When applying for a home loan, you, like many others, would look for a lender offering the lowest interest rate and flexible repayment options. At IDFC First Bank, you can repay your home loan over a tenure of up to 30 years, allowing you to choose a duration that fits your budget and ensures manageable EMIs. In this article, you’ll find details about the IDFC First Bank Home Loan Interest Rate and its features.

IDFC First Bank Home Loan Interest Rates February 2025

The table shows the interest rate, processing fees, tenure, and maximum loan amount applicable to the home loan available at IDFC First Bank.

Benefits of IDFC First Bank Home Loan

These are some of the benefits of IDFC First Bank Home Loan, read before you apply for it - 

• Customized Home Loans - Get a home loan that is specifically designed to meet your unique needs.
• Minimal Documentation - The loan process requires only essential documents such as identity proof, address proof, income verification, and property documentation.
• Flexible Tenure - Depending on your eligibility, you can secure a loan with a tenure of up to 30 years, helping to reduce your monthly EMIs.

Factors Affecting IDFC First Bank Home Loan Interest Rates

Home loan interest rates in India are influenced by several factors that affect the EMI. It’s important to consider these factors before applying, as they determine the affordability of your loan. Key factors include:

• Benchmark Rate Set by RBI: The RBI’s benchmark rate directly impacts the interest rates set by banks like IDFC First, influencing your loan cost.
• Type of Interest Rate: Whether it’s a fixed or floating interest rate, it can significantly affect your repayment amount over time.
• Loan Tenure: Longer tenures may result in lower EMIs but could lead to higher total interest paid.
• Location of the Property: Properties in metropolitan or prime areas may attract higher interest rates due to their market value.
• Internal Assessment via Credit Profile: IDFC First Bank assesses your credit score and financial history to determine your loan’s interest rate.
• Relationship with the Bank: A strong banking relationship with IDFC First may help in negotiating better terms and lower interest rates.

Eligibility Requirement for IDFC First Bank Home Loan

These are some of the eligibility criteria required for availing of IDFC Bank Home Loa. Read carefully - 

• Eligible Applicants - Improved eligibility for both salaried and self-employed customers.

For Salaried Individuals:

• Resident & Non-Resident Indians.
• Aged between 21 and 60 years.
• Minimum 3 years of work experience.
• Minimum annual income of Rs.1 lakh.
• Loan tenure ranging from 12 months to 360 months.

For Self-Employed Individuals:

• Resident Indians only.
• Aged between 23 and 70 years.
• Minimum 4 years of business continuity.
• Minimum annual income of Rs.1.5 lakh.
• Loan tenure ranging from 12 months to 300 months.

How To Calculate IDFC First Bank Home Loan Monthly EMI Using Calculator?

Here is an example of a different EMI with a loan tenure of up to 30 years with a home loan of Rs. 1,00,00,000 and interest rates ranging from 8.85% p.a. to 9.25% p.a You can get help with the Wishfin IDFC First Bank Home Loan EMI Calculator.

You need to put three elements - 

• Loan Amount 

• Tenure 

• Interest Rate 

Documents Required For IDFC First Bank Home Loan

Here are the documents required for the home loan process. Keep them handy:

Identity/Address Proof (one of the following):

• Aadhaar card (issued by UIDAI)
• Valid Driving License
• Valid Passport
• Voter’s Identity Card (issued by Election Commission)
• NREGA Job Card

Income Proof:

• Salaried: Last 2 months' salary slips, latest ITR or Form 16, or last 6 months' bank statements
• Self-employed: Latest ITR, balance sheet or P&L statement, GST return, last 12 months' bank or CC statements, etc.

Property Proofs:

• Photocopy of draft sale deed and chain title documents (if applicable).

Other Fees for IDFC First Bank Home Loan

Here are some other charges which are added to the home loan interest rates. Go through the table to learn more about them -

Summary!

With flexible repayment options, minimal documentation, and attractive eligibility criteria, it ensures that both salaried and self-employed individuals can benefit from affordable financing. IDFC First Bank home loan interest rate are designed to suit a variety of customer needs. The rates are influenced by factors such as the RBI benchmark rate, loan tenure, and the applicant's credit profile. Whether you opt for floating, fixed, or hybrid interest rates, the bank provides transparency and clarity on charges, making it a reliable choice for securing your home loan.

FREQUENTLY ASKED QUESTIONS

1. What is the current home loan interest rate at IDFC First Bank?

The home loan interest rates at IDFC First Bank start from 8.85% p.a. - 9.25% p.a

2. Can I negotiate the home loan interest rate with IDFC First Bank?

While the interest rate is primarily determined based on your eligibility and profile, having a strong banking relationship with IDFC First Bank may help in negotiating better terms.

3. Can I change the type of interest rate during my IDFC First Bank Home loan tenure?

Depending on the IDFC First Bank’s policies, you may be able to switch between fixed and floating interest rates during the tenure, though charges may apply.

4. What is the maximum tenure for a home loan from IDFC First Bank?

The maximum loan tenure is 360 months, which is 30 years, depending on your eligibility and the type of loan you choose.

5. Are there any special offers or discounts on home loan interest rates from IDFC First Bank?

IDFC First Bank occasionally offers promotions or discounts on home loan interest rates. It is advisable to check with the bank for any ongoing offers or schemes.

6. What is the processing fee for an IDFC First Bank Home Loan?

The IDFC First Bank Home Loan loan processing fee is up to 3% of the approved loan amount.