About IDFC First Bank Home Loan
A home is a dream for every one of us. 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 take 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 businesses of providing home loans and other credits to both salaried, professionals and business classes for a tenure of up to 15 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 has kept an affordable interest on the home loan at and 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
IDFC First Bank Home Loan Interest Rates range from 8.85% - 9.25% per annum. Whereas loan amount details are as follows –
| Loan Amount | Maximum LTV |
|---|---|
| Upto Rs. 30 Lacs | Upto 90% of property value |
| Rs. 30 Lacs-75 Lacs | Upto 80% of property value |
| Above Rs 75 Lacs | Upto 75% of property value |
From the table, it is clear that the value of the property is a key determinant of the loan amount eligibility. Other important factors that can influence loan amount disbursal are income, age, the company at which you work or the type of business which you do. Let us use the table below to understand the eligibility a little more.
How can you apply online?
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 Home EMI Calculator
IDFC First Bank Home Loan EMI Calculator enables the computation of installments, inclusive of interest, which you are supposed to pay towards the loan each month. The calculator computes the interest component of the installment first, followed by the principal amount payable. You can easily calculate your home loan EMI at IDFC First Bank by feeding inputs of the loan amount, interest rate and loan tenure. The computation of EMI will provide an indicative EMI, which you will have to be ready with. You can also get to know the EMIs for different periods in the table below.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.60% | 1 | ₹ 1,74,532 | ₹ 94,386 | ₹ 20,94,386 |
| ₹ 20,00,000 | 8.60% | 2 | ₹ 91,003 | ₹ 1,84,069 | ₹ 21,84,069 |
| ₹ 20,00,000 | 8.60% | 3 | ₹ 63,228 | ₹ 2,76,200 | ₹ 22,76,200 |
| ₹ 20,00,000 | 8.60% | 4 | ₹ 49,391 | ₹ 3,70,772 | ₹ 23,70,772 |
| ₹ 20,00,000 | 8.60% | 5 | ₹ 41,130 | ₹ 4,67,771 | ₹ 24,67,771 |
| ₹ 20,00,000 | 8.60% | 6 | ₹ 35,655 | ₹ 5,67,182 | ₹ 25,67,182 |
| ₹ 20,00,000 | 8.60% | 7 | ₹ 31,774 | ₹ 6,68,986 | ₹ 26,68,986 |
| ₹ 20,00,000 | 8.60% | 8 | ₹ 28,887 | ₹ 7,73,159 | ₹ 27,73,159 |
| ₹ 20,00,000 | 8.60% | 9 | ₹ 26,664 | ₹ 8,79,676 | ₹ 28,79,676 |
| ₹ 20,00,000 | 8.60% | 10 | ₹ 24,904 | ₹ 9,88,508 | ₹ 29,88,508 |
| ₹ 20,00,000 | 8.60% | 11 | ₹ 23,482 | ₹ 10,99,623 | ₹ 30,99,623 |
| ₹ 20,00,000 | 8.60% | 12 | ₹ 22,312 | ₹ 12,12,988 | ₹ 32,12,988 |
| ₹ 20,00,000 | 8.60% | 13 | ₹ 21,337 | ₹ 13,28,565 | ₹ 33,28,565 |
| ₹ 20,00,000 | 8.60% | 14 | ₹ 20,514 | ₹ 14,46,315 | ₹ 34,46,315 |
| ₹ 20,00,000 | 8.60% | 15 | ₹ 19,812 | ₹ 15,66,196 | ₹ 35,66,196 |
| ₹ 20,00,000 | 8.60% | 16 | ₹ 19,209 | ₹ 16,88,165 | ₹ 36,88,165 |
| ₹ 20,00,000 | 8.60% | 17 | ₹ 18,687 | ₹ 18,12,175 | ₹ 38,12,175 |
| ₹ 20,00,000 | 8.60% | 18 | ₹ 18,232 | ₹ 19,38,181 | ₹ 39,38,181 |
| ₹ 20,00,000 | 8.60% | 19 | ₹ 17,834 | ₹ 20,66,133 | ₹ 40,66,133 |
| ₹ 20,00,000 | 8.60% | 20 | ₹ 17,483 | ₹ 21,95,981 | ₹ 41,95,981 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 39,325 | ₹ 1,70,474 | ₹ 19,60,674 |
| 2 | ₹ 42,843 | ₹ 1,66,955 | ₹ 19,17,831 |
| 3 | ₹ 46,676 | ₹ 1,63,122 | ₹ 18,71,154 |
| 4 | ₹ 50,853 | ₹ 1,58,946 | ₹ 18,20,301 |
| 5 | ₹ 55,403 | ₹ 1,54,396 | ₹ 17,64,897 |
| 6 | ₹ 60,360 | ₹ 1,49,439 | ₹ 17,04,537 |
| 7 | ₹ 65,760 | ₹ 1,44,038 | ₹ 16,38,776 |
| 8 | ₹ 71,644 | ₹ 1,38,155 | ₹ 15,67,132 |
| 9 | ₹ 78,054 | ₹ 1,31,744 | ₹ 14,89,077 |
| 10 | ₹ 85,038 | ₹ 1,24,761 | ₹ 14,04,038 |
| 11 | ₹ 92,647 | ₹ 1,17,152 | ₹ 13,11,391 |
| 12 | ₹ 1,00,936 | ₹ 1,08,863 | ₹ 12,10,455 |
| 13 | ₹ 1,09,967 | ₹ 99,832 | ₹ 11,00,488 |
| 14 | ₹ 1,19,806 | ₹ 89,993 | ₹ 9,80,681 |
| 15 | ₹ 1,30,525 | ₹ 79,273 | ₹ 8,50,156 |
| 16 | ₹ 1,42,204 | ₹ 67,595 | ₹ 7,07,951 |
| 17 | ₹ 1,54,927 | ₹ 54,872 | ₹ 5,53,024 |
| 18 | ₹ 1,68,789 | ₹ 41,010 | ₹ 3,84,235 |
| 19 | ₹ 1,83,891 | ₹ 25,908 | ₹ 2,00,344 |
| 20 | ₹ 2,00,468 | ₹ 9455 | ₹ 0 |
IDFC First Bank Home Loan Eligibility
| Factors | Salaried | Professionals | Self-employed |
|---|---|---|---|
| Age | 21-60 years | 21-60 years | 21-65 years |
| Income | Stable flow of income needed and must have a salary account | Regular income from the profession required | |
| Reputed Company/Registration | Must be working in a reputed firm | Business must have got the registration from either service tax, shops and establishment registrar, excise or VAT |
Documents Needed
| Documents | Salaried | Self-employed |
|---|---|---|
| Photo ID Proof | Voter ID/Passport/Aadhar Card/PAN Card/Driving License | Voter ID/Passport/Aadhar Card/PAN Card/Driving License |
| Address Proof | Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement | Telephone Bill/Electricity Bill/Passport/Pass Book with Address/Ration Card/Bank Statement |
| Income Proof | Latest Salary Slip, Bank Statement of last 6 months | ITR for Last 3 Years along with Balance Sheet and Profit & Loss Account for the Last 3 Years Attested by a CA, Last 1-year Bank Statement, Tax Deduction Certificate (If Applicable), Partrnership Deed Copy (If Applicable), Tax Paid/Self-Assessment Tax Challan |
| Proof of Business Existence | - | Sales Tax, VAT, Service Tax or Other Registration |
IDFC First Bank Home Loan Eligibility Calculator
Do you know how the home loan eligibility calculator of IDFC First Bank works? If no, then you are at the right place to know it. The eligibility 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- You work in a XYZ company receiving a salary of Rs. 20,000 per month. If the monthly expenses account for 50% of your income, then the resultant savings come out to be Rs. 10,000 per month. IDFC First Bank, while calculating the eligibility amount, will compute per lac EMI first. The calculation will be made in a way mentioned below.
Amount-Rs. 1 Lac
Loan Tenure-15 Years
Interest Rate-9.50%
Per Lac EMI-Rs. 1,044
Home loan amount eligibility will be- Rs. 1 Lac x Savings/Per Lac EMI=Rs. 1 Lac x 10,000/1,044= Rs. 9.57 lacs.
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 us at our helpline 1860 500 9900 between 9:00 am – 7:00 pm Monday – Saturday.