IDFC FIRST Bank Home Loan Interest Rate

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 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.

Characteristics of the IDFC First Bank 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).

IDFC Bank Home Loan Interest Rates 2022

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

IDFC Home Loan Interest Rate

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%

 

Who is Eligible for a Home Loan from IDFC First Bank?

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.

Different Kinds of IDFC First Bank Home Loans

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

1) IDFC First Bank Housing Loan Scheme

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

2) IDFC FASTRACK Home Loan Balance Transfer Scheme

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.

3) IDFC First Suvidha Shakti Scheme

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

Documents Required to Apply for the Loan

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

Charges of the IDFC First Bank Home Loan

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.

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