IDFC FIRST Bank Home Loan Eligibility Calculator

Buying your dream home is one of the biggest financial decisions of your life. But before you apply for a loan, it’s important to know how much loan amount you’re eligible for. That’s where the IDFC FIRST Bank Home Loan Eligibility Calculator comes in.

This free online tool helps you estimate your maximum loan amount instantly, based on your income, expenses, age, credit score, loan tenure, and property value. By entering just a few details, you can avoid guesswork and plan your home purchase confidently.

Calculator Input Fields:

• Monthly/Annual Income
• Existing Loan EMIs
• Loan Tenure (in years)
• Rate of Interest (%)
• Age of Applicant
• City/Location
• Co-applicant details (if any)

Calculator Outputs:

• Maximum Eligible Loan Amount
• Approximate EMI (Equated Monthly Installment)
• Tenure & Interest Breakdown

1. Key Factors That Affect IDFC FIRST Bank Home Loan Eligibility

Your eligibility depends on multiple factors. IDFC FIRST Bank follows RBI guidelines and its own credit policies to evaluate each applicant. Let’s break down the most important ones:

a. Income Level

Your monthly income is the backbone of your eligibility calculation. Salaried professionals with higher and consistent income are likely to get higher loan amounts.

Example: If your monthly salary is ₹80,000, IDFC FIRST Bank may allow EMIs up to 50–60% of your income (₹40,000–₹48,000).

Tip: If you have additional income like rent or freelance earnings, make sure to declare them—it boosts your eligibility.

b. Existing Liabilities

Banks deduct ongoing EMIs from your monthly income before calculating your eligibility.

Example:

• Monthly Income = ₹80,000
• Existing EMIs = ₹15,000
• Net available for new loan EMI = ₹80,000 × 50% – ₹15,000 = ₹25,000

c. Age & Loan Tenure

• Minimum age: 21 years
• Maximum age at loan maturity: 65 years

Example:

• A 28-year-old applicant can get up to 30 years tenure.
• A 50-year-old applicant may get only 15 years tenure.

Longer tenure = lower EMI = higher loan eligibility.

d. Credit Score

Your credit score (CIBIL or Experian) is a measure of your repayment history.

• Minimum required: 750+ for best offers
• 650–749: Eligible but may face higher interest rates
• Below 650: Difficult to get approval

e. Employment Type & Stability

• Salaried Employees: Should have at least 2 years of work experience (1 year in current job).
• Self-employed / Business Owners: Must show 3 years of consistent business income via IT returns and audited financials.

f. Property Value & Location

The Loan-to-Value (LTV) ratio determines how much of the property value the bank can finance.

IDFC FIRST Bank usually offers up to 80–90% of property value as loan.

If property value = ₹1 crore, max loan = ₹80–90 lakhs.

2. Formula for Home Loan Eligibility

Important Terms

• FOIR (Fixed Obligation to Income Ratio): Percentage of income used for EMIs. Usually capped at 50–60%.
• LTV (Loan-to-Value Ratio): Maximum loan amount as % of property value.
• EMI (Equated Monthly Installment): Monthly repayment to the bank.

Formula

Eligible Loan Amount = [(Monthly Income × FOIR – Existing EMIs) × ((1 + r)^n − 1)] / [r × (1 + r)^n]

Where:

• r = monthly interest rate (annual ÷ 12 ÷ 100)
• n = tenure in months

Step-by-Step Example

• Monthly Income: ₹1,00,000
• Existing EMIs: ₹20,000
• FOIR: 50%
• Interest Rate: 8.5% per annum
• Tenure: 20 years (240 months)

Step 1: Max EMI allowed = 50% × ₹1,00,000 = ₹50,000

Available EMI = ₹50,000 – ₹20,000 = ₹30,000

Step 2: Monthly interest rate = 8.5 ÷ 12 ÷ 100 = 0.00708

Step 3: Using EMI formula in reverse → Loan Amount ≈ ₹31.5 lakhs

Instead of manual calculations, you can instantly check using the IDFC FIRST Bank Home Loan Eligibility Calculator.

3. IDFC FIRST Bank Home Loan Eligibility Criteria in India

Parameter	Requirement
Minimum Age	21 years
Maximum Age at Loan Maturity	65 years
Minimum Monthly Income	₹25,000 (salaried) / ₹40,000 (self-employed in metro)
Employment Stability	Salaried: 2+ years; Self-employed: 3+ years
Minimum Credit Score	750+ preferred
Maximum LTV Ratio	Up to 90%
FOIR Limit	50–60% of monthly income
Eligible Property	Residential / Ready-to-move / Under-construction approved projects

4. Tips to Improve Your IDFC FIRST Bank Home Loan Eligibility

• Add a Co-applicant: Club spouse/parents’ income to boost loan amount.
• Clear Existing Loans: Reduce FOIR by paying off car/personal loans.
• Opt for Longer Tenure: Extending tenure reduces EMI and increases eligibility.
• Maintain a Healthy Credit Score: Keep it above 750 for best offers.
• Show Additional Income: Rental income, bonuses, or side earnings help.
• Increase Down Payment: Lower LTV increases approval chances.
• Job Stability: Stick with one employer for at least 1 year.

5. Calculator Output Context – Eligibility vs EMI

Aspect	Loan Eligibility	EMI
Definition	Maximum loan you can get	Monthly repayment amount
Depends On	Income, FOIR, credit score, age	Loan amount, tenure, interest rate
Example	₹35 lakhs	₹28,000/month for 20 years @ 8.5%

Use the Eligibility Calculator first, then the EMI Calculator to balance your monthly budget.

6. Documents Required for IDFC FIRST Bank Home Loan

a. KYC & Identity Proof

• PAN Card (mandatory)
• Aadhaar Card / Passport / Voter ID

b. Income Proof

• Salaried: Last 3 months’ salary slips, Form 16, bank statement (6 months)
• Self-employed: Last 3 years IT returns, business registration proof, audited financials

c. Employment Proof

• Appointment letter / HR verification letter
• Company ID card (salaried)
• GST/Trade license (self-employed)

d. Property Documents

• Sale agreement / Allotment letter
• Title deed & Encumbrance certificate
• Approved building plan
• Valuation report (if asked)

e. Others

• Passport-size photographs
• Processing fee cheque