IDBI BANK

IDBI BANK Home Loan

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About IDBI Bank Home Loan

IDBI Bank Ltd. is a full-service universal bank that provides a wide range of financial products and services including loans, deposits, payment services, and investment solutions. IDBI is primarily an advancement bank that gives credit to encourage development in India. The bank meets the desires of its clients and gives them all the financial items and products that they require. IDBI bank currently has a huge network of branches across India with an experienced workforce.

Owning a home is a big aspiration for many people. IDBI Home Loans are designed to offer convenience to the customers and make the journey to their dream home a pleasant one.  IDBI bank gives hassle-free Home Loans at moderately low financing costs. Quick disbursal of loan amount makes IDBI Bank Home Loan best in the business. You can simply get ahead and benefit from IDBI bank's Home Loan to construct your dream house.

IDBI Bank Home Loan

Interest rate

8.60%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

 776 Per Lakh

Why IDBI Bank Home Loan?

Here are some important reasons why one should opt for IDBI Bank Home Loan:

  • IDBI bank provides full assistance to the customer for searching and acquiring a property
  • Get approval for the loan even before choosing a property
  • Huge range of Home Loan products: Home Loan, Home Loan-Top up, Home Loan Interest Saver, Home Loan takeover facility, Home Extension Loan, Home Improvement Loan, Home Extension Loan, Loan on second Charge/ Pari-passu Charge, Home Loan - Booking Finance, and Home Loan-Refinance Facility.
  • Home Loan for all: Modified housing finance solutions for the salaried individuals (including NRI), self-employed professionals, and self-employed non-professionals.
  • Approved projects for the convenience of housing loan borrowers
  • Flexible loan repayment options: IDBI Bank gives you many flexible repayment options like a flexible loan instalment plan, step up and step down repayment facility, and tranche based EMI.
  • A wide network of branches across India: IDBI Bank has over 1800 branches across the length and breadth of the country, and has over 76 specialized loan processing centres.
  • The loan can be availed from anywhere to purchase a property anywhere in India
  • An experienced team having in-depth knowledge of the housing finance industry
  • An applicant does not need to go to the bank to apply for a Home Loan. You can easily apply online.
  • Best quality service
  • Transparency in the loan process
  • Quick processing

Features and Benefits of IDBI Bank Home Loan

Following are some attractive features and benefits of IDBI Bank Home Loan:

  • IDBI Bank Home Loans can be availed for acquiring a new/ resale residential property, purchasing a plot of land for construction, constructing house on already acquired property, balance transfer with or without top up from another financial institution/ bank, internal top up on the existing housing loan, booking finance, and extension/ improvement/ renovation of the existing property.
  • There are zero processing fees for Pradhan Mantri Awas Yojana (PMAY) and Inward Balance Transfer Cases(Terms and Conditions Apply).
  • Salaried individuals (including NRIs and PIOs), Self-Employed Professionals (SEP), and Self-Employed Non-Professionals (SENP) are eligible to avail these loans.
  • Applicants should be in the age group of 22 - 70 years (if salaried) and 25 - 65 years (if SEP and SENP) to avail Home Loans from IDBI.
  • Maximum loan-to-value (LTV) that can be availed under these loans is 90% of the cost of the project.
  • The maximum loan repayment tenure is 30 years for salaried individuals and 20 years for SEP and SENP applicants.
  • Existing Home Loan customers of the bank can avail top up facility to fund their personal financial needs.
All about IDBI  Bank Home Loan

Max Tenure

  • Up to 30 years (for salaried)
  • Up to 20 years (for SEP & SENP)

Loan amount

Up to 10 Crores

Processing Fee

  • Up to 30 Lakhs : 2500 + applicable taxes
  • 30 Lakhs to 75 Lakhs : 3,500+ applicable taxes
  • 75 Lakhs : 5,000 + applicable taxes
  • For Inward BT irrespective of the amount & PMAY proposals: Nil

Prepayment Charges

 Allowed at Nil charges for floating rate loans applications

Who can apply?

  • Self-employed professionals
  • Self-employed non-professionals
  • Salaried individuals
  • NRIs
  • PIOs

Age

  • Minimum 22 years and Maximum 70 years for Salaried
  • Minimum 25 years and Maximum 65 years for SEP and SENP

Interest Rate

 Starts at 8.75% per annum

IDBI Home Loan Interest Rates

IDBI Home Loan interest rates are dependent on its 6-month Marginal Cost of Funds Based Lending Rate (MCLR) of 6 months and 1 year. The current 6-month MCLR of the IDBI Bank is 8.60% and 1-year MCLR is 9% (as updated on 12.04.2019).

IDBI Home Loan Floating Interest Rates (as on 22.04.2019)

Scheme Loan Amount Type of Borrower Interest Rate

Home Loan (plain Vanilla)

Up to  35 Lakhs

Salaried (Men/ Women):

6-month MCLR + 0.15%: 8.75%

Self Employed Professionals ( SEP) (A):

6-month MCLR + 0.20%: 8.80%

Self Employed Non-Professionals (SENP)(B):

6-month MCLR + 0.25%: 8.85%

Above 35 Lakhs to up to 75 Lakhs

Salaried (Men/ Women):

6-month MCLR + 0.30%: 8.90%

Self Employed Professionals ( SEP) (A):

6-month MCLR + 0.35%: 8.95%

Self Employed Non-Professionals (SENP)(B):

6-month MCLR + 0.40%: 9%

Above 75 Lakhs

Salaried (Men/ Women):

6-month MCLR + 0.40%: 9%

Self Employed Professionals ( SEP) (A):

6-month MCLR + 0.45%: 9. 05%

Self Employed Non-Professionals (SENP)(B):

6-month MCLR + 0.55%: 9.10%

Home Loan Interest Saver (HLIS)

All Loan Amounts

All Applicants

1-year MCLR + 0.35%: 9.35%

IDBI NEEV (Plot Loan for House Construction)

Up to  35 Lakhs

All Applicants

  • Neev: 1-year MCLR + 0.45%: 9.45%
  • Neev 2.0: 1-year MCLR + 0.75%: 9.75%

Above 35 Lakhs to up to 75 Lakhs

All Applicants

  • Neev: 1-year MCLR + 70%: 9.70%
  • Neev 2.0: 1-year MCLR + 1%: 10%

Above 75 Lakhs

All Applicants

  • Neev: 1-year MCLR + 0.95%: 9.95%
  • Neev 2.0: 1-year MCLR + 1.25%: 10.25%

Scheme for Financing  Rural/ Semi Urban Housing

Up to  35 Lakhs

Salaried (Men/ Women):

6-month MCLR + 0.15%: 8.75%

Self Employed Professionals ( SEP) (A):

6-month MCLR + 0.20%: 8.80%

Self Employed Non-Professionals (SENP)(B):

6-month MCLR + 0.25%: 8.85%


IDBI Home Loan Fixed Interest Rates (as on 22.04.2019)

Scheme Loan Amount Type of Borrower Interest Rate

Home Loan

All Loan Amounts

All Applicants

·      For 3 Years Tenure: 10.25%

·      For Tenure Above 3 Years: 10.50%

IDBI NEEV (Plot Loan for House Construction)

 

Up to  35 Lakhs

All Applicants

10.25%

Above  35 Lakhs

All Applicants

10.50%

1.       Scheme for Financing Rural/ Semi Urban Housing

 

All Loan Amounts

All Applicants

10.35%

1.       Loan for Commercial Property Purchase (LCPP)

 

Fixed for 5 years

For PSL

11.85%

For Non PSL

12%


Discount on Interest Rates:

  • 5 bps lower interest rate for women customers under SEP (Column A) and SENP (Column B) under Home Loan Vanilla scheme.
  • 5 bps lower interest rate for women customers under SEP(Column A) and SENP (Column B) under Scheme for Financing Rural/ Semi Urban Housing scheme.

Types of IDBI Home Loans

IDBI has the following wide range of Home Loan products in its store.

  1. Home Loan: This is a regular Home Loan that can be availed to purchase or construct a house of your own.
  2. Home Loan Takeover Facility: Under this scheme, you can opt to transfer your existing Home Loan from another lender to IDBI.
  3. Home Loan-Refinance: Under this scheme, you can opt to switch from one mortgage loan scheme to another within IDBI Bank.
  4. Home Loan Interest Saver: Applicants can link their Home Loan account with their current account to save on their interest cost.
  5. Home Loan - Top Up: As the name suggests, you can apply for an additional loan amount on your existing Home Loan to fund your personal financial needs.
  6. Home Improvement Loan: This loan basically fulfils your needs pertaining to repair or renovate your existing Home Loan.
  7. Home Extension Loan: As the name suggests, an applicant can take this loan to extend their existing property by adding extra room or space to it.
  8. Home Loan - Booking Finance: This financial scheme helps you with funding the booking amount for your property.
  9. IDBI Neev: This is basically a Plot Loan for house construction
  10. Loan on second Charge/ Pari-passu Charge
  11. Scheme for Financing Rural/ Semi Urban Housing: people want to purchase a house in rural or semi-urban areas can avail this loan.
  12. Loan for Commercial Property Purchase (LCPP): This loan can be availed to purchase a commercial property. It comes with a fixed interest rate for the initial 5 years.
  13. Pradhan Mantri Awas Yojana (PMAY): It is a credit-linked subsidy scheme offered by the Government of India to housing loan borrowers. You can get an interest subsidy of up to 2.67 Lakhs per annum on your Home Loan repayment.

IDBI Bank Home Loan Eligibility Criteria

To get qualified for IDBI Bank Home Loan, you have to meet the following eligibility criteria:

  • Who can apply: Salaried Individuals, Self-Employed Professionals (SEP), and Self-Employed Non-Professionals (SENP)/ Businesspersons.
  • Nationality: Applicant can be Resident Indian, Non-Resident Indian (NRI), or Person of Indian Origin (PIO).
  • Age:
    • Salaried Individuals: Minimum 22 years at the time of loan application and Maximum 70 years at loan maturity
    • SEP and SENP: Minimum 25 years at the time of loan application and Maximum 65 years at loan maturity
  • Income: Income plays an important role for the banks to decide whether or not the applicant will be able to repay the loan.
  • For Home Loan Takeover Facility applicant must have a minimum repayment track record of 6 months.
  • Qualification: Qualification assures the bank that the applicant has a relevant degree and expertise and is capable of repaying the loan.
  • Number of dependents: If the borrower is the only earner in the family and has 3-4 dependents, then obviously the paying capacity of the borrower will be less. These factors affect the quantum of loan disbursed.
  • Co-applicant's Income: Co-applicant's income has the potential to substantially increase the loan amount eligibility.
  • Assets, Liabilities, Stability, and the Continuity of Occupation of the Borrower: All these help the bank to assess the creditworthiness of the applicant and to determine their credit score.
  • Savings History: This basically means genuine savings of a Home Loan applicant over the years.

Documents Required for IDBI Bank Home Loan

Type of Document Salaried Individuals

Application form

Duly filled application form with a recent passport-sized photograph

Identity proof

Any of the following:

  • PAN card
  • Passport
  • Any other certificate from Statutory Authority

Residence proof

Any of the following:

  • Passport
  • Driving License
  • Utility Bill
  • Ration Card
  • Voter ID Card
  • Any other certificate from Statutory Authority

Income proof

  • Last 3 months' salary slips
  • Last 2 years Form 16/ ITR
  • Bank statement of last 6 months showing salary credit

Processing fee cheque

In favour of IDBI bank


Type of document Self-employed Professionals

Application form

Duly filled application form with a recent passport-sized photograph

Identity proof

Any of the following:

  • PAN card
  • Passport
  • Any other certificate from Statutory Authority

Residence proof

Any of the following:

  • Passport
  • Driving License
  • Utility Bill
  • Ration Card
  • Voter ID Card
  • Any other certificate from Statutory Authority

Business proof

  • Education qualifications certificate
  • Proof of business existence

Income proof

  • Last 3 years' ITR (self and business)
  • Last 3 years' Profit & Loss Account and Balance Sheets
  • Bank statements of last 6 months

Processing fee cheque

In favour of IDBI bank


Type of document Self-employed Non-professionals

Application form

Duly filled application form with a recent passport-sized photograph

Identity proof

Any of the following:

  • PAN card
  • Passport
  • Any other certificate from Statutory Authority

Residence proof

Any of the following:

  • Passport
  • Driving License
  • Utility Bill
  • Ration Card
  • Voter ID Card
  • Any other certificate from Statutory Authority

Business proof

  • Proof of business existence
  • Business profile

Income proof

  • Last 3 years' ITR (self and business)
  • Last 3 years' Profit & Loss Account and Balance Sheets
  • Bank statements of last 6 months (self & business)

Processing fee cheque

In favour of IDBI bank

Other Products by IDBI Bank

Apart from Housing Loans, IDBI Bank also offers the following financial products to its customers:

Other Products by IDBI Bank

Savings Account

Flexi Current Account

Corporate Payroll Account

Fixed Deposits

Lockers

Credit Cards

Debit Cards

Prepaid Cards

Personal Loan

Loan Against Property

Loan Against Securities

Education Loan

Auto Loan

Pradhanmantri Social Security Scheme

Sukanya Samriddhi Account

How to Calculate IDBI Bank Home Loan EMI?

EMI Calculator is a financial tool on MyMoneyMantra which helps you calculate the prospective EMI for your loan. This tool gives you the facility to assess the complete cost of your Home Loan so that you can plan your monthly spending accordingly.

It is extremely easy and instant to use this tool. All you need to do is enter three details - loan amount, interest rate, and loan tenure (in months or years). As soon as you click on the Calculate button after entering the said details, you will get the result.

IDBI Bank Home Loan Processing Fees and Other Charges

Apart from the rate of interest, Home Loans involve some other charges as well. Below are the charges associated with your IDBI Bank Home Loan:

Type of Charges Quantum

Processing Charges

  • Up to 30 Lakhs: 2,500 + applicable taxes
  • 30 Lakhs to 75 Lakhs: 3,500+ applicable taxes
  • Above 75 Lakhs: 5,000 + applicable taxes
  • For Inward Balance Transfer irrespective of the amount and PMAY proposals: NIL

Prepayment and Foreclosure Charges for Floating Rate Home Loans

  • Floating Rate Home Loans sanctioned to individuals: NIL
  • Floating Rate Home Loans sanctioned to non-individuals (applicant and co-applicant):
    • Loans sanctioned on & after 28.01.2015: 2% on the outstanding loan amount + applicable taxes
    • Loans sanctioned before 28.01.2015: As per Sanction Letter & Loan Document Terms

Prepayment and Foreclosure Charges for Fixed Rate Home Loans

  • If prepayment is done with own funds
    • Within 6 months post disbursal:
      • 2% on the outstanding loan amount + applicable taxes (for loans sanctioned on & after 28.01.2015)
      • As per Sanction Letter and Loan Document Terms (for loans sanctioned before 28.01.2015)
    • After 6 months post disbursal: NIL
  • For Balance Transfer Cases:
    • 2% on the outstanding loan amount + applicable taxes (for loans sanctioned on & after 28.01.2015)
    • As per Sanction Letter and Loan Document Terms (for loans sanctioned before 28.01.2015)

Penal Interest Charges

2% p.a. for the overdue amount & overdue period

Legal Charges

  • If the property is located in Metro & Urban areas: 2,500 + applicable taxes
  • If the property is located in Semi Urban & Rural areas: 1,500 + applicable taxes

Technical Charges

  • If the property is located in Metro & Urban areas: 1,500 + applicable taxes
  • If the property is located in Semi Urban & Rural areas: 1,000 + applicable taxes

Charges for Interest Rate Conversion

  • Home Loan variants having floating rate of interest link to MCLR/BR/BPLR to applicable Rate of Interest linked to MCLR:
    • Up to 30 Lakhs outstanding loan amount: 2,500 + applicable taxes
    • Above 30 Lakhs up to 75 Lakhs outstanding loan amount: 5,000 + applicable taxes
    • Above 75 Lakhs outstanding loan amount: 10,000 + applicable taxes
  • Fixed Interest Rate Home Loans to Floating Interest Rate Home Loans (on the expiration of the fixed period of 3/10 years): NIL
  • Home Loan to Home Loan Interest Saver & vice versa: 0.50% of the outstanding loan amount + applicable taxes
  • Floating Interest Rate Home Loans to Fixed Interest  Rate Home Loans & vice-versa: 0.50% of the outstanding loan amount + applicable taxes

Property Inspection Charges

  • New customers: Fees will be collected before the disbursement of loan & every 3 years thereafter: 
    • For loans up to 30 Lakhs: 500 + applicable taxes
    • Above 30 Lakhs up to 75 Lakhs: 1,000 + applicable taxes
    • Above 75 Lakhs: 1,500 + applicable taxes
  • Existing customers: 600 + applicable taxes upfront & every 3 years thereafter

Terms & Conditions for Part Prepayment 

  • You can make maximum one prepayment in a month
  • Minimum prepayment amount should be 25,000

Customer Care - IDBI Bank

Customers can contact on bank's following Toll Free numbers 24 X 7 from Landline/ Mobile number:

  • 1800-209-4324
  • 1800-200-1947
  • 1800-22-1070

Overseas Customers

+912267719100 (Chargeable)

Registered Office Address:

IDBI Bank Ltd.

IDBI Tower, WTC Complex,

Cuffe Parade, Colaba, Mumbai - 400005

Frequently Asked Questions

How does the bank decide on Home Loan eligibility?

The bank assesses your housing loan eligibility based on your age, income, qualification, number of dependents, spouse's income, occupation stability and continuity, assets, liability, savings history, and the value of the property to be purchased.

How can I apply for IDBI Home Loan?

You can apply for the housing loan of IDBI through any one of the following ways:

  • Call MyMoneyMantra's Home Loan experts
  • Apply online through MyMoneyMantra
  • Call IDBI's Home Loan Sales Officer in your City
  • Apply online through IDBI Bank's website

What is the maximum amount of Home Loan that I can get from IDBI Bank?

You can get a Home Loan from IDBI Bank of up to 10 Crores depending on your eligibility.

What is the maximum tenure available for IDBI Home Loan?

IDBI Home Loans can have maximum repayment tenure of up to 30 years depending on your eligibility.

Can I get the Home Loan sanctioned without choosing the property?

Yes. The bank extends in-principle sanction based on the applicant's repayment capacity. You can search the property based on the sanctioned loan amount. The identified property should meet the bank's criteria for final sanction.

What is the Home Loan EMI?

Home Loan EMI is equated monthly instalment (comprising the Principal and Interest components) that you have to pay each month against the repayment of your Home Loan until the end of your loan tenure.

How can I calculate the IDBI Bank Home Loan EMI?

You can use MyMoneyMantra's EMI Calculator to calculate your IDBI Bank Home Loan EMI. You just need to enter the interest rate, loan amount, and loan tenure to get the accurate result.

How can I repay my IDBI Home Loan EMI?

You can repay your EMI for IDBI Bank Home Loan through Standing Instruction (SI) with IDBI Account or Electronic Clearing System (ECS) instruction on your non-IDBI account.

How can I reduce the interest cost for my Home Loan?

You can reduce your Home Loan interest cost by availing IDBI's product named Home Loan Interest Saver. Under this scheme you can link your Home Loan account with your Flexi Current Account. The interest liability on your Home Loan reduces to the extent of surplus funds available in the operative current account. You can withdraw or deposit funds from this current account as and when required. The interest on Home Loan is calculated on outstanding loan balance minus balance available in the Current Account.

Does IDBI Bank offer Home Loans to NRI?

Yes. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can also avail IDBI Bank Home Loans.

IDBI Bank Home Loan Latest News

12.04.2019: IDBI Bank reduces lending rates

LIC-owned IDBI Bank, reduced its lending rates by 5 basis points (bps) across most tenors. The revised lending rates will be effective from Friday. The new 1-year MCLR (marginal cost of funds-based lending rate), to which Home Loans are linked, has been reduced to 9% and the revised 6-month and 2-year MCLnow stand at 8.60% and 9.25%, respectively. The bank has reduced its 1-month lending rate by 10 bps to 8.15%.

10.03.2019: IDBI Bank comes under LIC's care

Due to its deteriorating condition, the IDBI Bank has a new owner with deep pockets now. The Life Insurance Corporation of India (LIC) is now the new promoter for the bank whose NPAs are among the highest in India.

28.06.2018: IDBI Bank revises its Home Loan slab to 35 Lakhs

Realigning its Home Loans slab in line with RBI's new housing loan priority sector lending norms, IDBI Bank on said it will offer up to 15 basis points (bps) concession to housing loan borrowers based on their credit scores. The home loan slab has also been revised to 35 Lakhs from the existing 30 Lakhs with effect from 18 June, 2018.

Why Apply for IDBI Bank Home Loan on MyMoneyMantra?

If you want to experience a hassle-free application process, you can apply for IDBI Bank Home Loan through MyMoneyMantra. MyMoneyMantra brings the below-mentioned benefits for Home Loan borrowers:

Instant Eligibility Check: You can easily and instantly check the information about the eligibility criteria for IDBI Bank Home Loan.

Instant EMI Calculation: Using MyMoneyMantra's EMI Calculator, you can easily calculate the prospective equated monthly instalment (EMI) for your IDBI Bank Home Loan within a few seconds.

Customised Quotes: The qualified loan applicants are offered schemes modified according to their needs and eligibility criteria.

Hassle-free Documentation Process: Once you have successfully applied for the loan, our representatives will visit your address to collect the required documents from you and submit them to the IDBI Bank Home Loan department.

Guaranteed Privacy: MyMoneyMantra guarantees you a secure access to its financial services and keeps your data secure.

How to Apply for IDBI Bank Home Loan on MyMoneyMantra?

Applying for a Home Loan through MyMoneyMantra is very easy. Below is all the information required that an applicant should know before making an application:

  • Visit MyMoneyMantra
  • Select Home Loan under Loans section
  • Enter personal information, such as your gender, name, etc.
  • Select the city in which you live
  • After selecting the city, you have to mention the reason for taking the loan. Different people have different reasons for taking a Home Loan. The loan can be for purchasing a residential plot, purchasing residential ready property, purchasing residential plot and construction, residential under construction or home extension. Be careful in selecting the purpose of the loan because they have different procedures.
  • Select the city where you want to buy the property
  • Get an estimated market value of the property to be purchased
  • Select the type of employment which may be salaried or self-employed professional or business owner.
  • Carefully enter annual income because it will affect the loan amount and interest rates
  • Enter the amount of loan that you want to borrow
  • Enter personal details like UIDAI number, age etc.
  • Provide your active e-mail id and mobile number
  • Accept the terms and conditions to move ahead
  • MyMoneyMantra will send an OTP to your number
  • Enter the OTP and you will be redirected to a new page where you will see all the Home Loan products offered by other banks as well.

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