IDFC First Bank Home Loan Balance Transfer

IDFC First Bank is the result of a merger between Erstwhile IDFC Bank and Erstwhile Capital First. The former specialised in project finance and infrastructure development for the private sector,, while the latter was one of the leaders in retail banking. With a merger in 2018, IDFC First Bank emerged as a leading financial services provider, offering a range of retail loans and tech-based products to customers across the country. They also give customers the option to transfer their existing loans to IDFC First to enjoy a multitude of features and benefits.

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IDFC First Bank Home Loan Balance Transfer Details

On the whole, transferring your home loan from one bank to the other is just like availing of a new home loan. The only difference is that you only shift your current outstanding balance to a new bank that offers better interest rates and services. 

IDFC First Bank is a popular choice for home loan balance transfer because of features like: 

FEATURESDETAILS 
Interest Rate 6.90% onwards
Repayment Tenure Up to 30 years 
Loan quantum 90% of the property value, with a cap of Rs.2 Crores
Processing fees Up to 3% of the total loan amount outstanding + taxes

Benefits and Features of IDFC First Bank Home Loan Balance Transfer

IDFC First Bank offers various benefits to customers who opt for a home loan balance transfer, as mentioned below: 

  • Lower rates of interest: If you are currently servicing a higher rate of interest towards your home loan, you can transfer your balance to IDFC First to enjoy competitive interest rates. fourIDFC First offers the best possible interest rates for both salaried and self-employed individuals starting at as low as 6.90% per annum. 
  • Higher repayment tenure: Sometimes,four customers wish to extend their home loan repayment tenure in order to reduce the monthly outgoing towards the home loans. However, the current bank may not allow this. With IDFC First, you can enjoy an extended repayment tenure of up to 30 years. This is subject to factors like the age of the applicant at the time of maturity of the loan. 
  • Easy transfer of balance: With IDFC First Home Loans, you have the advantage of transferring even a higher loan quantum. They offer up to 90% of the property value as a loan, with a cap of up to Rs.2 crores. This means you can transfer the whole outstanding balance without any hassles if you fulfil their eligibility criteria. 
  • Legal report fee waiver: One special feature of IDFC Home loan balance transfer is that they give you a complete waiver on the legal report fees. This helps you save on the total payables towards a balance transfer, making it the most affordable option for you. These fees are usually high and are charged at actuals. 
  • Prepayment facility available: If you have access to any additional funds that allows repaying a higher amount of your principal loan amount, you can opt for a prepayment facility. This reduces the principal amount, allowing faster closure of the loan. However, with most banks there is an additional fee charged for prepayments and foreclosure of the loan. With IDFC First Bank, you do not have to pay any additional fees if you avail of a loan on a floating rate of interest. 
  • Top up loan facilities: There are financial emergencies that require us to arrange for funds at very short notice. The advantage of opting for a home loan balance transfer to IDFC First is that you can get a top-up on your home loan. This top-up loan can be used for any personal expense like a medical emergency, higher education fees, travel expenses and others. 

Additional Reading: Check cibil score by pan card

IDFC First Bank Home Loan Balance Transfer Interest Rate and Other Charges

When you want to go in for a home loan balance transfer, you need to consider a few factors. Those that top the list are the interest rate, fees and the charges payable towards these loans are among the most important ones. 

Here are all the details to help you decide if a balance transfer is a right option for you: 

Interest Rate: 

The interest rate offered by IDFC First is between 6.90% to 10.50%. The final interest rate offered to a customer depends upon various factors like income, credit score and nature of employment. 

If you are unsure of the EMI payable each month, you can also use the EMI calculator available on the IDFC first website. This tool uses a simple slider where you need to provide details like the repayment term requested, the interest rate and the loan amount requested. The calculator uses the applicable formula to give you the exact EMI payable towards the loan. 

Other fees and charges 

PARTICULARSFEES AND CHARGES
Processing fees Up to 3% of the outstanding loan amount + applicable taxes  
EMI bounce charges Rs.400 per instance 
Charges towards copies of property documents Rs.500 per instance 
Duplicate list of documents Rs.500 per instance 
Repayment channel swap charges Rs.500 per request 
Mortgage creation charges/ Stamp Duty etcAt actuals 
Interest rate conversion charges 0.5% of the outstanding principal amount 
Default interest 2% per month. The interest is levied in case the monthly payment is not serviced

Please Note: Any incidental charges or expenses towards the recovery of outstanding dues will be collected from the customer who has defaulted. This includes any costs, expenses or charges that the bank has borne towards third parties like collection agencies who are responsible for follow-ups and recoveries. 

IDFC First Bank Home Loan Balance Transfer Eligibility Criteria

In order to get approval on the balance transfer of a home loan to IDFC First, the applicant must fulfil some eligibility requirements:

Salaried individuals: 

  • The loan is extended to both resident and non-resident Indians
  • The age of the customer at the time of application should be at least 21 years. 
  • The customer's age at the end of the loan tenure should not be more than 60 years. 
  • He or she should have a minimum work experience of 3 years in their field of work. 
  • The minimum income of the applicant must be Rs.1 lakh per annum.

Self-employed individuals 

  • The loan is extended only to resident Indians 
  • The age of the customer at the time of application should be at least 23 years. 
  • The cusromer's age at the end of the loan tenure should not be more than 70 years. 
  • The business must be operational for at least 4 years. 
  • He or she should earn a minimum of Rs.1.5 Lakhs per annum.

In addition to this, the applicant should not have defaulted on EMI payments towards the existing loan. A minimum of 12 EMIs should have been paid regularly towards the loan. 

Follow the link for: Cibil Login Registration

IDFC First Bank Home Loan Balance Transfer Documents Required

The eligibility of the customer is assessed using the documents submitted along with the loan transfer application. 

Here are the documents needed to complete your application with IDFC First: 

  • Valid ID Proof 
    • Passport 
    • Voters’ ID
    • Driving License 
    • Adhar card
    • Job card issued by an authorised body
  • Valid Address Proof 
    • Passport 
    • Voters’ ID 
    • Adhaar Card 
    • Driving License 
    • Job card issued by an authorised body 
    • Utility bills 
  • Property Documents: 
    • Copy of the sale deed along with the chain title documents 
    • Possession or allotment letter 
    • NOC certificate from the society and other documents required for the legal report 
  • Income Proof
    • Salaried: Latest ITR or form 16, 2 months salary slip and last six months bank statements. 
    • Self-employed individuals: Latest ITR, balance sheet and profit and loss statement, last six months bank statements or credit card statements, Latest GST returns. 

These are the basic documents required to get approval on the home loan balance transfer. You must also make sure that you obtain a NOC certificate from the bank that you currently have your home loan. In case any additional documents are required to complete your loan application, you will be contacted by an IDFC First representative. 

Process of IDFC First Bank Home Loan Balance Transfer

The home loan balance transfer to IDFC First Bank includes the following steps: 

  • Submit a request letter to your existing bank for a balance transfer to IDFC First Bank. 
  • Once this letter is reviewed and approved, you will receive a NOC from your bank. 
  • Submit an application form for a balance transfer on the IDFC First Website or at any IDFC First branch. 
  • When the application form is received, you will get a callback from IDFC First officials to complete the documentation process.
  • After the documents are reviewed, and the customer is considered to be eligible for the balance transfer, the outstanding loan amount is paid in full to the existing bank. 
  • Then a new home loan account will be opened with IDFC First bank with the latest terms of payment. 

Additional Reading: Cibil score required for home loan

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Home Loan Balance Transfer starts at 6.45% p.a for all profiles

Apply for Home Loan Balance Transfer online instantly and get lower interest rate starting at 6.45% p.a. Get better terms and services. You can also avail instant top up loan facility during balance transfer.

FAQs

✅ How to apply for IDFC First Bank home loan balance transfer?

There are two options to submit your IDFC First Bank home loan balance transfer application: 

  • Online: Log on to the official IDFC First Website. Under the loan sections, choose home loans and click on the apply now button. 
  • Offline: Visit any IDFC Branch near you, submit the loan application along with the necessary documents. 

For details about the home loan balance transfer, contact the customer care desk through the website and request a callback.

✅ What is a balance transfer IDFC First Bank Bank?

A balance transfer or a home loan takeover is the process of transferring your existing home loan outstanding amount from one bank to an other. IDFC bank allows balance transfer from any major HFC, NBFC or bank. 

✅ How can I get the outstanding balance from the Edelweiss home loan?

To check your home loan outstanding, log in to your customer portal through the website. Click on the login button on the top right corner of the website and enter your login credentials. You can also access your home loan statement through the IDFC First mobile banking app. 

✅ What are the benefits of taking an IDFC First Bank home loan balance transfer?

The benefits of getting an IDFC First Bank home loan transfer are as follows: 

  • Get lower interest rates starting at just 6.90% and going up to 10.50%
  • Extend your home loan repayment tenure to up to 30 years to reduce your monthly EMI payable. 
  • Get a higher loan amount of up to Rs. 2 crores 
  • Avail loan top up facilities to meet any personal expenses. 

✅ How can I check the status of my IDFC First Bank home loan balance transfer?

In order to check status of your IDFC First Home Loan balance transfer, log in to your customer portal. Alternatively, you can request a callback from the customer service desk through the website or visit any IDFC Bank near you. Provide your application number to get the status instantly.