IDFC First Bank Home Loan

Features & Benefits of IDFC 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 5 crores

Loan amounts ranging from Rs. 1 lakh to 5 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 branch visits, the bank’s official website and mobile application. The bank also allows co-application on home loans with one’s spouse, parent, or children. 

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, the bank 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.

IDFC Home Loan Overview

Purchasing your dream home has become easier with top-notch banking services offered by IDFC Bank. It gives you the finest home loan interest rates on housing finance and a large selection of properties. You can now apply for a home loan with IDFC online and take advantage of the lowest interest rates coupled with minimal documentation and speedy processing. You may even track the status of your home loan after the completion of your application. The home loan eligibility criteria have also been expanded to make them more accessible. If you already have a home loan, you also have the option of easily transferring it!

IDFC home loans offer full financial assistance for residential, investment and construction-based purchases. For owners, having their own house is the dream of a lifetime. While for investors, real-estate investments are gateways to immeasurable growth. The IDFC bank home loan takes care of all of these needs for its customers.

Ethical banking, sound technology and social commitment are IDFC First Bank’s founding pillars. IDFC First home loans are simple and straightforward credit products. Without diverging into numerous subcategories, the bank offers top-notch value to its customers with a single home loan product.

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

• Age: 21-60 years old
• Minimum Work Experience: 3 years.
• Minimum Income: ₹1 lakh annually.
• Residential Status: Residents, as well as Non-Resident Indians, can apply.

Self-Employed Individuals

• Age: 23-70 years old.
• Minimum work experience: 4 years.
• Minimum Income: ₹1.5 lakhs annually.
• Residential Status: Only resident Indians can apply.

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

Balance Transfer IDFC Home Loan

The IDFC FASTRACK Home Loan Balance Transfer allows home loan borrowers from other lenders to shift their loans for lower interest rates and top-up benefits to IDFC First Bank. The bank offers low-interest rates to existing home loan account holders to help save money on interest payments. IDFC First Home Loan Balance Transfer allows several other benefits and advantages. 

An individual can apply for a balance transfer to IDFC First home loan in the following steps:

• Visit www.idfcfirstbank.com
• Select ‘Home Loan’ from the ‘Loans’ menu.
• Click on ‘Apply Now’.
• Enter your mobile number and accept the T&Cs.
• Complete the OTP verification process and proceed.
• Enter the required details and wait for the bank to contact you.

The eligibility criteria, document requirements and loan terms like tenure and interest rate are the same for balance transfer applicants as for new applicants.

IDFC Home Loan Customer Care Number

You can get in touch with the customer care executive by calling on their contact number  or via email.

• Customer Care Number (24/7 availability): 1800 10 888
• Whatsapp Banking: 9555 555 555
• Email: banker@idfcfirstbank.com