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IDBI Bank Home Loan Details

Loan amountUp to 90% of Property Value
Rate of interest7.50% onwards
TenureUp to 30 years
Lowest EMI possibleRs. 699 Per Lakh
Processing fee0.25%
Foreclosure ChargesNil for floating rates
Penal Interest Rate2% per month

You can also Apply for 20 Lakh Home Loan

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.

IDBI Home Loan Interest Rates

IDBI Home Loan interest rates are dependent on its 6-month Repo Linked Lending Rate (RLLR) of 6 months and 1 year. The current 6-month RLLR of the IDBI Bank is 7.50% .

IDBI Home Loan Repo Linked Lending Rate (RLLR)

Floating Rate Loans linked to Repo Linked Lending Rate (RLLR)
RLLR SRA =7.50% for new loans w.e.f June 12, 2022
Plain Vanilla Home Loan
Category
Salaried/Self Employed Professional7.50% - 9.15%
Self Employed Non-Professional7.60% - 10.65%
Home loan Top Up
Housing purposeHL ROI + 20 bps
Home loan Interest Saver
Salaried/Self Employed Professional7.50%-9.15%
Self Employed Non-Professional7.60%-10.65%
IDBI NeevRate of Interest
(Plot Loan for House Construction)8.20% - 8.80%
IDBI Neev 2.0Rate of Interest
(Plot Loan for House Construction)8.50% - 9.10%

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.

Additional Info: Also check DDA 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  Rs. 2.67 Lakhs per annum on your Home Loan repayment.

Additional Info: Also check AnyRoR Gujarat Land Record

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.

Additional Info: Also check Home Loan Eligibility

Documents Required for IDBI Bank Home Loan

Type of DocumentSalaried Individuals
Application formDuly filled application form with a recent passport-sized photograph
Identity proof

Any of the following:

  • PAN card
  • Passport
  • Aadhaar Card
  • 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 chequeIn favour of IDBI bank
Type of documentSelf-employed Professionals
Application formDuly 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 chequeIn favour of IDBI bank

Additional Info: Also check Documents Required For Home Loan

IDBI Bank Home Loan Processing Fees and Other Charges

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

Type of ChargesQuantum
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 Charges2% 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

Additional Info: Also check Sukanya Samriddhi Yojana

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 IDBI Home Loan EMI Calculator button after entering the said details, you will get the result.

Additional Info: Also check SBI Home Loan EMI Calculator

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

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Best Value Home Loans

MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.

IDBI Bank Home Loan FAQs

✅ How does the bank decide on Home Loan eligibility?

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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?

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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?

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

✅ What is the maximum tenure available for IDBI Home Loan?

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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?

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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.

✅ How can I calculate the IDBI Bank Home Loan EMI?

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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?

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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?

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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?

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