IDFC Bank Home Loan
Home Loan Bank Information
Table of Contents
- Features of IDFC Bank Home Loans
- IDFC Bank Home Loan Interest Rates
- Eligibility Criteria for IDFC Bank Home Loan
- IDFC Bank Home Loan Types
- Document Checklist for IDFC Bank Home Loan
- How to Apply for IDFC Bank Home Loan
Introduction
IDFC Bank was founded on the 1st of October 2015. It is the 91st commercial ban in India and the second entrant after a decade in the banking sector. The bank began operating with 23 branches that were set up in Delhi, Mumbai and Madhya Pradesh with 15 braches in Madhya Pradesh.
IDFC Bank, one of India’s largest Housing Finance companies, has been bringing dreams home for a long time now. One of its vital objectives is to provide long-term financial solutions to individuals for the construction or purchase of a flat or house in India for residential purpose and builders and developers for the construction of flats and homes for resale.
IDFC (Infrastructure Development Finance Company) Bank has been providing assistance to millions of home owners. IDFC bank housing loans is all about being simple, clear and transparent, along with being empathetic, focusing on customer service and trying to understand your needs better.
Although IDFC bank provides a wide variety of banking solutions, its main and key focus continues to stay on its housing finance solutions. It offers extremely competitive interest rates and has designed a different scheme, keeping in mind the different needs you might have.
Features of IDFC Bank Home Loans
- Provides housing loan for the purchase, renovation, extension, etc. of a house or a flat.
- Provides attractive and affordable interest rates
- Has provisions for quick approvals and has an easy loan process
- Does not charge any prepayment fees for floating rates
- Offers special interest rates for a specific category of borrowers such as women borrowers, aged borrowers etc.
- Provides an option to foreclose your home lawn without any additional charges
- Customised home loan solutions are available based on your financial situation and need
- Home loans can be taken by homeowners for the purchase of a new house or flat
- Loans can be taken for further renovation of an existing house or apartment
- Loans can be availed by developers or builders for the construction of houses or flats for resale
- There are skilled professionals to guide you along every step of the way
- Keep yourself and your family safe by adding a life cover to the loan
- You can also protect your home against natural calamities, fire etc.
- You can ensure that you, along with your family members are equipped to repay the outstanding amount even in case of serious health issues faced
IDFC Bank Home Loan Interest Rates
| For Salaried Class: | For Self Employed Class: | ||||
|---|---|---|---|---|---|
| Type | Loan Amount | Interest Rate (p.a.) | Type | Loan Amount | Interest Rate (p.a.) |
| Floating Rate of Interest | Up to Rs. 30 lakhs | Up to 9.85% | Floating Rate of Interest | Up to Rs. 30 lakhs | 11.75% |
| Rs. 30 lakhs – Rs. 50 lakhs | Up to 9.85% | Rs. 30 lakhs – Rs. 70 lakhs | 10.90% | ||
| Rs.50 Lakh and Above | Up to 9.60% | Rs.70 Lakhs and Above | 10.00% | ||
| For Salaried class (for Short and Sweet Home Loan Facility) | For Self-employed class (for Short and Sweet Home Loan Facility) | ||||
|---|---|---|---|---|---|
| Type | Loan Amount | Interest Rate (p.a.) | Type | Loan Amount | Interest Rate (p.a.) |
| Floating Rate of Interest | Up to Rs. 30 lakhs | Up to 10.00% | Floating Rate of Interest | Up to Rs. 30 lakhs | 12.00% |
| Rs. 30 lakhs – Rs. 50 lakhs | Up to 10.00% | Rs. 30 lakhs – Rs. 70 lakhs | 11.00% | ||
| Rs.50 Lakhs and Above | Up to 9.85% | Rs.70 Lakhs and Above | 10.25% | ||
Interest rates for the IDFC Bank house loan depend on a few factors such as:
- The loan amount required: The higher the amount, the lesser the interest rate and vice versa
- Your salary or net income: Your monthly income available at your disposal will affect the interest rate charged to you. Higher your net income, lower the interest rate and vice versa.
- Type of loan you opt for: IDFC bank offers different types of housing loans, each with a different interest rate. Additionally, it also offers different interest rates for women applicants.
- Existing customers: If you already are an existing customer of IDFC bank, keeping in mind your past relationship with the bank, you will be offered a lower interest rate.
The maximum tenure for loan repayment is set for 30 years if you are a salaried person and for 20 years if you are self-employed. There are hidden costs that will drive up your repayment amount, and everything is laid out to you at the time of application.
Eligibility Criteria for IDFC Bank Home Loan
The below table shows a summary of loan details:
| IDFC Bank Home Loan 2019 | ||
|---|---|---|
| For the Salaried class | For the Self-employed class | |
| Interest Rate provided | 9.60% onwards | 10.00% onwards |
| Age Criteria | Min. 21 Years or above | Min. 23 Years or above |
| Loan Tenure | Up to 30 Years | Up to 20 Years |
| Loan Amount | Up to Rs. 10 crores | Up to Rs. 10 crores |
| Work Experience | Min. of 2 Years | Min. of 3 Years |
| Loan-to-value (LTV) Ratio | 85% of the value of the property | 85% of the value of the property |
| Repayment Age | 60 years or retirement age | 65 years or retirement age |
| Nationality | Indian Resident | Indian Resident |
IDFC Bank has different schemes and loan tenures available based on various eligibility criteria, let us review some of them:
Eligibility Based on Age
Your age will play a prominent role in determining your eligibility and repayment capacity. Lower the age; higher will be the tenure to repay and higher the age, lower will be the tenure to pay. If you are a salaried person, you can avail the loan between the age of 21 years and 60 years. If you are a self – employed person, you can avail the home loan between 23 years and 65 years of age.
Eligibility Based on Net Income
Your monthly net income after all deductions will play a crucial part in determining your capacity to pay monthly EMIs. Your age group and the monthly net income available at your disposal will decide how much you will be able to spend every month. Based on this, the total loan amount to be credited to you will be determined. This, however, is provided that you meet all the other required eligibility criteria.
Eligibility Based on Value of the Property
Loan to Value ratio is the amount of loan that can be granted to you based on the market value of your property. Loan To value is calculated by dividing your home loan amount by the market value of your property. Similarly, IDFC bank Housing loan will not be approved for the entire value of the property.
Eligibility Based on CIBIL Score
The applicant and the co-applicant must have a CIBIL score of 650 and above to be eligible for a home loan.
Eligibility Based on Work Experience
To be eligible to avail a housing loan from IDFC Bank, you need to have some work experience, in order to prove the stability of income. If you are a salaried person, you must have a work experience of 2 years, and If you are a self – employed person, you must have an experience of 3 years minimum.
Eligibility Based on FOIR
FOIR stands for Fixed Obligation to Income Ratio. It is a measure of your ratio of monthly fixed debt as against your monthly income. It is also known as the debt to income ratio. Minimum FOIR required to be eligible for a LIC Housing finance home loan is 0.65 or 65 %.
IDFC Bank Home Loan Types
IDFC bank offers four different schemes under its housing loan category. Let us review each of it in detail:
1. Simple Home Loan by IDFC Bank
This is a basic home that meets all your requirements. Its key features are:
- Maximum loan amount of up to Rs. 10 crores can be availed
- Loans provided at up to 85 % of the value of property
- Keeping in mind the expenses involved, during the construction period, you only have to repay the interest amount
- You can insure yourself as well
Eligibility criteria to avail the Simple Home Loan by IDFC Bank:
| For Salaried Class |
|
|---|---|
| For Self-Employed class |
|
Unique propositions under the category:
- Use of digital documents stored via pen drive
- A combined statement of all your accounts is maintained in one place
- A customer engagement program is set in place for the entire tenure of the loan
- Options to download your account statement through net banking, which is a seamless experience
- IDFC Bank provides you with its one of a kind online tool that helps you service your loan better and check for eligibility
- For any issues faced along the way, there is a 24 / 7 banker available on call. You can reach the banker directly without going through IVR options
- Keep yourself and your family safe by adding a life cover to the loan
- You can also protect your home against natural calamities, fire etc.
- You can ensure that you and your family are equipped to repay the outstanding amount even in case of serious health issues faced
Interest rate matrix:
| For Salaried Class: | For Self Employed Class: | ||||||
|---|---|---|---|---|---|---|---|
| Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest | Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest |
| Floating Rate | Up to Rs. 30 lakhs | MCLR-6M + up to 0.85% | up to 9.85% | Floating Rate | Up to Rs. 30 lakhs | MCLR-6M + 2.75% | 11.75% |
| Rs. 30 lakhs – Rs. 50 lakhs | MCLR-6M + up to 0.85% | up to 9.85% | Rs. 30 lakhs – Rs. 50 lakhs | MCLR-6M + 1.90% | 10.90% | ||
| Rs. 50 lakhs and Above | MCLR-6M + up to 0.60% | up to 9.6% | Rs. 50 lakhs and Above | MCLR-6M + 1% | 10.00% | ||
| NIP | MCLR-6M + 3% | 12% | |||||
2. Short and Sweet Home Loan by IDFC Bank
By availing this loan, while you save money and time on your home loan, your money saves interest when in your account. Its key features are:
- You can avail loan amounts up to Rs 10. Crores
- Loans provided up to 85% of the value of the property
- You can save interest in this type. As long as the money is in the account, you do not pay interest on that amount
- Having liquid assets is the best. With this type of loan, the money is always available in the account, withdraw whenever required
- You can repay your loan faster since your deposit and transaction reducing your spending on paying interest, and you get to be free of loan
- IDFC Bank offers some of the most competitive rates available
- You can increase the amount of loan you are eligible for adding your family members as co-applicants
- With this loan, you will also be issued a premium debit card
Eligibility criteria to avail the Short & Sweet Home Loan by IDFC Bank:
| For Salaried Class |
|
|---|---|
| For Self-Employed class |
|
Unique propositions under this category:
- Use of digital documents stored via pen drive
- A combined statement of all your accounts is maintained in one place
- A customer engagement program is set in place for the entire tenure of the loan
- Options to download your account statement through net banking, which is a seamless experience
- IDFC Bank provides you with its one of a kind online tool that helps you service your loan better and check for eligibility
- For any issues faced along the way, there is a 24/7 banker available on call. You can reach the banker directly without going through IVR options
- Keep yourself and your family safe by adding a life cover to the loan
- You can also protect your home against natural calamities, fire etc.
- You can ensure that you and your family are equipped to repay the outstanding amount even in case of serious health issues faced
Interest Rate Matrix:
| For Salaried Class: | For Self Employed Class: | ||||||
|---|---|---|---|---|---|---|---|
| Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest | Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest |
| Floating Rate | Up to Rs. 30 Lakhs | MCLR – 6M + up to 1% | up to 10% | Floating Rate | Up to Rs. 30 Lakhs | MCLR – 6M + 3% | 12.00% |
| Rs. 30 Lakhs – Rs. 50 Lakhs | MCLR – 6M + up to 1% | up to 10% | Rs. 30 Lakhs – Rs. 50 Lakhs | MCLR – 6M + 2% | 11.00% | ||
| Rs. 50 Lakhs and Above | MCLR – 6M + up to 0.85% | up to 9.85% | Rs. 50 Lakhs and Above | MCLR – 6M + 1.25% | 10.2 | ||
3. Booster Home Loan
With this type of loan, your loan eligibility is boosted, you get improved cash flows, and you get up to 3 years of Principal moratorium. Its key features are:
- You will be eligible for a maximum loan amount of Rs. 75 Lakhs
- Loans provided to up to 85% of the value of the property
- This type of loan lets you gain from your inflow in the future by repaying your principal amount
- You can set-up your repayment plan as per your plans since there are no principal repayments to be done in the initial stages
- You can increase your eligibility to avail the loans by adding your family members as co-applicants
- You can insure yourself with this type of loan as you get additional mortgage benefits
Eligibility criteria to avail the Booster Loan by IDFC Bank:
| For Salaried Class |
|
|---|---|
| For Self-Employed class |
|
Unique propositions under this category:
- Use of digital documents stored via pen drive
- A combined statement of all your accounts is maintained in one place
- A customer engagement program is set in place for the entire tenure of the loan
- Options to download your account statement through net banking, which is a seamless experience
- IDFC Bank provides you with its one of a kind online tool that helps you service your loan better and check for eligibility
- For any issues faced along the way, there is a 24/7 banker available on call. You can reach the banker directly without going through IVR options
- Keep yourself and your family safe by adding a life cover to the loan
- You can also protect your home against natural calamities, fire etc.
- You can ensure that you and your family are equipped to repay the outstanding amount even in case of serious health issues faced
Interest Rate Matrix:
| For Salaried Class: | For Self Employed Class: | ||||||
|---|---|---|---|---|---|---|---|
| Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest | Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest |
| Floating Rate | Up to Rs. 30 lakhs | MCLR-6M + up to 0.85% | up to 9.85% | Floating Rate | Up to Rs. 30 lakhs | MCLR-6M + 2.75% | 11.75% |
| Rs. 30 lakhs – Rs. 50 lakhs | MCLR-6M + up to 0.85% | up to 9.85% | Rs. 30 lakhs – Rs. 50 lakhs | MCLR-6M + 1.90% | 10.90% | ||
| Rs. 50 lakhs and Above | MCLR-6M + up to 0.60% | up to 9.6% | Rs. 50 lakhs and Above | MCLR-6M + 1% | 10.00% | ||
| NIP | MCLR-6M + 3% | 12% | |||||
4. Max Saver Home Loan
With the Max Saver Home Loan type from IDFC Bank, you get a customised financial solution for your need, you get to save on interest, and you can also reduce the home loan tenure after availing it. Its key features are:
- This loan combines the best features of the above two loans by combining the low-interest rates of the Simple Home Loan with the time and interest saving of the Short and Sweet Home Loan
- The maximum loan amount that can be availed is Rs. 10 crores
- Loans offered up to 85% of the value of the property
- If you are looking to reduce your loan tenure while saving on interest as well, this is the best option for you
- Like the Short and Sweet home loan, pay interest only for the amount of loan actually used. Keep the rest in the account and save interest
- This is just like having a saving account, and you can withdraw and deposit money whenever you want
- IDFC Bank offers some of the most competitive rates available
- You can increase the amount of loan you are eligible for adding your family members as co-applicants
- With this loan, you will also be issued a premium debit card
- You can insure yourself with this type of loan as you get additional mortgage benefits
Eligibility criteria to avail the Max Saver Loan by IDFC Bank:
| For Salaried Class |
|
|---|---|
| For Self-Employed class |
|
Unique propositions under this category:
- Use of digital documents stored via pen drive
- A combined statement of all your accounts is maintained in one place
- A customer engagement program is set in place for the entire tenure of the loan
- Options to download your account statement through net banking, which is a seamless experience
- IDFC Bank provides you with its one of a kind online tool that helps you service your loan better and check for eligibility
- For any issues faced along the way, there is a 24/7 banker available on call. You can reach the banker directly without going through IVR options
- Keep yourself and your family safe by adding a life cover to the loan
- You can also protect your home against natural calamities, fire etc.
- You can ensure that you and your family are equipped to repay the outstanding amount even in case of serious health issues faced
Interest Rate Matrix:
| For Salaried Class: | For Self Employed Class: | ||||||
|---|---|---|---|---|---|---|---|
| Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest | Type | Loan amount (Rs.) | MCLR Rate + Spread | Effective Rate Of Interest |
| Floating Rate | Up to Rs. 30 lakhs | MCLR-6M + up to 0.85 % | up to 9.85 % | Floating Rate | Up to Rs. 30 lakhs | MCLR-6M + 2.75 % | 11.75% |
| Rs. 30 lakhs – Rs. 50 lakhs | MCLR-6M + up to 0.85 % | up to 9.85 % | Rs. 30 lakhs – Rs. 50 lakhs | MCLR-6M + 1.90 % | 10.90% | ||
| Rs. 50 lakhs and Above | MCLR-6M + up to 0.60 % | up to 9.6 % | Rs. 50 lakhs and Above | MCLR-6M + 1 % | 10.00% | ||
| NIP | MCLR-6M + 3% | 12% | |||||
Document Checklist for IDFC Bank Home Loan
For Primary applicants and Co-applicants, the below documents are needed
| Documents | Salaried | Self – Employed Professional | Self – Employed Businessmen |
|---|---|---|---|
| Identity Proof – Driving License, Voter ID, Passport, PAN card, Ration Card etc. | Yes | Yes | Yes |
| Address Proof – Utility bills, Bank Statements, Rent agreement etc. | Yes | Yes | Yes |
| Age Proof – Marks card, Aadhar card etc. | Yes | Yes | Yes |
| Salary Statements for the last 3 months | Yes | No | No |
| Income tax returns or Form-16 for the last 2 years | Yes | Yes | Yes |
| Last 6 months Bank Statement | Yes | Yes | Yes |
| Proof of experience | Yes – for 2 years | Yes – for 3 years | Yes – for 3 years |
| Valid Passport and visa copies | No | No | No |
| Property Tax Receipt | Yes | Yes | Yes |
| Proof of Business Address | No | Yes | Yes |
| Liability and personal asset statement | Yes | Yes | Yes |
Other Documents required:
- Duly filled application form
- Power of Attorney, if applicable
- Income statements certified by a Chartered Accountant
- Financials for three years – Balance sheet, Profit & Loss account, Audit reports etc.
- Copy of Sale agreement
- Copy of receipt of registration
- Copies of receipts of all payments done so far
- No objection certificate from builders
- Copy of sanction letter and sanctioned plan
- Wherever applicable, copy of ULC clearance, NA permission etc.
- Letter of allotment
- Share certificate
- Registration certificate by the society
- Copy of lease deed/ sale in favour of the society
- No objection certificate from society
- Copy of sanction letter and sanctioned plan
For Guarantor, if applicable, the below documents are needed:
- Identity proof: Driving License, Voter ID, Passport, PAN card, Ration Card etc.
- Address proof: Utility bills, Bank Statements, Rent agreement etc.
- Proof of business address: if applicable
- Photographs
- Liability and personal asset statement
How to Apply for IDFC Bank Home Loan
The below stages are involved from application to disbursement:
- You have to submit your application along with the above documents required
- There will be verification done of your KYC and other documents submitted by you
- There will be a verification of your CIBIL report as well, to ensure that you reach the minimum required score to avail the loan
- Next will be a personal interview by an IDFC Bank official after scrutiny of the application
- If cleared, IDFC Bank will then issue a loan offer letter
- A Panel advocate in place will allow the clear title clearance
- A Panel valuer will be sent to evaluate the property, and a company official will also be sent to inspect the property
- If the above reports are clear, other documents will be collected for stamping, and original title deeds will be deposited
- The Documents are then stamped and executed
- In the final stage, your loan amount will be disbursed
Once applied, your home loan application might take up to a minimum of 15 to 20 days to be approved. You will have to ensure that you have submitted all the documents that are required to avoid further delay. Please note that based on verification of the above documents submitted, IDFC Bank may ask for additional supporting documents as proof.