IDBI Bank Home Loan
Apply for IDBI Bank home loan at attractive interest rate starting at {[IDBI_HL_INTEREST_RATE}} p.a. IDBI Bank offers a range of home loans for purchase, construction & renovation of residential units. You can avail housing finance up to Rs 75 lakh at extended tenure of 30 years with affordable EMI plans. Other benefits are hassle free online application, minimal processing fee and transparent terms & conditions.
Apply for IDBI Home Loan @ 8.25% - 12.10% Interest Rates
IDBI Bank Home Loan Details
| Loan amount | Up to 90% of Property Value |
|---|---|
| Rate of interest | 8.25% - 12.10% onwards |
| Tenure | Up to 30 years |
| Lowest EMI possible | Rs. 751 Per Lakh |
| Processing fee | 0.25% |
| Foreclosure Charges | Nil for floating rates |
| Penal Interest Rate | 2% 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) | |
| Plain Vanilla Home Loan | |
| Category | |
| Salaried/Self Employed Professional | 8.25% - 12.10% |
| Self Employed Non-Professional | 7.60% - 10.65% |
| Home loan Top Up | |
| Housing purpose | HL ROI + 20 bps |
| Home loan Interest Saver | |
| Salaried/Self Employed Professional | 7.50%-9.15% |
| Self Employed Non-Professional | 7.60%-10.65% |
| IDBI Neev | Rate of Interest |
| (Plot Loan for House Construction) | 8.25% - 12.10% |
| IDBI Neev 2.0 | Rate of Interest |
| (Plot Loan for House Construction) | 8.25% - 12.10% |
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.
- Home Loan: This is a regular Home Loan that can be availed to purchase or construct a house of your own.
- Home Loan Takeover Facility: Under this scheme, you can opt to transfer your existing Home Loan from another lender to IDBI.
- Home Loan-Refinance: Under this scheme, you can opt to switch from one mortgage loan scheme to another within IDBI Bank.
- Home Loan Interest Saver: Applicants can link their Home Loan account with their current account to save on their interest cost.
- 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.
- Home Improvement Loan: This loan basically fulfils your needs pertaining to repair or renovate your existing Home Loan.
- 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.
- Home Loan - Booking Finance: This financial scheme helps you with funding the booking amount for your property.
- IDBI Neev: This is basically a Plot Loan for house construction
- Loan on second Charge/ Pari-passu Charge
- Scheme for Financing Rural/ Semi Urban Housing: people want to purchase a house in rural or semi-urban areas can avail this loan.
- 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.
- 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 Document | Salaried Individuals |
|---|---|
| Application form | Duly filled application form with a recent passport-sized photograph |
| Identity proof | Any of the following:
|
| Residence proof | Any of the following:
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| Income proof |
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| 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:
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| Residence proof | Any of the following:
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| Business proof |
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| Income proof |
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| Processing fee cheque | In 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 Charges | Quantum |
|---|---|
| Processing Charges |
|
| Prepayment and Foreclosure Charges for Floating Rate Home Loans |
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| Prepayment and Foreclosure Charges for Fixed Rate Home Loans |
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| Penal Interest Charges | 2% p.a. for the overdue amount & overdue period |
| Legal Charges |
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| Technical Charges |
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| Charges for Interest Rate Conversion |
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| Property Inspection Charges |
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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
IDBI Bank Home Loan FAQs
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.
You can get a Home Loan from IDBI Bank of up to Rs. 75 Lakh depending on your eligibility.
IDBI Home Loans can have maximum repayment tenure of up to 30 years depending on your eligibility.
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.
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.
Yes. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can also avail IDBI Bank Home Loans.