IDBI Bank Home Loan

IDBI Bank
4.5

IDBI Bank Home Loans are tailored to suit each client's unique needs. Age, income, and credit score are three factors that customers can use to decide if they qualify for an IDBI Bank home loan. Due to the bank's minimal documentation requirements, it is easier for consumers to finish their applications. IDBI Bank offers packages with flexible repayment options and reasonable interest rates for various home loan needs.

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IDBI Bank Home Loan

  • Interest Rate

    8.05% - 13.45%

  • Loan Amount

    ₹10K - ₹50Cr

  • EMI Per Lakh

    ₹2,030 - ₹2,298

  • Processing Fees

    For Dropline OD: 1% of the limit subject to a maximum of Rs 10 lakh.
  • Pre-Payment Charges

    3% to 4% of the balance loan amount.

Features & Benefits of IDBI Bank Home Loan

The IDBI Bank home loan provides financial aid to citizens so that they can conveniently facilitate real estate-related transactions. The IDBI bank Housing loan is offered to customers at an attractive interest rate and entails various facilities that enable the consumers to obtain funds to acquire their dream home. The IDBI Bank allows the lucrative option to obtain housing loans under the Pradhan Mantri Awas Yojana scheme. The processing fees on the IDBI Housing loan are also relinquished for PMAY cases and inward balance transfers. The IDBI bank has also designed diverse avenues for the loan recipient to ease repayment.

The IDBI Bank offers the following features and benefits to the customers:

Loan Tenure

The bank offers a loan tenure of up to 30 and 20 years to salaried and self-employed individuals, respectively. This long tenure ensures that the loan repayments are manageable for the borrowers. 

Top-Up Facility 

The borrower can also avail of the top-up facility to secure additional funds from the bank. IDBI Bank offers customers a top-up facility of up to 100%. However, it is to be noted that the borrowers are required to maintain a punctual repayment track record before applying for this facility. 

Loan Products  

The bank offers a diverse assortment of customized loan products to its customer base along with home loans such as home loan interest savers, home loan top-ups, home improvement and extension loans, home loan refinancing facilities etc., to cater to varying requirements.  

Repayment Options

The borrowers can also avail of multiple repayment options from the bank, such as the flexible loan instalment plan, Step and Step down repayment facility and tranche-based EMIs. 

IDBI Bank Home Loan Overview

The IBDI Bank offers a diverse range of loan and investment products to cater to the diverse requirements of customers in India. The facility-rich home loan solutions that the bank offers are designed with an easy disbursement process for the convenience of the customers. The IDBI housing loan offers a maximum tenure of 30 years to salaried customers. However, if the borrower is a self-employed professional or a non-professional, the maximum tenure set for the loan is 20 years.

IDBI Bank Home Loan 

Repo Rate  6.90% - 8.85% per annum  
Loan Amount  The amount is subject to the loan applicant and at the bank's discretion. However, the loan amount can also concern with the property value percentage. Up to Rs 30 Lakhs: 90% of the property value Rs 30 Lakhs to Rs 75 Lakhs: up to 80% of property value Above 75 Lakhs: 75% of property value
Repayment Tenure  Upto 30 Years: Salaried Employees Upto 20 Years: Self-employed professionals Upto 20 Years: Self-employed non-professionals
Processing Fee  As per the Bank 
Pre-Payment/foreclosure Penalty  No Penalty would be levied on Pre-payment 
Topup Facility  Available 

IDBI Bank Home Loan Fees and Charges

The applicant has to bear the following charges when processing an IDBI Bank Home Loan.

Function  Fee and Charges  
Penal Interest charges  2% of the overdue amount 
Processing Fee Ranges from Rs 3,500 to Rs 20,000 (with respect to the scheme) 
Processing Fee for an Inward Balance Transfer Nil 
Renewal Charges (Loan Against Property) 0.25% of the loan amount 
Charges on Reverse Mortgage Loan  0.50% of the loan amount 
Legal and Technical Fee Rs 2,500  
Inspection Charges of Property  Rs 750 - Rs 2,500 (Home loan variants) Rs 1,500 - Rs 5,000 (Loan against property)
Retrieval Charges for Documents Rs 1,000 - Rs 2,500
Property Release/Swapping Charges Rs 10,000 - Rs 25,000 
 

Documents Required for IDBI Bank Home Loan

The applicant must produce the following documents to facilitate the home loan application process.

  • Successfully filled application form along with photographs. 
  • Proof of Address and Identity 
  • Bank Statement of the applicant. (Last six months)  
  • Salary slip of the last three months (Salaried employees) 
  • Income Tax Returns

Types of IDBI Home Loan

IDBI home loan comes in a variety of types. Each type of home loan aims to cater to borrowers' specific needs and preferences. Let’s scroll down to learn more about the types of IDBI housing loans.

Plain Vanilla Home Loan 

This basic home loan product provides competitive interest rates, flexible repayment options, and in-principle approval within 48 hours. It can be used to purchase a new or resale house or flat, construct a house on a plot of land, or transfer an existing home loan from another lender. Ultimately, the maximum loan amount available under this IDBI bank loan type ranges from Rs. 5 lakhs to Rs. 10 crores, with a repayment tenure of up to 30 years.

IDBI Neev & IDBI Neev 2.0

IDBI Neev and Neev 2.0 are home loan products offered by IDBI Bank that enable customers to purchase residential land. The primary distinction between IDBI Neev and Neev 2.0 is that Neev 2.0 offers a higher loan amount of up to Rs. 50 lakhs, whereas Neev offers a loan amount of up to Rs. 25 lakhs. Nevertheless, both options feature attractive interest rates, extended tenures of up to 20 years, and a balance transfer facility. Additionally, these types of IDBI home loans are accessible to salaried individuals, self-employed individuals, and non-resident Indians (NRIs).

Pradhan Mantri Awas Yojana

IDBI Pradhan Mantri Awas Yojana (PMAY) is a government-backed home loan scheme designed to offer financial assistance to low and middle-income families for purchasing a house. Notably, this scheme provides several benefits to make homeownership more affordable, including low-interest rates, minimal processing fees, and zero foreclosure charges. Moreover, with this type of IDBI housing loan scheme, you can access a loan amount ranging from Rs. 5 lakhs to Rs. 10 crores, with a repayment period of up to 30 years, similar to other IDBI bank home loans. However, it is essential to note that the final loan amount depends on your income, repayment capacity, and property value.

Rural/Semi-Urban Housing Loan

IDBI Bank's Rural/Semi-Urban Housing Loan scheme is tailored for individuals seeking to purchase or build a home in rural or semi-urban areas of India. The scheme boasts several advantages, including low-interest rates, high loan amounts, and easy documentation. Moreover, it provides flexible repayment options, including versatile loan instalment plans, step-up and step-down repayment facilities, and tranche-based EMIs. The processing fees are waived for existing bank customers, while other customers are charged Rs. 1000 plus service tax. Ultimately, this scheme can be utilised for various purposes, such as buying or constructing a house or apartment, renovating or extending an existing property, or acquiring residential land.

IDBI Home Loans Schemes / Products with Interest Rates

Below are the various IDBI housing loan schemes/products, each accompanied by its respective interest rates:

IDBI Home Loan Schemes/Products Interest Rate for Salaried/Self-Employed Professional Interest Rate for Self-Employed Non-Professional
IDBI Plain Vanilla Home Loan 8.45% p.a. - 10.75% p.a. 8.55% p.a. - 12.25% p.a.
IDBI Neev 8.20% p.a. - 8.80% p.a. 8.20% p.a. - 8.80% p.a.
IDBI Neev 2.0 8.50% p.a. - 9.10% p.a. 8.50% p.a. - 9.10% p.a.
Rural/Semi-Urban Housing 8.65% p.a. - 10.95% p.a. 8.75% p.a. - 12.45% p.a.
Pradhan Mantri Awas Yojana 6.75% p.a. – 7.75% p.a. 8.65% p.a. - 12.25% p.a.
Loan Against Property 9.50% p.a. - 11.45% p.a. 9.50% p.a. - 11.45% p.a.

How Does the EMI Calculation Work for an IDBI Bank Home Loan?

The IDBI Bank employs the following formulae to compute the EMIs against the home loan:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Where,

  • P stands for the Principal Amount
  • R stands for Interest Rates
  • N represents the number of years

The individual inclined to assess EMIs on their home loan can also take the assistance of IDBI Home Loan EMI Calculator available on Urban Money website.

Balance Transfer IDBI Bank Home Loan

The IDBI Bank home loan provides a loan transfer facility where the investor can transfer the loan balance from another bank to the IDBI Bank. The customers availing of the scheme can profit from the lower interest rate, which goes as low as 8% per annum.

It is to be noted that the applicant for the facility must have punctual repayment of 6-12 months on their home loan. They should also possess a satisfactory CIBIL score and meet the eligibility criteria set by the bank. They can also avail of an extension on their loan repayment concerning their loan amount.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does IDBI Bank Provide Home Loan at the best rate?

The IDBI Bank offers attractive interest rates to customers availing of loans from the IDBI Bank.

What is the interest rate of a Home Loan in IDBI Bank?

The interest rate on the IDBI Home Loan is with respect to the scheme under which the applicant is availing of the loan. Other factors are also assessed before determining the rate of interest.

What are the benefits IDBI Bank Provides on Home Loan?

The IDBI Bank offers a variety of facilities to the customers availing of home loans. They can also choose from a diverse selection of repayment options.

Does IDBI Bank have a fixed rate of interest on a home loan?

No, the interest rate on a loan is with respect to various factors.

Does IDBI Bank Checks for CIBIL Score for Home Loan?

The IDBI Bank evaluates the CIBIL score of the applicant for a home loan to assess the applicant's repayment history.

What is the maximum and minimum housing loan amount I can get from IDBI Bank?

The maximum amount one can get for a home loan concerns the application and market value of the property. 

What are the KYC documents I will have to submit to apply for a home loan from IDBI Bank?

The applicant must produce identification and address proof such as Aadhaar Card, PAN card, and Voter ID Card.

Will I be charged a penalty for not paying my EMI on the IDBI Bank housing loan?

Yes, the bank would charge a penalty if the borrower defaults on the repayments.

What is the processing fee on an IDBI Bank home loan?

The processing fee for an IDBI home loan ranges from Rs 3,500 to Rs 20,000 with respect to the scheme under which the applicant has applied.

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