IDBI Home Loan

IDBI (Industrial Development Bank of India) is one of the leading commercial banks that offer home loans at an attractive interest rate of 8.85% onwards. The bank has been providing personal banking and financial resolution of the retail and commercial sectors. IDBI offers home loans which are not just taken to purchase new properties but also to rebuild or to reconstruct/renovate the existing property, as well.

IDBI Bank Home Loan Interest Rates 2019
Interest Rate	8.85% onwards
Age Criteria	Min. 22 years & Max. 70 years
Processing Fee	0.50% of the loan amount, or Rs. 2500 + GST
Processing Charges	Rs. 2500 + GST for amount upto Rs. 35 lakh Rs. 30 Lakhs to Rs. 75 Lakhs : Rs. 3,500 + GST Rs. 75 Lakhs : Rs. 5,000 + GST
Loan Tenure	Up to 30 years
Loan Amount	Up to 10 crore
Prepayment or Foreclosure Charges	Nil if floating, upto 2% for fixed rate
Penal Charges	2% p.a. for the overdue amount
Legal Charges	Rs. 2500 + GST (Metro Urban) Rs. 1500 + GST (Semi Urban & Rural)
Loan for Insurance Premium	Nil

Features of IDBI Home Loan

IDBI bank offers in-principle loan sanction even without finalizing the property based on the applicant’s repayment capacity. The applicant may further search the property in accordance with the loan amount sanctioned. For final disbursal, the property thus identified should meet the criteria as decided by IDBI bank.

The repayment of home loan is done in the form of equated into monthly instalments or popularly known as EMI. EMI consist of principal and interest component which is charged on reducing balance in home loans. The applicant may choose the modes of repayment as per their convenience i.e. either as Standing Instruction (SI) from IDBI Account or through Electronic Clearing System from their non IDBI account. Additionally, the borrower can reduce their interest liability by availing IDBI Home Loan Interest Saver.

 IDBI Home Loan Rate of Interest

IDBI Home Loan Floating Rates
Loan Amount	Interest Rate per annum
Up to  Rs 35 lakhs	8.85%
Above Rs 35 lakhs and up to Rs 75 lakhs	9.00%
Above Rs 75 lakhs	9.10%
*The interest rates for women as stated above would be extended subject to income of the
women applicant /co-applicant has been considered for loan eligibility and /or she is
owner/co-owner of the property.
Home Loan Interest Saver (HLIS)
All loan Amounts	9.05%
IDBI NEEV	Sanction Amount	RoI
	Upto Rs 35 lakh	9.45%
	> Rs 35 lakh to Rs 75 lakh	9.70%
	> Rs 75 lakh	9.95%
Turnover based Home Loan
All loan Amounts	12.05%
Scheme for Financing Rural/Semi Urban Housing
All loan Amounts	10.35%
Top-up Loans
For home loan customers	For topup amount upto 100% of the original sanction –
	For housing purpose : Prevailing Home Loan Rate/ Product rate  + 0.10%
	For non-housing purpose : Prevailing Home Loan Rate / Product Rate + 0.20%

IDBI Home Loan Fixed Rate
All loan Amounts	For 3 Year Tenor	For > 3 Year Tenor
	10.25%	10.50%
IDBI NEEV	Sanction Amount	ROI
	Up to  Rs 35 lakhs	10.25%
	Above  Rs 35 lakh	10.50%
Scheme for Financing Rural/Semi Urban Housing
All loan Amounts	10.35%

Other Charges for IDBI Home Loan

Foreclosure Charges
Floating Rate
For Individuals	Nil Prepayment or Foreclosure charges
For Non Individuals as an applicant or as co-applicant	Cases sanctioned on or after 28th January 2015 -2% on the outstanding loan amount plus tax.
	Cases sanctioned before 28th January 2015 – As per the Sanction Letter and Loan terms and Conditions.
Fixed Rate
For Its Own Funds
Within 6 months from Last and final Disbursement	Cases sanctioned on or after 28th January 2015 -2% on the outstanding loan amount plus tax.
	Cases sanctioned before 28th January 2015 – As per the Sanction Letter and Loan terms and Conditions.
After 6 months from Last and final Disbursement	Nil Prepayment or Foreclosure charges
For Balance Transfer	Cases sanctioned on or after 28th January 2015 – 2% on the outstanding loan amount plus tax.
	Cases sanctioned before 28th January 2015 – As per the Sanction Letter and Loan terms and Conditions.
Foreclosure Procedure Time
Original document retrieval time	15 working days
Part Payment
Minimum Amount	Rs 50000/-
Number of times	4 times in a financial year
Additional Charges
Penal Interest	5% per annum for the unpaid amount and period
Copy of property documents	Rs 225/-
Default in payment	Rs 300/-
Swapping of PDC / ECS	Rs 575/-
Duplicate Certificate/ Interest Certificate	Rs 115/-
CIBIL Copy of credit certificate	Rs  50/-
Re issuance of DD / PO	Rs 115/-
Duplicate Statement Charges	Rs 115/-

Security

The title deeds of the property with a memorandum of entry are required to be provided as security. However, the Bank can ask for further security if necessary on a case to case basis.

Purposes of Availing IDBI Bank Home loan

One can take home loans for the below-mentioned purposes:

• Combined Loans for purchasing of land construction of house thereafter.
• Loans can be taken for buying under construction property or ready property through direct allotment or resale as well.
• Home loans can also be taken for extension of the existing house.
• Loans can be availed for existing home renovations and improvements.
• Transfer of home loans from other banks other than co-operative banks.
• Within 12 months of the transaction, one can apply for refunding for purchasing or for construction.
• Loans can be taken for buying of land and construction of a house.
• Construction Finance.

IDBI Home Loan Eligibility

• IDBI bank evaluates the eligibility for a home loan based on various factors which include Applicants age, Maximum educational qualification, the source of income, spouse income, number of dependents, Job stability, nature of occupation for self-employed individuals, total assets & liability of the applicant and their savings habits.
• Apart from these individual factors, valuation of the property and its history plays a critical part in the loan eligibility amount.

IDBI Bank Home Loan Eligibility for Salaried

Minimum Age – 22 years, Maximum Age – should be less than 70 years at the time of closure of the loan subject to suitable and acceptable repayment track record.

IDBI Bank Home Loan Eligibility for Self Employed Professional

Minimum Age – 25 years, Maximum Age – Should be less than 70 years at the time of closure of the loan subject to suitable and acceptable repayment track record.

IDBI Bank Home Loan Eligibility for Self Employed non-professional

Minimum Age – 25 years, Maximum Age – should be less than 65 years at the time of closure of the loan subject to suitable and acceptable repayment track record. Under this, the maximum age can be relaxed provided there is a proper and suitable succession plan of the business.

Documentation Required for IDBI Home Loan

Salaried Customers	Self Employed Professionals	Self Employed Non Professionals
Application form with photograph	Application form with photograph	Application form with photograph
Identity and Residence Proof	Identity and Residence Proof	Identity and Residence Proof
Latest Salary-slip for last 3 months	Education Qualifications Certificate and Proof of business existence	Proof of business existence
Form 16/ITR	Last 3 years Income Tax returns (self and business)	Business profile
Last 6 months bank statement	Last 3 years Profit/Loss and Balance Sheet	Last 3 years Income Tax returns
		Last 3 years Profit /Loss Balance
Processing fee cheque	Last 6 months bank statements	Last 6 months bank statements (self and business)
	Processing fee cheque	Processing fee cheque

Apply for RBL Home Loan with Paisabazaar.com

At paisabazaar.com you have the option of checking and comparing from various loan deals offered by various financial institutions. So do not hurry and take good time in comparing and picking the deal that meets your requirement. You can freely apply online for any home loan at paisabazaar.com and enjoy the benefits. Borrowers can also check their IDBI home loan statement.