IDBI (Industrial Development Bank of India) is one of the leading commercial banks that offer home loans at an attractive interest rate of 8.60% 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 | 8.60% 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 |
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