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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Tailor-made loans with minimal documentation -
Top-up up to 100% at the same rate as Balance Transfer -
Digitised process for loans up to ₹5 Cr and tenure up to 30 years -
Higher eligibility for salaried & self-employed customers
Home Loan Balance Transfer Calculator
You don't have to stay with the same home loan for the entire duration of your mortgage. By transferring your home loan, you can take advantage of low interest rates or change the loan length. Not only is it a smart way to save money, but this also gives some breathing room in your monthly expenses. IDFC FIRST Bank’s home loan balance transfer calculator helps you determine your savings and make an informed choice.
Our free and easy-to-use home loan balance transfer calculator allows you to quickly find out the amount you can transfer. IDFC FIRST Bank home loan balance transfer calculator helps estimate your savings, loan amount that you can transfer from other banks to IDFC FIRST Bank, as well as your eligibility to make your loan management convenient.
Avail of loan top-ups at the same attractive rate as balance transfers
Calculate Savings for Home Loan Balance Transfer
Transfer your existing home loan in a few steps with the FASTTRACK Balance Transfer Facility
Amount You Save
Monthly EMI
- IDFC FIRST Bank
- Other
Total Amount Paid
- IDFC FIRST Bank
- Other
You Save
monthly
You Save
on entire tenure
- Your existing home loan
- IDFC FIRST Bank Home Loan
This calculator is meant for illustrative purposes only. The figures depicted above are indicative. Actual values may vary depending on the current repo rate. All loans are subject to approval by IDFC FIRST Bank.
How to Use the Home Loan Balance Transfer Calculator?
Using the home loan balance transfer calculator is a simple way to know how much is payable after transferring your home loan to IDFC FIRST Bank.
Here are a few simple steps to calculate your home loan balance transfer amount:
- Enter the details of your existing loan, including loan amount, tenure and current interest rate
- Move the tenure slider to adjust the tenure required with IDFC FIRST Bank
- The calculator will automatically calculate your revised EMI
- Compare monthly EMI savings and the total amount you’ll be paying with IDFC FIRST Bank versus your existing bank
Benefits of the Home Loan Balance Transfer Calculator
- Get a precise estimate of your total savings and the amount you are eligible for
- Save time and effort of contacting multiple bank executives to understand your EMI rates and cost of the balance loan
- Determine your expected repayment tenure and expected savings that can be made after the balance transfer
Eligibility
Home Loan Balance Transfer Eligibility and Documentation
The eligibility for a home loan balance transfer depends on the following:
- Monthly income of the applicant
- Amount of home loan being transferred
- Age of the applicant
Following are the common documents required for IDFC FIRST Bank home loan balance transfer:
- Original home loan sanction documents
- Identity proof of the applicant
- Property details
- Bank statements and other financial details (depending on the type of applicant)
Who can Apply for a Home Loan Balance Transfer?
For self-employed individuals:
- Must be an Indian resident
- Should be between 23-70 years of age
- Must have minimum 4 years of business continuity
- Must earn minimum ₹1.5 lakh per annum
- Tenure duration: 12 months to 300 months
For salaried individuals:
- Must be a resident Indian or non-resident Indian
- Should be between 21-60 years of age
- Must have minimum 3 years of work experience
- Must earn minimum ₹1 lakh per annum
- Tenure duration: 12 months to 360 months
Frequently Asked Questions
When should you consider a home loan balance transfer?
You should consider a home loan balance transfer when paying a higher interest rate than the market standard. IDFC FIRST Bank offers competitive interest rates on home loan balance transfers. Click here to know more.
How long does it take to transfer a home loan to IDFC FIRST Bank?
It may take around 5 to 20 days to transfer your home loan balances. The actual time may vary depending on factors such as the processing time of the existing bank and the documentation and approval from the new bank. IDFC FIRST Bank ensures quick processing for your convenience.
Does a home loan balance transfer affect credit score?
A home loan balance transfer doesn’t itself affect your credit score. In some ways, it can improve your credit scores, such as having fewer loan accounts and lower credit utilisations.
When should I not transfer my home loan?
When you have a lower unpaid outstanding balance, transferring them to a new bank is not considered a wise decision as you won’t be able to save much. Similarly, if you are already paying interest at market standards or lower, you should not use a home loan balance transfer feature.
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