A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 IDBI Bank Home Loan
    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 Bank Home Loan is Rated as "Great!" by 190 Users

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    IDBI Bank Home Loan

    IDBI Home Loan Interest RatesUpdated on 21 Sep 2017

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

     

    IDBI Home Loan

    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 May 7, 2017, as per RBI directive. Accordingly, IDBI has announced the following MCLR:

    Loan Tenor MCLR ( in % )
    Overnight 8.05%
    1 month 8.20%
    3 months 8.30%
    6 months 8.35%
    1 year 8.65%
    2 years 8.70%
    3 years 8.75%

    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 Rates & Fees:

    IDBI’s normal home loans – of any amount – come at an annual interest rate of 8.35% - 8.65%. The Home Loan Interest Saver scheme and IDBI NEEV, the interest rates are as follows:

    Home Loan PSL Non - PSL
    All Home Loan Amounts 3 Months MCLR 0.05% + 3 Months MCLR

    IDBI Home Loan Interest Saver - HLIS

    All Home Loan Amounts 1 Year MCLR + 0.35%
    IDBI NEEV Eligible Amount Return on investment
    Upto 30 Lacs 1 Year MCLR + 0.35%
    Above 30 Lacs to 75 Lacs 1 Year MCLR + 0.70%
    Above 75 Lacs 1 Year MCLR + 0.95%
    Turnover Based Home Loan Scheme For Financing Rural or Semi Urban Housing
    All Home Loan Amounts All Home Loan Amounts
    1 Yr MCLR + 3.20% 6M MCLR+0.00%

    IDBI Home Loan Fixed Interest Rates

    Home Loan Amounts Upto 3 Years Above 3 Years
    All 10.10% 10.35%
    IDBI NEEV Sanction Amount ROI
    Less than 30 Lacs 10.10%
    30 Lacs and above 10.35%

    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.

    Pradhan Mantri Awas Yojana – Credit Linked Subsidy Scheme by IDBI Bank

    The Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme aims at offering financial assistance to LIG (Lower Income Group) and EWS (Economically Weaker Sections) for construction or buying of residential units under the affordable housing scheme.

    Eligibility Criteria For PMAY Scheme:

    All applicants who belong to LIG (Lower Income Group) and EWS (Economically Weaker Sections) planning to purchase or construct residential properties are considered to be eligible under this scheme. The eligibility parameters are mentioned below:

    • LIG: The annual household earning must be more than Rs.3 lakh and up to Rs.6 lakh.
    • EWS: The annual household income must be up to Rs.3 lakh.
    • Beneficiary family must comprise of wife, husband unmarried daughter and/or unmarried sons.
    • Beneficiary family should not have any pucca house.
    • The property must be situated in one of the 4041 statutory towns identified under this particular scheme.

    PMAY Interest Subsidy:

    The interest subsidy is calculated based on the NPV or Net Present Value.

    News About IDBI Home Loan

    • IDBI Cuts Home Loan Rate Without Cue from RBI

      The banking system has been experiencing surplus liquidity, which has urged banks to lower rates even prior to the release of the monetary policy by the Reserve Bank of India. IDBI Bank has lowered its home loan rates by about 0.60%, and the bank now grants home loans to customers at 8.55% to 8.7%. The one-year marginal cost based lending rate was also lowered by the bank to 8.6% starting from the 1st of February. The two-year rate stands at 8.85%, and the overnight rate is pegged at 8.2%, and the one-month rate stands at 8.4%.

      7th February 2017

    • 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

       
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  • IDBI Bank Home Loan Reviews

    • 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
    • IDBI Home Loan
      "Great Job"
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the IDBI bank and I have approached and I got it as first visit itself. I am very happy with them and the interest rate is around 8.5%, which is floating based. The loan amount got disbursed to my account within a month of time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 13, 2017
    • IDBI Home Loan
      "Satisfactory services"
      0.5 4.0/5 "Great!"
      I have initially taken my home loan with IDBI. The process was good and I did not face any difficulties. The bank collected my papers on time and they also completed the disbursement on time as well. The rate of interest and processing charges was normal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 03, 2017
    • IDBI Home Loan
      "Good Customer support"
      0.5 4.0/5 "Great!"
      I have taken my home loan with IDBI on 2010, their documents process was very simple. They disbursed the part payment on time according to the construction, after submitting my project completion certificate, I got final disbursement from them. Earlier IDBI offered the interest rate of 8.75% now they requested me to open new account with same bank, to revise the interest rate of 8.5%. So I have opened a new account with IDBI bank.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Mar 04, 2017
    • IDBI Home Loan
      "Good service but high rate of interest"
      0.5 4.0/5 "Great!"
      It is a nice experience with IDBI in terms of having home loan. They actually responded well and provided the detailed information on my home loan. But the interest rate is not as per the market rate, if they have reduced their interest rate to the market rate, it will be convenient for the customers. Due to high interest rate, I am planning to transfer my loan to some other bank.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 04, 2017
    • IDBI Home Loan
      "Huge Opporutunity To Improve"
      0.5 3.0/5 "Satisfactory"
      I had taken my home loan with IDBI Bank. It was a typical organization, they were asking documents one by one, it was a difficult to process. I have to push the employees to get the service. Rate of Interest was nominal. They has taken 21 days to disburse my loan amount.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Feb 01, 2017
    • IDBI Home Loan
      "It is the good"
      0.5 5.0/5 "Blown Away!"
      I had a very good relationship with IDBI, it was very easy to get the loan they had done all my papers works for me. This was processed easily mainly because I hold an account with that particular bank . I had been their customer for the past 20 years. More than all, they had waived off the processing fee
      Was this review helpful? 1
      , pune
      Reviewed on Jan 16, 2017
    • IDBI Home Loan
      "IDBI housing loan process"
      0.5 5.0/5 "Blown Away!"
      IDBI housing loan process is too good. They had offered the best rate and it is very nice to go ahead with them. When I took the loan from IDBI they helped me to get the loan on time. Similarly at the time of closing the loan they had arranged for the documents within one or 2 days no additional charges were levied . I had got the title deeds and all the legal documents from them on time
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 05, 2017
    • IDBI Home Loan
      "Absolutely prefect"
      0.5 5.0/5 "Blown Away!"
      IDBI is absolutely fine when it comes to housing loan, they used to update about the updates instantly. In case of revised rate they confirm immediately . I had to have a word with the Branch Manager and they will apply the new rate to the housing loan immediately it is that simple.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 21, 2016
    • IDBI Home Loan
      "You won't regret..:)"
      0.5 4.5/5 "Excellent!"
      Availed Home loan in 2009 and top up the same in 2010 (Within an year), couldn't get the required top-up..how ever i was addressed. Again availed top-up in 2015, took time to get, due to some tech. reasons only, however this time got the required top-up. Recommend IDBI Home loans, (have no experience of other kind of loans). I prefer IDBI as the first choice for any future requirements.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 17, 2016
    • 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 Home Loan
      "They need to improvise on communication to customer"
      0.5 3.0/5 "Satisfactory"
      I had bought my flat in 2010 and since the builder had a tie up with IDBI bank I took my housing loan from the bank. In about 15 dyas they had sanctioned my loan. The rates were on floating basis and as per the prevailing market rate. They had offered a rebate of 0.25% if I were to open n account which I did and my EMIs would be through ECS. I later noticed they have almost 0.5% lesser rate now and I had also submitted a form for EMI conversion. Their response is lethargic and they need to be proactive.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 02, 2016
    • IDBI Home Loan
      "Delay in the process "
      0.5 4.0/5 "Great!"
      IDBI bank delay in processing the home loan and I have to visit the bank more than seven times to get the disbursement done. In terms of the interest rate they are higher side comparing with SBI bank because I took seven years. The maximum tenure offered was 20 years.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 01, 2016
    • IDBI Home Loan
      "Average service "
      0.5 3.0/5 "Satisfactory"
      IDBI Bank service was good related to the home loan application being submitted.The rate offered was high and it was a floating rate.When there is a inflation in market they have increased the rate but in case of deflation they are not reducing the rate which is not a fair deal.They have limited offers for the customer and its quite hard to approach them.
      Was this review helpful? 5
      , pune
      Reviewed on Jun 13, 2016
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