IDBI (Industrial Development Bank of India) is one of the leading commercial banks that offer best housing loans at an attractive interest rate of 6.90% onwards. The bank has been providing personal banking and financial resolution of the retail and commercial sectors. IDBI home loan is availed to purchase new properties and rebuild or reconstruct/renovate an existing property.
IDBI Bank Home Loan Interest Rates 2021 | |
| Interest Rate | 6.90% onwards |
| Age Criteria | Min. 22 years & Max. 70 years |
| Processing Fee | Rs. 3,500 to Rs. 20,000 |
| Loan Tenure | Up to 30 years |
| Loan Amount | Up to 10 crore |
| Prepayment/ Foreclosure Charges | Nil if floating, up to 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. Online house loan calculator available on website to calculate monthly EMI 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
| Home Loan Type | Rate of Interest |
| Plain Vanilla Home Loan | For Salaried: 6.90% – 8.40% For Self Employed: 7.15% – 9.90% |
| Home loan Top Up | Existing HL ROI + 40 bps |
| Home loan Interest Saver | For Salaried: 7.40% – 8.90% For Self Employed: 7.65% – 10.40% |
| IDBI Neev (Plot Loan for House Construction) | 7.60% – 8.20% |
| IDBI Neev 2.0 (Plot Loan for House Construction) | 7.90% – 8.50% |
Note: The figures given in the table are indicative and are subject to change at the bank’s discretion without prior information.
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 50,000 |
| 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 |
How to Apply for IDBI Home Loan
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. Borrowers can also check their IDBI home loan statement.
IDBI Home Loan News
IDBI Bank launches repo-linked home loans from 8.30% p.a.
30th August 2019 – IDBI Bank has launched repo-linked home loan product, Suvidha Plus Home Loan. The product will be available to customers with effect from September 10. The loan product will be offered to new customers having god credit score and minimum income of Rs. 6 lakh p.a. IDBI Home loans up to Rs. 75 lakh with a tenure of up to 35 years will be offered at an interest rate of 8.30% p.a. onwards. Under the new home loan scheme, the bank will also offer balance transfer with a top-up facility with zero processing fees.