A home is a dream place for all of us. It doesn't matter how much we have if we do not have our own, somewhere inside we get hurt. So, we start exploring the possibilities of purchasing a home by full payment or taking a loan from the financial institution. Since the value of the property can get a little out of hand for most of the low and middle-income population, it is feasible to opt for a loan to own a home.
IDFC First Bank Home Finance Private Limited is a non-banking finance company (NBFC) engaged in the business of providing home loans and other credits to both salaried professionals and business classes for a tenure of up to 30 years. The highlight of the firm’s home loan offering is the permission of part-payment and no prepayment charges, encouraging the borrowers to take a home loan. Moreover, IDFC First Bank's home loan offers an affordable interest rate and a minimal processing fee on the loan amount. Now comes the point of how much loan amount you require and how much you are eligible to receive? This will be clear to you once you go through the table below.
IDFC First Bank Home Loan Interest Rate Details
IDFC First Bank Home Loan Interest Rates range starts from 8.85% per annum. Whereas the loan amount details are as follows –
Interest Rate | starts from 8.85% p.a. |
Loan Amount | 10 crore |
Loan Tenure | Up to 30 years |
Minimum Income | For Salaried: Rs 1 lakh p.a. For Self-Employed: Rs 1.5 lakh p.a. |
Types of IDFC First Bank Home Loan
IDFC FIRST Housing Loan
Designed for individuals looking to purchase or construct a house/flat, renovate an existing property, or buy a plot and build a home on it.- Loan Amount: Up to Rs 10 crore
- Tenure: Up to 30 years
IDFC FASTRACK Home Loan Balance Transfer
Allows existing home loan borrowers from other banks or housing finance companies to transfer their loans to IDFC FIRST Bank at lower interest rates. Customers can also opt for a top-up loan at the same rate as the balance transfer.- Loan Amount: Up to Rs 2 crore
- Tenure: Up to 30 years
Steps to Apply for an IDFC FASTRACK Home Loan Balance Transfer
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Enter your mobile number and confirm that you’ve read the Terms and Conditions.
- Step 3: Click on ‘Verify’. An OTP will be sent to your mobile. Enter the OTP to proceed.
- Step 4: Fill in your personal details such as first name, last name, email ID, and city. Then click ‘Continue’ when you’re done.
IDFC First Bank Home Loan Eligibility Criteria
For Salaried Individuals:
- Applicable to both Resident and Non-Resident Indians
- Age: 21 to 60 years
- Minimum 3 years of work experience
- Annual income of at least Rs 1 lakh
- Loan tenure: 12 to 360 months
For Self-Employed Individuals:
- Applicable to Resident Indians only
- Age: 23 to 70 years
- Minimum 4 years of stable business operations
- Annual income of at least Rs 1.5 lakh
- Loan tenure: 12 to 300 months
Agri-Allied Sector
- Aged between 23-70 years
- Minimum 2-3 years of continuity
Documents Required for IDFC First Bank Home Loan
Keep the necessary home loan documents ready for a smooth application process:
- Identity & Address Proof (any one of the following):
- Aadhaar Card (issued by UIDAI)
- Valid Driving License
- Valid Passport
- Voter ID (issued by the Election Commission)
- NREGA Job Card
- Income Proof:
- For Salaried Applicants:
- Last 2 months’ salary slips
- Latest ITR or Form 16
- Last 6 months’ bank statements
- For Self-Employed Applicants:
- Latest ITR
- Balance Sheet / Profit & Loss Statement
- GST Return
- Last 12 months’ bank or current account statements
- Property Documents:
- Photocopy of the draft sale deed
- Chain of title documents (if available)
How Can You Calculate EMI for IDFC First Bank Home Loan?
Do you know how the IDFC FIRST Bank home loan eligibility calculator functions? If not, then you are at the right place to know it. The Wishfin IDFC First Bank Home Loan EMI Calculator takes into account your income and savings to come out with a loan amount offer. You can understand the technicality of loan amount eligibility with the help of an illustration.
For example-
Simran Singh, a school teacher in Lucknow, wants to buy the home of her dreams. She approaches IDFC FIRST Bank for a home loan of Rs 50 Lakhs. The bank carefully evaluates her eligibility and repayment capacity. Based on the assessment, she is offered the same loan amount at an interest rate ranging from 8.85% p.a. for a tenure of 25 years. Simran can use the home loan EMI calculator to estimate her monthly installments for different tenures and enjoy a smooth, stress-free home loan journey.
| Loan Tenure | Interest Rate - 8.85 % p.a. |
|---|---|
5 | Rs 1,03,428.16 |
10 | Rs 62,932.70 |
15 | Rs 50,268.14 |
20 | Rs 44,505.08 |
25 | Rs 41,447.43 |
Fees/Charges on IDFC First Bank Home Loan
Here are the additional fees/charges that are levied upon the home loan in addition to the home loan interest rate -
Processing Fees | Up to 3% of the loan amount. |
| Rs 500 |
EMI Bounce charges per presentation | A 7.5% charge applies on bounced EMIs, with fees ranging from ₹400 to ₹1,000 (excluding GST). |
Cheque/ Instrument Swap charges (per swap) | NIL |
| Free in soft copy; Rs 500 for a physical copy |
Cancellation & Rebooking Charges | 1% of the loan amount + interest |
Switch Fees | Upto 2% |
Foreclosure / Prepayment / Part Payment charges | Floating Rate Loans: No charges Fixed Rate Loans: Up to 2% of the outstanding principal (plus applicable taxes) Hybrid Rate Loans:
|
Initial Money Deposit/ Application Fees (Non-refundable) | Upto 5000 IMD/Application Fees is part of the Processing fees |
Penal Charges for Delay of Payment | 2% per month or Rs 300 (whichever is higher), excluding GST, on unpaid EMI. |
Benefits of IDFC FIRST Bank Home Loans
- Attractive Interest Rates -Enjoy competitive home loan interest rates that make your EMIs more affordable.
- Higher Loan Eligibility - Get access to higher loan amounts based on your income and financial profile.
- Seamless Digital Process - Apply, upload documents, and track your loan digitally—quick and paperless.
- Large Loan Amounts - Finance big-ticket home purchases with high-value loan options.
- Flexible Repayment Tenure - Choose a loan tenure of up to 30 years, helping you manage EMIs comfortably.
- Easy Balance Transfer Facility - Switch your existing home loan to IDFC FIRST Bank easily and save on interest.
- Loans for Diverse Needs - Whether it’s for buying, building, renovating, or extending, there’s a home loan to suit every purpose.
- Insurance Solutions - Access to specialized insurance products for loan protection and peace of mind.
Benefits of Home Loan Interest Rate of IDFC FIRST Bank
Below are some of the home loan interest rate benefits of the IDFC First Bank; make sure to go through them to avoid unnecessary interest rates.
- Customized Loan Solutions - Get a home loan customised to suit your specific needs and financial profile.
- Minimal Documentation - Enjoy a hassle-free process with basic paperwork—just identity, address, income, and property proofs.
- Long Repayment Tenure - Eligible applicants can opt for a maximum tenure of up to 30 years, making EMIs more manageable.
How Can You Apply Online For An IDFC First Bank Home Loan?
You can apply at Wishfin for home loans at IDFC First Bank as the experts here make sure you get instant approval and best rate as per your eligibility. You can apply online as per your convenient time and the executive will get back to you soon.
IDFC First Bank Loan Account Statement
You will get the e-statement for each EMIs that will be deducted from your account. The statement will be sent to you on your registered email ID and the notification will be given via mail and an SMS on the registered mobile number. The statement will include the details of the EMI and will be reaching the customer for the whole tenure for which the loan continues.
IDFC First Bank Home Loan Customer Care Number
You can call the IDFC First Bank Home Loan Customer Care Number on -
- 1860 500 9900
between 9:00 am – 7:00 pm Monday – Saturday
Summary!
IDFC FIRST Bank Home Loans offer a seamless borrowing experience with attractive interest rates, flexible tenures of up to 30 years, and minimal documentation. Whether you're planning to purchase a new home, build one from the ground up, or shift your existing loan for more favorable terms, IDFC FIRST Bank offers tailored home loan solutions to meet your unique requirements. With a user-friendly digital process, enhanced loan eligibility, and swift approvals, the bank makes your homeownership journey simple, flexible, and stress-free.
FREQUENTLY ASKED QUESTIONS
1. What is the maximum home loan amount I can get from IDFC FIRST Bank?
You can avail up to Rs 10 crore from IDFC First Bank for the home loan purpose, depending on your eligibility and repayment capacity.
2. What is the maximum tenure for repayment under the IDFC First Bank Home Loan?
The loan tenure can go up to 30 years, based on your age, profile, and loan type.
3. What are the current interest rates offered by IDFC First Bank Home Loan?
IDFC First Bank Home Loan Interest rates typically start from 8.85% p.a., but may vary based on your credit profile and the type of loan.
4. Can I transfer my existing home loan to IDFC FIRST Bank home Loan?
Yes, you can opt for the FASTRACK Home Loan Balance Transfer and also avail a top-up loan at competitive interest rates.
5. What documents are needed to apply for an IDFC First Bank Home Loan?
Basic documents needed for IDFC First Bank Home Loan:
- Identity and address proof
- Income documents (salary slips/ITR)
- Bank statements
- Property-related documents
6. Are there any prepayment or foreclosure charges for IDFC First Bank Home Loan?
For floating rate loans, there are no prepayment or foreclosure charges. For fixed rate loans, a charge of up to 2% of the outstanding amount may apply.
