Overview
IDBI Bank Home Loan
In today’s busy world, owning a home is a dream for many. IDBI, a trusted bank, helps make this dream come true with its home loan options. With competitive interest rates, flexible repayment plans, and a focus on customer satisfaction, IDBI is your ideal partner in the journey to homeownership.
Rate of Interest
8.40% - 10%
Loan to Value
80% - 90%
Loan Tenure
Max 30 Years
Max Loan Amount
5cr - 10cr
Rate of Interest | 8.40% - 10% |
Loan Tenure | Max 30 Years |
Eligibility | Age • Salaried : 21 - 60 years • Self Employed : 21 - 65 years Profession • Salaried/Self Employed Income • Metro Cities : 20,000/Month & Above • Other Cities : 15,000/Month & Above Nationality • Resident Indian • NRI |
Max Loan Amount | 5cr - 10cr |
Property Supported | Plot Purchase / Independent Building / Apartment / Re Sale Property |
LTV | 80% - 90% |
Offerings | Plot Loan / Construction Loan / Balance Transfer |
Addons | Top up / Interior Loan / Extension Loan |
Processing Fees | Rs 15000 + GST |
Other Charges | Notary / Franking = 1500-2500 / MODT - 0.2% - 0.7% of your loan amount (based on your state) / Legal - 3000 |
Overdraft Facilities | |
Balance Transfer | |
Highlights | • Low interest rate • No hidden cost and administrative charges • easy online pre payment offers • Minimal paperwork • Good aftersales support • Higher funding possible |
*Disclaimer: The interest rate, maximum tenure, and other charges are subject to change, it's advisable to check with our experts for the latest information.
Loan Amount | ₹ 50,00,000 |
Loan Tenure | 20 years |
Rate of Interest | 8.40% - 10% |
Monthly EMI | ₹ 43,075 - ₹ 48,251 |
Eligibility Criteria for IDBI Home Loan
Criteria | Salaried Applicants | Self-employed Applicants |
---|---|---|
Age Range | 22 to 70 years | 25 to 65 years |
Nationality | Indian/NRI/PIO | Indian/NRI/PIO |
Minimum Monthly Income | As per bank’s norms | As per bank’s norms |
Maximum Age at Final Repayment | 70 years | 65 years |
IDBI Home Loan Interest Rates
IDBI offers a diverse range of home loan products to cater to various needs. So, understanding the interest rates is crucial when considering your home financing options. Here’s a quick overview of the interest rates for 2024 based on CIBIL scores:
Floating Interest Rates
Plain Vanilla Home Loan (For Purchase/Construction/Extension)
Type of Applicants | Interest Rate |
---|---|
Salaried/Self-employed Professional | 8.45%-10.75% p.a. |
Self-employed Non-Professional | 8.55%-12.25% p.a. |
Plot Loan for House Construction
Loan Products | Interest Rate |
---|---|
Plot Loan | 9.80%-10.40% p.a. |
Rural/Semi Urban Housing
For Loan Amount of up to Rs 35 lakh
Type of Applicants | Interest Rate |
---|---|
Salaried/Self-employed Professional | 8.45%-10.70% p.a. |
Self-employed Non-professional | 8.75%-10.80% p.a. |
Home Loan Top-up
Housing Purpose | Suvidha Top-up (Non-Housing Purpose) |
---|---|
Interest rate of existing home loan +20 bps | Interest rate of existing home loan +75 bps |
Fixed Interest Rates
Plain Vanilla Home Loan (Purchase/Construction/Extension)
Tenure | Interest Rate |
---|---|
For 3 years | 10.90% p.a. |
For > 3 years | 12.00% p.a. |
Plot Loan for House Construction
Loan Amount | Interest Rate |
---|---|
All loan amount | 12.25% p.a. |
Talk to our Home Loan Experts
If you’re looking to choose the right home loan perfectly made according to your needs, then book a call with our experts here.
IDBI Home Loan Processing Fee and Charges
Home Loan Plain Vanilla and Rural/Semi-urban Housing Loan
Loan Amount | Salaried and Self Employed Professional | Self Employed Non-Professional |
---|---|---|
Up to Rs 35 lakh | Rs 5,000 | Rs 6,000 |
Rs 35 lakh-Rs 75 lakh | Rs 7,500 | Rs 8,500 |
Rs 75 lakh-Rs 125 lakh | Rs 13,500 | Rs 14,500 |
Above Rs 125 lakh | Rs 13,500 | Rs 15,000 |
For Inward Balance Transfer or Inward Balance Transfer+Top-up | NIL | NIL |
IDBI Neev and Neev 2.0
Loan Amount | Salaried and Self Employed Professional | Self Employed Non-Professional |
---|---|---|
Up to Rs 35 lakh | Rs 6,000 | Rs 7,000 |
Rs 35 lakh-Rs 75 lakh | Rs 8,500 | Rs 9,500 |
Rs 75 lakh-Rs 125 lakh | Rs 14,500 | Rs 16,000 |
Above Rs 125 lakh | Rs 14,500 | Rs 16,000 |
Foreclosure Charges
For Floating Rate Home Loans | For Fixed Rate Home Loans |
---|---|
NIL | If own funds-Within 6 months from final disbursement- 2% of outstanding loan amountAfter 6 months from final disbursement- NILIf Balance Transfer- 2% on outstanding loan amount |
IDBI Home Loan Documents
Document | Description |
---|---|
Application Form | Application form with photograph |
Identity & Address Proof | Identity and Residence Proof |
Bank Statement | Latest Salary-slip for last 3 months |
Tax Returns | Form 16/ITR |
Bank Statement | Last 6 months bank statement Processing fee cheque |
IDBI Home Loan Schemes and Top Plans
Comparison
Criteria | Details |
---|---|
Purpose | Purchase of new/resale property Plot purchase for construction purposes Extension/improvement/renovation of existing property Construction of property already acquired Availing home loan balance transfer facility Availing additional finance by existing IDBI home loan borrowers through home loan top-ups |
Tenure | For Salaried: Up to 30 years For Self-employed Professionals: Up to 20 years For Self-employed Non-Professionals: Up to 20 years |
Loan-to-Value (LTV) Ratio | Up to Rs 30 lakh: Up to 90% of property value Rs 30 lakh – Rs 75 lakh: Up to 80% of property value Above Rs 75 lakh: Up to 75% of property value |
Pradhan Mantri Awas Yojna (PMAY) | |
---|---|
Purpose | Credit Linked Subsidy Scheme with affordable housing for Economically Weaker Sections, Low Income Groups and Middle Income Groups |
How to Apply for IDBI Bank Home Loan
Applying for an Axis Bank home loan is a straightforward process:
- Check Eligibility: Verify that you meet the eligibility criteria for your selected loan product.
- Collect Documents: Gather all the required documents.
- Visit a Local Branch: Visit your nearest Axis Bank branch and fill out the application form.
- Submit Documents: Submit your application along with the required documents.
- Application Review: The bank will review your application and documents.
- Loan Approval: Upon approval, your loan will be sanctioned, and you can start your homeownership journey.
Do not want to get into this hassle? Get IDBI Bank’s best rates in a single call.
IDBI’s commitment to transparency, customer-centricity, and competitive interest rates makes it a preferred choice for homebuyers.
IDBI is here to support your journey towards your dream home.
Comparison
You can also compare the home loan rates of different banks here. For detailed comparison between top banks you can visit our compare banks page.
Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
---|---|---|---|
SBI Bank | 9.15%-11.55% p.a. | 9.15%-11.55% p.a. | 9.15%-11.55% p.a. |
HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
ICICI Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
Punjab National Bank | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. | 8.40% – 12.10% p.a. |
Bank Of Baroda | 8.40% – 10.65% p.a. | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. |
Bank of India | 8.4% p.a onwards | 8.4% p.a onwards | 8.4% p.a onwards |
The interest rate for an IDBI home loan varies based on several factors, including the loan amount, tenure, and applicant profile. It’s best to visit the IDBI Bank website or contact their customer service for the most current rates.
The loan amount you can get generally depends on your repayment capacity, which is typically calculated as 50-60% of your monthly income. For a salary of ₹15,000, you might be eligible for a loan amount approximately in the range of ₹7.5 lakh to ₹9 lakh, subject to other eligibility criteria and bank policies.
With a monthly salary of ₹50,000, you could be eligible for a home loan amounting to around ₹25 lakh to ₹30 lakh. This estimate is based on the general principle that the EMI should not exceed 50-60% of your monthly income. Final eligibility will depend on the bank’s assessment of your overall financial profile.
If your monthly salary is ₹25,000, you may be eligible for a home loan in the range of ₹12.5 lakh to ₹15 lakh. The exact amount will be determined by the bank after considering other factors such as your existing liabilities, credit score, and overall financial stability.