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IDFC First Home Loan

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IDFC FIRST Bank Home Loan Details

    IDFC FIRST Bank Home Loan Details

    Loan amount Rs. 5 Lakhs – Rs. 10 Crores
    Rate of interest 8.85%
    Tenure Up to 30 years
    Lowest EMI possible Rs. 794 Per Lakh
    Processing fee Up to 3% of Loan Amount

    IDFC FIRST Bank Home Loan Interest Rate

    IDFC FIRST Home Loan rate of interest are as follows:

    • Salaried rate of interest: 8.85% 
    • Self-Employed rate of interest: 9.25%

    IDFC Home Loan Interest Rate Details:

    Loan TypesSalariedSelf Emp.
    Home Loan8.85%9.25%
    Home Loan Balance Transfer8.85%9.25%
    Home Loan Top UpTop Up at same ROI as BT subject to max capping of 100% of the BT loan amountTop Up at same ROI as BT subject to max capping of 100% of the BT loan amount

    IDFC FIRST Bank Home Loan Comparison with Other Lenders

    Below is the comparison table of Kotak Housing home loan interest rates with some other top lenders:

    LenderMaximum LoanMaximum TenureInterest RateProcessing Fee
    IDFC FIRST Bank Home LoanRs. 10 Crores30 years8.85%Up to 3%
    Kotak Home LoanRs. 10 Crores25 years7.99%Up to 0.50%
    RBL Bank Home LoanRs. 10 Crores25 years9.00%1.50%
    Federal Bank Home LoanRs. 15 Crores30 years8.75%0.50%, minimum Rs. 10,000 & maximum Rs. 45,000

    IDFC FIRST Bank Home Loan – Fees & Charges

    Processing fee Up to 3% of loan amount
    Foreclosure charges
    • Variable interest rate home loans/ semi fixed rate or hybrid home loans (when the rate is variable): Nil
    • Fixed interest rate home loans/ semi fixed rate home loans (when the rate is fixed): Up to 2% of the amount being prepaid.
    EMI bounce charges Rs. 400 for each bounce
    Charges for repayment instrument swap  Rs. 500 per change request
    Charges for copies of documents/ duplicate list of documents  Rs. 500 per request
    Default interest 2% p.m.
    Duplicate NOC/ NDC Rs. 500 per request
    Cancellation of disbursement cheque Rs. 500 per cancellation
    MCLR to EBR type   0.5% or Rs. 20,000, whichever is lower
    Switch fees Up to 0.5% of the outstanding loan amount (applicable for variable rate loans for conversion from MCLR to EBR).
    Product conversion fees Up to 0.5% of the outstanding loan amount (applicable for conversion of Short & Sweet Loan to Simple Home Loan and vice versa).
    Re-pricing fees Up to 2% of the outstanding loan amount
    Other statutory/mortgage creation charges, like Stamp duty, MOD, MOE, etc. As per actual

    IDFC FIRST Bank Home Loan Eligibility Criteria

    IDFC FIRST Home Loan eligibility is dependent on the following factors:

    • Salaried, self-employed professionals, sole proprietors, partnership firms, and MSMEs (Micro, Small & Medium Enterprises) can apply.
    • Minimum age of the borrower should be 23 years or above at the time of taking the loan
    • The maximum age requirement is 70 years or retirement (whichever is earlier) at the time of loan maturity.
    • Self-employed applicants must have a minimum of 3 years experience in business with a positive net worth.
    • Salaried individuals must have a minimum 3 years of work experience
    • The applicant must have a clear payment record of past loans & statutory payments
    • The applicant must have a good credit score

    How to Calculate IDFC FIRST Bank Home Loan EMI?

    • MyMoneyMantra offers an easy-to-use IDFC FIRST Home Loan EMI Calculator which allows you to calculate the proposed equated monthly instalment (EMI) for IDFC FIRST Bank Home Loan instantly online. This helps you plan your monthly financial budget accordingly.
    • You just have to click on the EMI Calculator provided under Financial Tools tab given on MyMoneyMantra’s home page, enter the loan amount, interest rate, and tenure, and click on the Calculate button to get an instant result.

    Documents Required for IDFC FIRST Bank Home Loan

    IDFC FIRST Home Loan Documents requirement is mentioned below in details:
    Document Type Accepted Documents (Self-attested copies)
    Proof of Photo Identity  Any one: Aadhaar Card/ Passport/ Pan Card/ Voter’s ID/ Driving License
    Proof of Address  Any one: Aadhaar Card/ Ration Card/ Passport/ Bank Account Statement/ Driving License/ Latest Utility Bills (Electricity Bill, Telephone Bill etc.)/ Sale Deed/ Property purchase agreement (in case of owned properties).
    Proof of Income (Self-attested copy of relevant documents) Salaried employees: 
    • Salary slip/salary certificate of last 2 months
    • Latest year’s ITR with income computation or Form 16
    • Last 2 years’ ITR/Form 16 if bonus is considered in eligibility
    • Bank statement of last 6 months, reflecting salary credits
    • Repayment track or bank statements proof, and loan sanction letter or amortization schedule.
    Self-Employed:
    • ITR with income computation (if applicable)
    • Balance Sheets and P&L accounts with schedules (if applicable)
    • Sales Tax Return or VAT return for the number of months that are not covered in the latest financial year.
    • Last 6 months’ credit card statement (for Banking Surrogate cases)
    • Copy of Contract Order & Form 16 A (only if income is from contracts)
    • Last 6 months’ bank statements of business account of the firm or company and savings account of the individual borrower & co-borrowers (if income being considered).
    • Repayment track or bank statements proof, and loan sanction letter or amortization schedule.
    Proof of Business
    • Shop establishment certificate
    • Sales Tax return or VAT return
    • Landline or postpaid mobile phone bill (Paid and not older than 90 days from loan application)
    • Trade license or professional license (Sales Tax Number, Importer’s Exporter’s Code)
    • Electricity bill (Paid and not older than 90 days from loan application)
    • Registered/ Notarized Rent Deed
    • Property registered deed Property allotment letter by Government/Registered societies
    • Property papers (Unregistered sale deed + GPA)
    • Latest updated bank passbook/ statements of months in borrower’s name (CPV must confirm the same address)
    Property Proof
    • Photocopy of original sale deed
    • Allotment letter/Possession letter
    • NOC from the society & other documents as per legal report