IDFC FIRST Bank Home Loan

Buying a home for own is the dream for many individuals. Owning a home gives you a sense of security and gives you the freedom to explore other avenues knowing that you have achieved one of the things that many people do not ever get in their lifetime. It is usually not possible for people to purchase a home by paying the full amount at first. The real estate market has blown up beyond that. Therefore, Home Loans are the best choice if you are hoping to get a home for yourself. After all, you should not compromise on the quality of the home as it is the place where you will be spending a significant chunk of your life.

IDFC FIRST Bank understands the need of its customers of owning a home. With IDFC FIRST Home Loans, you can purchase a house or flat without having to worry about arranging a huge down payment. The bank offers Home Loan to both salaried and self-employed individuals.

IDFC FIRST Bank is one of the leading banks in India. It specialises in debt financing to MSMEs and Consumers in the nation and helping them attain their dreams without much hassle. The company initially started in the fields of wholesale financing and asset management and even had a retail equity broking arm. However, they turned their focus towards helping the middle class of India in 2008, and have since helped out a lot of people get financing with less hassle over the years. The differentiating aspect of IDFC FIRST Bank is that the organisation uses technology and deep analytics to build its lending models, which helps it thrive sustainably while not being a burden on the borrowers.

*Please note that the IDFC and Capital First have been merged w.e.f 18.12.2018. The new entity is named as IDFC FIRST Bank.

Here are some of the many reasons why one should avail a Home Loan from IDFC FIRST Bank:

• Simple and hassle-free Home Loan processing with a minimum turnaround time
• The loan amount available up to 90% of the cost of the property based on borrower's eligibility
• Pre-approved Home Loan available with no hidden charges
• The bank offers Term Loan that can be secured against residential properties

Following are some prominent features and benefits of IDFC FIRST Bank Home Loans that make them different from the competition:

• Loan amount: You can avail a loan quantum anywhere between 5 Lakhs and 5 Crores, depending on your requirement and eligibility.

• Huge network: The bank if spread across more than 57 locations in India, making it easy for you to avail a Home Loan.

• Competitive interest rates

• Flexible repayment tenure: Maximum tenure available to repay the loan is 360 months for salaried professionals and 300 months for self-employed.

• Pradhan Mantri Awas Yojana (PMAY): You can interest subsidy under PMAY of up t 2.67 Lakhs.

• Multipurpose Loan: The Home Loan at IDFC FIRST Bank can be availed for the purchase of a ready/ under construction property, plot purchase, construction of the house, extension/ renovation of an existing house.

• Balance transfer available: You can opt for Balance Transfer facility to transfer the outstanding balance of your existing Home Loan from another lender to IDFC FIRST Bank.

• Top-up loan: If you have availed a Home Loan previously, you can apply for Home Loan Top-up to fund your additional financial needs.

The borrower can make EMI payments in any of the following ways:

• Electronic Clearing System (ECS): In the case of an ECS, you have to give your bank standing instruction to allow IDFC FIRST Bank to auto-debit the EMI amount every month.

• Post-dated cheques (PDC): In the case of post-dated cheques, borrowers will have to sign a number of cheque leaves in advance in favour of IDFC FIRST Bank so that the bank can deposit them at the given payment dates. Sufficient funds must be maintained in the account to be able to opt for the post-dated cheque facility since payments made may bounce back if the borrower doesn't have enough money in his account every month.

• Standing Instruction (SI): If you already have an account with the IDFC FIRST Bank, then you can allow them to debit the amount directly from your account at the end of each month. This process is called Standing Instruction.

Borrowers have the additional option of changing the payment method, but they have to visit an IDFC FIRST Bank branch to let the bank know of these changes. You must request the IDFC FIRST Bank to make the change in payment mode.

• Application: Apply for IDFC FIRST Bank Home Loan by filling an online form on their website and they will call you back or visit their nearest branch for the same.

• Documents submission: Submit the required Home Loan documents by visiting any of their branches or ask their relationship manager to visit you for documents collection.

• Application and property verification: An IDFC FIRST Home Loan representative will contact you in regards to the verification of your details and to schedule a personal discussion with you.

• Disbursement: After verification of your application, property, and documents, the bank will disburse the Home Loan amount to your bank account so that you can purchase your dream home.

To save yourself from the hassle of going through a long application process, you can easily apply online through MyMoneyMantra.

IDFC FIRST Bank Home Loan Interest Rate starts at a 9.75% (as on 22.05.2019), depending on the eligibility and repayment capacity of the borrower, loan amount, type and profession of the borrower, and the scheme chosen.

Types of IDFC FIRST Bank Home Loans depend on the purpose for which the Home Loan is availed, such as:

• Purchase of Ready Property: The loan can be availed to buy a ready to move house/flat
• Purchase of Under Construction Property: You can avail the loan to purchase a house/flat that is under construction currently.
• Self-construction: The loan can be obtained to fund the cost of construction of your own house.
• Composite Loan: This loan can be availed to purchase a plot and construct a house thereon
• Plot Purchase: This loan is meant for individuals who want to buy a piece of land or plot for their own use.
• Home Extension and Renovation: With this scheme, you can choose to renovate or expand your existing home.
• Balance Transfer: If you wish to transfer the outstanding balance of your existing Home Loan from another bank or financial institution to IDFC FIRST Bank Home Loan, you can do so through Balance Transfer facility.
• Top-up: This is an additional loan offered by the bank over your existing Home Loan amount to help you fund your personal monetary needs.

The following eligibility criteria must be met before applying for the IDFC FIRST Bank Home Loan.

The following documents are required to apply for an IDFC FIRST Bank Home Loan:

With MyMoneyMantra, you can get the following benefits on applying for an IDFC FIRST Bank Home Loan:

• Easy comparison of various housing loan schemes of different banks and other financial institutions on a single page.
• Instant online application
• EMI calculation for the proposed loan using MyMoneyMantra's EMI Calculator
• Doorstep documents pick up by our representatives
• All the product-related information available on a single page
• The assistance of experienced Mortgage Specialists from application till disbursal

You can visit MyMoneyMantra, click on the Home Loan section mentioned under Loans tab, enter and submits the details asked for, choose the preferred housing loan partner (IDFC FIRST Bank Home Loan in this case), and click on e-connect. As soon as the application is verified by the bank and us, you will receive a call from our Home Loan specialists to schedule the meeting for documents collection and to guide you through the entire loan process.

IDFC FIRST Bank offers various other products in addition to the Home Loan, such as:

MyMoneyMantra offers an easy-to-use EMI Calculator which allows you to calculate the proposed equated monthly instalment (EMI) for IDFC FIRST Bank Home Loan instantly online. This helps you plan your monthly financial budget accordingly.

You just have to click on the EMI Calculator provided under Financial Tools tab given on MyMoneyMantra's home page, enter the loan amount, interest rate, and tenure, and click on the Calculate button to get an instant result.

IDFC FIRST Bank levies the following fees and charges on Home Loan apart from interest rate:

You can connect with IDFC FIRST on the below-mentioned contact details

Toll-free number: 1860 500 9900 between 9 AM to 8 PM from Monday - Saturday

To avail a loan or to track your loan application status call on

1800 103 2791

You can email at

customer.care@capitalfirst.com 

Do I need to make a down payment for my Home Loan?

Yes, the borrower has to make a down payment for Home Loan as IDFC FIRST Bank provides an LTV ratio of up to 90% of the cost of the property. You have to arrange for the remaining 10% upfront on your own.

Do I have to visit IDFC FIRST Bank branch to avail Home Loan?

No, there is no need to visit a branch of IDFC FIRST Bank to apply for the loan. You can apply online for a Home Loan through their website or mobile application (which can be downloaded from the Google Play and Apple App Store). Alternatively, you can also apply through MyMoneyMantra. You will receive a call soon after the application process.

Can I get a Home Loan from IDFC FIRST even if do not have any income document?

Yes. You can avail a Home Loan even without having any income through bank's 'No Income' program which allows customers to avail Home Loan without having a regular income.

Do I need to have a co-applicant to apply for IDFC FIRST Home Loan?

No. Having a co-applicant is not mandatory to apply for IDFC FIRST Home Loan. However, applying for a loan with a co-applicant can increase your eligibility for the loan.

Does IDFC FIRST Home Loan require a guarantor?

No, a guarantor is not required for IDFC FIRST Home Loan.

Does the bank carry any verification to assess my eligibility for Home Loan?

Yes. The bank carries out certain verifications to assess your eligibility for the loan. Their underwriting team will have a discussion with you through telephone or in person to collect some information to process your application. They also carry out an investigation at your residence address (as mentioned in your KYC documents), your office address, and some additional checks in order to approve your loan request.

Is the Home Loan interest rate at IDFC FIRST Bank fixed or floating?

The bank offers fixed and floating both Home Loan interest rates to the customers.

What is the maximum amount of loan I can get under IDFC FIRST Bank Home Loan?

You can get an amount of up to 90% of the property's value (a minimum of 5 Lakhs and a maximum of 5 Crores) depending on your eligibility.

Can I pre-pay my Home Loan?

Yes, you can pre-pay your loan in full or in part to reduce your EMI amount. The minimum prepayment amount is 3 times your EMI amount. Following are the charges applicable for availing this facility:

Does a change in interest rate have any impact Home Loan amortization schedule?

If you choose a floating interest rate Home Loan, the repayment tenure will be affected. The EMI can be changed only on the customer request.

IDFC FIRST Bank declares net loss of 218 crores in Q4 FY19

IDFC First Bank has announced a net loss of 218 Crores for the fourth quarter of 2018-19. The loss is due to high provisioning. The bank had a net profit of 41.93 Crores for the same period a year ago.

IDFC Bank to merge with Capital First

The IDFC Bank shareholders have given the green light for the proposed merger of the bank with the Capital First Group, including Capital First, Capital First Home Finance and Capital First Securities. The members of the Capital First shareholders group will meet on the 4^th of October to clear the merger.

IDFC FIRST Bank tipped to rise in the run-up to Diwali

Stock market experts have tipped IDFC FIRST Bank stock prices to the rocket before Diwali, with the potential merger with IDFC Bank looming in the near future. The stock prices have been gaining recently, ever since whispers of the merger came to light.