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IDFC First Home Loan Interest Rate

Last Updated 23rd Aug 2019

IDFC First Bank Home Loan Rate Aug 2019

7th August 2019 – RBI cuts repo rate by 35 bps to 5.40%

IDFC First Bank's home loan interest rate starts from 9.60%, which is one of the best home loan rates in India. The rates vary by loan amount, occupation, income and type of loan availed. Check Best Offers

Loan AmountSimple Home Loan Floating Interest RateRate for Female BorrowerRate
Upto ₹ 30 Lakh9.60%N/AN/A
₹ 30 Lakh - ₹ 75 Lakh9.60%N/AN/A
₹ 75 Lakh - ₹ 3 Cr9.60%N/AN/A
Above ₹ 3 Cr9.60%N/AN/A

Affordable and attractive interest rates

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IDFC First Bank Home Loan

IDFC First Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from IDFC First Bank has the following benefits:

  • Affordable and attractive interest rates
  • Easy loan process and quick approvals
  • Nil prepayment fees for floating rates
Compare Home Loan Rates of All Banks in India
IDFC First Home Loan Details
Interest Rate9.60% onwards
Compare with Other Banks
Processing Fee Minimum ₹ 5,000 Maximum ₹ 5,000
Max Tenure30 years
Lowest EMI₹ 848 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed

Home Loan Interest Rates IDFC First Bank

IDFC First Bank home loan interest rates are in the range of 9.60% to 9.60%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 9.60%.

ProductsInterest Rates
Simple Home Loan Floating9.60%
Short and Sweet Home Loan Floating9.60%

Latest IDFC First home loan rate starts from 9.60% , as applicable based on the 6 Month MCLR, last announced on 08th Aug 19. Any change in IDFC First Bank benchmark 6 Month MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if IDFC First Bank slashes 6 Month MCLR rate by 0.15%, its current home loan rate will be cut from 9.60% to 9.45%

IDFC First Bank housing loan interest depends upon
  • Loan amount: Housing loan rate in IDFC First Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: IDFC First Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
  • Existing bank customers: IDFC First Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

IDFC First Bank Home Loan Processing Fee and Other Charges

In addition to interest rates, home loan from IDFC First Bank 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 Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to IDFC First Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with IDFC First Bank at Nil charges.

IDFC First Housing Loan: Apply

If you want to get a housing loan from IDFC First Bank, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and IDFC First Bank’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from IDFC First Bank.

You can also do a comparison of HDFC Bank IDFC First Bank’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

IDFC First Home Loan Documents

For Salaried employees
  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • 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
  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension
Illustration on Home Loan IDFC First Bank
Maximum Annual Percentage Rate (APR)9.6% to 9.6%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 1 Lakh
  • Time period: 5 years to 30 years
  • IDFC First Bank Home Loan Interest Rate: 9.60% to 9.60%
  • Processing Fee payable to IDFC First Bank: Upto Rs. 10,000. Current offer for processing fee is Minimum Rs. 5,000 Maximum Rs. 5,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 848 for a 30 years Rs. 1 Lakh loan at 9.60% (lowest rate, longest time period) to Rs. 2,105 for a 5 years Rs. 1 Lakh loan at 9.60% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 9.6% to 9.6%
  • Total cost payable over loan tenure: Rs. 36,305 for 5 years loan to Rs. 2.15 Lakh for 30 years loan

IDFC First Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of IDFC First Bank.

Frequently Asked Questions

What is IDFC First Bank home loan procedure?

You can apply for a IDFC First Bank home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your IDFC First Bank home loan status by logging in your customer account with MyLoanCare.

Why should I opt for balance transfer to IDFC First Bank?

IDFC First Bank offers competitive home loan rates with best EMI of ₹ 848 per lakh availed at low interest rate of 9.60% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 848 per lakh, you should consider option for a loan transfer to IDFC First Bank from your existing bank.

What is the maximum loan tenure I can opt under IDFC First Bank house loan?

IDFC First Bank offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from IDFC First Bank?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclose my home loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

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

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 EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in IDFC First Bank is 6 Month MCLR.

What is the effect of part prepayments on IDFC First Bank housing loan EMI ?

Part prepayments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on IDFC First Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on IDFC First Bank housing loan change in future?
  • Floating rate on IDFC First Bank housing loan is linked to its 6 Month MCLR Rate, which is currently at 9.30%. When Bank offers a home loan at 9.60%, it applies a premium of 0.3% to its MCLR Rate to arrive at this home loan rate.
  • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
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IDFC First Home Loan News - Aug 2019
  • 2019-06-12 : IDFC First Bank revises MCLR rates by 5 basis points across loan tenures
    Private sector lender, IDFC First Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for June. Now the retail loans, including home loans and mortgage loans, would become cheaper. Now for overnight and one month, the rate stands at 8.95% as against 8.90% earlier. For 3 months, the rate has been revised to 9.15% as against 9.10 earlier. While for 1 year, the rate has not , which stands at 9.50%. The revised rates are effective from June 8, 2019.
  • 2019-05-15 : HMSI partners with IDFC FIRST Bank to offer financing solutions
    In a bid to offer financing solutions across the country, Honda Motorcycle & Scooter India (HMSI) has partnered with IDFC FIRST Bank. They have signed a memorandum of understanding (MoU) under which facilities like loans up to 100% of vehicle cost, zero processing fee, down payment of Rs. 999, and extended loan tenure of up to 48 months will be offered to the two-wheeler maker’s customers. Moreover, the lender is also planning to focus on achieving strong growth across its retail loans segment including home loans and mortgage loans during FY19.
  • 2019-05-08 : IDFC First Bank revises MCLR rates across loan tenure
    IDFC First Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) across all tenure for the month of May. The move is supposed to make retail loans like housing loans and mortgage loans cheaper. Now for overnight and 1 month, the rate stands at 8.90% as against 8.55% earlier. While for 3 months, the rate has been revised to 9.10% as against 8.75% earlier. While for 1 year the rate now stands at 9.50% as against 9.20% before. The revised rates are effective from May 7, 2019.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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