What is the minimum salary required for an Indian Bank home loan?

The minimum salary required for an Indian Bank home loan is Rs. 10,000 per month.

How does the Indian Bank calculate home loan interest rates?

Indian Bank takes into account three main variables to calculate the home loan interest rate. These are the principal loan amount, interest rate, and the loan repayment tenure.

Can I negotiate the interest rate on my Indian Bank home loan?

You may not negotiate for the interest rate on the fixed basis package of an Indian Bank home loan. However, there is little scope for negotiation on the floater basis package, provided you have a good business relationship with the bank or a very good credit history.

How often do Indian Bank's home loan interest rates change?

The Indian Bank home loan interest rate changes according to the change in the RBI's repo rate. This might change several times in a year, depending on the current market situation.

What are the current home loan interest rates offered by Indian Bank?

At present, the Indian Bank offers home loans at an interest rate starting at 8.40% per annum. However, we suggest you verify the same from the bank’s official website.

Does the Indian Bank offer interest-only home loans, and how do they work?

An Interest Only Period Home Loan means getting a home loan for a period of either 12, 24, or 36 months. Some banks offer this type of facility on home loans. We suggest you to check for the availability of the same from the Indian Bank officials.

What are the penalties or charges if I miss an EMI payment on my Indian Bank home loan?

Usually, banks and NBFCs charge between 1% - 2% of the EMI as a penalty for a missed or delayed EMI payment. You are advised to confirm the same by visiting the nearest branch of the Indian Bank.

Can I request a lower interest rate if I have a strong repayment history with Indian Bank?

Yes, you stand a good chance to get a lower interest rate on a home loan if you have a strong repayment history with the Indian Bank.

IDFC Bank Home Loan Interest Rate

IDFC First Bank is a leading private sector bank in India that was formed by the merger of Infrastructure Development Finance Company and Capital First. The bank offers various financial services at lucrative rates, such as home loans. IDFC Bank home loan interest rate 2023 starts at 8.75% per annum for salaried and 8.85% per annum for self-employed applicants. The maximum loan repayment tenure offered on home loan schemes by IDFC First Bank is up to 30 years. Women borrowers can avail of IDFC home loan interest rates at concessional rates and buy a home of their own with minimum documentation.

IDFC Bank EMI Calculator

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Loan Amount

1 Lac10 cr

Interest Rate (% P.A.)

0%20%

Loan Tenure Required

130

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

Principal Amount
Total Interest

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IDFC Bank Home Loan Key Highlights

Amount of Loan	Up to Rs. 5 crore
Rate of Interest	8.75% p.a. onwards
Processing Fees	Up to 3% of the loan amount
Max Tenure for Loan Repayment	30 years

IDFC Bank Home Loan Interest Rates in 2024

The IDFC First Bank has emerged as one of the preferred choices for potential homeowners applying for a home loan because the interest rates are competitive. The tables given below highlight the IDFC Bank home loan interest rate 2023 for different categories of loan applicants.

Loan Category	Rate of Interest on Home Loan
Salaried	8.75% p.a. onwards
Self-Employed	8.85% p.a. onwards

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Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants

Repo Linked Lending Rate (RLLR) is 8.75% p.a.

Loan Category	Rate of Interest on Home Loan (p.a.)
All Loan	8.75% - 8.85% p.a.

IDFC FASTRACK Home Loan Interest Rates

Loan Slab	Rate of Interest on Home Loan (p.a.)
All Loans	8.75% p.a. onwards

Top-Up Loans Interest Rates

Loan Category	Rate of Interest on Home Loan (p.a.)
Top-Up for Existing Bank Customers (Outstanding Home Loan + To	(8.75% - 8.85% p.a.) Top Up interest rate is subject to a maximum capping of 100% Balance Transfer loan amount

Interest rates were last updated on 21st November 2023

IDFC Bank Home Loan Interest Rates for All Schemes in India

The IDFC First Bank offers three popular home loan schemes to salaried and self-employed applicants. The lowest IDFC home loan interest rate starts at 8.75% per annum. The table below will give you a clear idea of the home plan schemes offered by the bank and the standard rate of interest offered on each.

IDFC Bank Home Loan Schemes	Rates of Interest for Each Plan
IDFC First Suvidha Shakti	8.75% - 8.85% per annum
IDFC First Housing Loan	8.75% - 8.85% per annum
IDFC FASTrack Home Loan Balance Transfer	8.75% - 8.85% per annum

IDFC Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft

IDFC First Bank offers three types of convenient home loan facilities to its customers who already have a home loan scheme with the bank, and these are listed below:

IDFC Bank Home Loan Balance Transfer

The IDFC bank allows you to easily transfer your existing home loan to the IDFC Bank at a lower interest rate through its FASTrack Balance Transfer Home Loan Scheme. The IDFC Bank balance transfer home loan interest rate starts at 8.75% per annum. The eligibility for this amazing balance transfer scheme from IDFC is based on the repayment track record of the existing house loan.

IDFC Bank Home Loan Top-Up

The IDFC First Bank offers an extra edge of financial help to existing home loan customers by providing them with easy Top-Up Home Loans. The IDFC Bank home loan top-up interest rate is the same as the original interest rate of the balance transfer loan scheme. However, it is subject to a maximum capping of 100% balance transfer loan amount.

IDFC Bank Home Loan Overdraft Option

The IDFC Bank home loan overdraft facility on home loans is a medium through which the bank allows its customers to avail some additional funds per their requirements. The IDFC OD facility saves them from reapplying for a new loan amount. They can take funds for emergency personal or professional commitments through this accessible overdraft facility.

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Compare IDFC Bank Home Loan Interest Rate with Top Banks

You are advised to conduct some research to draw a comparison between home loan schemes offered by IDFC and other leading banks and NBFCs. This comparison will make you more confident about your decision to apply for an IDFC home loan. The table below highlights the interest rates and processing fees of other prominent financial organizations in India providing home loans:

Bank/NBFC	Rate of Interest on Home Loan	Processing Fee
Bank of India Home Loan	8.30% p.a. onwards	Nil (until 31 Dec 2023)
HDFC Home Loan	8.50% p.a. onwards	Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes
LIC HFC	8.50% p.a. onwards	Up to 0.25% (Rs. 25,000 max)
Union Bank of India	8.70% p.a. onwards	0.50% of the loan amount (Rs. 15,000 max)
PNB Housing	8.75% - 11.45% p.a.	Up to 0.50% (Rs. 10,000 max)

IDFC Home Loan Balance Transfer Interest Rates

IDFC First Bank tries its best to help customers lighten their financial burden. For this, it offers them the option to transfer their outstanding balance on loan repayment from another bank to IDFC's lower rate of interest home loan schemes.

IDFC Bank home loan transfer interest rates range between 8.75% and 8.85% per annum for all loans. This home loan facility is open for both salaried and self-employed borrowers. Have a look at the easiest way to apply for an IDFC Bank balance transfer home loan:

Go to the Repay Right section on the BASIC Home Loan website - Repay Right
Enter the required information in the provided form and fill in the key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
Click on Next once you have entered the required details on the form.
You can see your total savings with the IDFC Bank Home Loan Balance Transfer option on the next page.
Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with IDFC Bank Balance Transfer on home loans.

Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan

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How to Calculate IDFC Bank Home Loan Interest Rates?

The best way of determining the interest rate payable on an IDFC Bank home loan plan is by using the online home loan interest rate calculator available at EMI. Use this easy-to-use online EMI calculator to plan your monthly finances better without any confusion. The table below provides a detailed estimate of the EMI payable and the interest rate on IDFC Bank home loans:

IDFC Bank Home Loan EMI Calculator 2024

Loan Amount	Rate of Interest	EMI for 10-Year Loan Tenure	EMI for 20-Year Loan Tenure	EMI for 30-Year Loan Tenure
Rs. 10 lakh	8.75% p.a.	Rs. 12,533	Rs. 8,837	Rs. 7,867
Rs. 20 lakh	8.75% p.a.	Rs. 25,065	Rs. 17,674	Rs. 15,734
Rs. 30 lakh	8.75% p.a.	Rs. 37,598	Rs. 26,511	Rs. 23,601
Rs. 40 lakh	8.75% p.a.	Rs. 50,131	Rs. 35,348	Rs. 31,468
Rs. 50 lakh	8.75% p.a.	Rs. 62,663	Rs. 44,186	Rs. 39,335
Rs. 60 lakh	8.75% p.a.	Rs. 75,196	Rs. 53,023	Rs. 47,202
Rs. 70 lakh	8.75% p.a.	Rs. 87,729	Rs. 61,860	Rs. 55,069
Rs. 80 lakh	8.75% p.a.	Rs. 1,00,261	Rs. 70,697	Rs. 62,936
Rs. 90 lakh	8.75% p.a.	Rs. 1,12,794	Rs. 79,534	Rs. 70,803
Rs. 1 crore	8.75% p.a.	Rs. 1,25,327	Rs. 88,371	Rs. 78,670

Disclaimer:

The figures in the table above are based on an 8.75% p.a. interest rate offered by the IDFC Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.

FAQ's

IDFC Bank offers home loans at affordable interest rates starting at 8.75% per annum. These interest rates may rise according to market conditions and changes made to the repo rate by the RBI.

The easiest way for an existing IDFC home loan borrower to switch interest rates is by transferring the existing home loan to another bank at a lower interest rate. Alternatively, the borrower can make a prepayment to reduce the EMI amount and save on interest.

The best way to reduce home loan EMI in IDFC Bank is by making a lump sum loan repayment during the loan tenure. It will help decrease your principal amount and the home loan EMI.

Yes, the borrower can easily prepay the home loan, and the IDFC Bank won't charge any fee for this prepayment.

Banks like IDFC increase their home loan interest rates whenever the RBI increases the repo rate. The latest IDFC Bank home loan interest rates were revised in October 2023.

Yes, IDFC First Bank offers concessions on home loan interest rates to women borrowers under its Suvidha Shakti Home Loan Scheme. These are comparatively 0.05 - 0.1% lower than the standard interest rates.

Interested borrowers are free to choose IDFC Bank home loan interest rates on a fixed or floating basis. However, we recommend you choose floater plans because they are cheaper than fixed-rate basis.

The current IDFC Bank home loan interest rate 2023 starts at 8.75% per annum for salaried applicants and 8.85% per annum for self-employed applicants.

IDFC Bank Home Loan Interest Rate