To check IDBI Bank Home Loan Eligibility instantly online, share your income and loan details on Home Loan Eligibility Calculator. IDBI offers a range of home loans for varied customer base. You can avail high value home loans starting at 6.75% p.a. for extended tenure of 30 year. The eligibility for home loan depends on your profile, income, employment type, property details & existing loans.
The Industrial Development Bank of India is a very popular privately-owned bank in India. It was established in 1964 with a goal of aiding the development of Indian Industries. Since then, the bank has grown to provide a wide range of financial services and products to its customers.
A self-owned house is the dream of many Indians and to make this dream a reality, IDBI Bank offers its customers to avail a Home Loan. IDBI Bank offers a wide range of Home Loan services, depending on the individual needs. Customers have the facility of getting a Home Loan package customised entirely as per their needs and purposes. IDBI Bank promises its customers very quick and completely transparent application process. IDBI Bank can help the customers through the process and help them with the ideal deal.
Below are some eligibility criteria to avail a Home Loan in IDBI Bank:
Below listed are some of the features of IDBI Bank Home Loans:
|Purpose||Acquisition of property/ plot of land, construction of new property, balance transfer, top-up, and extension/improvement of existing property.|
|Loan amount||Up to 90% of the property's market value, not exceeding 10 Crores.|
|Tenure||Maximum up to 30 years for salaried individuals and 20 years for self-employed professionals and non-professionals.|
|Minimum age criteria||22 years for salaried employees and 25 years for self-employed individuals.|
|Maximum age criteria||70 years for salaried employees and 65 years for self-employed individuals.|
|Income eligibility||20,000 per month for salaried individuals and 5 Lakhs per annum for self-employed individuals.|
|Interest Rate||Starts from 8.25%|
|Processing fee||Up to 0.50% of loan amount|
|Prepayment charges||Nil in case of floating rates and fixed rates, 2% in case of fixed rates if prepayment or foreclosure is done after 6 months from final disbursement.|
You have to submit certain documents along with your Home Loan application in order to get your loan sanctioned off easily.
Even if the individual satisfies the eligibility criteria mentioned above, the loan application can still be rejected due to any of the following reasons:
Your credit score is very important for the Home Loan application to be accepted. A credit history contains all details of your credit card bill usage, repayments, other financial investments, etc. It can showcase your financial strength and denote just how well you are able to manage your finances. A lower credit score might have a negativeeffect on your loan application.
Home Loans are generally of a high amount and tenure and require continuous and on-time repayment from the borrowers. In case the borrower has other existing debts that they haven't paid off yet, the Home Loan application has a possibility of being rejected. This is possible even in case you have been signed as a guarantor for someone else or you are a joint applicant for your previous loan.
Even if you fall under the eligible income category of the Home Loan application, your loan will be rejected if you have a lower disposable income, i.e., you have other liabilities to take care of. Your other expenses will lower your overall expendable salary and will have a negative impact on your loan application.
Financial stability is very important for a Home Loan application. That's why, if you have recently joined your office, your loan application might possibly be rejected. Moreover, the bank will require at least 3-6 months of salary, so it?s prudent to wait for at least 6 months after joining your job to apply for a Home Loan.
Banks usually have a pre-approved list of employers/companies that are considered safe per them. They require that the borrower must be working with the employers mentioned in the list. In case, the borrower's employer isn't pre-approved, it's possible that your Home Loan will be rejected. It?s better to talk to a bank or third party to find out if your employer is eligible or not.
You will be submitting all original property documents to the bank while applying for your Home Loan. In case they find any kind of issue with the documents, or they find out that the property is under some dispute or there are any other legal issues, there is a chance that your plan application will be rejected. It is prudent to get all your documents verified before applying for a Home Loan.
If the borrower has any previous late or missed payments from prior liabilities, it will come under heavy scrutiny. It will also have a negative impact on your credit score which will then negatively impact your Home Loan application. Even a single missed payment can have quite an impact on the credit score.
Getting a Home Loan application accepted is the decision of the bank and has many factors affecting it as mentioned above. There is a possibility of your loan application getting rejected even if you follow all the eligibility criteria.
Below are some tips you can follow to make sure your loan application gets approval easily:
Before applying for a Home Loan, it is wise to get a clear assessment of your finances. You should verify that all your pending dues have been cleared off and are in order. You should calculate how much money is left after fulfilling all of your obligations. Even in case, you have any existing loans or debts remaining, you need to make sure that you have enough income per month even with the existing EMIs. The repayment capability is crucial for Home Loan sanctions, so, this is very important step of the loan application process.
As soon as you apply for a Home Loan, your entire credit history will come under strong scrutiny by the bank officials. It is wise to get an accurate credit history report of your finances yourself and get it evaluated. It will give you a proper evaluation of your credit history. You should also ensure you have the CIBIL score ready. Your credit score should be good without any late repayments or default payments. Also, if you have an existing loan, it is recommended for you to repay the same before applying for a new one.
Home Loans are secured loans and they require collateral. In most cases, the property is considered as mortgage for the loan amount. The property is also thoroughly verified by the bank for any issues. Make sure that all of the property documents are in order and that property is currently not under any legal dispute or issue.
Having a co-applicant highly increases your chances of getting a Home Loan sanctioned. This is because the loan amount is divided amongst the borrowers and the repayment responsibility lies on both the individuals. It is crucial that you find a co-borrower with an excellent credit score so it adds up well to your own. It is also helpful if your co-borrower has no pending dues or loans and has an excellent credit history.
EMI (equated monthly instalments) is the monthly amount that the borrower has to pay the bank as repayment for the loan amount received. EMI amount depends on the principal amount, the rate of interest, and the tenure. Generally, the rate of interest is higher for higher tenure loans. EMI amount is crucial as this is the amount that you have to pay without fail from your income each month and you need to make that the amount is convenient enough for you to be able to pay long term.
The calculation for a Home Loan EMI can be very complicated. For your convenience, there is EMI Calculator available online to determine easily what kind of EMI you can expect for different tenure and rates. The calculator can help you determine what tenure and interest rate you would find most beneficial for yourself. As Home Loan EMIs have to repaid for a long duration, it is important to apply with a full confidence of repayment.
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Home Loan amount can go up to 90% of the property value. The highest amount of Home Loan permitted is 10 Crores.
It is possible to start the application process without a property selected. In this case, the loan amount is determined by repayment capabilities of the borrower. The borrower is then free to search for the property based on the loan amount permitted. However, the loan is sanctioned only after the property gets selected and the property is verified to meet the bank's property criteria and is issue free.
Home Loans are secured loans and require collateral. Generally, the property the borrower is looking to purchase is itself considered for a mortgage against the loan amount. As such, all the deeds relating to the property have to be submitted to the bank. It is also possible that the bank may ask for additional security if required.
IDBI offers a Home Loan Interest saver for its Home Loan customers to allow them the option of reducing their interest charges. In this scheme, your Home Loan account will be linked to a Flexi current account (which is just as your regular account where you are allowed to deposit and withdraw funds). The extent of interest reduction is as per the excess funds in your Flexi current account. Contact the bank to know more about this scheme.
Yes, co-applicants are allowed for IDBI Bank Home Loan. In fact, having a co-applicant can help you get your Home Loan sanctioned faster as the income of your co-applicant is added to the total income. Generally, your spouse can be a co-applicant. Also, if the property yo be purchased is co-owned, the loan has to be applied jointly between the co-owners.
Home Loans are generally high tenure loans. For this reason, IDBI Bank offers the option of prepayment of Home Loans at zero penalty charge in case of a floating rate loan. In case of a fixed-rate loan, the prepayment charges can be up to 2%.
IDBI bank requires that the borrower has insured the property against fires and other hazards throughout the tenure of the loan. The borrower will have to provide all relevant documentation as proof of insurance.