IDFC FIRST Bank Home Loan Details:

Loan amountRs. 5 Lakhs – Rs. 5 Crores
Rate of interest6.90% - 8.50%
TenureUp to 30 years
Lowest EMI possibleRs. 659 Per Lakh
Processing feeUp to Rs. 10,000

IDFC FIRST Bank Home Loan Benefits:

Following are the benefits of availing IDFC FIRST housing loan:

  • Loans up to 90% of the cost of the property are available, based on your eligibility
  • IDFC FIRST Bank Home Loans are available in more than 57 locations across India 
  • Availability of interest subsidy benefit of up to Rs. 2.67 Lakhs under PMAY Scheme
  • Various innovative and competitive income & surrogate programs available to fit your requirements.
  • Simple & hassle-free loan processing 
  • Minimum turnaround time
  • Availability pre-approved loans as per requirement with zero hidden charges

Documents Required for IDFC FIRST Bank Home Loan:

IDFC FIRST Home Loan Documents requirement is mentioned below in details:

Document TypeAccepted 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)

Salaried employees: 

  • Salary slip/salary certificate of last 2 months
  • Latest year’s ITR with income computation or Form 16
  • Last 2 years’ ITR/Form 16 if bonus is considered in eligibility
  • Bank statement of last 6 months, reflecting salary credits
  • Repayment track or bank statements proof, and loan sanction letter or amortization schedule.

Self-Employed:

  • ITR with income computation (if applicable)
  • Balance Sheets and P&L accounts with schedules (if applicable) 
  • Sales Tax Return or VAT return for the number of months that are not covered in the latest financial year. 
  • Last 6 months’ credit card statement (for Banking Surrogate cases) 
  • Copy of Contract Order & Form 16 A (only if income is from contracts) 
  • Last 6 months’ bank statements of business account of the firm or company and savings account of the individual borrower & co-borrowers (if income being considered). 
  • Repayment track or bank statements proof, and loan sanction letter or amortization schedule.
Proof of Business
  • Shop establishment certificate 
  • Sales Tax return or VAT return
  • Landline or postpaid mobile phone bill (Paid and not older than 90 days from loan application)
  • Trade license or professional license (Sales Tax Number, Importer's Exporter's Code)
  • Electricity bill (Paid and not older than 90 days from loan application)
  • Registered/ Notarized Rent Deed
  • Property registered deed Property allotment letter by Government/Registered societies
  • Property papers (Unregistered sale deed + GPA)
  • Latest updated bank passbook/ statements of months in borrower's name (CPV must confirm the same address)
Property Proof
  • Photocopy of original sale deed 
  • Allotment letter/Possession letter 
  • NOC from the society & other documents as per legal report

IDFC FIRST Bank Home Loan Comparison with Other Lenders:

LenderMaximum LoanMaximum TenureInterest RateProcessing Fee
IDFC FIRST Bank Home LoanRs. 5 Crores30 years6.90% - 8.50%Up to Rs. 10,000
Axis Bank Home LoanRs. 5 Crores30 years6.90% - 8.40%1% , minimum Rs. 10,000 + GST 
Citibank Home LoanRs. 10 Crores25 years6.65% - 6.90%Up to Rs. 5,000 
RBL Bank Home LoanRs. 10 Crores25 years10.30% - 12.50%1.50%
Federal Bank Home LoanRs. 15 Crores30 years7.65% - 7.80%0.50%, minimum Rs. 10,000 & maximum Rs. 45,000

IDFC FIRST Bank Home Loan Application Process:

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: 

  • Application: Apply for IDFC FIRST Bank Home Loan by filling an online form through the bank’s website and bank’s representatives will call you back. You can also do so by visiting their branch.
  • Submitdocuments: You can also either submit your Home Loan documents by visiting any of IDFC FIRST’s branches or ask their relationship manager to visit you for documents collection.
  • Verification of application & property: A bank representative will contact you regarding the verification of your details and will schedule a personal discussion with you.
  • Disbursement: After your IDFC FIRST Home Loan application and property have been successfully verified and you’re deemed eligible by the bank, the bank will disburse the agreed loan amount to your bank account.

How to Calculate IDFC FIRST Bank Home Loan EMI?

  • MyMoneyMantra offers an easy-to-use IDFC FIRST Home Loan 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 Features:

The attractive features of IDFC FIRST Home Loans are mentioned below:

  • Loans amount varies between from a minimum of Rs. 5 Lakhs and maximum Rs. 5 Crores
  • The IDFC FIRST Home Loan interest rates vary between 8.25% to 15.75% per annum 
  • The processing fee is up to Rs. 10,000
  • Maximum repayment tenure can go up to 30 years for salaried professionals and up to 25 years for self-employed.
  • Minimum EMI can be as low as Rs. 751 per lakh (@8.25% rate of interest for 30-year tenure)

IDFC FIRST Bank Home Loan Interest Rate:

IDFC FIRST Home Loan rate of interest are as follows:

  • Floating rate of interest: 6.90% - 8.50% per annum
  • Fixed rate of interest: 11.45% - 15.75% per annum

IDFC FIRST Bank Home Loan Eligibility Criteria:

IDFC FIRST Home Loan eligibility is dependent on the following factors:

 

  • Salaried, self-employed professionals, sole proprietors, partnership firms, and MSMEs (Micro, Small & Medium Enterprises) can apply.
  • Minimum age of the borrower should be 23 years or above at the time of taking the loan 
  • The maximum age requirement is 70 years or retirement (whichever is earlier) at the time of loan maturity.
  • Self-employed applicants must have a minimum of 3 years experience in business with a positive net worth. 
  • Salaried individuals must have a minimum 3 years of work experience 
  • The applicant must have a clear payment record of past loans & statutory payments
  • The applicant must have a good credit score 

IDFC FIRST Bank Home Loan – Fees & Charges:

Home Loan at IDFC FIRST Bank involves the various fees and charges, such as IDFC FIRST Home Loan Processing Fees, foreclosure charges, etc.:

Processing feeUp to Rs. 10,000
Foreclosure charges
  • Variable interest rate home loans/ semi fixed rate or hybrid home loans (when the rate is variable): Nil
  • Fixed interest rate home loans/ semi fixed rate home loans (when the rate is fixed): Up to 2% of the amount being prepaid.
EMI bounce chargesRs. 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 interest2% p.m. 
Duplicate NOC/ NDCRs. 500 per request
Cancellation of disbursement chequeRs. 500 per cancellation 

MCLR to EBR type

 

0.5% or Rs. 20,000, whichever is lower
Switch feesUp to 0.5% of the outstanding loan amount (applicable for variable rate loans for conversion from MCLR to EBR).
Product conversion feesUp to 0.5% of the outstanding loan amount (applicable for conversion of Short & Sweet Loan to Simple Home Loan and vice versa).
Re-pricing feesUp to 2% of the outstanding loan amount
Other statutory/mortgage creation charges, like Stamp duty, MOD, MOE, etc.As per actual

IDFC FIRST Bank Home Loan Balance Transfer and Top-Up:

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:

  • Additional top-up facility depending on your repayment track record of existing Home Loan
  • Balance Transfer accepted from all Banks, HFCs, and NBFCs
  • Get legal report waiver in case you Balance Transfer from leading bank or NBFC
  • Attractive interest rate
  • Top up loan amount up to Rs. 2 Crores available 
  • Tenure up to 30 years

IDFC FIRST Bank Home Loan EMI Payment:

The borrower can pay their IDFC FIRST Home Loan EMI Online or offline through 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.

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.

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MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

IDFC First Home Loan FAQs

✅ 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.

✅ 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 Rs. 5 Lakhs and a maximum of Rs. 5 Crores) depending on your eligibility.

✅ 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.

✅ How can I calculate my home loan EMI?

You can use the IDFC FIRST EMI Calculator or Home Loan EMI Calculator available on MyMoneyMantra for free.

✅ IDFC FIRST Bank Home Loan - Latest News

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.