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IDBI Home Loan Interest Rate - Sep 2017

Last Updated 06th Sep 2017

IDBI Bank Home Loan Interest Rates

Interest Rate 8.35% - 8.65%
Check Best Offers
Lowest EMI Rs. 758 per lakh
Max Tenure 30 years
Processing Fee Upto 0.50%
Minimum Rs. 2,500
Prepayment, Foreclosure Charges Allowed with Nil charges for floating rate loans
Age Min 22 and Max 70 years for Salaried
Min 25 and Max 70 years for Self Employed
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IDBI Bank Home Loan

IDBI Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from IDBI Bank has the following benefits:

  • PAN India branch network
  • Nil prepayment charges for floating rate home loans
  • Assistance to help you in property search
  • Various easy and flexible repayment option available

IDBI Bank Home Loan Interest Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

IDBI Bank Floating Rate Home Loans

IDBI Bank Home Loan Interest Rates
IDBI Bank Home Loan Floating 8.35% - 8.65%
Details+

IDBI Bank home loan interest rate depends upon

  • Loan amount: Housing loan rate in IDBI Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: IDBI Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

Interest Rate and its impact on IDBI Bank Home Loan Eligibility

IDBI Bank has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offered by IDBI Bank also impacts the amount of loan you can avail from IDBI Bank.
Some of the key eligibility criteria are summarized in the table below:

IDBI Bank Home Loan Eligibility Criteria
Interest Rate 8.35% - 8.65%
Age 22 - 70 years
Minimum Credit Score 650 and above
Loan Amount Rs. 500,000 to Rs. 100,000,000
Loan to Value Ratio Upto 90%
FOIR (Fixed Obligations to Income Ratio) Up to 0.65

Home Loan Charges Applicable (Other than Interest)

In addition to interest rates, home loan also carry some other charges which include:

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. IDBI Bank allows prepayment of house loan with Nil prepayment charges
  • Processing Fee - IDBI Bank charges a processing fee of 0.50% of loan amount Minimum Rs. 2,500 with applicable tax
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan Products and Rates

IDBI Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

IDBI Bank Home Loan Eligibility Calculator

IDBI Bank Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from IDBI Bank. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

SBI Home Loan EMI and Interest Calculator

Further, you can also use the IDBI Bank Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

  • EMI calculator of IDBI Bank helps you to calculate your monthly EMI at different rate of interest and also check and compare lowest EMI per lakh on home loan
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates
  • Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating IDBI Bank Housing Loan EMI?

  • EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • IDBI Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Housing Loan IDBI documents required

For Salaried employee

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

For Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Frequently Asked Questions

Why to take home loan from IDBI Bank?

IDBI Bank offers housing loan at 8.35% rate with the lowest EMI of Rs. 758 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your loan to IDBI Bank.

What is the maximum loan tenure I can opt under IDBI Bank house loan?

IDBI Bank offers you a longer tenure of 30 years to repay your loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from IDBI Bank?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclosure my home loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to IDBI Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. Loan balance transfer to IDBI Bank offers you to pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for housing loan?

The benchmark applicable for home loan in IDBI Bank is 6 Month MCLR.

What is the effect of part payments on IDBI Bank housing loan EMI ?

Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on IDBI Bank housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on IDBI Bank housing loan change in future?
  • Floating rate on IDBI Bank housing loan is linked to its 6 Month MCLR Rate, which is currently at 8.35%. When Bank offers a home loan at 8.35%, it applies a premium of 0% to its MCLR Rate to arrive at this home loan rate.
  • When RBI increases rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

IDBI Home Loan in India

IDBI Bank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-200-1947
Ahmedabad 1800-200-1947
Ambala 1800-200-1947
Anand 1800-200-1947
Aurangabad 022 2207 8732
Bangalore 080 2238 6757
Bhilai 1800-200-1947
Bhilwara 1800-200-1947
Bhiwadi 1800-200-1947
Bhopal 1800-200-1947
Bhubaneswar Cuttack 1800-200-1947
Bikaner 1800-200-1947
Chandigarh 1800-200-1947
Chennai 044 4303 6648
Cochin 1800-200-1947
Coimbatore 1800-200-1947
Dehradun 1800-200-1947
Delhi 011 2399 4348
Durg 011 2399 4348
Faridabad 011 2399 4348
Gandhinagar 022 2207 8732
Ghaziabad 0120 270 0798
Goa 0832 242 6525
Greater Noida 0120 270 0798
Gurgaon 0120 270 0798
Guwahati 1800-200-1947
Gwalior 1800-200-1947
Hyderabad 040 6690 8171
Indore 1800-200-1947
Jabalpur 1800-200-1947
Jaipur 1800-200-1947
Jalandhar 1800-200-1947
Jodhpur 1800-200-1947
Kanpur 1800-200-1947
Karnal 1800-200-1947
Kolhapur 022 2207 8732
Kolkata 033 2568 6253
Kota 1800-200-1947
Kozhikode 1800-200-1947
Lucknow 1800-200-1947
Ludhiana 1800-200-1947
Madurai 1800-200-1947
Meerut 1800-200-1947
Mehsana 1800-200-1947
Mohali Sas Nagar 1800-200-1947
Mumbai 022 2207 8732
Mussoorie 1800-200-1947
Nagpur 022 2207 8732
Nashik 022 2207 8732
Noida 0120 270 0798
Noida Extn 0120 270 0798
Panipat 1800-200-1947
Patna 1800-200-1947
Pondicherry 1800-200-1947
Pune 020 6603 0300
Raipur 1800-200-1947
Rajkot 1800-200-1947
Ranchi 1800-200-1947
Rohtak 1800-200-1947
Roorkee 1800-200-1947
Salem 044 4303 6648
Shimla 1800-200-1947
Sonepat 1800-200-1947
Surat 1800-200-1947
Trichy 1800-200-1947
Udaipur 1800-200-1947
Vadodara 1800-200-1947
Varanasi 1800-200-1947
Vijaywada 1800-200-1947
Vizag 1800-200-1947
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