IDBI Bank Home Loan

IDBI Bank offers home loan interest rates @ 7.35% p.a. onwards depending on the type of employment profile, types of home loan and type of interest rates, i.e. fixed or floating, availed by the applicants.

The documents required for availing IDBI Bank Home Loan include ID proof, address proof, business proof, bank statement, ITR, profit and loss statement, property documents, etc.

The home loan eligibility of applicants is determined based on their age, income, qualification, income of spouse, qualification, number of dependents, stability, occupation continuity, assets, liability base and savings history. Home loan eligibility also depends on the value of the property to be purchased.

Applicants can apply for IDBI Bank Home Loan either directly through the official website of the bank or by visiting any branch of IDBI Bank. However, applicants should also visit online financial marketplaces like Paisabazaar to compare the interest rates and other features offered by other lenders.

IDBI Bank has not mentioned the minimum CIBIL Score required for availing home loan. However, applicants having CIBIL Score of 700 and above have higher chances of availing home loans at lower interest rates. Some lenders also offer home loans to applicants having lower CIBIL scores but at higher interest rates.

IDBI Bank home loans are offered at both fixed and floating rates of interest.

IDBI Bank has not specified the loan amount that can be availed by home loan applicants. The maximum loan amount limit would depend on the LTV ratio and the repayment capacity of its home loan applicants.

IDBI Bank offers in-principal sanction based on the repayment capacity of home loan applicants. Depending upon the loan amount sanctioned, the applicants may look for property. For the final sanction of home loan amount, the property identified for the purpose should meet the eligibility criteria of IDBI Bank.

Yes, you can prepay your home loan availed from IDBI Bank. The bank does not charge any prepayment fees for home loans at floating rates. However, for fixed rate home loans, 2% of the outstanding loan amount is charged if the prepayment is made within 6 months from final loan disbursement, and no fees is levied if prepayment is made after 6 months from final disbursement.

Home loan borrowers can pay their home loan EMIs through a Standing Instruction with their IDBI Account or through an Electronic Clearing System instruction on their non-IDBI account.

IDBI Bank has not mentioned whether buying property insurance is mandatory for IDBI Bank Home Loan or not. However, it is usually not mandatory to purchase property insurance for most lenders.

While IDBI Bank has not disclosed the time taken for its home loan approval, it provides in-principal approval of home loans even before the property is selected. However, lenders usually take 2-3 weeks or even more to approve home loan applications.

Existing home loan borrowers of IDBI Bank should first talk to the bank officials for reducing their interest rates. In case the bank does not agree, they can opt for the home loan balance transfer facility and transfer their existing home loans to other lenders offering lower interest rates.

IDBI Bank Home Loan provisional certificate provides the projected principal and interest components of your EMI repayments for the current financial year. A home loan provisional certificate also contains the details of the borrower, home loan account number, details of loan repayment details, home loan interest rate information, principal adjustments, payment updates, missed payments and part-payment details.