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IDBI Home Loan Interest Rates 2021

IDBI Bank Housing Loan Interest Rate -Today

Last Updated 19th Jul 2021

Current IDBI Bank Home Loan interest rates Jul 2021 starts at 6.95% p.a. for a maximum tenure of 30 years. The processing fee on its housing loans is Upto 0.50%, Minimum ₹ 2,500 .

Loan AmountIDBI Bank Repo Rate Home Loan RateHome Loan Interest Saver
Upto ₹ 35 Lakh6.95%9.30%
₹ 35 Lakh - ₹ 75 Lakh6.95%9.30%
₹ 75 Lakh - ₹ 2 Cr6.95%9.30%
Above ₹ 2 Cr6.95%9.30%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current IDBI Bank Home Loan Rate

Today IDBI Bank home loan interest rates are in the range of 6.95% to 8.55%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.95%.

Below-mentioned are IDBI Bank home loan rates for multiple housing schemes.

IDBI Bank Home Loan Scheme Interest Rates
IDBI Bank Repo Rate Home Loan 6.95% - 8.55%

IDBI Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in IDBI for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 35 Lakh 6.95%
₹ 35 Lakh - ₹ 75 Lakh 6.95%
₹ 75 Lakh - 2 Cr 6.95%
Above ₹ 2 Cr 6.95%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 35 Lakh 6.95%
₹ 35 Lakh - ₹ 75 Lakh 6.95%
₹ 75 Lakh - 2 Cr 6.95%
Above ₹ 2 Cr 6.95%

IDBI Bank Home Loan Processing Fee and Other Charges

IDBI Bank home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. IDBI Bank charges a minimum processing of ₹ 2,500 on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees Upto 0.50% of the loan amount; minimum processing fee of ₹ 2,500
Foreclosure Charges Nil for floating rate home loans

IDBI Home Loan Balance Transfer Interest Rates

IDBI Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to IDBI Bank at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, IDBI Bank offers the lowest home loan balance transfer rate of 6.95%.

Illustration on Home Loan Interest Rate IDBI Bank
Maximum Annual Percentage Rate (APR) 6.97% to 8.57%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • IDBI Bank Home Loan Interest Rate: 6.95% to 8.55%
  • Processing Fee payable to: Upto ₹ 500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 662 for 30 Years ₹ 1,00,000 loan at 6.95% (lowest rate, longest time period) to ₹ 2,054 for 5 Years ₹ 1,00,000 loan at 8.55% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.97% to 8.57%
  • Total cost payable over loan tenure: ₹ 1,19,166 for 5 Years loan to ₹ 2,38,802 for 30 Years loan

FAQs

What is IDBI Home Loan Interest Rate?

IDBI Home Loan interest rate ranges between 6.95% to 8.55%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has IDBI reduced home loan rates?

As per the current rates, IDBI has hiked its home loan rates by 0.05% from 6.90% to 6.95%. The new rates are effective from 22 Jun, 2021.

Why should I opt for balance transfer to IDBI Bank?

IDBI Bank offers lowest Home Loan EMI of ₹ 662 per lakh availed at the lowest interest rate 6.95% for a maximum tenure of 30 years. you are paying an EMI more than ₹ 662 per lakh, you should consider the option for a loan transfer to IDBI Bank from your existing bank.

  • IDBI Bank offers RBI Repo Rate linked Home Loan which starts at 6.95%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called IDBI Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.95% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the IDBI Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then IDBI Bank Repo Rate linked Home Loan rate will cut from 6.95% to 6.8%.

What is the current IDBI Bank Home Loan rate?

The current IDBI Home Loan rate starts from 6.95% with a processing fee of Upto 0.50%, Minimum ₹ 2,500.IDBI housing loan rate varies across the applicant’s eligibility and the scheme they opt for. IDBI offers different home loan rates for different home loan products.

Can IDBI Bank housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with IDBI to lower the home loan rates.

What are the interest rates of home improvement loans in IDBI?

You can avail of IDBI home loans for home improvement at regular home loan rates starting at 6.65%.

Can IDBI revise the home loan interest rates for their existing customers?

IDBI home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does IDBI offer a concessional home loan interest rate for women?

Yes, IDBI offers special home loan interest rates for women. As against IDBI home loan rates for male which is 6.95%, the home loan interest rate for women starts at %.

What is the IDBI home loan rate of ₹ 25 Lakh for 15 years?

IDBI home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, IDBI provides home loan interest rate starting at 6.65%.

At what interest rate does an IDBI employee get a home loan?

IDBI offers concessional home loan rates of about 1% than the current home loan rates to IDBI employees.

Is IDBI Bank home loan a floating rate loan or fixed-rate loan?

IDBI home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


IDBI Bank Home Loan Reviews 4.3/5  by 2 customers
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Hitesh Thukral, Gurgaon
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IDBI Bank Home Loan News - Jul 2021
  • 2021-06-10 : IDBI Bank revised its MCLR
    With effect from 08 June,2021, IDBI Bank revised its marginal cost of lending rates. The overnight, one-month and three months MCLR is 7.90%, 7.90% and 7.95%, respectively. The MCLR for six months and one year is 8.10% and 8.25%.
  • 2021-01-15 : IDBI Bank reported Rs 378-crore profit
    IDBI Bank posted a net profit of Rs 378 crore for the December quarter. The loans which includes home, LAP, personal, car, two-wheeler, gold, education and doctor loan along with business and mudra loans fell 7% to Rs 1.6 lakh crore (y-o-y) in December 2020. The bank’s total deposits which includes fixed and recurring deposits rose 2.85% y-o-y to Rs 2.24 lakh crore at the end of December 2020. In addition to this, CASA improved to 48.97% as on December 31, 2020.
  • 2020-10-20 : IDBI Bank launched banking services on WhatsApp
    IDBI Bank launched the banking service on WhatsApp. WhatsApp Banking service will be offered through a dedicated WhatsApp verified number. The bank customers will be able to avail various essential banking services such as account balance information, last five transactions, request for a cheque book and an email statement through newly launched WhatsApp banking services. Further, the details of the nearest IDBI Bank branches or ATMs will also be available via WhatsApp.
  • 2020-07-28 : IDBI Bank reported Q1 net profit of ₹144 crore
    IDBI Bank reported Rs 144 crore net profit for June quarter on account of a reversal of Rs 1335 crore of bad loan provisioning. It is IDBI second successive net profit after 13 consecutive quarters of loss. CASA increased to ₹ 1,04,315 crore and cost of deposit which includes fixed and recurring deposits improved by 64 bps to 4.65%. In addition to this, NII bolstered by home, personal, gold, car and two-wheeler loan along with business and mudra loans stood at ₹ 1,773 crores.
  • 2020-02-17 : LIC Housing Finance likely to merge with IDBI Bank
    LIC is expected to expedite the merger of its Housing finance arm, LIC Housing Finance with IDBI Bank. This move will help both lenders target more customers as one single entity under the lending platform for home loans. Further, the merger will help customers to get home loans at affordable interest rates
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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