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  • IDBI Reverse Mortgage Loan is Rated as "Excellent!" by 36 Users

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    Promised Interest Rate

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    Personal Loan BYTES FROM OUR KITCHEN

    IDBI Reverse Mortgage Loan

    IDBI bank offers personalised banking and financial solutions to their customers through a wide network of branches and ATMs. Reverse mortgage loan is one such product that they provide to their senior customers who wish to supplement their income. Indians believe that they are safeguarding their future by buying a property. They think that having a property will bail them out when they are in a dire need for raising finances and they are not wrong, having a property does help. Idle property can also supplement your income or pension.

    Purpose of IDBI Bank Reverse Mortgage Loan

    IDBI Bank offers Reverse Mortgage Loan to senior citizens to supplement their present income or pension in the form of regular payments to cover genuine expenses.

    The loan is given to:

    • Upgrade, renovate and extend your residential property.
    • For home improvement, maintenance and to pay the residential property’s insurance.
    • Medical, family emergency expenses, supplement income or pension and to meet genuine needs other than that of speculative, trading and business purposes.

    Eligibility Criteria for IDBI Reverse Mortgage Loan

    Individuals who wish to obtain an IDBI Bank Reverse Mortgage Loan need to satisfy the following criteria:

    • The applicant must be a citizen of India.
    • The applicant must be above the ages of 60 years.
    • Married couples can be joint borrowers provided one of them is above 60 years of age and the other must not be less than 55 years of age.
    • The applicant must be the owner of the self-acquired or inherited property or self-occupies residential property.
    • The title deed must indicate that the applicant is the borrower and is free from any encumbrances.

    Note: The criteria is subject to change at the sole discretion of IDBI Bank.

    Documents Required for IDBI Bank Reverse Mortgage Loan

    A borrower is required to furnish the following documents before availing a loan:

    • Application form duly filled.
    • Identity proof - either passport, PAN card, employee identity card or other valid proof.
    • Address proof - either electricity bill, telephone bill, ration card or other valid proof.
    • PAN card copy.
    • Property papers that is the ownership proof and title deed.
    • 3 passport sized photographs.
    • Any other required documents as expressed in the application form must be submitted.

    Features and Benefits of IDBI Bank Reverse Mortgage Loan

    Some of the salient features and benefits of IDBI Bank Reverse Mortgage loan are:

    • The loan is easy to avail and requires minimum documentation and is processed very quickly.
    • Competitive interest rate is offered by IDBI Bank.
    • The idle property can be used to avail funds.
    • The loan amount offered can go up to Rs.2 crore subject to the market value of the property, the borrower’s age and prevailing interest rate.
    • The loan tenure is offered for a maximum of 20 years.
    • The outstanding loan is to be paid in 6 months after the death of the last surviving borrower or when the borrower moves to an old age home or to an institution or moves in with any relative.
    • The loan can be disbursed through periodic payments that are made on a monthly, quarterly, half-yearly or on an annual basis. The maximum monthly payment is set at Rs.50,000. The payment can also be made in a lump sum. The lump sum payment is restricted to 50% of the total eligible loan amount subject to a maximum of Rs.15 lakh.
    • The mortgaged self-acquired and self-occupied property is pledged as security.
    • Commercial property is not eligible for IDBI Bank Reverse Mortgage Loan.
    Apply for Personal Loan

    IDBI Bank Reverse Mortgage Loan Interest Rate

    IDBI Bank charges an attractive interest on their reverse mortgage loan. The bank ensures that repaying the loan doesn’t become an additional financial burden on the borrower. The interest rate offered is 11% per annum. The rate of interest is fixed.

    Note – Interest rates charged by IDBI Bank are at their sole discretion and are subject to change without prior intimation.

    IDBI Reverse Mortgage Loan Reviews

    • IDBI Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The IDBI bank has mingled with the AIR CORPORATION EMPLOYEES BANK,which has approved me a personal loan and they have disbursed the loan amount on time. The required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are average with the AIR CORPORATION EMPLOYEES BANK.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 29, 2018
    • IDBI Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The customer service is better with IDBI bank,when compared with HDFC and ICICI banks . The rate of interest is nominal with IDBI when compared with other banks. The part payment is available with IDBI bank. I am satisfied with the IDBI service
      Was this review helpful? 3
      , new delhi
      Reviewed on Oct 09, 2017
    • IDBI Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      IDBI is okay in the rate of interest. I got the interest rate of 14% for the personal loan with the processing fee of 800 of the loan amount. Documentation process is very simple and it is surely a recommendable bank. Even they maintain good customer service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 20, 2017
    • IDBI Personal Loan
      "Best bank"
      0.5 5.0/5 "Blown Away!"
      The executive was very knowledgeable at IDBI. When I applied for a personal loan, I only had to send him one email with all the necessary documents. From my statements to my ID and address proof and income proof as well. The process was smooth and I got the loan on time without any issues, unlike the experience I had at PNB housing finance.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 05, 2017
    • IDBI Personal Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      About fifteen years ago I had taken the personal loan from IDBI bank. The interest rate for the personal loan is around 15.5%. Document part is very simple and the bank sanctioned the loan amount on time. I am very much happy with IDBI for the personal loan.
      Was this review helpful? 2
      , indore
      Reviewed on Jun 22, 2017
    • IDBI Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      IDBI is good in the rate of interest. I got the interest rate of 9.8% for the personal loan with the processing fee of 1% of the loan amount. Documentation process is very simple and it is surely a recommendable bank. Even they maintain good customer service.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 27, 2017
    • IDBI Personal Loan
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan with the IDBI and they have provided me around 13% as interest rate . Customer service is good and the processing charges were around 3500 Rupees , which does not inclusive of insurance . The loan amount got disbursed to my account within ten days of time.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 26, 2017
    • IDBI Personal Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from IDBI and it was a smooth process. I got a good offer on the rate and charges and the process was very clear and on time. I also got the loan I was needing and the after loan services was also smooth. The documentation was also nominal.
      Was this review helpful? 1
      , kolkata
      Reviewed on Dec 27, 2016
    • IDBI Personal Loan
      "Dont apply before a year"
      0.5 2.0/5 "Expected more"
      A general piece of advise to all, dont approach IDBI if you dont hold an account with them nor if the age of your account is less than one year. As it happened in my case when I had placed a request for this online I did not get any sort of response from them. When I phoned the bank I got to know that they were unable to process my loan as the age of my account is less than a year.
      Was this review helpful? 1
      , pune
      Reviewed on Oct 17, 2016
    • IDBI Personal Loan
      "Easy process for loan"
      0.5 5.0/5 "Blown Away!"
      I am a existing customer at IDBI Bank. The services are good from them. I have taken a personal loan and it was a simple process. They provided a good rate of interest on the loan. It was of 11.75%. The processing charges was of 1%. It was completed with minimal documentation too.
      Was this review helpful? 1
      , jajpur
      Reviewed on Aug 17, 2016
    • IDBI Personal Loan
      "Instant approval on loan"
      0.5 4.0/5 "Great!"
      The service provided was really good with IDBI related to the personal loan application being submitted.The interest rate applied was high with IDBI which was around 18%.They are best in processing the documents related to the loan application.
      Was this review helpful? 1
      , jamshedpur
      Reviewed on May 06, 2016
    • IDBI Personal Loan
      "Low in rate for loan...."
      0.5 4.0/5 "Great!"
      First and foremost thing to approach the IDBI bank is their customer service. Next to that the interest rate for the personal loan where that is around 13.25% on reducing basis. Nothing shared about insurance so I have not taken insurance for the loan.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Feb 19, 2016
    • IDBI Personal Loan
      "Best offer for their account holders...."
      0.5 5.0/5 "Blown Away!"
      I am an employe of IDBI Bank so, they offered staff loan which is personal loan. I got my loan without any interest as well as processing. But the thing loan amount which was very less. They offered only 2000rs even though I would recommend them to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 09, 2016
    • IDBI Personal Loan
      "Very responsive..."
      0.5 4.0/5 "Great!"
      I just approach IDBI Bank over through phone in terms of personal loan. They responded well. Their service also good when I visited the branch. After the verification they updated every thing about my loan. Rate of interest offered by them was 11 to 12% and I am comfortable with them.
      Was this review helpful? 0
      , rajapalayam
      Reviewed on Jan 22, 2016
    • IDBI Personal Loan
      "TAT was very short..."
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan amount of 2 lakhs and for that they provided interest rate of 12.25%. Actually I have an account with IDBI so the processing charge is zero percent. Customer service is too good. Total process took only a week time post my application.
      Was this review helpful? 1
      , mudhol
      Reviewed on Jan 15, 2016
    • IDBI Personal Loan
      "Excellent Services"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from IDBI Bank. The services was very good from them. The response is good too. They offered a very good rate of interest. The processing charges was good too. I received the loan within seven days. Very good experience.
      Was this review helpful? 2
      , karnal
      Reviewed on Nov 23, 2015
    • IDBI Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I took the personal loan from IDBI with the rate of interest of 12% and they took only 15 days to disbursed the loan amount. We can do the pre closure of the loan soon after 3 months also without any charges.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 01, 2015
    • IDBI Personal Loan
      "Quickly Done"
      0.5 5.0/5 "Blown Away!"
      I closed my Personal Loan with IDBI bank. They have quickly processed my loan amount which I have taken 3-4 lakhs from them. Since I am holding my saving account with them there was no much documents collected from me. The bank executive has visited me for signing my papers and I just given 2 photo copies of mine.
      Was this review helpful? 4
      , mumbai
      Reviewed on Aug 27, 2015
    • IDBI Personal Loan
      "Great Service!"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan with IDBI Bank in Feb 2015. I took a loan amount of 2 lakhs with the tenure of 3 years. Since I am holding a salary account with them, they collected only minimal documents. I got the loan amount dispersed in 15 days.Apart from that the customer service and response was well offered from them.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Aug 19, 2015
    • IDBI Personal Loan
      "Personal Loan IDBI Bank"
      0.5 4.5/5 "Excellent!"
      IDBI Bank (Industrial Development Bank of India) is one of Indiaâ??s leading public sector banks. Primarily established for providing credit to Indian industry, it has now started focusing on retail consumers too. I feel the service was very prompt. Interest rate was competitive.
      Was this review helpful? 5
      , jodhpur
      Reviewed on Jul 08, 2015
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