IDBI Bank, established in the year 1964, offers credit and financial assistance for the developing Indian industries as well as retail customers. If buying a house is currently your top priority, look no further. IDBI home loans offer attractive options and quick services with documentation, processing, and other home loan financing requirements.

In this article, we will cover all possible questions related to IDBI Bank Home Loan.

1. Top home loan schemes of IDBI Bank

  1. Plain Vanilla Home Loan
  2. Home Loan Interest Saver
  3. Home Loan – Top-up
  4. Home Loan – Takeover Facility
  5. Home Improvement Loan
  6. Home Extension Loan
  7. Home Loan – Booking Finance
  8. Loan on Second Charge/Pari-passu Charge
  9. Home Loan – Refinance Facility
  10. Pradhan Mantri Awas Yojna – Credit Linked Subsidy Scheme

2. Interest Rates of IDBI Bank home loans

The rates provided in the table below are effective from 12 December 2020.

Home Loan Scheme

Interest Rate for Salaried/Self-Employed Professionals (% p.a.)

Interest Rate for Self-Employed Non-Professionals (% p.a.)

Plain Vanilla Home Loan

6.90-8.40

7.15-9.90

Home loan Top Up

HL ROI + 40 bps

Home loan Interest Saver

7.40-8.90

7.65-10.40

IDBI Neev

(Plot Loan for House Construction)

7.60-8.20

IDBI Neev 2.0

(Plot Loan for House Construction)

7.90-8.50

Loan For Commercial Property Purchase (LCPP)

9.50-9.60

Home Loan Scheme

Residential Property

Commercial Property

Loan Against Property (LAP)

8.75-9.10

9.00-9.35

3. Features and benefits of IDBI home loans

  • IDBI Bank home loans are available for both salaried and self-employed applicants.
  • Loan approval even before the property is selected.
  • Special rates are offered for women applicants.
  • NRIs can also avail home loans under the scheme specially designed for them.
  • Home loans granted to applicants from the age group from 22 years to 70 years.
  • The property you are planning to purchase, renovate, or construct will generally hold the mortgage.
  • Multiple home loan repayment options to suit the needs of different applicants, such as flexible loan instalment plan, step up and step down repayment facility, and tranche-based EMI.
  • The tenure of the home loan can range from 5 years to 30 years.
  • Competitive interest rates are offered, and the rates may vary based on the scheme applied for.

4. Who is eligible for IDBI home loans?

Type of Applicant

Minimum Age

Maximum Age

Maximum Loan Tenure

Salaried (including NRIs/PIOs)

22 years

70 years or the retirement age, whichever is earlier

Up to 30 years

Self Employed Professionals(SEP)

25 years

65 years

Up to 20 years

Self Employed Non-Professionals (SENP)

Maximum Loan Amount Offered

Loan Amount

Maximum Funding Offered

< Rs.30 lakh

Up to 90% of the market value or the document cost of the property, whichever is lower

Rs.30 lakh to Rs.75 lakh

Up to 80% of the market value or the document cost of the property, whichever is lower

> Rs.75 lakh

Up to 75% of the market value or the document cost of the property, whichever is lower

5. Documents required for IDBI home loans

  • Duly filled application form with photograph
  • Proof of Address
  • Proof of Identity
  • A cheque to pay the processing fee
  • For salaried customers:
    • Latest salary slip for the last three months
    • Form 16 or a copy of ITR filed
    • Last six months’ bank statements
  • For self-employed professionals:
    • Education qualifications certificate
    • Proof of business existence
    • Last three years’ ITR (both self and business)
    • Last three years’ profit and loss statement and balance sheet
    • Last six months’ bank statements
  • Self-employed non-professionals:
    • Proof of business existence
    • Business profile
    • Last three years’ ITR
    • Last three years’ profit and loss statement
    • Last six months’ bank statements (both self and business)

6. Fees and charges

Fees and Charges

Amount (excluding taxes)

Penal interest charges

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

Processing and administrative fees

Rs.3,500 to Rs.20,000 (varies with scheme)

Processing and administrative fees (inward balance transfer)

Nil

LAP OD renewal charges

0.25% of the sanctioned amount

Reverse mortgage loan (RML) charges

0.50% of the loan amount

Legal & technical charges

Rs.2,500

Property inspection charges (home loan variants)

Rs.750-Rs.2,500

Property inspection charges (loan against property)

Rs.1,500-Rs.5,000

Document retrieval charges

Rs.1,000-Rs.2,500

Partial property release/swapping charges

Rs.10,000-Rs.25,000

7. Home loan EMI calculator

Use our home loan calculator to understand how much loan you will require to purchase the property of your choice and how much EMI you will have to pay over the loan tenure.

8. Frequently asked questions (FAQs)

Q. How do I avail IDBI home loan? A. You can follow one of the following methods to apply for a home loan:

  • Visit the nearest IDBI Bank branch to apply.
  • Call up the IDBI Bank home loan sales officer in your city.
  • Apply online on the official website of the IDBI Bank.
  • There is also an option for you to request the bank to contact you.

Q. What is the maximum loan amount I can expect?

A. A maximum loan amount of Rs.10 crore can be availed under a home loan. However, the loan amount is subject to the bank’s discretion.

Q. Is there a specific way through which I can repay the loan?

A. You can set standing instructions with the IDBI Bank savings account to automatically deduct the EMI from your account towards the home loan account. If you have to debit money from another bank’s savings account, you may use the Electronic Clearing System (ECS) on that account.

Q. What are the factors that the bank considers to decide my eligibility?

A. Factors, such as age, qualification, income, number of dependents, spouse income, the stability of the occupation, assets, liabilities, savings history, and the property’s value are key in determining the eligibility.

Make Small Investments for Bigger Returns

image
Start Investing Now