Offered to both salaried and self-employed individuals aged between 23-70 years, IDFC FIRST Bank home loans offer the most comprehensive combination of features and substance. With a competitive rate of interest and low EMIs, IDFC FIRST Bank home loan becomes the obvious choice. Check the IDFC FIRST Bank home loan eligibility conditions to get the most affordable home loan deal!
Following are IDFC FIRST Home Loan eligibility criteria:
The key features and benefits of IDFC FIRST Home Loan are mentioned below:
|Loan amount||Minimum Rs. 5 Lakhs and maximum Rs. 5 Crores|
|Interest rate||8.25% - 15.75%|
|Tenure of repayment||Up to 30 years for salaried & 25 years for self-employed|
|Lowest EMI||Rs. 751 Per Lakh|
|Processing fee||Up to Rs. 10,000|
There are several factors that may negatively impact your chances of getting a home loan from IDFC First Bank. We review some of the reasons why your application may have been unsuccessful in the past.
Now that you know the potential factors that may harm your chances of getting a home loan what can you do to remedy them in case you are affected. All hope is not lost as there are smart and legal ways to increase your eligibility for IDFC First Bank' home loan. Here are some ways to improve your chances.
IDFC First Bank formerly known as IDFC Bank is one of India's private sector banks with an international headquarters in Mumbai. IDFC as a banking institution commenced operations in October 2015 after receiving a universal banking license from the Reserve Bank of India in July of the same year. Since then, the bank has continued to provide financial service solutions to private and corporate customers across different sectors of the Indian economy. Following a merger with Capital First Ltd in December 2018, the bank is now known as IDFC First Bank Ltd.
One of the services offered by IDFC First Bank to both customers and non-customers is their Home Loan scheme. This loan scheme is specially designed to provide people with the financial resources to build or buy residential properties. This financial service is offered to the public because many families, especially those in the low-income bracket are not able to afford their own living quarters because their income is either too low, rising costs of housing, or both. To help this segment of society fund their own home acquisition, IDFC First Bank has come up with several product packages under their home loan scheme. They are:
An online EMI calculator is used by borrowers to calculate the monthly-equated instalment they are liable to pay for a home loan. Arriving at an accurate figure can be a complex task even for the brightest of mind so this is why this calculator comes in handy. With a Home Loan Eligibility Calculator, you will avoid the possibility of applying for a loan amount you will be unable to repay. The key details you should concern yourself about when calculating your EMI are the principal amount, the loan tenure and the interest rate at which the loan is issued. You also need to keep in mind that interest amount will be less with lower tenure but interest amount increases with an increase in the tenure.
The formula for calculating EMI is stated below:
In this equation, E is a representation for EMI, P stands for the principal amount, R stands for the interest rate, and N stands for the loan tenure.
MyMoneyMantra's IDFC FIRST Home Loan Eligibility Calculator is specially designed to provide users with accurate EMI projections. This calculator is very easy to use and users have come to rely on it when deciding on a loan amount to apply for at specific interest rates.
To arrive at a suitable EMI figure, just follow these easy steps to use our EMI calculator:
What makes this EMI calculator a very helpful tool is because you can change the loan amount, tenure and interest and recalculate as many times as you wish until you arrive at a suitable EMI figure.
Home Loan Eligibility by Banks
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.
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There are quite a few but the major ones are:
The interest rate starts at 8.25% onwards. As for the loan tenure, it is subject to the applicant’s age at the end of the loan contract. The maximum tenure for self-employed is 25 years and 30 years for salaried employees.
Currently, IDFC First Bank does not charge fees for prepayment or foreclosures.
While you can pre-pay a booster loan, you will not be charged any fee should you choose to take up this option.
The EMI you will be charged for this loan has two key components, which are the principal sum and the interest. Based on the principal sum you have been issued, interest will be calculated on a reducing balance basis for the outstanding loan amount monthly.
Yes, you can commence EMI payment on a partly disbursed loan. The EMI you will be charged will reflect how much of the loan has been issued to you.
Yes, you can transfer a loan to IDFC First Bank. However, do note that such a transfer is subject to charges from your previous lender.
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