IDFC FIRST Bank Home Loan Interest Rate

IDFC First Bank provides house loans beginning at 7.95% p.a. for loan terms of up to thirty years and loan values of up to Rs 5 Cr.

The bank provides a 'Fast Track' home loan balance transfer facility with top-up home loans, various surrogate programs to increase self-employed customers' eligibility, and specialized insurance products to protect borrowers' families in the event of unforeseen situations.

Its 'No Income Proof' Program enables customers who do not have regular income documents to obtain a home loan.

The following are some of the appealing aspects of IDFC FIRST Home Loans:

• The loan amount ranges from a minimum of Rs. 5 Lakhs to a maximum of Rs. 5 Crores.
• IDFC FIRST Home Loan interest rates range from 7.95% to 8.30% per year.
• The processing charge ranges from Rs. 10,000 to Rs. 100,000.
• For paid professionals, the maximum repayment period is 30 years, while for self-employed individuals, the maximum repayment period is 25 years.
• The minimum EMI can be as low as Rs. 730 per lakh (at 7.95% interest for a 30-year term).

Here are the tables of IDFC First Bank home loan interest rate 2024-

IDFC Home Loan Rate for the Salaried

IDFC Bank Home Loan Interest Rate for Self-employed

The following elements determine qualifying for an IDFC FIRST Home Loan:

• Professionals who are salaried or self-employed, sole proprietors, partnership firms, and MSMEs (Micro, Small, and Medium Enterprises) are eligible to apply.
• Borrowers need to be at least 23 years old at the time of loan application.
• At the time of loan maturity, the maximum age requirement is 70 years or retirement (whichever comes first).
• Self-employed applicants must have at least three years of business experience and positive net worth.
• Individuals earning a salary must have at least three years of job experience.
• The applicant must have a track record of making on-time payments on previous loans and statutory payments.
• A decent credit score is required of the candidate.

There are different types of IDFC First Bank home loans to cater to varied purposes-

This scheme aims at providing loans for those who want to purchase or construct a new house or also renovate the existing one.

This scheme is for transferring an existing home loan from another bank or financial institution to IDFC First Bank at a cheaper interest rate. During the balance transfer process, additional top-up home loans are also possible.

This is a micro-housing financing program for women to address various house improvement needs such as sanitation, water connection, renovation, and so on.

Important documents to send when applying for IDFC home loans

• Loan application.
• Three passport-sized photos
• Identification (photocopies of voter ID cards, passports, driving licenses, and IT PAN cards).
• Proof of residency (photocopies of recent phone and electric bills).
• Bank account/passbook statement for the previous six months
• Salary employees must file Form 16/IT returns for the previous two fiscal years.
• For self-employed professionals, IT returns for three years.
• Receipt for property taxes
• Non-salaried people need to provide proof of business address.
• Statement of personal assets and liabilities

IDFC First Bank levies additional fees in addition to the loan amount, such as a processing fee, a foreclosure fee, and a prepayment fee if the loan is paid off before the term expires.

The IDFC First Bank processing fee is non-refundable and must be paid at the time of application. A processing fee of at least Rs.10,000 is usually imposed.

Once the application is approved, IDFC First Bank will levy technical and legal expenses.