IDBI Bank Home Loan
IDBI Bank Home Loans are designed to meet the financial needs of individuals looking to fulfil their dream of owning a home. With flexible repayment options, extended tenures of up to 30 years for salaried borrowers, and diverse loan products such as home improvement and top-up loans, IDBI Bank stands out for its customer-centric approach. The bank simplifies the loan process with minimal documentation and supports various housing needs, including purchasing, constructing, or renovating homes. Whether you are salaried, self-employed, or an NRI, IDBI Bank Home Loans are designed to make homeownership a reality with ease and flexibility.
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IDBI Bank Home Loan
Interest Rate
8.45% - 13.45%
Loan Amount
₹10K - ₹50Cr
EMI Per Lakh
₹2,049 - ₹2,298
Processing Fees
Pre-Payment Charges
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 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 |
By Professions
By Property
By Other
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. |
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
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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.
Apply For IDBI Bank Housing Loan upto 5 Crore and Calculate EMIs
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 loans to affordable interest rates, we have the answers for everything you need to know.
What is the maximum loan amount I can get from IDBI Bank?
There’s no fixed cap for everyone. IDBI Bank can go quite high, even into crores, but the actual amount depends on your earnings, the stability of your job or business, and the value of the property. If your paperwork checks out and your credit history’s solid, they might offer a good chunk. But if your profile’s a bit shaky, they’ll keep it conservative. You won’t know the actual figure until they review your documents.
Can self-employed professionals apply for an IDBI Bank home loan?
Yes, self-employed professionals independently with a steady income can apply for an IDBI Bank home loan. The bank just needs proof that the income is regular and traceable. You can expect to submit documents such as tax returns, business proof, and bank statements. It’s not tougher than for salaried folks, just takes a bit more documentation. If the numbers hold up, the loan process moves ahead.
Is the CIBIL score important for getting a home loan from IDBI Bank?
Yes, it’s one of the first things they check. A good score indicates that you’ve handled credit responsibly, which makes the bank more comfortable lending to you. If it’s above 750, you’re usually in a good place. Lower than that? You may still be able to get the loan, but not on the best terms. Maybe a smaller amount or a slightly higher rate. Either way, it’s better to look at your score before applying; it saves time and avoids last-minute surprises.
Can NRIs apply for a home loan with IDBI Bank?
IDBI offers NRI home loans, but the process is slower. You need extra documents like passport, visa, and income proof, and often appoint someone as Power of Attorney. They assess income stability, your country, and property type. If everything checks out, they proceed, but expect longer processing times.
What is the processing fee for IDBI Bank home loans?
It’s typically 1% of the loan amount, plus taxes. That covers all their checks—paperwork, site visits, approvals, and admin. The actual number may be lower, depending on the loan type or whether a limited-time offer is available. But it won’t be confirmed until they process your application. If you're applying, just ask them early in the process so you know what to expect.
Are there any prepayment or foreclosure charges for IDBI Bank home loans?
If your loan is on a floating interest rate, there’s no prepayment or foreclosure penalty. You can pay extra or close the loan early without fees. But if you’ve taken a fixed-rate loan, or if the loan’s under a business name, there might be some charges. It’s all written in your loan agreement, so best to double-check that. People often overlook the fine print and discover it too late.
What is the repayment tenure for IDBI Bank home loans?
You can repay the loan over up to 30 years, but the actual term depends on factors like age, income, and earning prospects. If you’re young with steady employment, they might offer the full term; if nearing retirement, it may be shorter. It’s not just your preference; it must also suit their requirements.
What is the minimum and maximum tenure allowed for IDBI Bank home loans?
The actual tenure is determined by the bank's risk assessment of your profile, but it typically ranges from five to thirty years. Younger borrowers often receive more flexibility, while older ones may face shorter terms. If your income is unstable, the full stretch may not be offered. It hinges on the bank's confidence in your ability to repay.
Can I transfer my existing home loan to IDBI Bank?
Yes, you can. If you’re paying a higher rate somewhere else, IDBI allows you to transfer your loan to them, it’s called a balance transfer. They’ll go through your repayment history, check if your current loan is in good shape, and verify your property papers. If everything’s clear, they’ll take over the outstanding loan. Some people also ask for a top-up during the switch. That’s possible too, but only if you meet the eligibility for it.
When does IDBI Bank disburse the home loan amount?
Not right away. Even after the loan’s approved, there’s still a bit to go—paperwork, site checks, legal clearance. Only once all that’s done do they release the funds. If you’re buying a ready home, the whole thing might come through at once. But for something under construction, they’ll release money in stages, depending on how far the project has come. Additionally, the money is paid directly to the builder or seller, rather than being deposited into your account.
Does IDBI Bank conduct legal and technical verification before disbursing home loans?
Yes, they won’t overlook it. First, someone verifies the property’s legal validity, including ownership and approvals. Then, a site visit checks if the property matches claims. Issues like faulty paperwork, unclear titles, or slow construction can delay the process. These inspections are a key reason for loan delay disbursement. They rely on this information to decide whether to proceed.
Can I get a top-up loan on my existing IDBI Bank home loan?
You can get extra if your EMI payments are on track and property value is stable. You'll need to reapply and provide updated documents to show your income can support a larger loan. Eligibility depends on your current situation, not just your initial loan condition.
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