Unlimited benefits with a start-to-finish digital process with IDFC First Bank Home Loans
The only FASTag with triple benefits
Buying a home is now easier than ever. With IDFC FIRST Bank home loan, we give you the best home loan interest rates on housing finance and a wide selection of property, so you can live your best life. Apply for home loan online with us and avail of our low EMI option and quick processing facility. Once you’ve applied, you can even track your house loan status. What’s more? We have also expanded our criteria to make them more accessible. You also get the option to effortlessly transfer a house loan if you have an existing one. So, come, live in your dream home with IDFC FIRST Bank.
Wide array of product variants to suit every requirement
Attractive home loan interest rates as low as 6.90% for salaried customers for loan amounts above 30 lacs
Best in market/ Higher Eligibility on the house loan amount for Salaried and Self Employed customers
Digitalized home loan process for a hassle-free customer experience leading to a faster TAT
Loan offerings varying from ₹1 lac to 5 Crores depending upon the eligibility and need of the customer
Longer home loan tenure varying from 12 months to 360 months
Exclusive BT surrogate Program from select Banks/NBFC’s to waive off the legal charges
Additional income like Reimbursements, Bonus, Rentals, etc., considered arriving at eligibility for salaried customers
Various surrogate programs to arrive at eligibility to cater to higher home loan amount requirements for Self Employed customers.
Loans for new Residential purchases, Plots + Construction, Resale, Balance Transfers, Top-ups etc.
Specialized insurance products
Integrated branch network across India for availing and servicing the house loan
Transfer your existing home loan in a few steps with the FASTTRACK Balance Transfer Facility
Enjoy amazing features such as:
"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."
"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."
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 –
Want to apply for home loan online? Check home loan eligibility mentioned below:
For Self-Employed Individuals:
For Salaried Individuals:
Take a look at the documents required for home loan process and keep them handy.
Valid Identity Proof
Valid Address Proof
Valid Income Proof
Business Proof (Click Know More for more details)
A home loan, or a house loan, allows you to purchase the home of your dreams without having to pay for it upfront. Depending on your home loan eligibility, you can secure a loan that is as high as 90% of the value of the property. You can check home loan eligibility in many ways, be it online, through our app or by visiting any of our branches.
: IDFC FIRST Bank Home Finance has made it easy for you to apply for home loan online. Please submit your details online through our website, and we will inform you of your home loan eligibility by calling you. Once our representative collects the documents required for home loan, we will follow a verification procedure to cross-check your details; in which case, our representative may also have a short personal discussion with you. After we successfully verify your details, home loan is sanctioned and the money is transferred or DD is issued in favour of seller/builder/bank or FI in case of BT. You can even avail many tax benefits post- disbursal of your home loan.
Yes, you will have to make a down payment. 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 cost of your future home upfront.
No, there is no need to visit a branch to apply for house loan. We have made the home loan process simple; you can apply for this home loan through our website. You can check home loan eligibility online too. Alternatively, you can also submit an application using our mobile application available for download on the Play Store for Android, and App Store for iPhones. You can submit your application details online and we will inform you of your eligibility by calling you. IDFC FIRST Bank will arrange to pick the documents required for home loan from your residence or office.
IDFC FIRST Bank offers house 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 21 years of age at the time of taking the home 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 offers this home loan to Micro, Small and Medium Enterprises. It’s easy to get the loan amount with our fasttrack balance transfer facility and enjoy our amazing benefits.
Yes, you can apply for house loan even if you do not have any income documents. Our 'No Income proof' Program allows customers without regular income to avail of a loan and home loan tax benefits.
No, you do not need a co-applicant for your home loan. However, if the property for which you want to apply for house loan has co-owner(s), then this or these person(s) must also be co-applicant(s) on your home loan application. If you want to be a single applicant, life insurance is compulsory for you.
No, you don’t need a guarantor to apply for house loan.
Yes, self-employed individuals can get a home loan. We give home loans to sole proprietors, self-employed individuals, partnership firms and directors of the companies. 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 is 70 years.
We carry out certain verifications to ascertain the suitability of your application. Our underwriting team will initiate a discussion with you either by 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 house 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. 3,000 for home loans up to Rs. 15 lakh and Rs. 5,000 for loan amount exceeding Rs. 15 lakh. Applicable GST will also be levied on the processing fee amounts.
We offer only floating house loans to our customers. Please feel free to reach out to any IDFC FIRST Bank representative and we will provide you with 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.
There are several advantages when you apply for house 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 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 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 the management of the 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 house loan amount, please feel free to contact any IDFC FIRST Bank representative and we will be glad to assist you.
In order for us to process your application, you’ll have to submit certain documents required for home loan. Some documents must be mandatorily provided as per the Reserve Bank of India (RBI) 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 beforehand
• Any other obligation documentation (SOA, Sanction Letters, etc.)
IDFC FIRST Bank does 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 the mortgage should be legally valid.
• Technical Check: We check if property approvals are in place for the 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.
After we have received your application, there are house 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 or tenure. If you have opted for the ECS method of repayment, in the subsequent month to repayment, your EMI or tenure will reduce. In case you have given PDCs, you will need to submit fresh cheques. No extra charges are applicable for individuals and floating rate borrowers who choose to make a pre-payment. If you have any questions regarding prepayment, please feel free to any IDFC FIRST Bank representative 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, 5th or 10th 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.
MCLR of the Bank is announced on a monthly basis. EBR will change as and when RBI changes the Repo Rate.
Yes, you can cancel your application after your loan has been approved. However, we would deeply regret the loss of your patronage. Please feel free to contact any IDFC FIRST Bank representative and we will help you with processing your cancellation request.
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.) and floating rate loans to Micro, Small and Medium Enterprises extended by banks with effect from October 01, 2019 to external benchmark. IDFC FIRST Bank has adopted Repo rate as the external Benchmark lending rate with effect from October 01, 2019.
New customer at REPO RATE: - All new floating rate loans and credit limits renewed with effect from October 01, 2019 will be linked to Repo rate. Existing customer at MRR/BPLR/Base rate/MCLR: - Existing loans and credit limits linked to MRR/BPLR/Base rate/MCLR shall continue till repayment or renewal, as the case may be. Only if existing customers approach us and give request for switching from MRR/BPLR/Base rate/MCLR to REPO RATE then only it will be changed. Once transitioned to REPO RATE, the customer can’t switch back to the old benchmark rates.
All loans will be linked to REPO RATE. The rate offered to you shall be the REPO RATE plus spread. It may be noted that the Repo rate would be reset every three months. Further, the Bank is free to decide the spread over the Repo Rate. The spread may undergo a change during the tenure of the loan.
For all loans linked to Repo rate, the reset frequency would be three months.
Yes, for all floating rate loans, if customer is on MRR/BPLR/Base rate/MCLR, customer can give request to move to REPO RATE. Hence, the benchmark rate and spread shall undergo a change. Bank shall charge administrative fee of 0.50% of the POS or Rs.20,000/- whichever is lower
The Repo Rate would be reset every three months. The impact would be given on loan tenure first, however if maximum tenure has already been availed then the EMI would have to be modified.
I. Impact on Tenor
Suppose, if the maximum permissible tenor for HL is 35 years and existing borrowing of Mr. A has a tenor of 25 years, the bank would elongate the tenor either to maximum permissible year I.e. 35 years in this example or such mutually acceptable term depending on risk profile or any other parameters on case to case basis, so that his existing EMI continues to be the same.
II. Impact on EMI
If at the time of original sanction itself, customer has already availed the borrowing for the maximum tenor permitted by the bank and there is no further room for extension of tenor, in such case EMI would be impacted to the extent of rate change or to give effect to the rate change.
No, there is no option to move back from REPO RATE to Base rate/BPLR/MRR/MCLR.
Yes, Base rate/MCLR will be reviewed by the Bank from time to time and it may or may not change.
Pradhan Mantri Awas Yojana (Urban) for ensuring housing for all in urban areas was launched on 25th June 2015 providing pucca houses to all eligible beneficiaries by 2022
Interest Subsidy up to 2.67 lakh per house is admissible for Beneficiaries of Economically Weaker Section (EWS)/Low Income Group (LIG), Interest Subsidy up to 2.35 lakh to Middle Income Group (MIG)-I and Interest Subsidy up to 2.30 lakh to Middle Income Group (MIG)-II seeking housing loans from Bank.
Note: Interest subsidy for MIG category is discontinued from 1st April 2021 by NHB.
For EWS/LIG - Husband, Wife and unmarried children constitute household/Beneficiary Family
For MIG - Husband, wife and unmarried children
An adult earning member (irrespective of its marital status be considered as separate household)
Note: Interest subsidy for MIG category is discontinued from 1st April 2021 by NHB.
The income norms for various Household categories are defined as under:
EWS households/individuals with an annual income up to Rs. 3.00 lakh
LIG households/individuals with an annual income more than Rs. 3.01 lakh and up to Rs. 6.00 lakh
MIG I households/individuals with an annual income more than Rs.6.01 lakh and up to Rs. 12.00 lakh
MIG II households/individuals with an annual income more than Rs12.01 lakh to Rs.18.00 lakh
Note: Interest subsidy for MIG category is discontinued from 1st April 2021 by NHB.
Apart from Income and Property related documents required for Home Loan. Additional documents are:
· Aadhaar card of all applicants and their spouse
· PMAY declaration form and Aadhar consent Form duly filled
IDFC First Bank does not charge any additional processing fee for availing the scheme by eligible customers
: IDFC First Bank will claim the subsidy benefit for eligible borrowers from NHB (National Housing Bank) post disbursement of the loan.
For all eligible borrowers, the subsidy amount would be paid to IDFC First Bank.
Once IDFC First Bank receives the interest subsidy, it will be credited upfront to the loan account and EMI will be readjusted. Customer would be updated by a SMS when the subsidy claim is submitted to NHB and once the account is adjusted post receiving the subsidy from NHB
No, household cannot take the benefit under CLSS as spouse in beneficiary family/household already owns one property.
No, it is mandatorily required to provide the Aadhaar card details of all the applicants in the beneficiary family.
We will be glad to help you with any questions regarding the IDFC FIRST Bank home loan. Please feel free to contact any IDFC FIRST Bank representative. If you have a more pressing matter to discuss, feel free to visit any of our branches and speak to our customer representatives.