A "low interest" loan shouldn't mean you have very little interest in paying it back!
A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 IDBI Home Loan Interest Rates
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.35% - 8.65% Floating
    -
    5L - 10Crs
    30 Years
    Response Time : Within 30 minutes
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    IDBI Home Loan Interest Rates is Rated as "Great!" by 203 Users
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    IDBI Home Loan Interest Rates

    IDBI Home Loan Interest RatesUpdated on 21 Jan 2018

    IDBI Home Loan Details
    Interest Rate 8.35% to 8.65%
    Loan Tenure 30 years
    Pre-closure Charges Nil

     

    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.

    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’s 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 Rates Table

    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%

    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%.

    Apply for Home Loan Online

    IDBI Bank Marginal Cost of Fund Based Lending Rate (MCLR)

    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 An IDBI Home Loan

    IDBI Housing Hoan
    • 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 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 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 on Which the IDBI Bank Home Loan Interest Rate Depends:

    • 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 interest 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 Bank Home Loan Interest 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 EMIs: Increasing the EMI paid will not only reduce the overall interest paid, but will also enable you to pay off the loan faster.

    IDBI Bank Home Loan Reviews

    • IDBI Home Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have my home loan with IDBI bank for about 5 years back. The loan amount was 30 lakhs and the Interest rate was average in the market. The tenure period was 20 years . The loan process was lengthy and they have taken much time also but there is no processing fee here so I would like to recommend to others.
      Was this review helpful? 0
      , pune
      Reviewed on Jan 05, 2018
    • IDBI Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with IDBI bank, it was a good loan experience. The loan amount was for Rs 17 lakhs with the nominal rate of interest rate when compared to all other banks. The process was smooth and the loan amount was disbursed within the given time. Customer service was good and they provided door step service to collect the documents. The tenure of the loan is 20 years and it was a good service overall from IDBI bank.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 29, 2017
    • IDBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan experience with IDBI bank was very good, the process was okay and it took 20 days for the loan amount to get approved and disbursed. The loan amount was for Rs 13.50 lakhs with the nominal rate of interest when compared to other banks. Customer service was good, they provided door step service to collect the documents. There is no penalty on preclosure and part payment.
      Was this review helpful? 6
      , mumbai
      Reviewed on Dec 12, 2017
    • IDBI Home Loan
      "Approchable bank for home loan"
      0.5 4.5/5 "Excellent!"
      I have taken a home loan from IDBI bank.The approved loan amount was 25 lakhs. The monthly EMI is 22000 with a rate of interest 8.35%. They approved the loan amount with in a week.The documentation was done well. The processing fees was just like some govt charges.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 20, 2017
    • IDBI Home Loan
      "Great Loan"
      0.5 4.0/5 "Great!"
      The process with IDBI in regards to my Home Loan was great. They gave me the loan pretty quickly and me a Rate of Interest of 9%. This experience has been pretty tight and provides you with good options for making the repayment through online options.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 11, 2017
    • IDBI Home Loan
      "Approchable home loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from IDBI bank.The approved loan amount was 68 lakhs with the rate of interest of 8.5 percentage. The overall experience with them was good.The documentation process also done well.The customer service and response with the bank is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 11, 2017
    • IDBI Home Loan
      "Simple and neat"
      0.5 5.0/5 "Blown Away!"
      IDBI housing loan process is simple and neat, they stick on to a traditional process, but they still give importance to their clients they are very much friendly too . Rate switch process is very good I get alerts from them on time, When there is a fall in the rate they will apply it automatically. On the other hand, if we approach them for a better interest rate or discount on the interest rate, then the bank might charge a processing fee for the same.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2017
    • IDBI Home Loan
      "average service"
      0.5 3.0/5 "Satisfactory"
      The process of IDBI bank for my home loan service is not fast compare to other banks in the market for each and every service I need to contact their branch physically the interest rate offered by IDBI is average it was about 7 years I have taken the loan from IDBI still now they are same in the process they need to improve in digitalis their service.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 23, 2017
    • IDBI Home Loan
      "Worst Bank"
      0.5 0.5/5 "Unacceptable"
      They are worst bank....it has been 12 days since I paid them full amount to close the loan...but they have still not closed it....and just giving false promises...employees keep fooling you and say "mai nahi bata sakta kab bandh hoga'' never take loan from them.
      Was this review helpful? 0
      , virar
      Reviewed on Oct 13, 2017
    • IDBI Home Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      Some time back I closed my home loan with IDBI, they gave me competitive interest as per the market. IDBI sanctioned me Rs.35 lakhs for the tenure of 20 years, I done a foreclosure in tenth year of my EMI there was no addition charges paid to them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 12, 2017
    • IDBI Home Loan
      "good service"
      0.5 4.0/5 "Great!"
      Service is good from IDBI ,interest rate is 8.35 which is fine representatives and customer service is very helpful even the documentation part was also fine ,so as a overall service is very good from IDBI, I am happy with service no issue till now.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 30, 2017
    • IDBI Home Loan
      "It was hassle free process"
      0.5 4.0/5 "Great!"
      It was my old loan, I took the home loan from IDBI before ten years. There was an agent between me and bank whose helped to process the loan within three days. They gave me 7.7 of interest but it was floating. Some time they increase high but they won't deduce the rate on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 30, 2017
    • IDBI Home Loan
      "Can do better"
      0.5 4.0/5 "Great!"
      IDBI as a bank is good, but they are not customer friendly . For example in my case there was a fall in the rate, so I had intimated them to reduce the rate or do a rate switch and apply the new rate to my home loan. However that did not happen. I was asked to meet them personally to complete the formalities, even now my interest rate is 9.5% but the actual interest rate is 8.5%
      Was this review helpful? 0
      , thane
      Reviewed on Sep 23, 2017
    • IDBI Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      I am so happy and excited when it comes to IDBI banking i would say this is one of the best banking services that one could avail the loan within a short span of time. The rate of interest is very cheap for eg when other bank charge an interest rate of 11-12% this IDBI was offering around 8%-9% interest rate which is cheapest and affordable.
      Was this review helpful? 0
      , nasik
      Reviewed on Sep 14, 2017
    • IDBI Home Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      IDBI is good, but interest rate is slightly high compared to government sector for the home loan. I had taken the amount of Rs. 15 lakhs for the tenure 20 years, IDBI charged 9.35% for the home loan, and they deducted around 1% as a processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 13, 2017
    • IDBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Interest rate for the housing loan is very nominal with IDBI bank. They had done with the process in a proper way. I had no issues with the bank while availing the loan. They have good customer support which is approachable and I am happy with the bank for the loan which I took.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 22, 2017
    • IDBI Home Loan
      "Satisfied"
      0.5 5.0/5 "Blown Away!"
      During the year of 2010, I availed the home loan from IDBI bank. The current interest rate for my home loan is 8.35% which is nominal. The bank is good in providing services in all the aspects. Their customer service is approachable and I am quite satisfied.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2017
    • IDBI Home Loan
      "About IDBI"
      0.5 0.5/5 "Unacceptable"
      I had taken home loan from IDBI in 2007 latest interest was 10.8% which is i dont know.(Bank will not inform to us. if changes as per RBI But bank will change of interest of % if hiked by RBI) so i loss more than 12 to 14 month EMI. immediately i have changed to SBI interest low, Update every change and tension free.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2017
    • IDBI Home Loan
      "Super fast process"
      0.5 5.0/5 "Blown Away!"
      IDBI has been very helpful to me for the home loan. The executive came over and collected my papers and also started the process and I got the loan within six days. It was a very fast and satisfying process. I got a decent deal on the interest rate and processing fees.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 10, 2017
    • IDBI Home Loan
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I had closed my home loan with the IDBI bank and their interest rate was a nominal one. Total tenure of the loan was around eight years of time and the charges were nominal one with the IDBI bank. They have provided the loan of around 70% of cost of home.
      Was this review helpful? 2
      , pune
      Reviewed on May 08, 2017
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