IDFC Bank Home Loan

Home Loan Rates EMI 2017 62 views

About IDFC Bank Home Loan

One of the newest private sector banks in the block, IDFC Bank offers a home loan to eligible salaried employees and self-employed individuals so that they can build a house of their dreams. It is a dream come true when you are able to buy your own house. And IDFC Bank has taken the initiative to fulfill the housing dreams of many people by offering a home loan. The product can be used to buy any ready property or under construction property or even for the balance transfer of an already running loan. IDFC Bank offers a home loan up to ₹10 crores at competitive rates of interest. In case of a property which is under construction, the applicant has to only pay the interest amount till the time it is fully constructed.

IDFC Bank Home Loan Interest Rate

ParticularsDetails
Interest Rate (in p.a.)8.55% - 9.00%
Loan AmountUp to ₹10 crores or maximum up to 85% of the property value
TenureUp to 30 years
Processing FeeAs per bank’s norms

IDFC Bank Home Loan Eligibility

The eligibility criteria for an IDFC Bank home loan for salaried employees and self-employed people has been given below.

For salaried employee

  • The applicant should be Indian resident and must be at least 21 years old in order to obtain a home loan.
  • The loan has to be fully repaid by the time the applicant turns 60 years.
  • The applicant must have a working experience of at least two years.

For self-employed

  • The applicant should be Indian resident and must be at least 23 years old when the loan is applied
  • The loan has to be completely repaid by the time the applicant turns 65 years.
  • The applicant must be employed in the current business or profession for at least three years.

Documents required for IDFC Bank Home Loan

DocumentsSalaried employeeSelf-employed ProfessionalSelf-employed businessmen
Proof of IdentityPAN Card/Aadhar Card/Voter ID/Passport/NREGA Job Card/Driving LicensePAN Card/Aadhar Card/Voter ID/Passport/NREGA Job Card/Driving LicensePAN Card/Aadhar Card/Voter ID/Passport/NREGA Job Card/Driving License
Proof of AddressUtility Bill-Landline/Electricity, Registered Rental DeedUtility Bill-Landline/Electricity, Registered Rental DeedUtility Bill-Landline/Electricity, Registered Rental Deed
Proof of AgeBirth certificate, High school markseet, school leaving certificate, PassportBirth certificate, High school markseet, school leaving certificate, PassportBirth certificate, High school markseet, school leaving certificate, Passport
Proof of IncomeLast 3 months salary statements
Last 2 years Income tax returns or Form-16
Bank statement of the last six months
Last 2 years Income tax returns or Form-16
Bank statement of the last six months
Last 2 years Income tax returns or Form-16
Bank statement of the last six months

IDFC Bank Home Loan EMI Calculator

A home loan seeker can use this calculator to determine how much loan amount he/she is eligible to take from the bank. This calculator will provide the concerned person with the results relating to the amount he/she is eligible enough to secure and the monthly EMI he/she has to pay to the bank. One has to simply enter the details of the loan amount, tenure period and rate of interest. Within few seconds the results will be displayed on the window screen. Let’s make things simple with the help of an example.

Suppose Neelabh Manoj, a 26 year old content manager wants to buy a dream house in the city of Patna. He requires Rs. 25 Lakhs for the same and therefore approaches IDFC Bank. The bank checks his repayment capacity and finds him to be eligible for the loan amount. The bank offers him the same amount at an interest rate of 8.60% for a tenure of ten years. Now by using this calculator Neelabh can easily find out how much EMI he will have to pay to the bank. The calculator will help Neelabh to plan accordingly and thus have a hassle free loan journey.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

Loan Amount Interest Rate Tenure Monthly Instalment Total Interest Amount Total Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount

IDFC Bank Home Loan Features and Benefits

  • Loan amount offered up to Rs. 10 Crores and up to 85 percent of the value of the property
  • Competitive rates of interest
  • Loan eligibility can be enhanced by adding the income of the family members
  • Only interest to be paid while the house/flat is under construction

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