IDBI Bank Home Loan
Run under the ownership of the Life Insurance Corporation of India and the Government of India, IDBI Bank came into existence in 1964 as an Industrial Development Bank of India. One of the prime financial services the bank offers is an IDBI home loan that starts with an affordable rate of interest of 8.40% per annum. Eligible applicants can apply for an IDBI Bank home loan for a duration of up to 30 years. To apply for an IDBI housing loan, applicants must pay a processing fee ranging between Rs. 5,000 to Rs. 16,000.
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IDBI Bank Home Loan Highlights
Get the lowest interest rates with IDBI Bank Home Loan
| Loan Amount | Up to Rs. 10 crores |
|---|---|
| Rate of Interest | 8.45% per annum |
| RPLR | |
| Processing Fee |
0.50% |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Fixed/ Floater |
| Charges for Prepayment/Foreclosure | Floater: Nil | Fixed: 2% of the outstanding home loan amount |
IDBI Bank Home Loan Interest Rates in 2024
IDBI offers housing loans at reasonable interest rates to salaried and self-employed applicants. The minimum IDBI Bank home loan interest rate starts from 8.45% per annum. Home loan borrowers can expect a housing loan amount of up to Rs. 10 crores from IDBI Bank if the bank finds them eligible for the same.
The table given below will give you a clear idea about the IDBI Bank home loan interest rate 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| IDBI Vanilla Home Loan (Purchase/ Extension/ Construction) | Salaried: 8.40% - 10.75% p.a. | Self-Employed: 8.50% - 12.25% p.a. |
| IDBI Plot Home Loans | 9.80% - 10.40% p.a. |
| IDBI Rural/Semi-Urban Home Loans | Salaried/ Self-Employed Professionals: 8.60% - 10.95% p.a. | Self-Employed Non-Professionals: 8.70% - 12.45% p.a. |
| IDBI Top-Up Home Loan | Housing Loan: Existing interest rate on home loan + 20 bps | Suvidha Top-Up Non-Housing Purpose: Existing interest rate on home loan + 75 bps |
| PMAY Scheme | 8.40% - 10.75% p.a. |
Interest rates were last updated on 6th May 2024
IDBI Bank Home Loan Eligibility Criteria
It is not tough to get a home loan from a bank like IDBI provided one meets the eligibility criteria set by the bank. When we say the eligibility criteria for an IDBI bank home loan, we mean simple factors such as the applicant’s age, income, working status, nationality, and credit score.
The table below will give you a clear idea about the IDBI Bank home loan eligibility criteria:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 22 - 70 | 25 - 65 |
| Nationality | Indian Residents/ NRIs | Indian Residents/ NRIs |
| Minimum Income Earned | Nothing Specific | Nothing Specific |
IDBI Bank Home Loan Processing Fee and Charges
Home loan processing fees and charges are associated costs incurred during the application and processing of a home loan. IDBI Bank charges a processing fee ranging from Rs. 5,000 to Rs. 16,000. Besides there are other charges levied by the bank on home loan applications and procedures.
The table highlights the updated IDBI Bank home loan processing fees and charges for 2024:
| Processing Fee | Rs. 5,000 - Rs. 16,000 |
|---|---|
| Login Fee | Minimum of Rs. 2,500 + taxes |
| Legal Charges | Rs. 2,500 |
| Technical Charges | Rs. 2,500 |
| Interest Rate Conversion Charges |
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| Property Inspection Charges |
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| Foreclosure Charges |
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IDBI Bank Home Finance Schemes And Top Plans
IDBI Bank understands that buying a home is a dream for many, for this, it offers housing loans at easy terms and conditions and reasonable interest rates. Listed below are the types of housing loans offered by the IDBI Bank to prospective home buyers:
IDBI Vanilla Home Loan
- The most suitable housing loan scheme for buying, renovating, extending, or constructing a home:
- Up to 30 years of repayment tenure for salaried applicants
- Up to 20 years of repayment tenure for self-employed applicants
- Up to 90% of the property value as a home loan amount
IDBI Plot Home Loan
- Best housing loan scheme for buying a residential plot
- 9.80% - 10.40% p.a.
- Up to 30 years of repayment duration
IDBI Rural/ Semi-Urban Home Loan
- Ideal housing loan scheme to buy a home in rural and semi-urban areas
- 8.60% - 10.95% p.a. interest rate for salaried or self-employed professionals
- 8.70% - 12.45% p.a. interest rate for self-employed non-professionals
IDBI Top-Up Home Loan
- Flexible top-up on home loan amounts
- Existing interest rate on home loan + 20 bps for housing loan
- Existing interest rate on home loan + 75 bps for Suvidha Top-Up non-housing purpose
- Up to 30 years of repayment tenure
Pradhan Mantri Awas Yojana (PMAY)
- Affordable credit linked subsidy home loan scheme for Economically Weaker Sections (EWSs), Middle-Income Groups (MIGs) and Low-Income Groups (LIGs)
- Low-interest rates and easy loan conditions
- Up to 15 years of repayment tenure
Note: All of the above home loan plans are made available to applicants solely at the discretion of IDBI Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For IDBI Bank Home Loan
Since applying for a housing loan is related to finances, everything has to be done formally and verified through documents. For this, the IDBI Bank asks for a set of KYC documents from housing loan applicants to cross-check their eligibility for the same. You are advised to go through the home loan documents required for IDBI Bank list shared below for salaried and self-employed applicants before applying for a home loan:
Documents Required for Salaried Applicants
- Recent Salary Slips for the last 3 months
- Bank Statements for the last 6 months
- Latest Income Tax Return/ Form 16
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of IDBI Bank
- Address and identity proofs
Documents Required for Self-Employed Applicants
- Income Tax Returns for the last 3 years
- P&L and Balance Sheets for the last 3 years
- Bank Statements for the last 6 months
- Duly filled application form
- Latest passport-size photographs
- Processing fee cheque in favour of IDBI Bank
- Address and identity proofs
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof |
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| Documents Related to Property |
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Find IDBI Bank Home Loan Offices Near You
Do you want to locate an IDBI Bank home loan office branch near you? Relax, why take the trouble, when you can simplify the procedure by filling out the Free Consultation Form with the BASIC Home Loan team and get the desired assistance to apply for an IDBI Bank home loan?
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
Yes, IDBI Bank offers benefits on home loans such as tax benefits under Section 24 (B), flexible repayment benefits, and additional financial options such as an overdraft facility, top-up facility, and balance transfer facility.
The maximum age limit for an IDBI home loan for a salaried person is 70 years or the retirement age, whichever comes first. Whereas, it is up to 65 years, in the case of self-employed applicants.
You can quickly repay your IDBI Bank home loan by:
- Increasing your EMI amount
- Making bi-weekly or fortnightly payments
- Avoid missing payments
- Automating payments
Yes, IDBI Bank may consider extending your home loan tenure under certain circumstances and subject to their policies and eligibility criteria. Some factors on which the bank may extend your home loan tenure are your credit score, loan-to-value ratio and loan repayment track record.
The two common modes of payment for an IDBI Bank home loan EMI are Standing Instructions with the bank account and Electronic Clearing System Instructions on a non-IDBI account.
Yes, one can prepay the home loan amount availed from IDBI Bank, but for this, the bank may charge a prepayment fee.