IDBI Bank

Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
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Rate of Interest

  • Floating rate of Interest : 9.50% p.a. to 14% p.a.

Eligibility Criteria

  • Minimum 21 years of age and maximum 65 years
  • Loan period from 3 years to 30 years
  • Should be either salaried or self-employed and have regular source of income
  • Should have sufficient income to pay EMI on required loan
  • Applicant must be Indian Citizen, in case of NRI or person of Indian origin it should be properly documented

Fees and Charges

  • Processing Fees 0.00% to 1.00% depends on type and category of borrower
  • Preclosure Charges – Rs 0
  • Part Payment charges- Rs 0
  •  No any other hidden charges

Documents Required

  • KYC- Pan Card, Adhar Card, ID Proof and Address proof
  • ITR with computation for 3 years with Income proof
  • Bank Statement
  • Photograph

Value Additions

  • Doorstep services
  • E- approvals
  • Part payment allowed

Special Feature

  • No guarantor required
  • No pre-closure or part payment fees
  • Balance Transfer Allowed
  • Top up available

Overview about IDBI Bank

IDBI Bank Limited is an Indian financial service company. It’s headquartered in Mumbai, India. It is one among the 26 commercial banks owned by the Government of India.at IDBI home solutions are designed to offer you convenience and make the journey to your dream home a pleasant one.

Your Eligibility depends on following


You should be minimum 21 years old

You should be maximum 65 years old

You should be salaried or self employed

You should have sufficient income to pay EMI on required loan

You can increase your eligibility by doing following

Make your spouse as co applicant , her/his income will also be added in eligibility
Choose longer tenure of loan period maximum upto 30 years
Add more than one co applicant if required to enhance your eligibility
Close short term loans, this will also increase your eligibility

Rate of Interest and Other Charges for Home Loan are following

These are the following Interest Rate which can be changed . 

Floating Rate Loans (with quarterly reset clause)

HOME LOAN & ITS VARIANTS

Home Loan (HL)

All Loan Amounts

(3 months MCLR) for PSL 
(3 months MCLR+0.05%) for Non PSL

Home Loan Interest Saver (HLIS)

All loan Amounts

(3 months MCLR+0.15%)

 

·         IDBI NEEV

 

Sanction Amount

RoI

Up to Rs.25 lakh

 (3 months MCLR+0.25%)

> Rs.25 lakh to Rs.75 lakh

(3 months MCLR + 0.50%)

> Rs.75 lakh

 (3 months MCLR + 0.75%)

Turnover based Home Loan

All loan Amounts

 (3 months MCLR + 3%)

Scheme for Financing Rural/Semi Urban Housing

All loan Amounts

 (3 months MCLR )

TOP UP LOANS

For home loan customers

For top-up amount up to 100% of the original sanction 
Prevailing Home Loan Rate +10 Bps for PSL
Prevailing Home Loan Rate + 20 Bps for Non PSL

Existing Loan take over or New Loan

Here’s why getting a home loan from IDBI is a great idea:

  • High loan-to-value (LTV) ratio: IDBI Bank allows you to borrow up to 90% of Market Value or document cost of the property.
  • Loan tenure: Salaried individuals can get up to 30 years to repay their loan, while self-employed professionals and non-professionals have up to 20 years.
  • Loan takeover from other banks:IDBI is open to taking over your loan from another bank, if you have a 12-month regular repayment track record. You can also avail a 100% top-up on this loan transfer.
  • Pre-approved housing projects: You can check with the bank to get a list of housing projects that are already approved by the bank.
  • Flexible loan repayment options: You can choose from repayment options such as Step Up Repayment Facility, Step Down Repayment Facility and Tranche-Based EMI.

Features of Loan

IDBI Bank gives home loan to everyone whose age between 21 to 65 years. The bank offers not just funds to build or buy your dream home, but also assistance in finding an ideal home and support services. You can transfer your existing hone loan in another bank, special features of IDBI bank are.

  • IDBI offers customers attractive and affordable rates of interest, which make it convenient for the customer to make instalment payments towards their home loans.
  • Customers have the option to choose from either fixed rate of interest or floating rate of interest as per their convenience.
  • Customers who wish to pay out their home loans in advance have the option to do so without being charged any prepayment fees.
  • Applying for a home loan with Bank is a quick and simple process, wherein the customer is aware of the status of his or her application at all times.
  • Customers can avail of home loans with tenures of up to 30 years, which greatly reduces the amount of EMIs they would have to make every month 

Documents Required for applying  Home Loan  with IDBI Bank

  1. Signed application form with photograph
  2. Pan Card for all applicant and co applicants
  3. ID proof and residence proof for all applicant and co applicant
  4. ITRs with computation for latest 3 years
  5. Copies of Sanction letter/ Statement of account of all existing loans
  6. Other Documents required for Salaried person
    1. Salary Slip for last 6 months
    2. Bank Statement for last 6 Months
    3. Form 16 for last 2 years
    4. Relationship proof with co applicant
  7. Other Documents required for Self Employed – Proprietorship
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. Business registration certificate
    4. Office address proof
    5. Bank Statement for last 12 months
    6. Relationship proof with co applicant
  8. Other Documents required for Self Employed – Partnership Firm
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. Partnership deed
    4. Office address proof
    5. Business registration certificate
    6. Bank Statement for last 12 months
  9. Other Documents required for Company
    1. Business profile
    2. CA certified profit and loss account along with balance sheet for last 3 years
    3. MOA/AOA/COI
    4. Office address proof
    5. Business registration certificate
    6. Bank Statement for last 12 months
  10. Additional Documents required for Balance Transfer case
    1. Statement of account of existing loan
    2. List of Documents given to existing bank
    3. Foreclosure letter
  11. Property papers
    1. Complete chain of property papers along with sanctioned plan