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.
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)
| IDBI Neev 2.0|
(Plot Loan for House Construction)
| 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
| 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|
|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|
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.
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.
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.
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.
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