IDFC First Bank Home Loan - IDFC First Bank Home Loan Eligibility

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• Last 6 month’s bank statement showing salary amounts withdrawn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

How to Increase Home Loan Eligibility?

Thinking about buying the dream home for your family? If you are, then this article will be of much use to you.

Buying a property involves a lot of money, and thus it is an important decision in anyone’s life. There are so many arrangements to be made. There are just as many contacts to get in touch with and adjustments to be made in the final deal.

Most of the time it does happen that the dream home one desires is in reality out of one’s reach. It is at such junctures that you have to make an important decision. Do you want to go ahead and still make that expensive purchase, or opt out to save money for something else?

Before you begin the application process, assess your eligibility factor. By now, you may have already finalized on a lender. If so, you also know the eligibility factors. If so, do you meet those factors? If yes, great! If not, don’t apply yet. Instead take the time to increase your eligibility criteria.

When you apply, the lender shall assess your ability to repay the loan within a stipulated time frame.

What is home loan eligibility?

This is defined as the maximum money you can get as a loan, and it is based on several criteria like your current level and sources of income, age, repayment capacity, credit score and other factors.

In this article, we will show you several ways that you can use to boost your home loan eligibility without any problem.

Clear out your current loans

If you still have existing loans, you may want to repay those first. This is because otherwise it can be harder for you to manage repayment of all the loans. Your prospective lender knows this, and that if you have multiple loans already it becomes risky for the lender if you are not able to repay.

Thus, there are increased chances of your application being rejected. It is better if you close all current loans before getting a new one. And don’t forget to get a No-Due certificate and get this updated in your credit report.

Increase the loan tenure

Increasing the loan tenure means you’ll be repaying the loan over time. This makes things easier for you, and by extension, it makes it easier for the lender. When you pay over a longer period of time, your EMI amounts go down. And that makes it easier for you to repay. If you choose to get a longer tenure, you are more likely to get the loan since it means there is less risk for the lender. However, do understand that having a longer tenure means giving more interest to the bank or lender.

Keep your Fixed Obligation to Income Ratio to below 40%

Fixed Obligation to Income Ratio or FOIR is that part of your income that goes into repaying loans. FOIR therefore is an important component for determining your eligibility.

The higher your FOIR is, the less chances you have of getting the loan. Thus, you need to keep the FOIR percentage lower than 40%. This boosts your chances of getting the home loan.

Get a strong credit report

To get most loans, you need a strong credit report, which means the credit score needs to be high enough. While most banks have a specific criteria for credit scores, it is generally agreed that you need to have a score of more than 750. The nearer it is to 900 the more are your chances of getting the loan of your choice.

Choose a joint home loan

Want to make it easier for yourself to get the home loan? Opt for a joint home loan. When you do this, another person is the co-applicant and thus the co-guarantor. In case you can’t repay for some reason, the other person will have to repay. Opting for a joint home loan makes it easier for you to get the loan since it is seen as less risky by lenders.

Consider additional income sources

Finally, you may want to get an additional source of income, or maybe boost your income level from your current sources. The more income avenues you have and the higher your income level is, the more chances you have of getting a home loan.

After applying all these tips, you have more chances of getting the home loan.