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

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.45% Floating
    0
    5L - 10Crs
    30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    IDBI Bank Home Loan is Rated as "Great!" by 174 Users

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    Home Loan BYTES FROM OUR KITCHEN

    IDBI Bank Limited is an Indian financial service company headquartered in Mumbai, India. IDBI Bank is on a par with nationalized banks and the SBI Group as far as government ownership is concerned. It is one among the 26 commercial banks owned by the Government of India. Their experience of financial markets will help them to effectively cope with challenges and capitalize on the emerging opportunities by participating effectively in our country’s growth process. Owning a home is one of life’s biggest aspirations, at IDBI our home loan solutions are designed to offer you convenience and make the journey to your dream home a pleasant one.All you have to do is to follow some simple steps to get attractive deals.


     

    You’re probably eligible for an IDBI Home Loan if you are

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    IDBI Home Loan Minimum Age

    At least 22 years old

    IDBI Home Loan Maximum Age

    Less than 70 years old

    IDBI Home Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    IDBI Home Loan Minimum Income

    Earn more than the minimum
    income required


     

    Your IDBI Home Loan amount eligibility is based on these factors

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    IDBI Home Loan Minimum Salary

    Earn more than the minimum
    income required

    IDBI Home Loan Maximum Loan to property value

    Loan capped @ 75% to 90 % of property value

    IDBI Home Loan EMI

    EMIs of other loans lower
    your eligibility


     

    Increase your eligible IDBI Home Loan amount by these steps

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    IDBI Home Loan Add Spouse as Co-applicant

    Make your spouse a co-applicant,
    and her income will add
    to your eligibility

    IDBI Home Loan Maximum Tenure

    Choose longer tenure loan up to 30 years

    IDBI Home Loan Add parents as Co-applicant

    Alternatively add your parents


     

    Documentation needed to apply for an IDBI Home Loan

    • 1. Signed application form with photograph
    • 2. Processing fee Cheque
    • 3. ID and residence proof
    • 4. Latest bank statements
    • 5. Documentation for salaried applicants:
      • Last 3 years Income Tax Returns with computation of Income
      • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
    • 6. Documentation for self-employed applicants:
      • latest income tax returns
      • latest comupation of income

     

    IDBI Home Loan Interest RatesUpdated on 28 Sep 2016

    IDBI Home Loan Details
    Interest Rate 9.45%
    Processing Fees Nil
    Loan Tenure 30 years
    Pre-closure Charges Nil

     

    Overview:

    IDBI Home Loans are ideal for those looking for customized and customer-friendly products. 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 take a loan from IDBI for any of the below purposes:

    • For buying under-construction or ready-to-occupy property
    • For buying a house that is on resale.
    • For buying a plot and building a house on it.
    • Purchase of plot of land.
    • For construction of a new house.
    • For home improvement/renovation of your existing house.
    • For extension of your existing home.
    • Refinance facility towards purchase/construction of the house within 12 months from date of transaction.

    IDBI also allows you to transfer your existing home loan in another bank, except in co-operative banks. You can also avail refinancing for purchase or construction of a house, within 12 months from the transaction.

    Features of IDBI Bank Home 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, whichever is lower, if the loan amount sought is Rs. 20 lakh or lower. In case of loan amounts above Rs. 20 lakh and less than Rs. 75 lakh, the LTV is up to 80% of Market Value or document cost of the property, whichever is lower. For loan amounts higher than Rs. 75 lakh, you get up to 75% of Market Value or document cost of the property, whichever is lower.
    • 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. This tenure, can, of course, be amended based on the bank’s discretion, factoring in your repayment capacity.
    • 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. This means that is you buy a house in one of these approved projects, the entire loan process will be expedited.
    • Flexible loan repayment options: You can choose from repayment options such as Step Up Repayment Facility, Step Down Repayment Facility and Tranche-Based EMI. The Step Up plan takes into account the career and income growth of a salaried individual and allows the customer to avail a higher loan amount based on this. The Step Down plan factors in the possibility of your income reducing in the future and separate EMIs will be marked for different periods of the repayment tenure. Through Tranche-Based EMI, those who are take a loan to buy an under-construction property can start paying EMIs before the property is ready for occupation, in order to adjust the total payable amount.

    Eligibility Criteria for IDBI Home Loan:

    IDBI Home Loan can be availed by:

    • Salaried individuals who are at least 22 years old and would not be more than 70 years old at the time of loan maturity.
    • Self-employed professionals such as doctors, engineers, architects, CAs, consultants, who are at least 25 years old and would not be older than 70 at the time of loan maturity.
    • Self-employed businessmen who are at least 25 years old and will not be older than 65 at the time of loan maturity.

    IDBI considers a customer eligible not only by the above parameters but also based on its judgement of the repayment capacity of the individual. This applies to both salaried persons and self-employed persons.

    IDBI Home Loan Documentation:

    Before applying for a home loan from IDBI, keep the following documents handy:

    • Proof of identity and residence: Aadhaar card, Voter’s ID card, Passport, PAN card, etc.
    • Proof of income: payslips of the last 3 months for salaried person, and proof of business existence for professionals and businesspersons.
    • Form 16 or Income Tax Return for salaried persons, business profile and ITR for professionals and businesspersons.
    • Bank statement for the last 6 months for salaried persons and profit-loss balance sheet for the last 3 years.
    • Application form with photograph
    • Cheque for the processing fees

    IDBI Home Loan MCLR:

    Banks have moved to Marginal Cost of Funds-based Lending Rate instead of Base Rate since April 1, 2016, as per RBI directive. Accordingly, IDBI has announced the following MCLR:

    Loan Tenor MCLR
    Overnight 8.60%
    1 month 9%
    3 months 9.15%
    6 months 9.25%
    1 year 9.3%
    2 years 9.55%
    3 years 9.7%

    The benchmark for home loans is the 1-year MCLR, and the loan interest will be reset on a yearly basis. The home loan interest rates are arrived at by adding a spread or margin to the base MCLR.

    IDBI Bank Home Loan Interest Rate & Fees:

    IDBI’s normal home loans – of any amount – come at an annual interest of 9.45% - MCLR of 9.3% added to a spread of 0.15%. The Home Loan Interest Saver scheme has a lending rate of 9.6% on all amounts – 9.3% MCLR + 0.3%.

    For IDBI NEEV, the interest rates are as follows:

    Loan amount Interest Rate
    Up to Rs.25 lakh 9.7% (MCLR + 0.4%)
    Rs.25 lakh to Rs.75 lakh 9.95% (MCLR + 0.65%)
    More than Rs.75 lakh 10.2% (MCLR + 0.9%)

    The base rate, which is applicable to home loan customers before August 1, 2016, is 9.65%. All interest rates are subject to revision by the bank.

    IDBI Home Loan EMI Calculator:

    EMI calculator is a tool that makes it easier for you to determine whether you will be able to afford a loan EMI or not. For accurate results and consideration of the maximum variant factors, you can depend on the BankBazaar EMI Calculator. Follow the steps given below to use the EMI calculator:

    • On BankBazaar.com, click on the Menu tab at the top right corner of the webpage.
    • The EMI calculator is located under the heading ‘Finance Tools’.
    • When you click it, you will redirected to the EMi Wizardry. On the page,use the slider to select the Loan Amount and Tenure.
    • In the next columns, enter the Interest Rate and Processing Fee of IDBI Bank.
    • If you wish to make pre-payments, select ‘Yes’ and enter the payment frequency, amount, pre-payment fee and the applicability. If you do not wish to make pre-payments, select ‘No’.
    • Select ‘Calculate’ after inputting all values.
    • The tool will ascertain the EMI, total interest payable and the total amount you’ll be paying the bank over the period of loan.

    News About IDBI Home Loan

    • IDBI Bank Cuts its Marginal Cost of Funds Based Lending Rates

      IDBI Bank has reduced its MCLR for different tenors at 8.60% for overnight, 9% for one month, 9.15% for three month, 9.25% for six month, 9.30% for one year, 9.55% for two years and 9.70% for three years. The base rate of IDBI Bank is 9.75% p.a. and the BPLR is 14.25% p.a. The fall in MCLR is likely to have a positive impact on loan growth, both in the retail segment such as home loans as well as corporate sector.

      IDBI close at Rs.76.75 on the BSE, which was 1.99% or Rs.1.5 more than its previous closing of Rs.75.25.

      20th July 2016

       
    • IDBI Bank introduces new processing system to apply for loan

      IDBI Bank, one the top public sector banks, has initiated a new way to process a loan application for its Structured Retail Asset (SRA) loans like vehicle loans, education loans and personal loans. This is not counting the prevailing processing system for housing loans. Thus every SRA loan has been digitalized.

      This arrangement can generate the regularization in dispensation and payments of the loans. It will increase turnaround time for home loans. This is yet another leap onward in IDBI’s obligation to enhance customers banking experience.

      26th August 2015

       
    • IDBI Emerges as the New Age Home Loan Genie

      To offer quick loans to buy houses or open small businesses, IDBI Bank has decided to introduce e-huts, which will aid individuals from villages to go forward and join major businesses. E-hut is a notion that is extensively recognized in the West, but in our country, it has not picked pace yet. The bank will lend its support to middle and small initiatives in the state for which the loaning has escalated by 48%.

      IDBI opened two more offices in Goa (Candolim & Chinchim). These branches are harmonized with IDBI’s plan to reinforce its Housing & Enterprises (Micro, Small and Medium) loan portfolio in Goa. IDBI has noted an extraordinary progression in the area with 22% increase in current and savings accounts as the overall deposits increased by 16% in the preceding financial year.

      28th May 2015

       

    IDBI Bank Home Loan Reviews

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