IDFC First Bank Home Loan

Highlights of IDFC First Bank Home Loan

Below mentioned are the key highlights of the housing loan from IDFC First Bank:

Disclaimer : Before applying for a home loan, please carefully review the terms and conditions, interest rates, fees, and other important details to ensure you understand the loan’s obligations and responsibilities.

Features & Benefits of IDFC First Home Loan

While several banks list multiple kinds of home loans, IDFC home loans keep it simple. One single loan to suit them all. Check out the top features of IDFC bank home loans.

Secured Loan

IDFC First home loans are extended against a mortgage of the concerned property. While a certain portion of the property is financed by the bank, the remaining portion is covered through a down payment made by the borrower.

Loan Amounts up to 10 crores

Loan amounts ranging from Rs. 1 lakh to 10 crores offer unparalleled financial assistance for homebuyers and lucrative opportunities for investors. The loan amounts can cover up to 90% of the property’s value. 

Longer Loan Tenures

IDFC home loans are available for up to 30 years to salaried applicants and for up to 25 years to self-employed individuals. While longer tenures imply higher interest outflows, they also make up for affordable monthly instalments. 

Affordable Interest Rates

The floating home loan interest rates levied on IDFC First home loan range from 8.85% (salaried applicants) to 9.25% (self-employed individuals). Higher interest rates are levied on loans offering higher LVRs and vice-versa.

Easy Application

One can apply for IDFC home loans through Urban Money website by clicking on Apply Now button and initiate a transparent and hassle-free home loan application process.

Multipurpose Home Loans

IDFC First Bank offers home loans for purchase, construction and investment purposes. Apart from that, the bank also offers Balance Transfer and Top-Up facilities on its home loans.

Charge Waivers

The bank offers a number of fee waivers to economise home loans for prospective borrowers. For instance, the bank’s BT surrogate program from select lenders helps eliminate legal charges. 

Repayment

IDFC First home loans can be repaid in monthly instalments via offline and online channels. Borrowers can repay the loan by visiting their nearest branch. The bank also offers an online ‘Quick Pay EMI’ portal where loans can be repaid through cards and online wallets. 

Online Calculators 

Apart from monetary assistance, Urban Money also provides digital financial planning tools. Home Loan EMI Calculator and Home Loan Eligibility Calculator can respectively be used to gain EMI schedules in advance and check eligibility.

Eligibility Criteria of IDFC Home Loan

IDFC First home loans are available to salaried as well as self-employed individuals. The bank offers facilities like surrogate programs and the inclusion of additional incomes to help increase a loan seeker’s eligibility.

Check out the details of the specified eligibility criteria below:

Salaried Applicants

Self-Employed Individuals

IDFC Home Loan Fees and Charges

IDFC Home Loan maintains complete transparency regarding additional charges. Check out the fees and charges you may have to pay over IDFC Bank home loan apart from interest payments.

Important Note: Cancellation requests should be made within 30 days or 1st EMI presentation date.

Documents Required for IDFC Home Loan

A loan seeker must submit self-attested copies of any one document for each criterion while applying for an IDFC home loan.

How Does the EMI Calculation Work for IDFC Home Loan?

To calculate the IDFC home loan EMI, enter specific details in the home loan EMI calculator or EMI formula. These details are loan amount, interest rate and repayment tenure. 

Enter these values in the EMI calculator and within seconds your monthly EMI will be calculated.

To calculate EMI manually count on depicted formula:

EMI = [P*R (1+R) *N] / [(1+R) N-1]

Where,

• P represents Principal Amount
• R represents Interest Rate
• N represents repayment tenure