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IDFC First Home Loan

IDFC First Housing Loan 2021

Last Updated 09th Nov 2021

IDFC First Bank is a large Private Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 6.90% with quick approval and online process. Home Loan in IDFC First Bank is quite popular with its special features and attractive rates under various IDFC First Bank home loan schemes for different income and occupation groups. Some of the key features of IDFC First Bank housing loan are:

  • IDFC First Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • IDFC First Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your IDFC First Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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IDFC First Bank Home Loan Details

IDFC First offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan IDFC First

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.90%
Interest Rate Linked To RLLR
Processing Fee Minimum ₹ 10,000
Lowest EMI Per Lakh ₹ 659
  • Purpose of Loan: IDFC First house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of IDFC First Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 21 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 85%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.90% to 6.90%.
    • IDFC First home loan EMI per lakh starts from ₹ 659. However, you can calculate your home loan EMI using IDFC First home loan calculator 2021.
  • Special schemes: IDFC First offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of IDFC First Bank Home Loans

Some of the features and benefits of IDFC First Bank Home Loans are listed as follows:-

  • IDFC First Bank Home Loan Interest Rate starts from 6.70%.
  • IDFC First Bank charges a processing fees of Minimum ₹ 10,000.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from IDFC First Bank is per lakh offered at the lowest interest rate of 6.70% at the longest loan tenure of 30 years.
  • IDFC First Bank allows prepayment of home loans with Nil charges on floating rate loans.

How to Get Easy Home Loan from IDFC First Bank?

Getting a home loan from IDFC First is fairly easy with an online application process. 5 Steps for IDFC First Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of IDFC First and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of IDFC First or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a IDFC First’s representative will visit your home or office to collect your documents.
  • Step 4: IDFC First will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from IDFC First and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

IDFC First Bank Home Loan Documents Required

To apply for a home loan in IDFC First, the bank asks you to submit the following IDFC First Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or IDFC First account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

IDFC First Bank Home Loan EMI Calculator

IDFC First home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. IDFC First Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

IDFC First Bank Home Loan Eligibility Calculator

IDFC First Bank Home loan eligibility calculator is an online tool that helps the IDFC First home loan borrowers estimate their home loan eligibility. The eligibility calculator considers various factors such as the income of the applicant, age, work experience, employment and credit score. Therefore, the eligibility helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare IDFC First Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan IDFC First?

To apply for IDFC First Bank Home Loan, you will be required to submit IDFC First home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from IDFC First Bank ?

Below-mentioned is the reason why you must avail a home loan from IDFC First

  • Affordable and attractive interest rates
  • Easy loan process and quick approvals
  • Nil prepayment fees for floating rates

Can I apply for an IDFC First home loan online?

Yes, you can apply for a IDFC First home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best IDFC First home loan scheme?

Choosing the best IDFC First home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best IDFC First home loan scheme is based on one’s needs.

Is IDFC First good for a home loan?

IDFC First is one of the best home loan lenders in the country. Currently, IDFC First home loan interest rate 2021 starts at 6.50%.

How can I check my IDFC First home loan status?

One can check their IDFC First home loan status on IDFC First’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the IDFC First mobile app

What is the eligibility for a Home Loan of IDFC First Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is IDFC First Bank Home Loan procedure?

There are two methods to complete the application for IDFC First Bank Home Loan Process online:

  • Apply online at IDFC First Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does IDFC First Bank check CIBIL for home loan?

Yes, to avail home loan from IDFC First Bank, you must fulfill IDFC First Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in IDFC First Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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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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