Homeownership is a dream many of us cherish. It symbolizes security, prosperity, and a space where we can create countless memories. For salaried individuals, achieving this dream becomes even more accessible, thanks to IDFC Home Loan for Salaried. In this comprehensive guide, we’ll explore everything you need to know about this unique home loan offering.
A Glimpse at the IDFC Home Loan Benefits
Firstly, let’s dive deep into the ocean of benefits that IDFC FIRST Bank offers with its home loan. These loans are designed keeping in mind the aspirations and needs of salaried individuals. Besides attractive interest rates, borrowers get a discount on processing fees when the loan repayment is made from an IDFC FIRST Bank account.
Additionally, the bank provides tailor-made loans with minimal documentation. Not only this, if you’re looking to transfer your balance, you can avail of a top-up up to 100% at the same rate. Furthermore, the process is digitized for loans up to ₹5 Cr with a tenure extending up to 30 years. With a special emphasis on higher eligibility, both salaried and self-employed customers find it easier to secure a loan.
IDFC Home Loan for Salaried Interest Rates
| Employment Type | Product | Home Loan Rate |
|---|---|---|
| Salaried | Home Loan | 8.75% onwards |
| Salaried | Home Loan Balance Transfer | 8.75% onwards |
| Salaried | Home Loan Top Up | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount |
An Overview of IDFC FIRST Bank Home Loans
Getting a home is now more accessible than ever. With IDFC FIRST Bank home loans, borrowers benefit from competitive interest rates on housing finance. This allows them to choose from a plethora of property options. The goal? To ensure you live your best life. Applying for the home loan online ensures higher loan eligibility and the option of a long tenure – up to 30 years.
Moreover, the bank offers a user-friendly interface where customers can track the status of their home loan application, either via the website or the app. The cherry on top? An effortless transfer of your existing home loan is also on the cards. Clearly, moving into your dream home with IDFC FIRST Bank home loans is a dream come true.
FASTRACK Your Home Loan Balance Transfer
Seeking a seamless way to transfer your existing home loan? The FASTRACK Balance Transfer Facility has got you covered. This feature ensures that the transition is as smooth as silk, adding another feather to the cap of IDFC Home Loan for Salaried benefits.
How to Apply for an IDFC Home Loan Online?
IDFC FIRST Bank prioritizes the customer experience. Consequently, the entire home loan process becomes streamlined and straightforward. Here’s a Link to the Official IDFC Website you need to follow to apply for a home loan online:
Eligibility for Salaried Individuals
Eligibility criteria play a pivotal role when you’re eyeing a home loan. Here’s what salaried individuals need to keep in mind:
- Both Resident & Non-Resident Indians can apply.
- The age bracket for applicants is between 21-60 years.
- A minimum of 3 years of experience is a must.
- The applicant should earn a minimum of ₹1 lakh per annum.
- Loan tenure can range between 12 months to 360 months.
A Quick Look at the Required Documentation
Before applying for the IDFC Home Loan for Salaried, ensure you have the following documents:
- Valid Identity Proof
- Valid Address Proof
- Valid Income Proof
- For salaried individuals: Last 2 months salary slip, latest ITR or Form 16, and the last 6 months bank statement.
- For the self-employed: Latest ITR, balance sheet, P&L statement, GST return, last 6 months bank or CC statements, etc.
- Property Proof: Photocopy of draft sale deed, chain title documents (if any), allotment/possession letter, and a no objection certificate from the society.
Charges
A clear understanding of charges and interest rates is crucial before finalizing any home loan. Let’s delve into the details:
| Particulars | Details |
|---|---|
| Processing Fees | Up to 3% of loan amount |
Note: Upfront PF/IMD is payable at login, and the balance is payable at the time of loan agreement execution.
In conclusion, IDFC Home Loan for Salaried offers a comprehensive package tailored to meet the needs of salaried individuals who aspire to step into their dream homes. With a myriad of benefits, flexible terms, and competitive rates, this offering from IDFC FIRST Bank is indeed a game-changer. If homeownership is on your radar, look no further!
Also check home loans from other banks
| Lender | Home 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 Finance | 8.50% – 10.75% | 8.50% – 10.55% | 8.50% – 10.35% |
| State Bank of India | 8.50% – 10.05% | 8.50% – 10.05% | 8.50% – 10.15% |
| HDFC Bank Limited | 8.40% onwards | 8.40% onwards | 8.40% onwards |
FAQs
What is the maximum tenure IDFC offers home loan for
The maximum tenure for the home loan is 20-30 years (but the tenure of the loan can also change based on the scheme.)
Are IDFC housing Finance interest rates fixed or floating?
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 Home Loan
IDFC 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 Home Loan?
You can calculate the EMI for using any online EMI Calculator
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