IDBI Bank home loan interest rate starts from 8.25% p.a., with loan tenures of up to 30 years with easy repayment options. IDBI Bank offers housing loan amount of up to Rs.10 crore. The IDBI Bank home loan processing fee is waived off for inward balance transfers and PMAY cases. The bank also offers its housing loan through the affordable PMAY scheme to take advantage of it. The bank levies zero foreclosure charges for a floating rate of interest home loans. To make your repayment options easier, IDBI offers different types of home loans to suit your needs.
The maximum home loan tenure that you can enjoy is 30 years, if you are a salaried employee. In case of self-employed professionals and self-employed non-professionals, the maximum tenure stands at 20 years.
|Loan Amount||Up to 90% of the market value/property cost|
|Processing Fees||Rs.2,500 – Rs.5,000|
|Penal Interest Rate||2% p.a.|
|Prepayment/Foreclosure Charges||Nil for individuals|
|Max Tenure||30 Years|
|Rate Packages Available||Floating|
Know more about the home loan fees and charges before you apply for a loan.
The IDBI Home Loan interest rate and Scheme for financing semi urban/rural housing interest rate are linked with the 6-month MCLR. The Home Loan Interest Saver rates and the IDBI Neev rates are linked with 1-year MCLR. The interest rates offered by IDBI with its home loan schemes are mentioned below:
|IDBI Home Loan Schemes||RLLR (p.a.)||Fixed Rates (p.a.)|
|Home Loan||NA||3-year tenor: 9.85%
Over 3-year tenor: 10.10%
|Plain Vanilla Home Loan||Salaried: 8.25%-8.60%
|IDBI Neev 2.0||9.25%-9.60%||NA|
|IDBI Neev||NA||Up to Rs.35 lakh: 10%
Above Rs.35 lakh: 10.25%
|Scheme for financing rural/semi-urban housing||NA||9.60%|
IDBI Bank offers housing loans to eligible borrowers at interest rates starting from 8.75% p.a. The extended loan tenures up to 30 years coupled with EMIs as low as Rs.787 per lakh ensure a comfortable loan repayment period.
The processing fee applicable on these loans' ranges from Rs.2,500 to Rs.5,000 plus applicable taxes depending on the loan amount being availed. Simple documentation, quick processing and a full waiver of prepayment/foreclosure charges make IDBI Bank home loans.
|Interest Rate Type||Salaried Borrowers||Self-employed Professionals and Non-Professionals|
|RLLR Linked||8.25%-8.60% p.a.||8.45%-9% p.a.|
|Fixed rates||3-year tenor: 9.85% p.a.
Above 3-years tenor: 10.10% p.a.
|3-year tenor: 9.85% p.a.
Above 3-years tenor: 10.10% p.a.
Calculate your EMIs payable towards your loan by using the BankBazaar IDBI Bank Home Loan EMI Calculator. All you have to do is key in a few basic parameters such as the loan amount being availed, applicable interest rate, tenure and the processing fee. The automized tool will consider the values entered and calculate the monthly instalments payable against your housing loan.
The EMI calculator also gives you a breakup of the total amount payable during the entire tenure along with a detailed amortization schedule illustrating your debt repayments over the loan term.
|Type of Employment||The applicant can be:
|Identity Proof (any one)||
|Proof of Residence (any one)||
|Proof of Income||
IDBI Bank offers financial assistance for housing needs of the urban poor under the Pradhan Mantri Awas Yojana (PMAY). The Credit Linked Subsidy Scheme (CLSS) under PMAY benefits applicants from the Economically Weaker Section (EWS) and Low-Income group (LIG) categories by offering term loans at an interest subsidy of up to 6.50%.
In order to be eligible under CLSS, the beneficiary or any his/her family member should not be owning a pucca house under their name in any part of the nation.
The maximum annual household income for EWS category in order to be eligible for central assistance under the scheme is restricted to Rs.3 lakh. On the other hand, for LIG category, the maximum household income of the beneficiary family should not be more than Rs.6 lakh.
IDBI determine your eligibility for a loan by taking various aspects such as your age, monthly income, number of co-applicants, employment stability, credit score and any liabilities such as other ongoing loans if any.
IDBI Bank offers eligible borrowers housing loans up to Rs.10 crore at competitive interest rates.
The maximum repayment tenure for salaried borrowers (including NRIs/PIOs) is up to 30 years. On the other hand, self-employed borrowers can avail home loans for a maximum loan term of up to 20 years. However, the bank can also choose the tenure you are eligible for at the bank’s own discretion.
An upfront subsidy of up to 6.50% is applicable as per the housing loan scheme’s pricing structure.
The maximum amount that you can avail under the scheme depends on the bank’s existent housing loan scheme. However, you can avail the subsidy on the loan only for the initial Rs.6 lakh.
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