IDFC home loan starts from 6.5 percent p.a. onwards for repayment tenure of up to 30 years and the loan proceeds of as high as Rs 5 crore. It offers a ‘Fastrack’ home loan balance transfer facility with a top-up home loan, numerous surrogate schemes to arrive at higher eligibility for self-employed consumers and specialized insurance products to protect your families in the event of any unfortunate circumstances. The no income proof scheme permits those consumers without any regular income proof to avail of the IDFC First Home Loan.
| IDFC home loan highlights | |
| IDFC home loan interest rate | 6.50 percent p.a. onwards |
| Loan to value ratio | Between Rs 1 lakh and Rs 5 crore |
| Processing fees | Up to 3 percent of the loan proceed |
| Loan repayment tenure | Up to 30 years |
| Minimum income | For the self-employed: Rs 1.50 lakh p.a.
For salaried: Rs 1 lakh p.a. |
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IDFC home loan interest rate
Special rate of interest
| Special home loan interest rate for the salaried borrowers of leading 500 corporates & existing IDFC customers mapped under First Wealth, First Private, First select customers. Note that the repayment must be made from just the IDFC account. | 6.50 percent p.a. |
Regular Best Home Loan Interest Rates
For salaried
| Loan type | Rate of interest (P.A) |
| Home loan | 6.60 percent onwards |
| Top-up home loan | 6.60 percent onwards (subject to a maximum capping of 100 percent of the transfer loan amount) |
| Home loan balance transfer | 6.60 percent onwards |
For self-employed
| Loan type | Rate of interest (p.a.) |
| Home loan | 6.80 percent onwards |
| Top-up home loan | 6.80 percent onwards (subject to a maximum capping of 100 percent of the transfer loan amount) |
| Home loan balance transfer | 6.8 percent onwards |
Compare the IDFC home loan interest rate vs other lenders’ rate
| Interest rate | |||
| Lender name | Up to Rs 30 lakh | Above Rs 30 lakh & up to 75 lakhs | Above 75 lakhs |
| State Bank of India (SBI) | 6.70 – 7.65 | 6.70 – 7.75 | 6.70 – 7.85 |
| HDFC | 6.70 – 8.45 | 6.70 – 8.60 | 6.70 – 8.70 |
| ICICI Bank | 6.70 – 7.55 | 6.70 – 7.55 | 6.70 – 7.55 |
| Axis Bank | 6.75 – 11.50 | 6.75 – 11.50 | 6.75 – 11.50 |
| IDFC First Bank | 6.90 onwards | 6.90 onwards | 6.90 onwards |
| Union Bank of India | 6.60 – 7.60 | 6.60 – 7.65 | 6.60 – 7.65 |
| Kotak Mahindra Bank | 6.55 onwards | 6.55 onwards | 6.55 onwards |
| PNB Housing Finance | 6.75 – 12 | 6.75 – 12 | 6.90 – 10.75 |
| Punjab National Bank | 6.55 – 7.95 | 6.50 – 7.65 | 6.50 – 7.60 |
| L & T Housing Finance | 6.75 – 7.75 | 6.75 – 7.75 | 6.75 – 7.75 |
| Bank of Baroda | 6.50 – 8.00 | 6.50 – 8.00 | 6.50 – 8.25 |
| Tata Capital | 6.70 onwards | 6.70 onwards | 6.70 onwards |
| Godrej Housing Finance | 6.59 onwards | 6.59 onwards | 6.59 onwards |
| LIC Housing Finance | 6.70 – 7.85 | 6.70 – 8.05 | 6.70 – 8.05 |
| Bajaj Finserv | 6.65 – 14 | 6.65 – 14 | 6.65 – 14 |
IDFC home loan fees and charges
| Processing charges | Up to 3 percent of the home loan amount |
| Bounce fees | Rs 400 |
| Document copy charges | Rs 500 |
| Repayment instrument swap charges | Rs 500 |
| Loan rescheduling charges | Rs 300 |
| Duplicate documents list | Rs 500 |
| Rebooking and cancellation charges | 1 percent of the loan amount |
| Physical repayment schedule | Rs 500 |
| Physical account statement | Rs 500 |
| Penal charges | Rs 300 or 2 percent per month of the unpaid EMI, whichever is higher |
What are the types of IDFC home loan?
IDFC home loan:
∙ Purpose: The loan is for all who want to purchase or form a new home or renovate the existing one.
∙ Loan amount: Up to Rs 5 crore
∙ Repayment tenure: Up to 30 years
IDFC First Suvidha Shakti
Purpose: It is a micro-housing loan for the women to mitigate different home amelioration requirements like water connection, sanitation, renovation etc.
Loan proceeds: For water connection: From Rs 10,000 to Rs 50,000
Sanitation: From Rs 15,000 to Rs 50,000
Water + Sanitation: From Rs 25,000 to Rs 1 lakh
Repair, Renovation, Productive Housing, Extension: From 25,000 to Rs 1 lakh
Repayment tenure: Up to three years
IDFC FASTRACK home loan balance transfer
Purpose: For the transfer of existing housing loans from other financial institutions and banks to IDFC bank at a lower rate of interest. Note that the additional top-up loan on a home loan is also available during the balance transfer of the loan.
Loan amount: Maximum amount available is Rs 2 crore
Repayment tenure: Up to thirty years
IDFC home loan eligibility criteria
For the salaried:
∙ NRIs and Indian residents
∙ Age: Ranges anywhere between 21 and 60 years
∙ Minimum income of at least Rs 1 lakhs p.a.
∙ At least three years of work experience
∙ Repayment tenure of up to 30 years
For the self-employed
∙ Must be an Indian resident
∙ Age must be between 23 & 70 years
∙ Minimum income must be Rs 1.50 lakhs p.a.
∙ Repayment tenure must be up to 25 years
∙ At least must be into business for 4 years
What are the crucial documents required when applying for an IDFC home loan?
Common documents required for applying for the IDFC home loan are:
∙ Address proof: Water, telephone, rental agreement, gas & electricity bill.
∙ Identity proof: PAN card, driving license, voter ID, or passport.
∙ Income proof:
⮚ Last three months’ salary slips
⮚ Past 2 years form 16 statement
⮚ Income tax returns
⮚ Bank statement of past six months
∙ Property documents:
⮚ Property tax receipt
⮚ Business address proof
⮚ Liability & personal asset statement
Bottom line
Purchasing a house or a flat now is easier with an IDFC home loan. It offers different home loan variants to meet your varying needs at the best interest rate. Also, you can apply for a home loan online and get the loan at a lower EMI instantly. Once you have submitted your application for a home loan, you can also track your home loan status. What is more? You also have the ultimate option to transfer your existing home loan effortlessly to an IDFC home loan at a lower IDFC home loan interest rate. Besides transferring, if you require additional funds, you can also opt for the home loan top-up option along with the balance transfer.
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