ideal choice for aspiring homeowners.
| Category | Highlights |
|---|---|
| Interest Rate | 8.85% p.a. Onwards |
| Tenure | 30 Years |
| Maximum Loan Amount | ₹10 crore |
| Processing Fees | Up to 3% of the Loan Amount |
How to Use IDFC First Bank Home Loan Eligibility Calculator?
IDFC First Bank Home Loan Eligibility Calculator allows you to check your housing loan eligibility online quickly. Follow these simple steps:
- Input your total gross monthly income.
- Choose the desired loan term. Longer tenures can increase your eligibility.
- Enter IDFC First Bank’s current home loan interest rate.
- Input your existing monthly EMIs for other loans.
- View your eligible loan amount based on the entered details.
Suggested Read: IDFC First Bank Home Loan Statement Download
IDFC First Bank Home Loan Eligibility Based on Age
Applying for IDFC First Bank home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.
| Applicant Age | Maximum Eligible Tenure |
|---|---|
| 21 – 35 years | 30 years |
| 36 years | 29 years |
| 37 years | 28 years |
| 38 years | 27 years |
| 39 years | 26 years |
| 40 years | 25 years |
| 41 years | 24 years |
| 42 years | 23 years |
| 43 years | 22 years |
| 44 years | 21 years |
| 45 years | 20 years |
Suggested Read: IDFC First Bank Home Loan for Salaried
IDFC First Bank Home Loan Eligibility Based on Property Value
IDFC First Bank home loan eligibility is not only determined by the applicant’s income but also by the value of the property being purchased. The bank evaluates the property’s market value to ensure that it serves as adequate collateral for the loan.
| Property Value | LTV Ratio |
|---|---|
| Up to Rs.30 lakh | 90% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80% of the property cost |
| Above Rs.75 lakh | 75% of the property cost |
Suggested Read: How to Increase Your Property Value
IDFC First Bank Home Loan Eligibility Based on Credit Score
A strong credit score is essential for securing IDFC First Bank Housing Finance home loan, as it reflects your creditworthiness and repayment reliability.
| Rating | Credit Score |
|---|---|
| Good | 750 and above |
| Average | 600 – 750 |
| Poor | Below 600 |
Suggested Read: Investing vs. Home Loan Prepayment
IDFC First Bank Home Loan Eligibility for Women
- Eligibility Criteria: Women applicants must meet the same eligibility requirements as other borrowers, including income, credit score, and property value.
- Benefit: This discount helps make home ownership more affordable for women borrowers.
Benefits of Using IDFC First Bank Home Loan Eligibility Calculator
- Instantly determines your loan eligibility
- Access the calculator online anytime for free
- Get a clear understanding of your borrowing capacity
- Helps in aligning your home search with your budget
- Use your eligibility estimate to negotiate better terms and conditions
Factors Affecting IDFC First BankHome Loan Eligibility
Several factors affect your eligibility for an IDFC First Bank home loan, including:
| Factor | Impact on Eligibility |
|---|---|
| Age of the applicant | Younger applicants get longer repayment tenures |
| Financial position | Strong financials improve eligibility |
| Repayment record | Also good repayment history boosts eligibility |
| Credit score | Higher scores increase chances of approval |
| Existing liabilities | Higher liabilities reduce eligibility |
| Applicant’s profile | Stable profiles are favored |
| Property specifications | Newer, well-located properties have better eligibility |
| Loan guarantor status | Being a guarantor to another loan can affect eligibility |
How to Improve My Eligibility For IDFC First Bank Home Loan?
To improve your eligibility for an IDFC First Bank home loan, take these key steps to qualify for a higher loan amount with better terms.
| Factor | How to Improve Eligibility |
|---|---|
| Credit Score | Maintain a score of 750+ by clearing dues on time and reducing debt. |
| Employment Stability | Stay employed with a stable job or business for at least 2 years. |
| Debt-to-Income Ratio | Reduce existing debts or liabilities to lower your DTI ratio. |
| Loan Tenure | Opt for a longer tenure to lower monthly EMI and improve eligibility. |
| Co-applicant | Add a co-applicant with a steady income to boost eligibility. |
| Property Value | Choose a property with a higher market value to increase loan eligibility. |
| Additional Savings | Having significant savings or assets can demonstrate financial stability. |
| Avoid Unnecessary Loans | Refrain from taking new loans during the application process. |
Get a Home Loan
with Highest Eligibility
& Best Rates
IDFC First Bank Home Loan Interest Rates
IDFC First provides home loans with interest rates that reflect current market conditions and are influenced by factors like your CIBIL score. You can choose a fixed rate or a floating rate, according to your financial situation.
| Types | Salaried | Self Employed |
|---|---|---|
| Home Loan | 8.85% p.a. onwards | 9.00% p.a. onwards |
| Home Loan Balance Transfer | 8.85% p.a. onwards | 9.00% p.a. onwards |
| 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 |
Read More: How to Improve Your CIBIL Score?
Documents Required For IDFC First Bank Home Loan
When applying for a home loan with the IDFC First, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| Last 6 months’ Salary Slips | Last 3 Years ITR with Computation of Income |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Balance Sheet |
| Capital Account Statement | |
| Bank account statement for the last 12 months (for individual or business). | |
| Business proof |
NRI
| Category | Documents |
|---|---|
| Passport & Visa | Passport with VISA printed on it |
| Work Authorization | Work Permit |
| Identity Proof | Copy of PAN, ID card issued by employer |
| Proof of Address | Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details |
| Income Proof | Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years |
Read More: How to Get a Home Loan Without All Property
IDFC First Bank Home Loan Customer Care
To facilitate effective communication with customers, in addition, IDFC First Bank offers various channels for customer support.
| Category | Contact Number |
|---|---|
| Toll Free Number | 1800 10 888 |
| Home Loan Enquiry | Raise a request |
| SMS/ WhatsApp | Drop a ‘Hi’ on 9555 555 555 |
Suggested Read: IDFC First Bank Home Loan Statement Download
Get a Home Loan
with Highest Eligibility
& Best Rates
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | Upto 2% of loan amount (plus taxes and any other applicable statutory dues) |
| Bajaj Housing Finance | Up to 4% of the loan amount |
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Frequently Asked Questions
The minimum salary required for a salaried individual to be eligible for an IDFC First Bank home loan is Rs.12,000 per month. For self-employed individuals, the minimum business income should be Rs.15,000 per annum.
Yes, IDFC First Bank provides up to 90.00% of the property cost as a home loan for properties valued up to Rs.30 lakh.
Eligible individuals for IDFC First Bank EMI include: -Salaried professionals aged 21 – 60 with a minimum salary of Rs. 12,000 per month. -And Self-employed professionals and non-professionals aged 21 – 60 with a minimum annual business income of Rs.15,000.
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