IDFC First Bank Home Loan:

IDFC First Bank is a large Private bank with the lowest home loan interest rate in India.

Currently, the bank offers home loans starting from 8.85% p.a. onwards* with quick approval.

Home loan in IDFC bank is quite popular with special features and attractive rates under the various IDFC bank home loan schemes for different income and occupation groups.

IDFC First Bank offers multiple home loan products to its customers at the lowest interest rates.

 

Below are the details of the IDFC First Bank.

nterest Rate	8.85% p.a. onwards
Loan-to-Value Ratio	Rs. 1 Lakh to Rs. 5 Crore Loan
Loan Tenure	Up to 30 years
Processing Charges	Up to 3% of the loan amount
Minimum Income	For Salaried: Rs 1 lakh p.a. For Self-Employed: Rs 1.5 lakh p.a.

 

Some of the key features of the IDFC bank home loan:

1. Loan Available to both salaried and self-employed.

2. Special rates for women borrowers.

3. Borrowers within the age group of 21 and 60 years.

4. Security: Mortgage of property you are planning to purchase, renovate or construct.

5. Loan value ratio of 85%.

6. Loan Tenure can range from 5 to 30 years.

 

IDFC First Bank home loan interest rate depends upon the loan amount, salary and occupation of the borrower, nature of the property, and type of home loan scheme.

1. Loan amount: 

IDFC First Bank home loan rate depends upon the loan amount you apply for.

 

2. Occupation: 

IDFC First Bank offers lower rates for salaried borrowers as compared to self-employed borrowers.

 

3. Salary:

 Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income.

The higher the income, the lesser will be the rate and the higher will be the loan amount.

 

IDFC First Bank  home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from Federal banks also carry some other charges which include:

 

Processing Fee –

IDFC First Bank applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

Technical and Legal Charges -

IDFC First Bank also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on IDFC First Bank rules.

 

Prepayment Charge- 

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to IDFC First Bank.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans. Hence, you can prepay your home loan with IDFC First Bank.

 

IDFC First Bank Home Loan:

Apply:

Apply for an IDFC First Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare IDFC First Bank Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

IDFC First Bank Home Loan Documents:

For Salaried employees:

1. Filled up the loan application form.

2. Two Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

6. Income Documents – 6 months pay lip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

 

For Self-Employed:

1. Filled up the loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

IDFC First Bank Loan Schemes:

1. IDFC First Housing Loan

Purpose:

 Loans for all those who want to buy or build a new house or renovate an existing one.

Loan Amount: 

Up to Rs. 5 crore

Tenure: 

Up to 30 years

 

2. IDFC First Suvidha Shakti

Purpose:

This is a micro-housing loan scheme for women to meet various home improvement requirements like sanitation, water connection, renovation, etc.

Tenure: 

Up to 30 years

 

3. IDFC Fast tack Home Loan Balance Transfer

Purpose:

For transfer of existing home loans from other banks and financial institutions to IDFC First Bank, at lower interest rates.

Additional top-up home loans are also available during balance transfer.

Loan Amount: 

Up to Rs. 2 crore

Tenure: 

Up to 30 years

 

Frequently Asked Questions:

Q. What are the documents required for a home loan from IDFC First Bank?

Ans. To apply  for IDFC First Bank Home Loan, you will be required to submit IDFC First Bank home loan documents such as a home application form with attested photographs along with various other documents such as identity

proof, bank statements, residence proof, property papers, and loan account statements if any.

 

Q. What Is the Maximum Loan Tenure I can opt for under IDFC First Bank Home Loan?

Ans. IDFC First Bank Offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per Month.

 

Q. Can I transfer my house loan from another bank to IDFC First Bank?

Ans. Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process.

Availing loan transfer to IDFC First Bank can allow you to save interest pay lower EMI and save money.