IDFC First Home Loan Details Explained

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

IDFC First Bank Home Loan Interest Rates

IDFC First Bank 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

Compare Home Loan Interest Rate Offered by Top Banks

Comparing home loan interest rates from leading banks helps you identify affordable financing options. Get a clearer view of each lender’s terms and choose the best home loan that matches your budget and financial goals.

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

IDFC First Bank Processing Fees

IDFC First takes processing fees to cover the cost of reviewing your documents and assessing your loan application. 

Fees	Amount	Description
Processing Fees	Up to 3% of loan amount	Upfront PF / IMD to be paid at the time login and balance at the time of loan agreement execution

IDFC First Bank Home Loan: Other Fees and Charges

IDFC First Bank applies various fees and charges on its home loans. Besides processing fees, borrowers may also have to pay administrative costs, legal fees, and prepayment charges.

Category	Fees and Charges
EMI Bounce Charges	₹500
Duplicate No Objection Certificate Issuance	₹500
Document Retrieval	₹500
EMI Pick up/ Collection Charges	₹500
Cheque/ Instrument Swap	NIL
Copies of documents/ List of Documents/ Repayment Schedule/ Statement of Account	Soft Copy: NIL Physical Copy: ₹500
Stamp Duty & other statutory charges	NIL
MCLR to EBR type	NIL
Cancellation & Rebooking Charges	1% of the loan amount + interest from date of disbursal till receipt of cancellation request
Repricing Fees	Up to 2%
Switch Fee	Fixed to Floating: Up to 2% of the sanctioned amount. Higher Fixed to Lower Fixed: Up to 1% of the sanctioned amount. Floating to Fixed: Applicable existing fees.
Penal Charges	2% per month (exclusive of GST) on the unpaid EMI or ₹300 (exclusive of GST), whichever is higher.
Incidental charges & Expenses	Charged on Actuals
Foreclosure / Prepayment / Part Payment charges	Floating Rate: NIL Fixed Rate: Up to 2% of the sanctioned amount

Types of IDFC First Bank Home Loans

IDFC First Bank understands that owning a home is a cherished goal for everyone. IDFC First home loan schemes are thoughtfully designed to meet your unique needs, offering flexible terms and competitive rates.

IDFC First Bank Home Loan

IDFC First Bank provides a comprehensive Home Loan solution tailored to support individuals in purchasing or constructing a house or flat, renovating existing property, or acquiring a plot for construction. With flexible terms and competitive rates, IDFC First Bank Home Loans are designed to meet the diverse needs of both salaried and self-employed customers.

IDFC First Bank Home Loan Balance Transfer

If you have an existing home loan, transferring your balance to IDFC First Bank can unlock numerous benefits. IDFC First’s balance transfer option is designed to provide you with better terms and enhanced financial flexibility.

• Up to 100% top-up at the same rate as balance transfers
• Loans below ₹2 crore are processed swiftly with minimal documentation.
• Benefit from lower interest rates compared to your current lender.

IDFC First Bank Home Loan EMI Calculator

EMI is a fixed monthly amount that you are required to pay to the bank until your home loan is fully repaid. 

Calculate your home loan EMI and estimate your monthly repayments. You can adjust loan amounts and tenures, and make well-informed decisions before committing to the bank.

How to Calculate IDFC First Bank Home Loan EMI?

Home loan EMI is calculated using a mathematical equation:

EMI = [P*r*(1+r)^n]/ [(1+r)^n -1]

Where:
P = Principal (loan amount borrowed)
r = Interest rate 
n = Total number of monthly installments (loan tenure in years*12)

Example: Case Study | Home Loan EMI 20 vs 30 Years

Aman, a young professional living in Mumbai, has just found his dream home – a spacious 3BHK apartment near his workplace. He decides to take a home loan from the IDFC First Bank to finance the purchase. 

Before signing the loan agreement, Aman wants a clear picture of how much he’ll need to pay every month. To figure this out, he calculates his EMI using the loan’s details.

Home Loan Amount: ₹50,00,000 (₹50 lakh)
Rate of Interest: 8.35% p.a.

But, he is considering two options:

1. A 20-Year Loan (240 months)
2. A 30-Year Loan (360 months)

Longer Tenure = Lower EMI = Higher Interest Payments

Let’s apply the EMI formula to both scenarios:

Scenarios	Home Loan Amount	Interest Rate	Tenure	EMI	Interest Payment	Total Payment
Scenario 1	₹50,00,000	8.35% p.a.	20 years	₹42,918	₹53,00,236	₹ 1,03,00,236
Scenario 2	₹50,00,000	8.35% p.a.	30 years	₹37,915	₹86,49,548	₹ 1,36,49,548

Which Option Is Better and Why?

If Your Goal Is Long-Term Savings: Opt for the 20-year loan. 

• Although the monthly EMI is higher, your total interest outflow is much lower. 
• Over time, you save more than ₹33 lakh in interest compared to the 30-year option. 
  

If Your Goal Is Immediate Affordability: Choose the 30-year loan. 

• You’ll pay a lower EMI each month, easing short-term financial burden. 
• However, this comes at a significant long-term cost, as you’ll end up paying much more in total interest over the life of the loan.

Read More: How to Pay IDFC First Home Loan EMI?

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

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 Tenure

Home loan tenure refers to the duration over which the borrower agrees to repay the loan amount along with interest. IDFC First offers flexible tenure options to accommodate varying financial situations and preferences. Here’s an overview:

Employment Type	Tenure
Salaried	30 years
Self Employed	25 years

How To Apply For a Home Loan From IDFC First Bank?

Getting your dream home is easier than ever with IDFC First Bank. Apply today and take the first step towards securing a home loan with competitive rates and flexible terms!

Step	Description
Check Eligibility Criteria	Verify age, income, credit score, and employment status.
Calculate Loan Amount & EMI	Use online calculator to estimate loan amount and EMIs.
Prepare Documents	Gather identity proof, address proof, income statements, and property documents.
Submit the Application	Apply online on IDFC First’s website or at a branch with the required documents.
Loan Processing	Bank reviews application, verifies documents, and conducts credit appraisal, property valuation, and legal checks.
Approval & Agreement	Upon approval, receive the sanction letter, review loan terms, sign the agreement, and complete formalities.
Loan Disbursement	Loan amount is disbursed to your account or the property seller, and EMI repayments are set up.

IDFC First Bank Home Loan: Minimum and Maximum Loan Amount

 IDFC First Bank offers home loans that cater to various financial situations. From first-time buyers needing a smaller loan to those looking to invest in premium real estate, knowing the minimum and maximum amounts available can simplify your search. 

Category	Loan Amount
Minimum Loan Amount	NA
Maximum Loan Amount	₹10 Crore

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

IDFC First Bank Home Loan Centers Near You

Finding the right support when applying for a home loan is crucial to making your homeownership dreams a reality. IDFC First Bank has multiple home loan centers nationwide to provide you with convenient access to expert advice and personalized services. 

Check out the nearest branch IDFC First Bank  using our branch locator tool.

IDFC First Bank Home Loan Approval and Disbursal 

IDFC First Bank is committed to processing home loan applications with utmost efficiency. Typically, the entire approval process is completed within 15 to 30 working days from the date of application submission. 

However, this timeline may vary based on several key factors:

• Completeness of documents
• Property type and location
• Applicant’s financial profile and credit score

IDFC First Bank Home Loan Disbursement Process

IDFC First ensures a compliant and efficient home loan disbursement through a three-stage process: Application, Sanction, and Disbursement.

1. Application for Home Loan: Applicants are required to complete the home loan application form, providing necessary personal, income, and property documents and details.

2. Home Loan Sanction: Upon submission, IDFC First reviews the application and documents. Legal and technical experts assess the property’s compliance and condition.

3. Home Loan Disbursement: After receiving the sanction letter, the borrower is required to complete the down payment and submit final property documents for loan disbursement.

Types of Home Loan Disbursement

• Full Disbursement: Entire loan amount released if the property is fully constructed
• Partial Disbursement: Loan disbursed in stages based on construction progress for under-construction properties

How to Maximize the Chances of IDFC First Bank Home Loan Approval?

• Maintain a high credit score
• Showcase strong financial stability
• Reduce existing debt obligations
• Provide complete and accurate documentation
• Pay sufficient down payment
• Choose property in approved locations
• Maintain consistent employment history
• Avoid multiple loan applications simultaneously
• Submit clear and legal property documents
• Ensure proper property valuation
• Keep income tax returns up to date
• Maintain low credit utilization ratio

IDFC First Bank Home Loan Tax Benefits

Home loans offer significant tax benefits under the Income Tax Act, 1961. These benefits apply to both the principal amount and interest paid, making home loans more cost-effective.

Section	Deduction Type	Maximum Deduction Amount	Conditions
80C	Principal Repayment of Home Loan	₹1.5 Lakh per annum	The house property must not be sold within five years of possession.
80C	Payment of Stamp Duty	₹1.5 Lakh per annum	These expenses can only be claimed in the year they are incurred.
24b	Interest Payment on Home Loan	₹2 Lakh per annum	The loan must be taken for purchasing or constructing a house. If constructing a house, the construction must be completed within five years from the end of the financial year in which the loan was taken. If the property is let out (rented), there is no cap on the interest deduction under Section 24(b). This allows property owners renting out their property to claim full interest payments as a deduction.

Must Read: Calculate Your Home Loan Tax Savings

1. Section 24B – Deduction on Home Loan Interest

What It Is: Allows you to claim a deduction on the interest paid on your home loan.

• Self-Occupied Property: Deduct up to ₹2 lakh per year on interest payments.
• Rented Property: No upper limit on the interest amount you can claim.

Example

Category	Amount
Loan Amount	Rs. 70,00,000
Interest Payable Per Year	Rs. 4 Lakhs
Tax Deduction	Rs. 2 Lakhs/ Year
Tax Bracket	30%
Tax Benefits per Year	Rs. 66,000

2. Section 80C – Deduction on Principal Repayment

What It Is: Allows deduction on the principal portion of your home loan repayments, up to ₹1.5 lakh per year.

• Reduces your taxable income by the principal amount repaid.
• Also includes stamp duty and registration charges (one-time claim in the year incurred).

Example

Category	Amount
Loan Amount	Rs. 75,00,000
Principal Payable Per Year	Rs. 3.5 Lakhs
Tax Deduction	Rs. 1.5 Lakhs per Year
Tax Bracket	30%
Tax Benefits per Year	50,000

Total Tax Benefits (Section 24B + Section 80C = Rs. 1.16 Lakhs/ Year

3. Joint Home Loans – Double the Benefits

What It Is: When two or more people take a joint home loan and are co-owners of the property.

• Section 24B: Each co-borrower can claim up to ₹2 lakh on interest.
• Section 80C: Each can claim up to ₹1.5 lakh on principal repayment.
• Total Tax Savings: Potentially ₹1.05 lakh per person per year (at 30% tax rate).

Who is Eligible to be a Co-Applicant?

• Father/ Mother
• Unmarried Daughter
• Siblings
• Husband/ Wife
  (Minors cannot be considered as co-applicants for a Home Loan)

Example

Category	Co Applicant 1	Co Applicant 2
Tax Deduction under 24B	Rs. 2 Lakhs/ Year	Rs. 2 Lakhs/ Year
Tax Deduction under 80C	Rs. 1.5 Lakhs/ Year	Rs. 1.5 Lakhs/ Year
Tax Deductions/ Year	Rs. 3.5 Lakhs/ Year	Rs. 3.5 Lakhs/ Year
Tax Bracket	30%	30%
Tax Benefits	Rs. 1.16 Lakhs/ Year	Rs. 1.16 Lakhs/ Year

When you opt for a co-applicant on your home loan, the savings can be substantial due to the ability to claim tax deductions separately. For example, with a co-applicant, the total tax savings can amount to ₹2.32 lakhs annually. Here’s how it works:

• EMI Paid per Year: ₹60,000 x 12 = ₹7,20,000
• Money Saved through Tax Deductions: ₹2,32,000
• Net Money Paid after Deductions: ₹7,20,000 – ₹2,32,000 = ₹4.88 lakhs

By utilising this tax benefit, you effectively lower your financial outflow, paying only ₹4.88 lakhs per year instead of the full ₹7.20 lakhs. 

Why Should You Choose IDFC First Bank For Your Home Loan?

• Fast Online Home Loan Sanction for quick approval and disbursal.
• Low EMIs with flexible repayment options.
• Easy Documentation for a seamless application process.
• Up to 30 Years Tenure for convenient long-term repayment.
• Competitive Interest Rates, among the lowest in the market.
• Available for construction, purchase, repairs, and renovation of homes or flats.
• Takeover or Balance Transfer of existing home loans made simple.

How Credit Dharma Simplifies The Home Loan Journey? 

Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.

But that is not it. We offer:

• Guaranteed up to 100% funding
• Receive lifetime assistance and expert guidance long after your loan is approved.
• Enjoy a fully digital process with minimal paperwork 
• Get your loan approved within just 1-2 weeks.