Looking for a home loan but none of what the other lenders are giving is suiting you? Or maybe IDFC First is your first choice which you’re starting your search with? Either way, you will find all the information about the bank’s Home Loan here.
IDFC First Bank Home Loan Features
- Hassle-free and simple loan processing and minimum loan turnaround time
- Get home loans till 90% of your property’s value
- Get pre-approved loans for faster disbursal and acceptance
- Get term loans against residential properties
- Get loans between 5 lakh and 5 crore
- The maximum tenure for salaried people is 360 months and for self-employed people it is 300 months
- Get subsidy of 2.67 lakh under the PMAY Credit Linked Subsidy Scheme
Properties you can pledge are:
- Ready property
- Balance transfer
- Home extension and renovation
- Under construction property
- Plot purchase
- Composite Loan
- Self-construction
- Top-up
IDFC First Bank Home Loan Eligibility
- Sole proprietors
- Partnership firms
- Salaried people
- Self-employed people
- Micro, small and medium sized enterprises
- Good credit ratings as given by a credit bureau
- Minimum age is 23 when taking the loan and 70 during time of loan maturity or during retirement
- Clear credit history
- If self employed, experience needs to be 3 years. For salaried individuals, this is 3 years as well
IDFC First Bank Home Loan Documents
General documents for all:
- Photo Id (any one): Passport, Driver license, Voter ID, PAN Card, Aadhar card
- Address proof (any one self-attested): Drivers license, Ration card, passport, electricity bill, bank account statement, telephone bill, Aadhar card, Property purchase agreement
- Income proof (any one self-attested): 2 month’s salary slip, Last 6 month’s bank statement showing salary credit, Last year ITR showing income or Form 16
For salaried individual
- Repayment track with loan sanction
- Last 2 month’s salary certificate or salary slip
- Latest IRT with income calculation
- Last 6 month’s bank statement showing salary amounts withdrawn
For self-employed individual
- IT returns with income computation
- Balance sheet with profit and loss account and schedule
- Sales tax or VAT return for months not covered
- Last 6 month’s credit card statement
- Copy of contract border as well as form 16A
- Last 6 month’s bank statements of company’s business account and of individual’s saving account
- Repayment track
Business proof
- Shop establishment certificate
- Paid electricity bill not older than 90 days from time of loan application
- VAT return
- Property allotment letter
- Property registered deed
- Trade license
- Telephone bill not 90 days before loan application
- Registered rent deed
- Property papers
- Updated bank passbook or bank statements
Property proof
- NOC from the concerned society and related documents
- Possession letter
- Copy of original sale deed
How to apply for IDFC First Bank Home Loan
- Fill up the online form at the bank’s site and expect a call back. You can visit the nearest branch as well
- Submit your documents
- Wait for property application verification process
- Get loan disbursed
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