IDFC First Bank Home Finance Pvt Ltd is a non-banking finance firm (NBFC) that provides home loans and other credit to salaried, professional, and business classes for up to 15 years. The firm's house loan product is highlighted by the ability to make partial payments and avoid prepayment penalties, which encourages consumers to take out a home loan.
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:
Here are the tables of IDFC First Bank home loan interest rate 2024-
IDFC Home Loan Rate for the Salaried
Type of Loan |
Interest |
Home Loan Balance Transfer |
7.95% |
Top up Loan |
Top Up at exact ROI as BT subject to max capping of 100% of the BT loan amount |
Home Loan |
7.95% |
IDFC Bank Home Loan Interest Rate for Self-employed
Type of Loan |
IDFC Home Loan Interest |
Home Loan Balance Transfer |
8.05% |
Top up Loan |
Top Up at exact ROI as BT subject to max capping of 100% of the BT loan amount |
Home Loan |
8.05% |
The following elements determine qualifying for an IDFC FIRST Home Loan:
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
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.