Home Loan EMI Calculator

IDFC FIRST BANK

1. HOME LOAN ELIGIBILITY

• For Self-Employed Individuals:

• Resident Indians only

• Aged between 23-70 years

• Minimum 4 years of business continuity

• Must earn a minimum of ₹1.5 lakh per annum

• Loan tenure: 12 months to 300 months

• For Salaried Individuals:

• Resident & Non-Resident Indians

• Aged between 21-60 years

• Minimum 3 years of work experience

• Must earn a minimum of ₹1 lakh per annum

• Loan tenure: 12 months to 360 months

2. HOME LOAN CHARGES

• Processing Fees:

• Up to 3% of the loan amount, payable upfront at the time of application, with balance paid at loan agreement execution.

• EMI Bounce Charges:
  ₹500 (exclusive of GST) for each dishonored presentation.

• Repayment Instrument Swap Charges:
  ₹500 per request.

• Document Copy Charges:

• Soft copy: NIL

• Physical copy: ₹500 (exclusive of GST) per request.

• Late Payment Charges:
  2% per month (exclusive of GST) on the unpaid EMI or ₹300 (exclusive of GST), whichever is higher.

• Foreclosure/Prepayment Charges:
  NIL.

• Re-pricing Fees:
  Up to 2% (exclusive of GST), applicable on loan outstanding if the borrower requests re-pricing.

• Cash Deposit Charges:

• Free for up to ₹1 lakh.

• ₹3 per ₹1000 for amounts above ₹1 lakh.

• Cheque Return Charges:
  ₹50 for cheque deposits and ₹250 for issued cheques.

3. HOME LOAN INTEREST RATES

• Loans disbursed on or before 30th September 2019 are linked to MCLR.

• Housing Loan linked to Repo rate: 2.50% spread over the external benchmark.

4. DOCUMENTS REQUIRED FOR HOME LOAN

• Mandatory Documents:

• Identity Proof: Aadhar card, Passport, Voter ID, etc.

• Address Proof: Utility bill, Rent agreement, Passport, etc.

• Income Proof:

• Salaried: Last 2 months’ salary slip, latest ITR/Form 16, or last 6 months’ bank statement.

• Self-Employed: Latest ITR, balance sheet/P&L statement, GST returns, or last 6 months’ bank statements.

• Property Proof: Sale deed, chain title documents (if any), allotment/possession letter, NOC from the society.

• Business Proof (for self-employed individuals): GST returns, business registration documents, etc.

5. FEATURES & BENEFITS OF HOME LOAN

• Flexible Loan Amount: IDFC First Bank offers home loans starting from ₹3 lakh, with higher amounts available based on eligibility.

• Long Tenure Options: Loan tenure options ranging from 12 months to 360 months, providing flexibility in repayment.

• Low Processing Fees: Competitive processing fees, making it easier for applicants to avail the loan without hefty upfront costs.

• Attractive Interest Rates: Home loans are offered with attractive interest rates, ensuring affordable EMIs.

• Easy Repayment Options: Borrowers can choose from a variety of repayment methods, including EMIs, and benefit from easy part-payment and foreclosure options with no extra charges.

• Quick and Transparent Process: The loan application process is simple, transparent, and can be completed online, offering a quick approval and disbursal process.

• No Foreclosure Charges: IDFC First Bank allows for foreclosure of home loans without any additional charges, offering borrowers flexibility.

• Customizable Loan Solutions: Personalized loan offers and support to cater to individual needs, making it easier for customers to meet their home-buying goals.