IDFC First Bank
Features & Benefits
Seamless Digital Loan Application
Access home loans up to ₹10 crore entirely online, with loan tenures as long as 30 years.
Comprehensive Insurance Solutions
Take advantage of tailored insurance products that provide extra security for your home loan.
Competitive Home Loan Rates
Benefit from competitive home loan rates starting at just 8.85% p.a., designed to make financing affordable.
Overview
IDFC First Bank
In today’s fast-paced world, owning a home is a dream that many aspire to achieve. IDFC Bank, a trusted name in the banking industry, has been helping individuals realize this dream with its range of home loan products.
Rate of Interest
8.8% - 14%
Loan to Value
80% - 90%
Loan Tenure
Max 30 Years
Max Loan Amount
Upto 5cr
| Rate of Interest | 8.8% - 14% |
| Loan Tenure | Max 30 Years |
| Eligibility | Age • Salaried : 23 - 60 years • Self Employed : 21 - 65 years Profession • Salaried/Self Employed Income • Metro Cities : 20,000/Month & Above • Other Cities : 15,000/Month & Above Nationality • Resident Indian • NRI |
| Max Loan Amount | Upto 5cr |
| Property Supported | Plot Purchase / Independent Building / Apartment / Re Sale Property |
| LTV | 80% - 90% |
| Offerings | Plot Loan / Construction Loan / Balance Transfer |
| Addons | Top up / Interior Loan / Extension Loan |
| Processing Fees | Rs 10000 + GST |
| Other Charges | Notary / Franking = 1500-2500 / MODT - 0.2% - 0.7% of your loan amount (based on your state) / Legal - 3500 |
| Overdraft Facilities | |
| Balance Transfer | |
| Highlights | • easy online pre payment offers • Minimal paperwork • Good aftersales support • Higher funding possible |
*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.
| Loan Amount | ₹ 50,00,000 |
| Loan Tenure | 20 years |
| Rate of Interest | 8.8% - 14% |
| Monthly EMI | ₹ 44,345 - ₹ 62,176 |
With competitive interest rates, flexible repayment options, and a commitment to customer satisfaction, IDFC Bank is your ideal partner in the journey towards homeownership.
Eligibility Criteria for IDFC Home Loan
| Criteria | Details |
|---|---|
| Age | Should be between 23 and 60 years (for salaried individuals) and 23 to 65 years (for self-employed individuals). |
| Income | 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. |
Calculate your HDFC home loan eligibility and unlock exclusive offers for you!
IDFC Home Loan Interest Rates
| Employment Type | Product | Home Loan Rate |
|---|---|---|
| Salaried | Home Loan | 8.85% onwards |
| Home Loan Balance Transfer | 8.85% onwards | |
| Home Loan Top Up | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount | |
| Self-Employed | Home Loan | 9.25% onwards |
| Home Loan Balance Transfer | 9.25% onwards | |
| Home Loan Top Up | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount |
Get the best Home Loan interest rates tailored for you
If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.
IDFC Home Loan Processing Fee and Charges
Processing Charges
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 3% of loan amount. |
| 1) EMI Bounce Charges (For each presentation dishonoured) 2) Duplicate No Objection Certificate Issuance Charges 3) Document retrieval charges (per physical document) 4) EMI Pick up/ Collection Charges 5) Cheque/ Instrument Swap charges (per swap) | ₹ 500 |
| 1) Copies of documents 2) List of Documents 3) Repayment Schedule 4) Statement of Account | Soft copy – NIL Physical copy ₹ 500 |
| 1) Stamp Duty & other statutory charges 2) Equitable mortgage creation charges 3) Equitable mortgage cancellation charges | As applicable for each state |
| MCLR to EBR type | NIL |
IDFC Home Loan Documents
Identity Documents
| Document Name | Salaried Applicants | Self-employed Applicants |
|---|---|---|
| Proof of Identity | ✔ | ✔ |
| Address Proof | ✔ | ✔ |
| Age Proof | ✔ | ✔ |
| Passport-sized Photographs | ✔ | ✔ |
Proof Of Income
| Document Name | Salaried Applicants | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
| Last 3 month’s Salary Slips | ✔ | ✖ | ✖ |
| Last 6 months’ Bank Statements, showing salary credits | ✔ | ✖ | ✖ |
| Latest Form-16 and IT returns | ✔ | ✖ | ✖ |
| Past 2 years’ ITRs | ✔ | ✔ | ✔ |
| Last 2 years Balance Sheet and P&L A/c Statements | ✖ | ✔ | ✔ |
| Last 12 months’ Savings Account Statements of individual | ✔ | ✔ | ✔ |
Other Documents
| Document Name | Salaried Applicants | Self Employed Professional | Self Employed Non Professional |
|---|---|---|---|
| Own Contribution Proof | ✔ | ✔ | ✔ |
| Employment Contract | ✔ | ✖ | ✖ |
| Last 6 months’ Bank Statements | ✔ | ✔ | ✔ |
| Passport size photograph | ✔ | ✔ | ✔ |
| Cheque for processing fee favouring IDFC Bank | ✔ | ✔ | ✔ |
| Business Profile | ✖ | ✔ | ✔ |
| Latest Form 26 AS | ✖ | ✔ | ✔ |
| Details of ongoing loans of the individual and the business entity | ✔ | ✔ | ✔ |
IDFC Home Loan Schemes and Top Plans
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.
How to Apply
Applying for an HDFC home loan is a straightforward process:
- Check Eligibility: Verify that you meet the eligibility criteria for your selected loan product.
- Collect Documents: Gather all the required documents.
- Visit a Local Branch: Visit your nearest HDFC branch and fill out the application form.
- Submit Documents: Submit your application along with the required documents.
- Application Review: The bank will review your application and documents.
- Loan Approval: Upon approval, your loan will be sanctioned, and you can start your homeownership journey.
Do not want to get into this hassle? Get IDFC Bank’s best rates in a single call.
Comparison
You can also compare the home loan rates of different banks here. For detailed comparison between top banks you can visit our compare banks page.
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.5% p.a. onwards | 8.5% p.a. onwards | 8.5% p.a. onwards |
| HDFC Bank | 8.7% p.a. onwards | 8.7% p.a. onwards | 8.7% 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 | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. |
| Bank Of Baroda | 8.40% – 10.65% p.a. | 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%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
| Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
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.)
IDFC First offers both fixed and floating interest rate options for home loans. Also, with a fixed rate, the interest remains constant throughout the loan tenure, while with a floating rate, it fluctuates with the market condition.
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.
You can calculate the EMI for IDFC First Home Loan using any online EMI Calculator.