IDFC First Bank Home Loan

In your late mid-twenties, having a home of your own will be one of the biggest life goals you may have. The feeling of your own home is incomparable. A home loan can help you achieve this goal. With home loans, you don’t have to wait for years to transform your dream into a reality. 

Among the many home loans available, IDFC FIRST Bank Home Loan is flexible and innovative. IDFC FIRST Bank, now known as IDFC FIRST Bank, offers IDFC FIRST Bank Home Loan at lucrative interest rates starting from 8.85% p.a. with a maximum tenure of 30 years. Attractive features of this home loan include a simple documentation process, hassle-free application procedure and instant disbursement of loan amount after approval. Here are the complete details you need to know while considering IDFC FIRST Bank Home Loan to make your dream come true.

IDFC FIRST Bank offers different types of home loans from which you can choose the one that best suits your needs. The IDFC FIRST Bank Home Loan interest rates are very attractive compared to others in the market, and it is offered to both salaried employees and self-employed professionals. Take a look at the various options of home loans you have and their details

IDFC FIRST Bank charges certain other fees like processing fee which is charged over and above the loan amount, foreclosure fee to close the loan and prepayment fee for prepaying the loan before the tenure ends. IDFC FIRST Bank processing fee should be paid at the time of application, and it is non-refundable. Usually, a minimum of ₹10,000 is charged as a processing fee. IDFC FIRST Bank also charges technical and legal fees once the application proceeds further. Given below are the different charges levied by the IDFC bank when you get an IDFC FIRST Bank Home Loan:

The criteria that a customer must satisfy to get an IDFC FIRST Bank Home Loan are mentioned below.

An IDFC FIRST Bank Home Loan EMI Calculator helps you calculate the monthly EMI you have to pay if you get an IDFC FIRST Bank Home Loan. You can use the IDFC FIRST Bank Home Loan EMI Calculator offered by Bajaj Markets. Simply type in your principal amount, rate of interest and the tenure of your loan in the online calculator and click on ‘Calculate’. It will display your monthly EMI. Along with this, you can also analyze the total interest you have to pay for your loan and the total amount, including principal amount and interest. 

The table below shows the calculation using the Bajaj Markets IDFC FIRST Bank Home Loan EMI Calculator at the various combinations of loan amount and years at 6.90% p.a.

You can apply for an IDFC FIRST Bank Home Loan both online and offline.

1. How to apply online

• Visit the IDFC FIRST Bank Official website and go to the Home Loan section.

• Click on ‘APPLY NOW’.

• Enter your mobile number and click on I have read and agreed to terms and conditions.

• Click on ‘VERIFY’.

• Enter the OTP sent to your mobile number and click on ‘NEXT’.

• Enter your first name, last name, email address, city and click on ‘CONTINUE’.

• From there, a professional or the relationship manager will guide you through the next stages via phone call or email.

2. How to apply offline

• Locate the nearest IDFC FIRST Bank branch.

• Fill out the relevant form handed over to you carefully.

• Carry relevant documents with you.

• Submit the hard copy of your application form and the rest of the documents to the bank staff.

• The bank staff will verify and check the documents and will help you to understand and complete the whole Home Loan process.

Here is the list of required documents to apply for IDFC FIRST Bank Home Loan.

Here’s a quick run-through of the different types of IDFC FIRST Bank Home Loans.

• Home Purchase Loan - The home loan offered by banks to help people purchase the residential property of their choice.

• Home Construction Loan - This type of loan is offered to people to construct a house on pre-purchased land. The bank approves the loan amount based on the estimated construction cost of the home.

• Home Extension Loan - This loan helps you extend the construction of your already built home.

• Home Improvement Loan -  If you want to renovate your house, you can do so with this type of loan.

• Home Loan Balance Transfer - You can transfer the loan balance to IDFC FIRST Bank from the present bank or non-banking financial institution to get the benefits.

• NRI Home Loan - Non-resident Indians can choose an NRI home loan for a property renovation or construction of a home in India. 

• Land Purchase Loan - You can purchase a plot as an investment or for construction with this type of home loan.

You can contact the IDFC FIRST Bank’s customer care for any queries related to IDFC FIRST Bank Home Loan. IDFC FIRST Bank Home Loan toll-free number is 1800 10 888. NRI customers can contact IDFC FIRST Bank through the customer care number which is +91 22 6248 5152. IDFC FIRST Bank Home Loan complaints can be addressed to their head office as well.

• Head Office Address: IDFC FIRST Bank Ltd, KRM Tower, 7th Floor, No. 1, Harrington Road, Chetpet, Chennai - 600031

The complaints raised are likely to be resolved within 10-15 working days.