Home Loan

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.

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. .

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.

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.

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.

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.

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.

No, you do not need a guarantor for 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.

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.

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.

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.

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.

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

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).

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.

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.)

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.

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.

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.

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

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.

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.

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.

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.

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

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

We examine the interest rate situation every 2 months and make a decision regarding re-pricing. Interest rates change based on external and internal factors such as PLR as well as the cost at which IDFC FIRST Bank acquires funds.

Minimum CIBIL score applicable is 650.

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.

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.