IDFC First

IDFC First Home Loan

Apply IDFC First Home Loan @ 9%
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Interest Rate

9%-9.5%

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Processing fee

Upto 0.5%

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Loan Tenure upto

25 years

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LTV (Loan to value)

75% to 90% of property value

About 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.

IDFC FIRST Home Loan

Interest rate

9%

Loan tenure

25 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

839 Per Lakh

*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.

Why IDFC FIRST Bank Home Loan?

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

Features and Benefits of IDFC FIRST Bank Home Loan

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.

IDFC FIRST Bank Home Loan EMI Payment

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.

Home Loan Application Process at IDFC FIRST Bank

  • 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 Rates

IDFC FIRST Bank Home Loan Interest Rate starts at a 9% (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 Home Loans Offered by IDFC FIRST Bank

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.

IDFC FIRST Bank Home Loan Eligibility

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

Who can apply

  • Salaried
  • Self-employed Professionals
  • Sole Proprietors
  • Partnership Firms
  • Micro, Small & Medium Enterprises (MSMEs)

Minimum age

Minimum age of the applicant should be 23 years or above at the time of taking the loan.

Maximum age

Maximum age should be up to 70 years or retirement age at the time of loan maturity.

Past credit record

  • Borrower must have a clear record of the past loan(s) and statutory payments (if any).
  • The credit score should be good (usually 650 or above)

Minimum work experience required for salaried applicants

3 years

Minimum business experience required for self-employed applicants

3 years with a positive net worth

Maximum Loan to Value (LTV) ratio

  • 90% of the property value: For loan amount up to 30 Lakhs
  • 80% of the property value: For loan amount above 30 Lakhs and up to 75 Lakhs
  • 75% of the property value: For loan amount above 75 Lakhs

Documents Required for IDFC FIRST Bank Home Loan

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

Type of Document Documents Required

Photo Identity Proof

Self-attested copy of any one:

  • Passport
  • Voter's ID
  • Driving license
  • PAN card
  • Aadhaar card

Residence Proof

Self-attested copy of any one:

  • Ration card   
  • Driving license   
  • Passport  
  • Bank account statement   
  • Electricity/ Telephone Bill 
  • Aadhaar card   
  • Sale Deed/ Agreement of property purchase (for owned properties)

Income Proof

Self-attested copy of any one:

For Salaried Individual

  • Last 2 months' salary slips/ salary certificate 
  • Last years' ITR with computation of income/ Form 16
  • Last 2 years' ITR/ Form 16  if the bonus is considered for eligibility
  • Last 6 months' bank statements reflecting salary credits (cash salary is not allowed) 
  • Repayment track/ bank statement proof of track with loan sanction letter or amortization schedule

For Self-employed Individual

  • Last year's ITR with computation of income (as applicable )
  • Balance Sheets and Profit & Loss account with schedules (as applicable)
  • VAT/ Sales Tax return for the number of months that are not covered in the last financial year
  • 6 months' Credit Card statement (for Banking Surrogate cases)
  • Copy of Contract Order & Form 16 A (if income is from contracts)
  • Last 6 months' bank statements of business account of the firm/ company & savings account of the individual borrower & co-borrowers
  • Repayment track/ bank statement proof of track with loan sanction letter or amortization schedule

Business Proof for Self-employed Applicants

Self-attested copy of any one:

  • Shop establishment certificate
  • Trade license/ Professional license (Sales Tax number, Importer's Exporter's code) 
  • Sales Tax/ VAT return 
  • Landline/ postpaid mobile phone bill (paid & not older than 90 days from the application of loan) 
  • Electricity bill (paid & not older than 90 days from the application of loan)  
  • Registered/ Notarized Rent deed
  • Property allotment letter by Government/ Registered societies
  • Property papers: Unregistered sale deed + GPA
  • Property registered deed
  • Latest updated bank passbook/ bank statements in the name of the borrower

Property Proof

Self-attested copy of any one:

  • Original sale deed's photocopy 
  • Allotment/ Possession letter 
  • NOC from the society & other documents as per the legal report

Why Apply for IDFC FIRST Bank Home Loan on MyMoneyMantra?

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

How to Apply for IDFC FIRST Bank Home Loan on MyMoneyMantra?

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.

Other Products by IDFC FIRST Bank

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

Personal Loan

Consumer Durable Loan

Two Wheeler Loan

Instacred

Loan Against Property

Pre-Owned Car Loan

Easy Buy Card

Home Loan

How to Calculate IDFC FIRST Bank Home Loan EMI?

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 Home Loan Processing Fees and Other Charges

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

Description of Charges Amount

Processing fees

Up to 0.5% of the sanctioned loan amount

Foreclosure charges

  • For floating rate loans for individual personal use: NIL
  • For other floating rate loans: 5% of the principal outstanding
  • For fixed rate loans: 5% of principal outstanding

Charges for EMI bounce per presentation

400

Charges for late payment/ penal/ default/ overdue (per month)

2% per month on the unpaid EMI or 300, whichever is higher

Cancellation and rebooking charges

1% of the loan amount plus interest from the disbursal date till receiving a cancellation request or 30 days (whichever is lesser).

Charges for per cheque swap

500

Charges for duplicate NOC issuance

500

Physical statement of account charges 

500

Physical repayment schedule charges

500

Document retrieval charges

500 per retrieval

Charges for EMI pick up/ collection

350

Loan rescheduling charges (per rescheduling)

300

List of documents charges

500

Part prepayment charges

  • If part prepayment is up to 25% in a financial year: NIL
  • If part prepayment exceeds 25% in a financial year: 5% of principal outstanding

Stamping charges

As per actuals

IDFC FIRST Bank Home Loan Customer Care

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 

FAQs - IDFC FIRST Bank Home Loan

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:

Foreclosure charges

  • For floating rate loans for individual personal use: NIL
  • For other floating rate loans: 5% of the principal outstanding
  • For fixed rate loans: 5% of principal outstanding

Part prepayment charges

  • If part prepayment is up to 25% in a financial year: NIL
  • If part prepayment exceeds 25% in a financial year: 5% of principal outstanding

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 Home Loan - Latest News

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 4th 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.

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