| IDFC First Bank Home Loan Highlights | |
| Interest Rate | 8.85% p.a. onwards |
| Loan-to-Value Ratio | Rs. 1 Lakh to Rs. 5 Crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 3% of the loan amount |
| Minimum Income | For Salaried: Rs 1 lakh p.a. For Self-Employed: Rs 1.5 lakh p.a. |
Note: Rates as of 28th March 2023
Table of Contents
IDFC First Bank Home Loan Interest Rates
Regular Home loan Interest Rates
Regular Home loan Interest Rates
For Salaried
| Loan Type | Interest Rate (p.a.) |
| Home Loan | 8.85% onwards |
| Home Loan Balance Transfer | 8.85% onwards |
| Top up Loan | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount |
For Self-Employed
| Loan Type | Interest Rate (p.a.) |
| Home Loan | 9.25% onwards |
| Home Loan Balance Transfer | 9.25% onwards |
| Top up Loan | Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount |
Compare IDFC First Home Loan Interest Rates with Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.50% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
| HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
| LIC Housing Finance | 8.45% – 10.10% | 8.45% – 10.30% | 8.45% – 10.50% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 13.00% | 8.50%-10.85% |
| Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
| Bank of Baroda | 8.50% - 10.65% | 8.50% - 10.65% | 8.50% - 10.90% |
| Union Bank of India | 8.75% – 10.75% | 8.75% – 10.95% | 8.75% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.65%-8.75% | 8.65%-8.75% | 8.65%-8.75% |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |
IDFC First Bank Home Loan Fees and Charges
| Processing Fees | Up to 3% of loan amount |
| Bounce charges | Rs 400 |
| Document copy charges | Rs 500 |
| Repayment instrument swap charges | Rs 500 |
| Duplicate list of documents | Rs 500 |
| Loan rescheduling charges | Rs 300 |
| Cancellation and rebooking charges | 1% of loan amount |
| Penal charges | 2% per month of unpaid EMI or Rs 300, whichever is higher |
| Loan rescheduling charges | Rs 300 |
| Physical account statement | Rs 500 |
| Physical repayment schedule | Rs 500 |
Also know the processing fee for home loan charged by top lenders
Types of IDFC First Bank Home Loan
IDFC First Housing Loan
- Purpose: Regular home loan scheme for all those who want to buy or build a new house or renovate an existing one.
- Loan Amount: Up to Rs. 5 crore
- Tenure: Up to 30 years
IDFC First Suvidha Shakti
Purpose: This is a micro-housing loan scheme for women to meet various home improvement requirements like sanitation, water connection, renovation, etc.
Loan Amount:
- Water connection: Rs 10,000-Rs 50,000
- Sanitation: Rs 15,000-Rs 50,000
- Water+Sanitation: Rs 25,000-Rs 1 lakh
- Renovation/Repair/Extension/Productive Housing: Rs 25,000-Rs 1 lakh
Tenure: Up to 3 years
IDFC FASTRACK Home Loan Balance Transfer
Purpose: Home Loan Balance Transfer facility for existing home loan borrowers of other banks and HFC. Additional top-up home loans are also available during balance transfer.
Loan Amount: Up to Rs. 2 crore
Tenure: Up to 30 years
Eligibility Criteria for IDFC First Bank Home Loan
For Salaried
- Indian residents and NRIs
- Age: 21-60 years
- At least 3 years of work experience
- Minimum Income: Rs 1 lakh p.a.
- Tenure: Up to 30 years
For Self-Employed
- Indian residents
- Age: 23-70 years
- Minimum Income: Rs 1.5 lakh p.a.
- At least for 4 years into business
- Tenure: Up to 25 years
Additionally, IDFC First Bank may also consider the credit score of its applicants just like other banks/HFCs do while evaluating the home loan eligibility of their applicants.
Documents Required to Apply for IDFC First Home Loan
The common list of documents required at the time of IDFC First home loan application is given as below:
- Identity Proofs – Driving License, PAN Card, Passport, or Voter ID
- Address Proofs – Telephone, Water, Gas & Electricity Bills or Rental agreement
- Income Proofs:
- Last 3 months’ salary slips
- Income Tax Returns
- Last 2 years’ Form 16 statement
- Bank Statements of last 6 months
- Property Documents:
- Property Tax Receipt
- Proof of business address
- Liability and personal assets’ statement
IDFC First Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
FAQs
1. Can I opt between fixed and floating rates of interest?
Ans. IDFC First Bank offers home loans at floating rates only.
2. I do not have any income proof. Can I avail home loan from IDFC First Bank?
Ans. Yes, you can avail home loans from IDFC First Bank even if you do not have any income documents. The “No Income Proof” program of IDFC First Bank allows the applicants without regular income to avail home loans.
3. Is it mandatory to have a co-applicant for home loan?
Ans. No, it is not mandatory to have a co-applicant for home loan. However, the co-owner(s) of the property should be the co-applicant.
4. Can I foreclose my home loan availed from IDFC First Bank?
Ans. Yes, you can foreclose your home loan availed from IDFC First Bank. The bank does not levy any foreclosure charges on home loans offered at floating rates.
5. Can I make part prepayments on my home loan?
Ans. Yes, you can make part prepayments on your home loan. IDFC First bank does not charge any part prepayment fee on home loans at floating rates.
6. What is pre-EMI interest?
Ans. Pre-EMI interest refers to the interest component of the home loan amount serviced from the date of loan disbursal till the commencement of the home loan EMIs. The amount is calculated on pro-rata basis until first EMI is paid.
7. What is the minimum credit score required to avail home loans from IDFC First Bank?
Ans. IDFC First Bank has not mentioned the cut-off credit score for home loan applicants. However, applicants with credit scores of 750 and above usually have higher chances of availing home loans at lower interest rates.
Also Read:- Cibil Score for Home Loan
8. What is the EMI date offered by IDFC First Bank?
Ans. IDFC First Bank has set 2nd, 5th and 10th of each month for the repayment of home loan EMI.
9. What is the reset frequency of repo rate for home loans offered by IDFC First Bank?
Ans. The reset frequency of repo rate for home loans offered by IDFC First Bank would be 3 months.