home loan

Check IDFC Bank Home Loan Schemes and Interest Rates

IDFC bank might be new in the business but it is already giving competition to its competitors. The bank has recently merged with Capital First which has helped it reach so many customers of finance company. For a home loan, IDFC Bank gives loan on the basis of income and property location. Those who earn good and have maintained a good credit history get more options.

Talking about the schemes available under IDFC Bank home loan, there are many multipurpose schemes. In this article, we have given the interest rate applicable throughout and names of all schemes. Later, there is an example shown on how EMIs are calculated with the help of a loan EMI calculator.

IDFC Bank Home Loan Interest Rate

The interest rates start from 8.75% per annum and up to a maximum of 9.20%. These are floating rate of interests and may vary whenever MCLR changes. IDFC Bank home loan interest rate are calculated by keeping into account your income, age and property value/location.

What is the eligibility for IDFC Bank home loan?

The criteria for IDFC Bank home loan is different for salaried and self-employed individuals and is given below:

For salaried

  • You should be more than 21 years of age
  • Steady income with minimum 2 years of experience

For self-employed

  • You should be more than 23 years of age
  • Steady income with minimum 3 years of experience

List of documents required for IDFC Bank home loan

Important documents to be submitted while applying for home loans with IDFC

  • Completed loan application
  • 3 Passport size photographs
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card)
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • Form 16/IT returns for the last two financial years for salaried employees
  • IT returns for the three years for self-employed professionals
  • Property tax receipt
  • Proof of business address for non-salaried individuals
  • Personal assets and liabilities statement

For guarantor (wherever applicable):

  • Personal Assets and Liabilities Statement
  • 2 passport size photographs
  • Proof of identification as above
  • Proof of residence as above
  • Proof of business address as above
  • Signature identification from his/her present bankers

IDFC Bank Home Loan EMI Calculator

Let us take an example that your existing home loan is of the loan amount ₹40 lakhs for the tenure of 25 years and interest rate of 9% per annum. You are paying as shown below.

Loan amount- ₹40 lakhs

Interest rate- 9% p.a.

Tenure- 25 years

The payment details will be as follows:

Monthly EMI- ₹33,568

Total Interest Outgo- ₹60,70,356

Total Amount (Interest + Principal)- ₹1,00,70,356

With the information above, you may now have understood how IDFC Bank home loan functions and how much your budget is according to monthly installments. Let us now see the list of schemes available for home loans at IDFC Bank.

IDFC Bank home loan schemes

  1. Simple home loans
  2. Short & sweet home loan
  3. Booster home loan
  4. Max Saver home loan

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