IDFC First Home Loan Interest Rates 2022

IDFC First Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.50% up to 6.50%. Apart from the interest rate, the bank also has various other charges such as IDFC First Bank processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

IDFC First Bank charges a minimum processing of ₹ 10,000 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees	minimum processing fee of ₹ 10,000
Part Prepayment Charges	Allowed
Foreclosure Charges	Nil for floating rate home loans

IDFC First Bank offers a housing loan interest rate at 6.50%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, IDFC First Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are IDFC First Bank home loan rates for multiple housing schemes.

IDFC First Bank Home Loan Scheme	Interest Rates
Simple Repo Rate Home Loan	6.50%

The home loan interest rates in IDFC First for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount	Rate
Upto ₹ 10 Cr	6.50%
₹ 10 Cr - ₹ 0	6.50%
₹ 1 - 0	6.50%
Above ₹ 0	6.50%

Home Loan Interest Rate for Self-Employed

Loan Amount	Rate
Upto ₹ 10 Cr	6.50%
₹ 10 Cr - ₹ 0	6.50%
₹ 1 - 0	6.50%
Above ₹ 0	6.50%

Loan Amount	IDFC First Home Loan Rate For Women	IDFC First Home Loan Rate For Govt Employee
Upto ₹ 10 Cr	6.50%	6.50%
₹ 10 Cr - ₹ 0	6.50%	6.50%
₹ 1 - 0	6.50%	6.50%
Above ₹ 0	6.50%	6.50%

IDFC First Bank has reduced interest rates on home loans by 0.4% on 23 Jun, 2021. After the cut in IDFC First Bank home loan rates, the latest rates start from 6.50%. The past home loan interest rate trend of IDFC First Bank is as below:

Last Revised Date	Lowest Home Loan Interest Rate of IDFC First	Rate Difference
23 Jun, 2021	6.90%	▼-0.4%
01 Apr, 2021	8.50%	▼-2%
31 Mar, 2021	8.50%	▼-2%
19 Feb, 2021	8.50%	▼-2%
03 Feb, 2021	7.00%	▼-0.5%

IDFC First Bank offers multiple home loan schemes at affordable interest rates. However, you must do comparison between IDFC First Bank and other bank’s home loan rates before applying:-

Particulars	IDFC First Bank	SBI	HDFC
Interest Rate	6.50% - 6.50%	6.65% - 7.05%	6.70% - 8.20%
Processing Fees	Min ₹ 10,000	NIL	Min ₹ 3,000
Loan Tenure	30 Years	30 Years	30 Years
Maximum Loan Amount	₹ 10 Cr	₹ 7 Cr	₹ 5 Cr
Age	21 - 65 Years	18 - 70 Years	24 - 65 Years
Benchmark Rate	RLLR	RLLR	PLR
Lowest EMI Per Lakh	₹ 632 per lakh	₹ 642 per lakh	₹ 645 per lakh

IDFC First Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to IDFC First Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, IDFC First Bank offers the loan balance transfer rate of 6.50%.

Maximum Annual Percentage Rate (APR)

6.51% to 6.51%

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: ₹ 1,00,000 Time period: 5 Years to 30 Years IDFC First Bank Home Loan Interest Rate: 6.50% to 6.50% Processing Fee payable to: Upto ₹ 250 Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 632 for 30 Years ₹ 1,00,000 loan at 6.50% (lowest rate, longest time period) to ₹ 1,957 for 5 Years ₹ 1,00,000 loan at 6.50% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 6.51% to 6.51% Total cost payable over loan tenure: ₹ 1,17,647 for 5 Years loan to ₹ 2,27,795 for 30 Years loan

✅Has IDFC First reduced home loan rates?

As per the current rates, IDFC First has cut its home loan rates by 0.4% from 6.90% to 6.50%, which is one of the best rates in the market. The new rates are effective from 23 Jun, 2021.

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

IDFC First Bank offers lowest Home Loan EMI of ₹ 632 per lakh availed at the lowest interest rate 6.50% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 632 per lakh, you should consider the option for a loan transfer to IDFC First from your existing bank. Current IDFC First balance transfer rate is 6.50%.

✅Can IDFC First Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with IDFC First to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

✅Can IDFC First revise the home loan interest rates for their existing customers?

Yes, IDFC First offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

✅Does IDFC First offer a concessional home loan interest rate for women?

Yes, IDFC First offers special home loan interest rates for women. As against IDFC First home loan rates for male which is 6.50%, the home loan interest rate for women starts at %.

✅What is the IDFC First home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, IDFC First provides home loan interest rate starting at 6.50%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

✅At what interest rate does an IDFC First employee get a home loan?

IDFC First offers concessional home loan rates of about 1% than the current home loan rates to IDFC First employees.

✅Is IDFC First Bank home loan a floating rate loan or fixed-rate loan?

IDFC First home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

✅What is the IDFC First home loan rate today ?

IDFC First home loan rate today is in the range of 6.50% to 6.50%.The bank also charges a processing fee of upto Minimum ₹ 10,000 of the home loan amount.

✅How much interest does IDFC First take on home loans?

The rate of interest on IDFC First home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, IDFC First home loan current interest rate 2021 are in the range of 6.50% to 6.50%.