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| 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 September 2023
Apply for IDFC First Bank Home Loan at Attractive Interest Rates Click Here
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 |
Apply for IDFC First Bank Home Loan at Attractive Interest Rates Click Here
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 | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
| HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
| ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
| Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
| Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
| Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |
Compare Home Loan Schemes Offered by Top Lenders Compare Now
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: IDFC First Bank offers home loans to individuals for purchasing or constructing house/flat, renovation of existing property or purchase of plot and construction of house, thereon.
- Loan Amount: Up to Rs. 5 crore
- Tenure: Up to 30 years
IDFC FASTRACK Home Loan Balance Transfer
Purpose: IDFC First Bank offers home loan balance transfer facility to existing home loan borrowers of other banks and HFCs for transferring their home loans to IDFC First Bank at lower interest rates. Balance transfer applicants can also avail additional top-up home loans at the same rate as balance transfer rates.
Loan Amount: Up to Rs. 2 crore
Tenure: Up to 30 years
Transfer your Existing Home Loan to IDFC First Bank at Lower Rates Click Here
Eligibility Criteria for IDFC First Bank Home Loan
For Salaried
- Nationality- Indian residents and NRIs
- Minimum age at the time of loan application- 21 years
- Maximum age at the time of loan maturity-60 years
- At least 3 years of work experience
- Minimum Income: Rs 1 lakh p.a.
For Self-Employed
- Nationality- Indian residents
- Minimum age at the time of loan application- 23 years
- Maximum age at the time of loan maturity-70 years
- Minimum Income: Rs 1.5 lakh p.a.
- At least for 4 years into business
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.
Check Your Home Loan Eligibility with Top Banks/HFCs Click Here
Documents Required to Apply for IDFC First Home Loan
- Documentation- Form 16 or PAN card (mandatory)
- Photo Identity Proof/Address Proof- Passport/Voter ID/Driving License/Aadhaar card/Job card issued by NREGA/National Population Register
Income Proof
Salaried Individual:
- Salary slip of last 3 months
- Bank statement for last 6 months reflecting salary credit
- Latest ITR with income computation or Form 16
- Bank statement proof or repayment track proof with loan sanction or amortization schedule
Self-employed Individual:
- ITR with income computation
- Balance sheet and P&L account with schedule
- Bank statement of business account for last 6 months
- GST return for number of months not covered in the latest financial year
- Credit card statement for 6 months
- Copy of contract order and Form 16 A
- Account of individual borrower and co-borrowers , if income is being considered
Property Proof
- Allotment or Possession Letter
- Copy of draft sale deed ad chain title documents
- No objection certificate from the society and other documents as per legal report
Business Proof
- Shop establishment certificate
- GST return
- Trade/professional license (sales tax number, importer’s/exporter’s code)
Business Address Proof
- Paid telephone bill and paid electricity bill not older than 3 months from loan application
- Registered or notarized rent deed
- Property registered deed
- Property allotment letter from government/registered societies
- Property papers- unregistered sale deed plus GPA
- Latest bank statement or updated passbook in the name of the borrower
Additional Documents for IDFC First Bank Home Loan Balance Transfer
- Documents certified by Balance Transfer bank or HFC kept by them
- Recent foreclosure letter from another lender mentioning the account holder’s name and loan account number
To enquire more about IDFC First Bank Home Loans contact IDFC First Bank Home Loan Customer Care
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
Apply for IDFC First Bank Home Loan at Attractive Interest Rates Click Here
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.
10. Which type of interest rate is considered to be the best option while availing home loan?
Ans. While all lenders offer home loans at floating interest rates, only a few lenders offer homes loans at fixed interest rates. The lenders offering home loans at fixed rates usually charge higher interest rates than the home loans offered at floating rates. Also, the lenders do not charge any prepayment fees for home loans offered at floating rates.
11. Can I avail tax benefits on my home loan availed from IDFC First Bank?
Ans. IDFC First Bank Home Loan borrowers can claim tax deduction under Section 80C and 24b of Income Tax Act. Under Section 80C, the borrower can avail tax deduction of up to Rs 1.5 lakhs per financial year on principal repayment. They can also avail a tax deduction of up to Rs 2 lakhs per financial year on the interest paid on home loan under Section 24b. In case of a rented property, the entire interest repayment amount is allowed as tax deduction without any limit.
12. Can I avail two home loans at a time from IDFC First Bank?
Ans. IDFC First Bank may offer two home loans to its applicants at a time provided the applicant has satisfactory repayment capacity, and fulfills other eligibility criteria, such as age, credit score, etc. set by the bank. Note that the lender would also consider the title, location and other features of the property while evaluating the loan application.