Home Loan

IDFC FIRST Bank’s comprehensive home loan solution can make your dream of owning a home come true! Our team of experts our here to guide you through the process of buying a home from start to end.

Home Loan
 Media1
Home Solutions Just For You
Media2
Home Buying Guidance Tool
Media3
Approved Projects
Media4
Track Your Loan Status

Key Features and Eligibility

Our comprehensive tailor-made home loan solutions include:

  • Normal income programme: Avail a loan based on your financial statements.
  • Debt consolidator: For multiple loans, you can consolidate payments into one single EMI. You may also avail additional loan.
  • Balance transfer programs
  • Repayment track record
  • Assessed income programme
  • No income and high equity programme
  • Document Custodial Facility
  • IDFC FIRST Bank understands the importance of safeguarding your property documents and has entered into a strategic partnership with one of the leading storage facilities in India for storing your valuable property documents. You can be assured about your document residing safely with state of the art storage facility plus world class security systems and fire resistant storage rooms.

Eligibility:

  • Salaried and self-employed professionals
  • Sole proprietors and partnership firms
  • Minimum age at the time of taking the loan is 23 years and maximum 70 years or retirement at the time of maturity.
  • Clear record in terms of past loans and statutory payments.
  • Good credit rating score in credit bureau.
  • Minimum 3 years in business with a positive net worth (for self-employed) or 3 years work experience. (for Salaried individuals)
  • Micro, small and medium enterprises.

Click here to view Approved Properties

Home Loan with IDFC FIRST Bank

Product External Benchmark Fixed Spread over External Benchmark
Housing Loan Repo 3.00%
  • Additional Premium will be added over and above the (a) External Benchmark (b) Spread over External Benchmark upto 400 bps depending on customer risk profile, product strategy, market competition etc.
  • Premium will be fixed at the time of the origination of the loan and will not be changed unless there is change in the customer risk profile.
  • In no case the fixed spread be changed for a minimum period of 3 years from the contracted rate.
  • Any change in the Repo Rate will be passed on to the customers on the next reset date.

Documentation

  • Business proof (self-attested copy of any one document*)
  • Shop establishment certificate (first priority).
  • Trade/professional license (sales tax number, importer's /exporter's code).
  • Sales tax return/VAT return.
  • Business proof (self-attested copy of any one document*)
  • Shop establishment certificate (first priority).
  • Trade/professional license (sales tax number, importer's /exporter's code).
  • Sales tax return/VAT return.
  • Paid telephone bill (landline/postpaid mobile phone). Not older than 90 days from loan application.
  • Paid electricity bill. Not older than 90 days from loan application.
  • Registered or notarized rent deed.
  • Property allotment letter from government/registered societies.
  • Property papers-unregistered sale deed plus GPA.
  • Property registered deed.
  • Latest updated bank passbook/bank statements in borrower's name (subject to bank acct being 6 months and CPV confirms the same address).
  • Property proof (self-attested copy of any one document*)
  • Photocopy of original sale deed
  • Allotment/Possession letter
  • No objection certificate from the society and other documents as per legal report
  • * While the home loan document list given here is comprehensive, we may require additional home loan documents to process your application.
  • Income proof (self-attested copy of any one document*)
Salaried individual:
  • Last two months’ salary slip/salary certificate.
  • Latest year’s ITR with income computation/Form 16. Note: If bonus is considered in eligibility, we will have to take last two years ITR/Form 16.
  • Last six month’s bank statement reflecting salary credits. Note: Cash salary cases not allowed.
  • Repayment track/bank statements proof of track with loan sanction letter/amortization schedule.
Self-employed individual:
  • Income tax return with income computation (as applicable).
  • Balance sheets and P&L accounts with schedules (as applicable).
  • Sales tax return/VAT return for the number of months not covered in the latest financial year.
  • Credit card statement for 6 months (required in case of banking surrogate).
  • Copy of Contract Order and Form 16 A (applicable only if income is from contracts)
  • Bank statements for the last 6 months - from business account of the firm/ company and savings
  • account of the individual borrower and co-borrowers, if income being considered.
  • Repayment track/bank statements proof of track with loan sanction letter/amortization schedule.
  • Photo identity proof (self-attested copy of any one document*)
  • Passport
  • Voters ID
  • Driving license
  • Pan card
  • UID Certificate (Aadhaar card )
  • Address Proof (self-attested copy of any one document* )
  • Ration card
  • Passport
  • Driving License
  • Bank account statement
  • Electricity bill
  • Telephone bill
  • Aadhaar Card
  • Sale deed/ Property purchase agreement (For owned properties)

Know more

Apply for Home
Loan Online

Point of Contact:
  • Apply for a IDFC FIRST Bank Home Loan by filling our online form and we will call you back. You can also visit our branch for the same.
Point of Contact:
  • Apply for a IDFC FIRST Bank Home Loan by filling our online form and we will call you back. You can also visit our branch for the same.
Submit your Documents:
  • You can also apply for a Home Loan by visiting any of our locations to submit your documents or ask our relationship manager to visit you for collecting the documents.
Verification of your application and property:
  • A IDFC FIRST Bank Home Loan representative will contact you to verify your details and schedule a personal discussion with you.
Disbursement:
  • After your Home Loan application and property has been verified along with the proper submission of required documents, we will disburse the loan amount to your bank account and you will be closer to owning your dream home

IDFC FIRST Bank provides home loans to a wide variety of customers. In order to check your home loan eligibility, you can use our home loan eligibility calculator. Housing loan eligibility requires that you meet some basic criteria. The home loan eligibility criteria are:

  • Salaried and Self Employed Professionals
  • Sole proprietors and Partnership Firms
  • Minimum age requirement is 23 years at the time of taking the loan and maximum 70 years or retirement at the time of maturity
  • Clear record in terms of past loans and statutory payments.
  • Good credit rating score in credit bureau
  • Minimum 3 years in business with a positive net worth (for Self-employed) or 3 years work experience (for Salaried individuals)
  • Micro, Small and Medium Enterprises
Home Loan Features & Benefits

A Home is one of the biggest purchases in an individual's life. To buy a home without securing a home loan is tough financially for most people. We, at IDFC FIRST Bank, understand the needs of our customers and partner with them so that they can become proud home owners on terms that are fair and simple. With a IDFC FIRST Bank Home Loan, you can buy a flat or a house without having to worry about putting together a huge down payment. Our home loan scheme is suitable for both salaried and self-employed individuals.

Loan Amount
  • Loans offered from Rs 5 Lakhs up to Rs 5 Crores in more than 57 locations across India at competitive interest rates.
Flexible Loan Tenure
  • Maximum loan tenure of 360 months for salaried professionals and maximum 300 months for self-employed.
Pradhan Mantri Awas Yojana
  • Avail interest subsidy benefit up to Rs 2.67 Lakhs under PMAY Credit Linked Subsidy Scheme. We also have various innovative and competitive income and surrogate programs to fit your requirement.
Types of Property Funded
  • Ready property
  • Under Construction
  • Composite Loan (Plot + Construction)
  • Home Extension and Renovation
  • Plot Purchase
  • Self-construction
  • Balance Transfer
  • Top-up and more

Know more

X
Fees & Charges Check the fees & charges applicable
for different types of accounts
Contact Us Need to get in touch with us,
check the various modes of connecting with us

Frequently Asked Questions

What is a home loan and what can I do with it?

A home loan allows you to purchase the home of your dreams without having to pay for it upfront. Depending on your eligibility, you can secure a loan of as high as 90% of the cost of the property.

How long does it take to get a home loan?

IDFC FIRST Bank Home Finance has made it really simple to get a home loan. Please submit your details online through our website and we will inform you of your eligibility by calling you. Once you submit your documents to our representative, we carry out a verification to cross check your details; our representative may also have a short personal discussion with you. After we have successfully verified your details, the loan can be sanctioned and the money will be deposited in your bank account. .

Will I need to make a down payment on my home loan?

Yes, you will have to make a down payment on your home loan. IDFC FIRST Bank finances up to 90% of the cost of your home. This makes purchasing your dream home extremely easy as you do not need to finance the bulk of the cost of your future home upfront.

Do I need to go to a IDFC FIRST Bank branch to get a home loan?

No, there is absolutely no need to visit a branch to apply for a home loan. We have made the process simple; you can apply for a home loan through our website. Alternatively, you can also apply for your home loan using our mobile application available for download from the Google Play and Apple App Store. You can submit your application details online and we will inform you of your eligibility by calling you. IDFC FIRST Bank will arrange to have the necessary documents picked up from your residence or office. If you have any questions regarding the home loan application process, please feel free to contact our customer care at 1860-500-9900 or write to us at customer.care@capitalfirst.com.

Who can take a home loan from IDFC FIRST Bank?

IDFC FIRST Bank offers home loans to a wide variety of customers from diverse backgrounds. This includes salaried and self-employed professionals, sole proprietors and owners of partnership firms. You should be at least 23 years of age at the time of taking the loan and your maximum age should not exceed 70 years. We require salaried individuals to have at least 3 years of work experience. Self-employed individuals should have been in business for at least 3 years with a positive net worth. Additionally, you should have a clear banking and loan payment history and a good credit rating score. IDFC FIRST Bank also extends home loans to Micro, Small and Medium Enterprises.

I do not have any income document; can I still get a home loan?

Yes, you can get a home loan even if you do not have any income. Our 'No Income' Program allows customers without regular income to avail home loans. Please contact our customer support at 1860-500-9900 or write to us at customer.care@capitalfirst.com for more information on how to access this program.

Do I need a co-applicant to apply for a home loan?

No, you do not need a co-applicant to apply for a home loan. However, if the property for which you are availing a home loan will have co-owner(s), then this or these person(s) must also be co-applicant(s) on your loan application. If you want to be a single applicant, life insurance is compulsory for the applicant.

Do I require a guarantor for home loan?

No, you do not need a guarantor for home loan.

Is it possible for self-employed individuals to get a home loan?

Yes, self-employed individuals can get a home loan. We give home loans to sole proprietors, self-employed individuals and partnership firms. There is a requirement that self-employed individuals should have been in business for 3 years. The minimum age at the time of making the application is 23 years and the maximum 70 years.

Is there any verification carried out to assess my home loan eligibility?

We carry out certain verifications to ascertain the suitability of your application. Our underwriting team will initiate a discussion with you either on telephone or in person to gather some information so that we can process your application. We also carry out an investigation verification at your residence address as per the know your customer (KYC) documents you submit. Your office address will be verified and additional checks may also be carried out in order to complete due diligence on your application.

Do I have to pay any fee for getting a home loan?

Yes, there is a processing fee applicable on your home loan. The processing fee will vary according to the amount of the home loan you have applied for. As an example, the initial processing fee charged is Rs. 2,500 for home loan up to Rs. 10 lakh and Rs. 5,000 for loan amount exceeding Rs. 10 lakh. Applicable GST will also be levied on the processing fee amounts.

Is the home loan from IDFC FIRST Bank fixed or floating?

We offer a fixed & floating home loan to our customers. If you have any questions about interest rates on home loans, please feel free to call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will provide you the necessary information. Please use our home loan EMI calculator, which will help you ascertain the cost of the loan, your EMI amount and other parameters.

What will happen to my EMI if interest rates rise?

If the interest rates rise, IDFC FIRST Bank will increase the EMI amount so that your loan repayment occurs according to the tenure specified during the time of the sanctioning of the loan. If you have any questions about your EMI, please feel free to call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will be glad to assist you.

Are there any advantages of taking a home loan from IDFC FIRST Bank?

There are several advantages in getting a home loan from IDFC FIRST Bank some of which are:

  • You can submit your details online and we will notify you about your eligibility by phone.
  • IDFC FIRST Bank finances up to 90% of the cost of your home loan, which means you need to make a lower amount of down payment.
  • Home loans are available for a wide range of applicants from salaried to self-employed individuals.
  • Long tenure loans are available (up to 30 years)
  • Loans for Ready property, Under Construction, Composite Loan (Plot + Construction), Home Extension and Renovation, Plot Purchase, Self-construction, Balance Transfer, Top-up and more.
  • Catering to customers and profiles which are not often funded by Banks.
  • Various surrogate programs to arrive at eligibility to cater to higher loan amount requirements

What facilities will I get if I take a home loan from IDFC FIRST Bank?

We are ready to serve your needs as a home loan customer and provide you with the most convenient and easy way to secure home finance. You can submit your application details through our website or our mobile app which can be downloaded from Google Play or Apple App store. We will inform you about your eligibility by calling you. Repayment of your home loan can be made easily as we provide two means of repayment - through Electronic Clearing Service (ECS) or through Post Dated Cheques (PDCs) in non-ECS locations. With the advent of National Automated Clearing House (NACH) monitoring and regulation, EMI repayments have become easy through the ECS route due to management of National Payments Corporation of India (NPCI).

What is the maximum loan amount I can get?

You can get up to 90% of the value of the property depending on your eligibility. The maximum loan amount we offer is Rs. 5 crore. If you have any questions regarding the home loan amount, please feel free to contact us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will be glad to assist you.

What documents are required to get a home loan from IDFC FIRST Bank?

In order for us to process your application, we require a number of documents. Some documents must be mandatorily provided as per the National Housing Bank (NHB) guidelines.
Documents required for Home Loan are:

  • Identity proof
  • Address proof
  • Income proof
  • Proof of educational qualifications (where applicable)
  • Age proof
  • Employment details
  • Bank statements
  • Details about the property in case you have finalized it before hand
  • Any other obligation documentation (SOA, Sanction Letters, etc.)

What checks do you conduct on documentation?

IDFC FIRST Bank does a thorough scrutiny of the documentation that you submit. Here are some of the checks that your documentation is subjected to: Legal checks: We verify your documents according to the law. The documents you submit for mortgage should be legally valid. Technical Check: We check if property approvals are in place for construction of the property. All regulatory norms with regard to NA Lands, CRZ Norms, B-Khata rules, etc. depending on the location of property are checked along with the structural integrity, life and maintenance of structure erected. Only properties that clear the checks can be considered fit for a justified mortgage for the entire tenure of the loan.

Do different types of properties under go different documentation checks?

Yes, different types of properties require different documentation checks. Under-construction property: We will check the approved plans, CC, IOD, NA and other construction related documents. We can utilise the services of third party representatives for this purpose and to verify if construction is being carried out in tandem with the documents submitted. Ready purchase/Resale property: Occupancy Certificate (OC), BCC, etc. are checked in conjunction with other documents by specialised third party representatives. Structural integrity of the property is also checked.

How will my EMI be calculated?

Your EMI consists of two components, the principal amount as well as the interest rate charged on the principal. The factors that determine the EMI are the amount you borrowed, the rate of interest applied and the loan tenure. It is calculated by the Reducing balance method. Interest will be calculated on outstanding loan amount.

What is the home loan sanctioning process?

After we have received your application, there are home loan sanctioning and disbursement processes that we follow. Certain requirements need to be fulfilled before these two processes are initiated, which are given in the order below:

  • Application Form filling
  • Processing Fees payment
  • Documents Requirement (at both login and post-sanction-pre disbursement stages)
  • Personal Discussion (for assessment and gauging requirement and repayment by Underwriting Officer)
  • Investigation verification (mandatory verifications instituted to ensure validation of documents provided)
  • Sanctioning of Loan
  • Legal / Property Assessment
  • Disbursement of Loan

How will my EMI be calculated?

Your EMI consists of two components, the principal amount and the interest rate charged on the principal. The factors that determine the EMI are the amount you borrow, the rate of interest applied and the loan tenure. EMIs can vary if the interest rate changes. You can reduce your EMI amount by paying back more than you are required to; this is called a partial prepayment.

Can I pre-pay my loan?

Yes, you can make a pre-payment to your loan; this will help reduce your EMI amount. If you have opted for the ECS method of repayment, in the subsequent month to repayment, your EMI will reduce. In case you have given PDCs, you will need to submit fresh cheques. The minimum repayment amount is three times the amount of your EMI. No extra charges are applicable for individuals who choose to make a pre-payment. If you have any questions regarding prepayment, please feel free to contact us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will provide you with the necessary information.

What is a provisional certificate and can I obtain one?

A provisional interest certificate provides principal as well as the interest breakup for scheduled EMIs for the financial year (April to March). You can use this certificate to obtain income tax rebates under Section 80C as well as Section 24 of the Income Tax Act. You can obtain this certificate through our website with the details provided to you after your loan has been disbursed. Please note that the provisional interest certificate is calculated based on outstanding principal balances, rate of interest and your current EMI; if any changes occur during the financial year, the figures on the certificate may change and as such, you should obtain the latest provisional interest certificate before submitting it.

What is pre-EMI interest?

Commencing from the date of each disbursement, pre-EMI interest is the interest that you need to pay on the amount that you have borrowed from IDFC FIRST Bank. This amount is calculated on a pro-rata basis till payment of the first EMI.

What is the EMI date offered by IDFC FIRST Bank?

The EMI date is the 2nd or 5th of every month. Please note that there is no alternative EMI date available.

Does a rate change impact loan amortization schedule?

If you choose a floating rate home loan the change is affected in tenor. Only upon customer request, EMI amount is changed.

How often do interest rates change?

MCLR of the Bank is announced on a monthly basis. EBR will change as and when RBI changes the Repo Rate.

Is there a minimum CIBIL score I should have?

Minimum CIBIL score applicable is 650.

Can I cancel my application after my loan has been approved?

Yes, you can cancel your application after your loan has been approved. However, we would deeply regret the loss of your patronage. Please call us at 1860-500-9900 or write to us at customer.care@capitalfirst.com and we will help you with processing your cancellation request.

I have a question that is not listed here; what do I do?

We will be glad to help you with any questions regarding the IDFC FIRST Bank home loan. Please feel free to contact our customer representative at 1860-500-9900 or email us at customer.care@capitalfirst.com . If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives.

VIEW ALL FAQS

X
X

Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

Bank Account Related

For feedback/concerns-
Call us at : 1800-419-4332
Write to us at : banker@idfcfirstbank.com

For escalations-
Call us at : 1800-419-2332
Write to us at : head.customerservice@idfcfirstbank.com

Loan Account Related

For feedback/concerns-
Call us at : 1860-500-9900
Write to us at : customer.care@idfcfirstbank.com

For escalations-
Call us at : 1800-419-2332
Write to us at : head.customerservice@idfcfirstbank.com

X

For Media Contact

X

For Media Contact

X