A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • IDBI Home Loan Interest Rate

    The government-owned bank formerly known as, Industrial Development Bank of India, is headquartered in Mumbai. It is primarily a development bank that provides credit to facilitate development in India. Having 3700 ATMs, 1995 branches, and 1382 centres, IDBI is the 10th largest development bank in the world with regard to its network.

    IDBI Home Loan can be availed for:

    • Purchasing a ready to move in or under-construction house either by resale or direct allotment
    • Purchasing a plot and construction thereon
    • Purchasing land
    • Construction of a home
    • Improving/renovating an existing house
    • Taking over an existing loan from another lender
    • Refinancing the purchase or construction of the house within a year from the date of transaction

    IDBI Bank Home Loan Interest Rate Table

    Rates and Charges Specification
    Interest rate 8.35% - 8.65% floating interest
    Loan Tenure Up to 30 years
    Pre-closure charges Nil

    IDBI bank offers their home loans at a floating rate of interest that ranges between 8.35% - 8.65%. The loan tenure can be up to a maximum of 30 years and the banks doesn’t charge for pre-closure of the loan.

    IDBI Home Loan Rate for Different Loan Amounts

    Up to Rs.30 lakh For women across all borrowing categories and salaried – 6m MCLR + 0.00% = 8.35%
    Others – 6m MCLR + 0.05% = 8.40%
    Above Rs.30 lakh and up to Rs.75 lakh For women across all borrowing categories and salaried – 6m MCLR + 0.15% = 8.50%
    Others – 6m MCLR + 0.20% = 8.55%
    Above Rs.75 lakh For women across all borrowing categories and salaried – 6m MCLR + 0.25% = 8.60%
    Others – 6m MCLR + 0.30% = 8.65%

    IDBI bank home loan interest rate for different loan amount is listed over here. For up to Rs.30 lakh, IDBI bank charges an interest rate of 8.35% for all women and salaried individuals. For others, a rate of 8.40% will be levied. In case of loans above Rs.30 lakh and below Rs.75 lakh, an interest rate of 8.50% will be charged for all women and salaried individuals. Everybody else will have to pay 8.55% as interest. For all loans above Rs.75 lakh, an interest rate of 8.60% will be levied for women and salaried individuals while others will pay an interest of 8.65%.

    Marginal Cost of Fund Based Lending Rate (MCLR) Table for IDBI Home Loan

    Tenor MCLR
    Overnight 8.00%
    One Month 8.10%
    Three Months 8.30%
    Six Months 8.35%
    One year 8.55%
    Two years 8.60%
    Three years 8.70%

    For an overnight tenor, the MCLR of IDBI Bank is 8.00%. For a month’s tenor, three month’s tenor and six month’s tenor the MCLRs are 8.10%, 8.30% and 8.35% respectively. While the MCLRs for a year, two year and three year’s tenors are 8.55%, 8.60% and 8.70% respectively.

    Benefits of IDBI Home Loan

    • Assistance in searching and acquiring a property
    • Loan approval even before a property is selected
    • Customized home loans for the salaried
    • Pre-approved projects for convenient home loans
    • Flexible repayment options
    • Wide network of branches in India
    • Loan can be applied anywhere in the country
    • Property can be purchased from anywhere in India
    • Experienced employees for a smooth loan processing
    • Online application

    Documentation required for the IDBI Housing 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 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 Processing fee cheque & Last 6 months bank statements Processing fee cheque & Last 6 months bank statements (self and business)

    Factors affecting the IDBI Home Loan Interest Rate

    • Applicant’s salary – The take away salary of an applicant is a major factor that determines the rate of interest he/she has to incur. The salary and the rate of interest one has to pay are inversely proportional to each other. Higher the Income, lower the IDBI Home Loan Rate the applicant has to pay.
    • Amount of the loan – The rate of interest also depends on the approved amount of the loan. The higher the loan amount, the interest rate becomes higher as well.

    Tips to reduce IDBI Home Loan Rate

    • Shorter tenure – The interest rate also varies depending on the tenure of the loan. The shorter the tenure, the lower the total interest paid. However, the Equated Monthly Instalments paid will be higher.
    • Increase the EMI – Increasing the EMI paid will not only reduce the overall interest paid, but will also enable you to pay off the loan faster.

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    IDBI Home Loan Interest Rate 2017 Reviews

    • IDBI Home Loan
      "High interest rate"
      0.5 2.0/5 "Expected more"
      IDBI interest rate is way too high which in turn made me to switch over to SBI. Even when RBI slashes down the rate IDBI takes about 6 months of time to apply the rate to my housing loan. However, other banks take less than 2 months of time to apply the rate. On the other hand, the service offered by them is very good.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 29, 2016
    • IDBI
      IDBI Home Loan
      0.5 5.0/5 "Blown Away!"
      I had taken home loan with IDBI. Interest rate is less compared to HDFC limited. But one thing is like they delayed more in processing the loan. It took about 1 month for the disbursement. Other than this I had good response , documentation was good and smooth.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 22, 2015
    • IDBI Home Loan
      "Quite the same rates"
      0.5 5.0/5 "Blown Away!"
      IDBI interest rate for home loan was quite the same like other banks. There was lot of cooperation from customer service team and rates and charges is quite comparable with other banks.
      Was this review helpful? 1
      , pune
      Reviewed on Jan 20, 2015
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