Looking to avail IDFC home loan? Here’s all you should be knowing about it. 

Albert Howard

Updated on:

Looking to avail IDFC home loan? Here's all you should be knowing about it. 

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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