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IDFC FIRST BANK Home Loan

Home Loan - Apply Housing Loan Online

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.

Employment Type:

Salaried:

Product Home Loan Rate:

Home Loan: 8.85% onwards

Home Loan Balance Transfer: 8.85% onwards

Home Loan Top Up: Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount

Employment Type:

Self-Employed:

Product Home Loan Rate:

Home Loan: 9.25% onwards

Home Loan Balance Transfer: 9.25% onwards

Home Loan Top Up: Top Up at same ROI as BT subject to max capping of 100% of the BT loan amount

Factors Affecting Home Loan Interest Rates

When it comes to the home loan interest rates in India, there are several factors that affect the rates. Paying in EMI is the usual repayment option for a home loan, and it becomes affordable with a competitive interest rate. Before you proceed to apply, it is better to check the factors that have an influence on the home loan interest rate, which in turn affects the EMI payable. Some of the factors are:

 

MCLR or Benchmark Rate

The Marginal Cost of Funds-based Lending Rate or MCLR is the minimum interest rate at which a bank can lend home loans. The MCLR rate is fixed considering several factors such as the marginal cost of funds, operating cost, cash reserve ratio (CRR) and tenure. The banks review the rate for the borrowers during the annual reset date of the MCLR, where the duration may be 3, 6 or 12 months. The home loan interest calculation is done and charged based on the changes in the MCLR rate.

The rate at which banks borrow money from the RBI (Reserve Bank of India) for short-term financing is called the repo rate. When the RBI hikes the repo rate, banks must pay more interest to the RBI to borrow money from it. This further increases the interest rate of home loans. It is, hence, essential to consider a hike in repo rate by the RBI before taking a home loan.

Type of Interest Rate

A home loan product is offered in three types of interest rates, and they are floating, fixed and mixed. A floating rate of interest changes depending on the RBI’s policy rate changes. For instance, if the repo rate is reduced, banks reduce the home loan interest rate and vice versa. IDFC FIRST Bank offers you home loans on a floating rate, offering the cheapest home loan rates.

The fixed rate will have the same rate of interest fixed at the time of the approval of the loan, and will continue until the end of the tenure. The mixed rate will have the fixed rate of interest first and later the floating one.

Loan-to-Value (LTV) Ratio

The percentage of loan offered on the property is called LTV ratio. The higher percentage shows the maximum amount of loan the bank offers to the applicant. The bank home loan interest rate will be higher owing to the increased risk involved in lending. You can reduce the loan amount by making a large down payment, and have the lowest home loan interest rate.

Loan Tenure

The tenure of the loan can increase or reduce the interest. For instance, the home loan interest for the tenure of 20 years is higher than that for 15 years. If you are looking for the cheapest home loan rates, check here on the IDFC FIRST Bank website.

Home loans with a longer tenure have a higher interest rate than those with a shorter term. You can use IDFC FIRST Bank's home loan EMI calculator to know the best tenure for your home loan.

Location of the Property

The property located in a prime place with all the basic amenities has a higher resale value than the one in the outskirts of the city. Therefore, banks offer loans for the property, with higher resale value, at a lower rate of interest, and for the lower resale value they charge higher interest rate.

Profile of the applicant

Any bank or financial institution considers applicants' job security before sanctioning their home loan request. If you have a stable job that establishes your ability to repay the home loan in time, you can benefit from lower home loan interest rates on a home loan.

Relationship with the bank

Banks offer preferential interest rates for customers with a good credit history. If your credit score is close to 800, and if you have a good relationship with the bank, you might get a home loan at a lower interest rate.

Who can apply? 

Want to apply for home loan online? Check home loan eligibility mentioned below:

 

For Self-Employed Individuals:

  • Resident Indians only

  • Aged between 23-70 years

  • Minimum 4 years of business continuity

  • Must earn minimum ₹1.5 lakh per annum

  • Tenure duration 12 months - 300 months

 

For Salaried Individuals:

  • Resident & Non-Resident Indians

  • Aged between 21-60 years

  • Minimum 3 years of experience

  • Must earn minimum ₹1 lakh per annum

  • Tenure duration 12 months – 360 months

Take a look at the documents required for home loan process and keep them handy.

 

Valid Identity Proof

 

Valid Address Proof

 

Valid Income Proof

  • Salaried: Last 2 months salary slip/ latest ITR or Form 16/ last 6 months bank statement

  • Self-employed : Latest ITR/ balance sheet or P&L statement/ GST return/ last 6 months bank statements or CC statements, etc

 

Property Proof

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

  • Allotment/Possession letter

  • No objection certificate from the society and other documents as per legal report

Charges:

Processing Fees Up to 3% of loan amount Upfront PF / IMD to be paid at the time login and balance at the time of loan agreement execution

Other charges:

EMI bounce charges₹400 Exclusive of GST For each presentation dishonored

Repayment instrument swap charges₹500Per repayment change request

Copies of documents Charges ₹500 Per request for copies

List of Documents

Soft copy - NIL

Physical copy ₹ 500 Exclusive of GST

Per request of list of documents

Duplicate No Objection Certificate Issuance Charges₹500 Exclusive of GST Request in addition to bank’s issued letter

 

Stamping Charges. AS per actuals As applicable for each state for creation of mortgage

MCLR to EBR type NIL-

Loan re scheduling charges NIL-

Repayment Schedule

Soft copy - NIL

Physical copy ₹ 500 Exclusive of GST

Per physical repayment schedule request

Statement of Account

Soft copy - NIL

Physical copy ₹ 500 Exclusive of GST

Per physical Statement of Account request

Document retrieval charges₹500 Exclusive of GST Per retrieval request

EMI Pick up/ Collection Charges₹350 Exclusive of GST Per Pick up /collection

Cheque/ Instrument Swap charges (per swap)₹500 Exclusive of GST-

Cancellation & Rebooking Charges1% of the loan amount + interest from date of disbursal till receipt of cancellation request. Cancellation request to be received within 30 days or 1st EMI presentation date, post which cancellation will be treated as foreclosure

Charges on account of delayed payments/defaults

Late payment/Penal charges/ Default interest/Overdue (per month)2% per month (Exclusive of GST) of the unpaid EMI or Rs 300 (Exclusive of GST) whichever is higher

Incidental charges & Expenses Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. Charged on actuals

Fees

Re-pricing Fees Up to 2% Exclusive of GST Re-pricing Fee will be charged on loan outstanding. At the request of the borrower, bank at its sole discretion may permit the borrower for repricing of the loan

Part Payment charges

Type of Fees Remarks

Part Payment charges NIL

Foreclosure / Prepayment charges

Type of Fees Remarks

Foreclosure / Prepayment charges NIL

Reset Frequency

Loans booked from 1st October 2019 onwards which are linked with EBR (External Benchmark Rate) would be reset every 3 months.

Insurance

Specialized insurance products funded with Home Loans

GST, as applicable, will be levied on all service charges. The above Schedule of Charges is subject to be revised from time to time by the Bank, as will be updated on the official website of the Bank.

Cash and DD charges

Cash Deposit Free Limit     1 lac

Cash deposit -Charge above free limit      ₹3 per 1000

DD payable at Correspondent Bank locations     ₹30 per DD

Cheque Return

Cheque deposited –  ₹50      per cheque

Cheque issued –  ₹250 per cheque

Debit Card & ATM charges

Annual charges - Free 

ATM transactions IDFC Bank Ltd. ATMS - Free 

ATM transactions Non IDFC ATMS (Cash Withdrawal, Balance Enquiry)5 Txn per month Free, above 5 txn, Balance Enquiry ₹8 per Txn, Withdrawal ₹20 per Txn 

Reissuance (lost or damaged) - Free 

Cross Country Mark Up for International transactions (POS/ATM) - 2% 

Pin Regeneration - Free

Payment Services

Intra-Bank Fund Transfer - Branch Free

Intra-Bank Fund Transfer -Internet Banking Free

RTGS Payment - Branch Free

RTGS Payment - Internet Banking Free

NEFT Payment - Branch Free

NEFT Payment - Internet Banking Free

NACH Payment Free

IMPS Free

Payable At Par Cheque Issuance Free

DD payable at IDFC BANK locations Free

DD - Duplicate Issuance Free

DD Cancellation/ revalidation Free

Miscellaneous Services

Account Statement Physical ( Branch/ Channel) - Free

Payable at Par Cheque Book - Free

Account Closure - Free

SMS/ E mail Alerts - Free

Phone Banking - Free

Net Banking - Free

Mobile Banking - Free

Standing Instruction- Set Up/Execution/Amendment - Free

Bill Payment- Net Banking - Free

Bankers Verification (Photo/ Signature/ Address) - Free

Balance Confirmation Certificate - Free

Record Retrieval - Free

Interest/ TDS Certificate - Free

Stop Payment per Instruction - Free

Balance Enquiry (Branch/ Channels) - Free

Fees

Re-pricing Fees Up to 2%Re-pricing Fee will be charged on loan outstanding. At the request of the borrower, bank at its sole discretion may permit the borrower for repricing of the loan

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