Enjoy Zero Charges on All Commonly Used Savings Account Services
Customer care hotlineCall 1800 10 888
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.
Wide array of product variants to suit every requirement
Attractive home loan interest rates
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 –
Step 1
Click on APPLY NOWStep 2
Enter your mobile no. and click on I have read & agreed to the terms and conditions.Step 3
Click on VERIFYStep 4
Please enter OTP sent to your mobile no. and click NEXTStep 5
Please enter First Name, Last Name, Email Address, City and click CONTINUEWant 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
Property Proof
Business Proof (Click Know More for more details)
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.
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.
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.
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.
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
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.
Transferring your existing Home Loan from another financier to IDFC FIRST Bank is known as a balance transfer.
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.
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.
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.
Pre-EMI interest is the pro-rata interest charged from the date of disbursement till the first EMI due date.
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.
IDFC FIRST Bank now offers floating rates that are linked to an external benchmark rate.
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.
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.
The Home Loan interest rates are linked to a benchmark rate and will change as an when the benchmark rate changes.
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.
The change in your Home Loan interest rate will be communicated to you via SMS and a physical letter.
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.
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.
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
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.
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.
In all circumstances, the property itself, whether purchased or anticipated to be purchased, serves as security for the whole loan term.
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
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.
IDFC FIRST Bank gives Home Loan amount from INR 5 lakh to INR 10 Crore.
Click here to use our Home Loan EMI Calculator on our website to see how your EMI will be calculated.
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%.
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.
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.
No, you will not be charged for this change.
Yes
12% p.a. will be applicable. (Applicable interest rate may vary from time to time)
Following charges are applicable: 0.1% of the sanctioned loan amount or Rs.10,000/-, whichever is lower, excluding applicable charges/taxes.
Please contact IDFC FIRST Bank customer care at 1800 10 888 or visit the nearest loan centre branch.
Switching from floating to fixed is allowed only twice during your loan tenor
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
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.
FEATURED
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.
Team FinFIRST05 Nov 2022 • 3 mins read
02 Nov 2021 • 3 mins read
16 Nov 2021 • 3 mins read
16 Nov 2021 • 3 mins read
26 Oct 2021 • 3 mins read
Earn monthly interest credits on your savings account
Move to India's best lifetime Credit Card