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Home Loan - Apply Housing Loan Online

Getting a home is now easier than ever. With IDFC FIRST Bank home loans, we give you the best interest rates on housing finance and a wide selection of property options, so that you can live your best life. Apply for home loan online with us and avail higher loan eligibility with longest tenure up to 30 years.

Once you’ve applied for your home loan, you can even track its status online on our website or app. What’s more? You also get the option to effortlessly transfer your existing home loan. So, come, plan to move in to your dream home with IDFC FIRST Bank home loans.

FASTRACK Home Loan Balance Transfer

Transfer your existing home loan in a few steps with the FASTTRACK Balance Transfer Facility

Enjoy amazing features such as:

CALCULATOR

Home Loan EMI Calculator

Choose the amount

1L 50L

Choose the period

1 Year 30 Year

Choose the interest rate

8 % 15 %

You will pay an EMI of only monthly

  • Sanjay Mehere Testimonial
    Sanjay Mehere

    "I had transferred my existing home loan relationship to IDFC FIRST Bank, and the loan disbursement was done with quick turnaround time because of their seamless login process and excellent staff support. I would like to thank the team for all their support, and I will always be happy to share my experience with my acquaintances."

  • Rajambal Testimonial
    Rajambal

    "I'd like to thank IDFC FIRST Bank for letting me buy my own home. The team's service has been tremendous. All the documentation and other related services were well taken care of. I would personally like to thank the branch executives who helped me through the process."

  • Ramya Testimonial
    Ramya

    "I took a home loan from IDFC FIRST Bank. I’m happy with their process and documentation. Clearly the nicest team I have interacted with for customer service. The branch executives were supportive and I received regular updates on the loan process on time. I would recommend them. Thank you team IDFC FIRST Bank."

Digital Bank Account

Experience Home Loan on your Fingertips

Download our App now and apply for home loan at your convenience. Now enjoy a truly digital experience with inbuilt features to know eligible amount and process loan application hassle-free.

How to apply for Home Loan online?

Customer experience is crucial for us and hence, we ensure to offer a smooth home loan process. Check the steps needed for you to apply for home loan online here – 

ELIGIBILITY

Who can apply?

Want to apply for home loan online? Check home loan eligibility mentioned below:

For Self-Employed Individuals:

  • Resident Indians only
  • Aged between 23-70 years
  • Minimum 4 years of business continuity
  • Must earn minimum ₹1.5 lakh per annum
  • Tenure duration 12 months - 300 months

For Salaried Individuals:

  • Resident & Non-Resident Indians
  • Aged between 21-60 years
  • Minimum 3 years of experience
  • Must earn minimum ₹1 lakh per annum
  • Tenure duration 12 months – 360 months

Documentation required for home loan

Take a look at the documents required for home loan process and keep them handy.

Valid Identity Proof

Valid Address Proof

Valid Income Proof

  • Salaried: Last 2 months salary slip/ latest ITR or Form 16/ last 6 months bank statement
  • Self-employed : Latest ITR/ balance sheet or P&L statement/ GST return/ last 6 months bank statements or CC statements, etc

Property Proof

  • Photocopy of draft sale deed and chain title documents (if any)
  • Allotment/Possession letter
  • No objection certificate from the society and other documents as per legal report

Business Proof (Click Know More for more details)

Know More

Home Loan Eligibility

FEES & CHARGES

Find out about our minimal and transparent fees & charges

View Fees & Charges

Home Loan Charges

FREQUENTLY ASKED QUESTIONS

What is a Home Loan?

A Home Loan, also known as a housing loan, is a sum of money borrowed from a bank or financial organization by an individual in order to purchase a home. 

What are the various types of Home Loans available in India?

There are numerous forms of Home Loans. Here are a few examples:

• Home Loan for property purchase: This type of Home Loan can be used to purchase both ready-to-move-in and under-construction property.

• Home Loan for plot purchase and self-construction of property: This sort of Home Loan is available when you want to buy a plot and build a house on it.

• Home improvement loan: Use the borrowed funds to renovate your home.

• Balance Transfer: Transfer your existing Home Loan to IDFC FIRST Bank from another financier.

How can I apply for an IDFC FIRST Bank Home Loan?

You can apply for a Home Loan from IDFC FIRST Bank by  the following modes:

1. Visiting our website at: https://www.idfcfirstbank.com/personal-banking/loans/home-loan 

2. Visiting any IDFC FIRST Bank Loan center or branch

3. Contacting our customer care: 1800-10-888.

4. Downloading the IDFC FIRST Bank Mobile Banking app.

Who could be a co-applicant?

Home Loan co-applicants can include: your spouse, parents, or even major children. All the property owners need to be on the Home Loan structure. 

What is the maximum repayment period for my Home Loan?

A Home Loan can be availed for a maximum period of:

Up to 30 years for Salaried borrowers

Up to 25 years for Self-Employed borrowers

Who is eligible for a Home Loan from IDFC FIRST Bank?

Eligibility requirements for a Home Loan:

• Age norms: Salaried: 21 - 60 years or retirement age (whichever is earlier), Self Employed: 23 - 70 years.

• Income: The following is the minimum annual income required to apply for a Home Loan:

Salaried: INR 1 lakh

Self Employed: INR 1.5 lakhs

Work Experience: Minimum 3 years.

What is a Home Loan balance transfer?

Transferring your existing Home Loan from another financier to IDFC FIRST Bank is known as a balance transfer.

Who is eligible to avail a top-up on their Home Loan?

An existing IDFC FIRST Bank Home Loan customer with a clean repayment track record of more than 9 months can apply for a Home Loan top-up.

Are there any fees associated with availing a Home Loan from IDFC FIRST Bank?

Yes, there is a processing fee on your Home Loan. The processing fee will be calculated based on the amount of the Home Loan you have applied for, plus any applicable GST. The processing fees are non-refundable.

Which documents are required for an IDFC FIRST Bank Home Loan?

The following documents are necessary to apply for a Home Loan from IDFC FIRST Bank: 

• Identity proof

• Address proof

• Income proof

• Age proof

• Employment details

• Bank statements

• Property details if you have already finalized it

• Any other documents of obligation (SOA, Sanction Letters, etc.)

The checklist is merely indicative; additional documents may be requested throughout the Home Loan sanction procedure.

What is a pre-EMI interest?

Pre-EMI interest is the pro-rata interest charged from the date of disbursement till the first EMI due date.

After I apply for an IDFC FIRST Bank Home Loan, what are the next steps the Bank takes?

When we get a completed application form with the required supporting documentation, the below process is initiated:

1) Determination of your financial eligibility for the Home Loan: We assess your eligibility based on our internal policy criteria and based on the documentation which has been submitted.

2) Legal and technical check of the property: We will verify the title documents and undertake a technical appraisal and valuation of the property.

Final eligibility will be the lower of the above 2.

Is the interest rate for IDFC FIRST Bank Home Loan fixed or floating?

IDFC FIRST Bank now offers floating rates that are linked to an external benchmark rate.

What is external benchmark based lending?

The Reserve Bank of India (RBI) vide its circular no DBR.DIR.BC.No.14/13.03.00/2019-20 on “External Benchmark Based Lending” dated September 04, 2019 has advised to link all new floating rate, personal or retail loans (housing, auto, etc.) to external benchmark. IDFC FIRST Bank has adopted Repo rate as the external Benchmark lending rate with effect from October 01, 2019.

Does a change in benchmark rate affect the loan amortization schedule?

Yes, a change in the benchmark rate (upwards / downwards) will result in a corresponding change in your applicable interest rate and amortization schedule for floating rate loans. Tenure of the loan will be changed by default. The EMI amount will be changed only at the request of the customer.

How often do Home Loan interest rates change?

The Home Loan interest rates are linked to a benchmark rate and will change as an when the benchmark rate changes.

In the event of a Repo rate reset, how would the rate change affect my loan EMI/tenure?

The impact would be applied first to the loan tenure; however, in case the maximum tenure is breached, the impact will be provided on EMI. 

I am an existing customer. How will I be notified if the interest rate on my Home Loan changes?

The change in your Home Loan interest rate will be communicated to you via SMS and a physical letter.

What is a provisional interest certificate, and how can I get one?

A provisional interest certificate specifies the principal and interest breakdown for scheduled EMIs for the fiscal year (April to March). This certificate can be used to collect income tax rebates under Sections 80C and 24 of the Income Tax Act. You can obtain this certificate by using the information provided to you after your loan has been disbursed on our website. Please keep in mind that the provisional interest certificate is calculated based on outstanding principal balances, interest rates, and your current EMI; if anything changes during the fiscal year, the figures on the certificate may change; as a result, you should obtain the most recent provisional interest certificate before submitting it.

Can I cancel my application after my Home Loan has been approved?

Yes, you have the option to terminate your application once your Home Loan has been approved. However, the fees paid during the processing of the application is non-refundable.

Which documents are required for a Home Loan balance transfer?

Apart from the financial and property documents, the following documents will be required for a Balance Transfer Home Loan:

1. The  recent foreclosure letter from another bank/HFC/FI referencing the loan account number and account holder's name. 

2. Documents certified by BT Bank/HFC and kept by them

What is part/subsequent disbursement of a Home Loan?

IDFC FIRST Bank disburses loans for under / self-construction properties in tranches based on the progress of construction. Every tranche disbursed is known as a 'part' or a 'subsequent' disbursement.

Is the property required to be insured?

It is not mandatory to buy Home Loan Insurance. The insurance however protects the borrower's outstanding debt in the event of an unanticipated incident during the loan's tenure. Hence, we strongly advise you to obtain Home Loan Insurance to secure your home.

What kind of security is required?

In all circumstances, the property itself, whether purchased or anticipated to be purchased, serves as security for the whole loan term.

Are there any advantages of taking a Home Loan from IDFC FIRST Bank?

The advantages you can enjoy with a Home Loan from IDFC FIRST Bank are:

• Attractive interest rates

• End-to-end digital journey

• Availability of Long-term loans (up to 30 years)

• Customized offers in terms of loan amount and commercials depending upon the customer profile

Can I avail tax benefits on my Home Loan from IDFC FIRST Bank?

Yes. You may be eligible for tax benefits on repayment of the principal and interest components of your Home Loan as per below sections of the Income Tax Act, 1961:

• 80C deduction on principal sum of Home Loan, 

• 24(b) deduction on interest on borrowed capital and 

• 80EEA interest on affordable properties which further provides additional deduction on Home Loan interest payment for first time home-buyers.

Since the benefits may vary year to year, please consult your tax advisor.

What is the maximum and minimum amount I can borrow for a Home Loan?

IDFC FIRST Bank gives Home Loan amount from INR 5 lakh to INR 10 Crore.

How will my Home Loan EMI be calculated?

Click here to use our Home Loan EMI Calculator on our website to see how your EMI will be calculated.

What is the maximum Home Loan amount I can get on my property?

IDFC FIRST Bank will finance the Home Loan as per the below % on the property value of your home.

Up to INR 30 lakh: <= 90%.

Above INR 30 lakh & up to INR 75 lakh: <=80%.

Above INR 75 lakh: <=75%.

Can I pre-pay my Home Loan?

Yes, you can make a pre-payment on your Home Loan, which would reduce your EMI amount or tenure. The default option will be reduction in tenure. The EMI amount will be reduced only at the request of the customer.

Can I foreclose my Home Loan? Are there any charges that i will have to incur for pre-payment?

Yes, you can foreclose your Home Loan by paying the remaining balance to the bank. There are no foreclosure charges on floating rate Home Loan.

My term has been extended due to an increase in interest rates. I would like to increase my EMI while shortening the term. Will I be charged for this change?

No, you will not be charged for this change.

Can I switch my Home Loan interest rate from Floating rate to Fixed rate?

Yes

What will be the applicable Fixed rate of Interest for Home Loans?

12% p.a. will be applicable. (Applicable interest rate may vary from time to time)

Are there any charges for switching Home loans from a floating to fixed rate?

Following charges are applicable: 0.1% of the sanctioned loan amount or Rs.10,000/-, whichever is lower, excluding applicable charges/taxes.

What is the process for switching my Home Loan interest rate from Floating rate to Fixed rate?

Please contact IDFC FIRST Bank customer care at 1800 10 888 or visit the nearest loan centre branch.

How many times can I switch the Home Loan interest rate from floating to fixed rate?

Switching from floating to fixed is allowed only twice during your loan tenor

Within how many years can I switch the rate back to floating rate after the Home Loan interest rate is switched from floating to fixed?

Once the interest rate is switched from floating to fixed, you cannot switch back to a floating rate for a minimum of three years from the date of the switch

What are the options available due to switching of Home Loan interest rate from floating to fixed rate?

Due to the reset of interest rates, you have the flexibility to choose:

   - Enhancement in EMI or elongation of tenor, or a combination of both

   - Prepayment, either in part or in full, at any point during the loan tenor

   - Foreclosure charges/prepayment penalty (if any) will be applied as applicable.

More FAQs

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A home loan is one of the most reliable financial tools for home buyers. It can make making a big purchase simpler and much more manageable. However, the home loan interest rate plays a significant role in this.

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