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IDFC First Home Loan Interest Rates 2021

IDFC First Bank Housing Loan Interest Rate -Today

Last Updated 06th Jul 2021

Current IDFC First Bank Home Loan interest rates Jul 2021 starts at 6.90% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Minimum ₹ 5,000 Maximum ₹ 5,000.

Loan AmountSimple Repo Rate Home Loan Rate
Upto ₹ 10 Cr6.90%
₹ 10 Cr - ₹ 0 6.90%
₹ 1 - ₹ 0 6.90%
Above ₹ 0 6.90%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current IDFC First Bank Home Loan Rate

Today IDFC First Bank home loan interest rates are in the range of 6.90% to 6.90%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.90%.

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 Loan6.90%

IDFC First Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in IDFC First for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 10 Cr 6.90%
₹ 10 Cr - ₹ 0 6.90%
₹ 1 - 0 6.90%
Above ₹ 0 6.90%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 10 Cr 6.90%
₹ 10 Cr - ₹ 0 6.90%
₹ 1 - 0 6.90%
Above ₹ 0 6.90%

IDFC First Bank Home Loan Processing Fee and Other Charges

IDFC First Bank charges a minimum processing of ₹ 5,000 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 ₹ 5,000 to maximum fee of ₹ 5,000
Foreclosure Charges Nil for floating rate home loans

IDFC First Home Loan Balance Transfer Interest Rates

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 lowest home loan balance transfer rate of 6.90%.

Illustration on Home Loan Interest Rate IDFC First Bank
Maximum Annual Percentage Rate (APR) 6.91% to 6.91%
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: 6.90% to 6.90%
  • Processing Fee payable to: Upto ₹ 250
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 659 for 30 Years ₹ 1,00,000 loan at 6.90% (lowest rate, longest time period) to ₹ 1,975 for 5 Years ₹ 1,00,000 loan at 6.90% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.91% to 6.91%
  • Total cost payable over loan tenure: ₹ 1,18,775 for 5 Years loan to ₹ 2,37,346 for 30 Years loan

FAQs

What is IDFC First Home Loan Interest Rate?

IDFC First Home Loan interest rate ranges between 6.90% to 6.90%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has IDFC First reduced home loan rates?

As per the current rates, IDFC First has cut its home loan rates by 1.6% from 8.50% to 6.90%, which is one of the best rates in the market. The new rates are effective from 01 Apr, 2021.

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

IDFC First Bank offers lowest Home Loan EMI of ₹ 659 per lakh availed at the lowest interest rate 6.90% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 659 per lakh, you should consider the option for a loan transfer to IDFC First Bank from your existing bank.

  • IDFC First Bank offers RBI Repo Rate linked Home Loan which starts at 6.90%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called IDFC First Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.9% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the IDFC First Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then IDFC First Bank Repo Rate linked Home Loan rate will cut from 6.90% to 6.75%.

What is the current IDFC First Bank Home Loan rate?

The current IDFC First Home Loan rate starts from 6.90% with a processing fee of Minimum ₹ 5,000 and Maximum ₹ 5,000.IDFC First housing loan rate varies across the applicant’s eligibility and the scheme they opt for. IDFC First offers different home loan rates for different home loan products.

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.

What are the interest rates of home improvement loans in IDFC First?

You can avail of IDFC First home loans for home improvement at regular home loan rates starting at 6.65%.

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

IDFC First home loan rates change for the existing customers if they have availed 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 6.90%, the home loan interest rate for women starts at %.

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

IDFC First home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, IDFC First provides home loan interest rate starting at 6.65%.

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 rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


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IDFC First Home Loan News - Jul 2021
  • 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.
  • 2020-01-30 : IDFC First Bank reported a net loss of Rs. 1639 crores for Q3
    IDFC First Bank reported a net loss of Rs. 1639 crores for Q3 ending 31 December. Net Interest Income hiked by 34% to Rs. 1534 crores which was Rs. 1145 crores in the same quarter a year ago. Further, Retail Loan surged by 49% to Rs. 51,506 crores driven by an increase in the sale of Home Loans and Personal Loans.
*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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