|Loan amount||Rs. 5 Lakhs – Rs. 5 Crores|
|Rate of interest||6.50% - 8.50%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 632 Per Lakh|
|Processing fee||Up to Rs. 10,000|
Also Read - Home Loans for Senior Citizens
The attractive features of IDFC FIRST Home Loans are mentioned below:
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
Following are the benefits of availing IDFC FIRST housing loan:
Tip - Check Your CIBIL Score before Applying for a Home Loan.
IDFC FIRST Home Loan rate of interest are as follows:
IDFC FIRST Home Loan eligibility is dependent on the following factors:
Also Check - Home Loan Tax Benefits
IDFC FIRST Home Loan Documents requirement is mentioned below in details:
|Document Type||Accepted Documents (Self-attested copies)|
|Proof of Photo Identity||Any one: Aadhaar Card/ Passport/ Pan Card/ Voter's ID/ Driving License|
|Proof of Address||Any one: Aadhaar Card/ Ration Card/ Passport/ Bank Account Statement/ Driving License/ Latest Utility Bills (Electricity Bill, Telephone Bill etc.)/ Sale Deed/ Property purchase agreement (in case of owned properties).|
|Proof of Income (Self-attested copy of relevant documents)|
|Proof of Business|
Also Read - Tax Benefits on the Second Home Loan
Home Loan at IDFC FIRST Bank involves the various fees and charges, such as IDFC FIRST Home Loan Processing Fees, foreclosure charges, etc.:
|Processing fee||Up to Rs. 10,000|
|EMI bounce charges||Rs. 400 for each bounce|
|Charges for repayment instrument swap||Rs. 500 per change request|
|Charges for copies of documents/ duplicate list of documents||Rs. 500 per request|
|Default interest||2% p.m.|
|Duplicate NOC/ NDC||Rs. 500 per request|
|Cancellation of disbursement cheque||Rs. 500 per cancellation|
MCLR to EBR type
|0.5% or Rs. 20,000, whichever is lower|
|Switch fees||Up to 0.5% of the outstanding loan amount (applicable for variable rate loans for conversion from MCLR to EBR).|
|Product conversion fees||Up to 0.5% of the outstanding loan amount (applicable for conversion of Short & Sweet Loan to Simple Home Loan and vice versa).|
|Re-pricing fees||Up to 2% of the outstanding loan amount|
|Other statutory/mortgage creation charges, like Stamp duty, MOD, MOE, etc.||As per actual|
Also Read - Home Loan Processing Fees of All Banks/NBFC
|Lender||Maximum Loan||Maximum Tenure||Interest Rate||Processing Fee|
|IDFC FIRST Bank Home Loan||Rs. 5 Crores||30 years||6.50% - 8.50%||Up to Rs. 10,000|
|Axis Bank Home Loan||Rs. 5 Crores||30 years||6.90% - 8.40%||1% , minimum Rs. 10,000 + GST|
|CITIBANK Home Loan||Rs. 10 Crores||25 years||6.65% - 6.90%||Up to Rs. 5,000|
|RBL Bank Home Loan||Rs. 10 Crores||25 years||10.30% - 12.50%||1.50%|
|Federal Bank Home Loan||Rs. 15 Crores||30 years||7.65% - 7.80%||0.50%, minimum Rs. 10,000 & maximum Rs. 45,000|
If you already have a home loan from another lender, you can switch to IDFC FIRST Bank Home Loan with their FASTTRACK Balance Transfer Facility. The benefits of doing so are:
If you want to avail of the IDFC FIRST Home Loan apply online. The Home Loan application process of IDFC FIRST Bank is as follows:
Also Read - Home Loan with ZERO processing Fee
The borrower can pay their IDFC FIRST Home Loan EMI Online or offline through any of the following ways:
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.
Tip - Check Your EMI with Home Loan EMI Calculator
Types of IDFC FIRST Bank Home Loans depend on the purpose for which the Home Loan is availed, such as:
Also Read - 10 Best Home Loan Interest Rates in India
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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.
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.
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.
No, a guarantor is not required for IDFC FIRST 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.
The bank offers fixed and floating both Home Loan interest rates to the customers.
You can get an amount of up to 90% of the property's value (a minimum of Rs. 5 Lakhs and a maximum of Rs. 5 Crores) depending on your eligibility.
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.
You can use the IDFC FIRST EMI Calculator or Home Loan EMI Calculator available on MyMoneyMantra for free.
IDFC FIRST Bank Offers 3 Months COVID-19 Moratorium on Loans
The bank understands that many of its customers' cash-flow and earnings have been impacted due to COVID-19 crisis and the lock-down imposed by the Government. Read More
IDFC FIRST Bank declares net loss of Rs. 218 crores in Q4 FY19
IDFC First Bank has announced a net loss of Rs. 218 Crores for the fourth quarter of 2018-19. The loss is due to high provisioning. The bank had a net profit of Rs. 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.