What is the amount of home loan that I am eligible for as a salaried or self-employed person

What is the amount of home loan that I am eligible for as a salaried or self-employed person?
IDFC FIRST Bank Home Loan

If you are an Indian, it is quite a normal aspiration to own a home during your lifetime. It is one thing to aspire for something and another thing to actually go out and achieve it. Fortunately, for Indians such as you with a steady job providing a stable income or a business profile with a steady income stream you can avail home loans from lenders such as IDFC FIRST Bank quite easily by satisfying the liberal eligibility conditions prescribed by the bank.

Liberal Loan Amount and Tenure

The bank seeks full disclosure from you in the form of KYC documents and income proof to satisfy itself that you can repay the loan. Further, the bank offers home loans based on certain criteria that include among other things the following

  • A multiple of your gross monthly income as the maximum quantum of a home loan – typically it is about 100 times your gross income. For instance, if your gross income is Rs 50,000 per month, then you are eligible for a loan amount of Rs 50 lakh.
  • The loan amount is also dependent on the value of the home you are buying. It is up to 85% of the value of the home. The bank determines the quantum of the loan based on these two important criteria

You can check the product features here.

4 types of home loans

You can avail IDFC FIRST Bank home loan from among the four categories as follows

  • Simple home loans – offers the lowest interest rate
  • Short and sweet home loans – offers a range of benefits
  • Booster home loans – offers higher loan eligibility
  • Max saver home loans – offers low loan interest rate and higher flexibility

You can choose the most appropriate type of loan from the above four options. You can get more details here.

Eligibility Calculator

You can check your eligibility by using the home loan calculators provided by IDFC FIRST Bank. With the home loan eligibility check calculators, you can assess various parameters of your proposed home loan such as loan amount based on your income, tenure, interest rate and EMIs for those loan parameters. The calculators help you to check home loan eligibility for self-employed and salaried borrowers separately.

Main Features

The main features of the home loan include

  • Loans extended for purchase of ready property, construction of new building and transfer of home loan of other lenders
  • The maximum loan amount can go up to Rs 10 crore subject to the value of the property
  • Maximum tenure can go up to 30 years for salaried borrowers and 20 years for self-employed borrowers subject to an age ceiling of 65 years
  • Minimum age of borrower – 21 years for salaried and 23 years for self-employed
  • Repayment of only interest during the construction period
  • Co-applicant allowed to increase the quantum of loan

Special features of home loan

Besides, the above IDFC Home loans provide some unique features which include

  • Digital document, seamless net banking and online tools to monitor home loan
  • One stop account window for all banking products
  • Special customer engagement program including banker on call – no IVR issues
  • Life, home and health Protection – bundled with repayment options to protect from untoward incidents or threat to life of owner

Standard documents

The IDFC Home loan product seeks standard documentation such as

  • Identity Proof and Address Proof - Aadhaar, Driving License, PAN, Passport, Voter ID or NREGA Card
  • Age proof
  • Income proof – salary statement for last 3 months, 2 years ITR and 6 months bank statements

Interest on home loan

The IDFC Home loan comes with attractive floating interest rates. The bank follows the 6-month MCLR benchmark + spread of IDFC FIRST Bank – the current benchmark rate is 8.7%; the benchmark could change every six months. The spread depends on the desired category of home loan. For instance, under Short and Sweet Home Loan category the home loan interest rates are

  • Home loan for salaried employee interest rate: 8.7 MCLR + 0.4 spread = 9.1% p.a. for loan amount up to Rs 30 lakh; 8.7 MCLR + 0.5 spread = 9.2% p.a. for loan amount above Rs 30 lakh. For top-up loan: 8.7 MCLR + 1.65 spread = 10.35% p.a.
  • Home loan for self-employed interest rate: 8.7 MCLR + 0.5 spread = 9.2% p.a. for loan amount above Rs 30 lakh. For top-up loan: 8.7 MCLR + 2.1 spread = 10.80% p.a.

Additional benefits of IDFC Home Loan

IDFC Home Loans come with attractive home loan solutions that help borrowers to acquire a home of their choice. The bank supports the home buying process through quality inputs sourced from the bank’s immense experience in extending home loans to millions of customers. The support comprises

  • Expert advice on a variety of home loan issues
  • Easy to use calculators for evaluating different choices
  • Home buying guidance tool
  • List of approved projects
  • Home loan tracking facility

Availing a home loan from IDFC FIRST Bank is effortless as the bank looks at the interest of home buyers and creates home loan products that suit the varied requirements of discerning home buyers.


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Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,

Corporate office:


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

IDFC FIRST Bank Customers

Toll Free No - 1800 419 4332
Email - Banker@idfcfirstbank.com

Capital First Customers

Toll Free No - 1860 500 9900
Email - Customer.Care@Capitalfirst.Com


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