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IDFC First Home Loan Eligibility Calculator

Home Loan Eligibility Calculator IDFC First Bank 2021

Last Updated 09th Nov 2021

Eligibility CriteriaIDFC First Bank Home Loan
Eligible Age of Borrower21 - 60 years
Work Experience for Salaried2 years
Business Stability for Self Employed3 years
Home Loan Eligibility Calculator

What is IDFC First Home Loan Eligibility?

IDFC First offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. IDFC First home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a IDFC First home loan using the IDFC First home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by IDFC First?

IDFC First Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

IDFC First Home Loan Eligibility Based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum IDFC First Bank home loan age limit to get a IDFC First Bank home loan is 21 years at the time of loan commencement and maximum age limit is 60 years. IDFC First Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

IDFC First Home Loan Eligibility Based on Salary

  • Net income: Your net monthly income determines how much IDFC First Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at an interest rate of 6.70% offered by IDFC First Bank, the loan amount that you will be eligible for would be ₹ 28,11,571 to ₹ 49,34,709 depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 56,23,141 to ₹ 98,69,418 for the same property at the same rate depending on your age at the time of loan application. However, IDFC First Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years49.35 Lakh74.02 Lakh98.69 Lakh
30 years49.35 Lakh74.02 Lakh98.69 Lakh
35 years46.40 Lakh69.60 Lakh92.80 Lakh
40 years42.25 Lakh63.37 Lakh84.49 Lakh
45 years36.38 Lakh54.58 Lakh72.77 Lakh
50 years28.12 Lakh42.17 Lakh56.23 Lakh

You may consider repaying any loans with short tenure and high EMI to increase your IDFC First Bank home loan eligibility.

  • Nature of employment: IDFC First Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. IDFC First Bank requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self-employed individuals.

Home Loan Eligibility IDFC First Bank based on Value of Property

  • Value of property: IDFC First Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the IDFC First Bank's legal team.

The housing loan eligibility calculator of IDFC First Bank can be a useful tool to assess your eligibility for the loan.

IDFC First Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by IDFC First Bank to determine your home loan eligibility. IDFC First Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. The minimum FOIR required to be eligible for an IDFC First Bank home loan is 0.65. Calculate your eligibility with the IDFC First Bank home loan calculator and apply for the eligible loan amount hassle-free.

IDFC First Bank Home Loan Eligibility for Women

IDFC First Bank offers the same rates to women borrowers starting at 6.70% with similar eligibility criteria for home loan. In the case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

Minimum CIBIL Score for IDFC First Home Loan

IDFC First considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from IDFC First. However, a low CIBIL score reduces your chances to get a home loan. IDFC First requires a minimum credit score of 650 to be eligible for a home loan.

How to Enhance IDFC First Home Loan Eligibility?

You can enhance the IDFC First home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use IDFC First’s Home Loan Eligibility Calculator?

To check IDFC First Bank home loan eligibility perform the following steps:-

  • Go to the IDFC First Bank website
  • Now navigate to the option IDFC First Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also, you can contact the bank by calling on their customer care number 1860-500-9900.

FAQs

What is the criteria to get IDFC First Bank home loan?

The basic criteria to get a home loan from IDFC First Bank are as following:

Age21 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from IDFC First Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from IDFC First Bank?

The minimum salary required to avail home loan from IDFC First Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in IDFC First Bank.

Is IDFC First Bank good for home loan?

The lowest interest rate provided by IDFC First Bank is 6.90% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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IDFC First Home Loan News - Nov 2021
  • 2021-11-01 : IDFC First Bank Profit Jumps By 50 Percent
    Private sector bank, IDFC First Bank has reported a nearly 50 percent jump in net profit. In the quarter ended in September 2021 the lender had a profit of Rs 151.74 crore, last year the profit was of Rs 101.41 crore. Total income during July-September of FY22 rose to Rs 4,880.29 crore, as against Rs 4,090.87 crore in the same quarter of FY21.
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-05-21 : IDFC First Bank profit surged 78% to Rs 128 crore
    IDFC First Bank reported a 78% jump in net profit at Rs 128 crore for the fourth quarter ended March 2021. The bank had posted a profit of Rs 72 crore during the corresponding January-March quarter a year ago. Total income during the fourth quarter rose to Rs 4,834 crore backed by Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan.
  • 2021-01-22 : IDFC First Bank retail loan surges 100%
    IDFC First Bank reported that its retail deposits which includes home, personal, car, two wheeler, gold and LAP increased 100% Y-o-Y. In addition to this, Customer Deposits of the Bank which includes FD and RDs increased to Rs. 77,289 Cr as on 31 December 2020 from Rs. 54,631 Cr as on 31 December 2019 . CASA ratio on outstanding deposits as on 31 December 2020 was 48.4%.
  • 2020-07-31 : IDFC First Bank Ltd Q1FY21 consolidated net profit at Rs. 100.07 crore
    IDFC Bank posted a net profit of Rs.100.07 crores for the period ended June 30, 2020, as against Rs.76.36 crores for the period ended March 31, 2020. The company bolstered by retails loans like home, personal, gold, car and two-wheeler loans along with the Business and mudra loans has reported total income of Rs.4413.19 crores during the period ended June 30, 2020 as compared to Rs.4553.07 crores during the period ended March 31, 2020.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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