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IDFC Bank Home Loan

Rajat
  • Updated
 
Bank Name
Interest Rate Range 
Processing Fee Range 
Loan Amount 
Tenure Range 

IDFC Bank Home Loan

 8.90%
Floating
₹5,000 + Applicable Tax
 
30L Min
 
 5-30 Years

 

Things you'll love
  • No guarantor required
  • No pre-closure and part payment fee
Documents Required
  • KYC-PAN, address & ID proof
  • Income proof, bank statement and one photograph
 
Eligibility Criteria
  • The applicant and co-applicant (if any) should be at least 23 years old
  • Salaried applicants must have completed a year in present organisation with complete 2 years of job experience
 
Fees & Charges
  • Preclosure fee = 0
  • Part payment fee = 0 

IDFC is one of the leading banks in India that offers attractive financial services and products. The house loans offered by this bank come with fantastic flexibility and innovation. The house loan offers you the upfront money you have to buy the home that you always wanted. You can avail those loans at lucrative interest rates.

Eligibility Criteria for IDFC Bank Home Loan:

  • The minimum age to use for IDFC Bank Home Loan stands at 23 decades. The co-applicant also must be 23 years old.
  • The minimum earnings of the applicant, if salaried, has to be at least Rs.50,000 a month (gross fixed wages ). This income considered has to be the Gross Monthly Income (GMI) plus 50 percent of the last three months average commissions plus annual bonus monthly.
  • The minimum loan amount that can be borrowed is Rs.30 lakh.

IDFC Bank Home Loan Interest Rates and Other Charges:

Type of interest Floating
Rate of interest Salaried applicants – 8.35% Self-employed applicants – 8.45%
Processing fees Nil processing fees till December
Pre-closure or part-payment charges Nil

Documents Required for IDFC Bank Home Loan:

The files needed to apply for IDFC Bank Home Loan are cited below:

  • Duly filled in and signed up house loan application form together with recent passport sized photos.
  • Photocopy of PAN (Permanent Account Number) card.
  • Photocopy of the Aadhaar card of the applicant.
  • Salary slips for the past three months.
  • Latest Form 16 or Income Tax Return certificate.
  • Bank statement for the last 6 months.
  • Property documents.

Tenure of the IDFC Home Loan:

  • The minimum tenure of the loan is 5 years.
  • The maximum tenure of the IDFC Bank Home Loan is 30 years.

Important Specifications of IDFC Bank Home Loan:

Type of the property Ready to move in flats, houses and under-construction properties can be purchased using this loan. Gram Panchayat Properties or Bkatha cannot bought with this loan.
Resident Type Company provided / Rented / Owned
Employment status The applicant must have an at least 1 year of work experience in the current organisation and a total experience of 2 years, if salaried. In case of the self-employed home loan applicants, the minimum work experience must be at least 3 years.
LTV or Loan to Value Ratio The LTV or Loan to Value ratio must be 85 percent for loans of up to Rs.30 lakh. For home loans ranging from Rs.30 lakh and also Rs.75 lakh, the Loan to Value ratio must be 80%. For loans above Rs.75 lakh, the LTV has to be 75%.
FOIR For an amount of up to Rs.50 lakh, FOIR stands at 50%. For all other amounts, FOIR is 60%.
Cross-city applications Both property and customer must be in the list of cities mentioned by the bank.
Region specific filters Salaried employees working in Category A and Category B companies
Category of Employer Mentioned in the enclosure
Pin code List Mentioned in the enclosure
Negative Pin code Mentioned in the enclosure
NRI Policy Not applicable at the moment

Types of IDFC Bank Home Loans:

IDFC Bank understands that different individuals have different requirements. So, they have designed multiple mortgage options that appeal to the needs of all their customers. The Kinds of IDFC Bank home loans are cited below:

  • Simple Home Loans
  • Short & Sweet Home Loan
  • Booster Home Loan
  • Maxx Saver Home Loan

Features and Benefits of IDFC Bank Simple Home Loans:

  • The applicant can avail a home loan of up to Rs.10 crore.
  • The applicant can avail up to 85% of the value of the property as loan.
  • If the property is under construction, all that the applicant needs to pay during that period is the interest on the home loan.
  • The rates of interest offered by the Simple Home Loans are extremely competitive.
  • The digital document can be availed by the borrower on a pen drive.
  • The borrower can enjoy consolidated statement for all of the accounts that he/she holds with IDFC Bank.
  • Avail help and assistance with all your queries from phone bankers round the clock.

Features and Benefits of Short & Sweet Home Loan:

  • The maximum amount of loan that can be availed under this loan scheme is Rs.10 crore and the Loan To Value ratio stands at 85%.
  • The applicant can deposit an extra money he/she has and save interest in turn.
  • The applicant can withdraw money from the account whenever he/she wants, just like any other savings account.
  • You can repay the loan faster as the deposits bring down the interest outgo.
  • When the applicant adds family members to this scheme, the eligibility of the applicant towards the loan goes up.
  • The applicant can avail mortgage credit shield for lucrative rates.

Features and Benefits of Booster Home Loan:

  • The maximum amount of the loan that can be availed by an applicant under this home loan scheme is Rs.75 lakh. The LTV or Loan to Value ratio stands at 85%.
  • The principal moratorium gives a boost to the housing loan applicant. You can easily make profits from the future inflows as there is no principal repayment.
  • The applicant can use the additional amount for investments or management of finances.
  • The applicant can avail mortgage credit shield for lucrative rates.
  • The borrower can enjoy attractive rates of interest.
  • Avail help and assistance with all your queries from phone bankers round the clock.
  • The digital document can be availed by the borrower on a pen drive.

Features and Benefits of Max Saver Home Loan:

  • The borrower may enjoy time savings of the Short & Sweet home loan and lower rates of interest of the Simple home loan.
  • The maximum loan that can be availed under this specific loan strategy will be Rs.10 crore. The LTV or Loan to Value ratio ought to be 85%.
  • The applicant can choose to decrease the tenure of their loan to bring down the outflow of curiosity.
  • The applicant may enjoy loan liquidity using this scheme and draw whenever he/she needs treating it just like any other savings accounts.
  • The eligibility towards the loan can be increased by adding family members.

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