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IDBI Home Loan

IDBI Housing Loan 2021

Last Updated 14th Jun 2021

IDBI Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.40% with quick approval and online process. Home Loan in IDBI Bank is quite popular with its special features and attractive rates under various IDBI Bank home loan schemes for different income and occupation groups. Some of the key features of IDBI Bank housing loan are:

  • IDBI Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • IDBI Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your IDBI Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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IDBI Home Loan Details

IDBI offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan IDBI

Age Min 22 and Max 70 years for Salaried
Min 25 and Max 70 years for Self Employed
Repayment Tenure 30 years
Interest Rate 7.40%
Interest Rate Linked To RLLR
Processing Fee Upto 0.50%, Minimum ₹ 2,500
Lowest EMI Per Lakh ₹ 692
  • Purpose of Loan: IDBI house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of IDBI Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 22 and 70 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 7.40% to 8.00%.
    • IDBI home loan EMI per lakh starts from ₹ 692. However, you can calculate your home loan EMI using IDBI home loan calculator 2021.
  • Special schemes: IDBI offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of IDBI Home Loans

Some of the features and benefits of IDBI Bank Home Loans are listed as follows:-

  • IDBI Bank Home Loan Interest Rate starts from 6.75%.
  • IDBI Bank charges a processing fees of Upto 0.50%, Minimum ₹ 2,500.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from IDBI Bank is per lakh offered at the lowest interest rate of 6.75% at the longest loan tenure of 30 years.
  • IDBI Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • IDBI Bank has an average customer rating of 4.3/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from IDBI?

Getting a home loan from IDBI is fairly easy with an online application process. 5 Steps for IDBI Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of IDBI and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of IDBI or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a IDBI’s representative will visit your home or office to collect your documents.
  • Step 4: IDBI will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from IDBI and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

IDBI Home Loan Documents Required

To apply for a home loan in IDBI, the bank asks you to submit the following IDBI Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or IDBI account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

IDBI Home Loan EMI Calculator

IDBI home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. IDBI Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

IDBI Home Loan Eligibility Calculator

IDBI Bank Home loan eligibility calculator is an online tool that helps the IDBI home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare IDBI Home Loan with Other Banks

FAQs

What are the documents required for home loan IDBI?

To apply for IDBI Bank Home Loan, you will be required to submit IDBI home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from IDBI Bank ?

Below-mentioned is the reason why you must avail a home loan from IDBI

  • 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

Can I apply for an IDBI home loan online?

Yes, you can apply for a IDBI home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best IDBI home loan scheme?

Choosing the best IDBI home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best IDBI home loan scheme is based on one’s needs.

Is IDBI good for a home loan?

IDBI is one of the best home loan lenders in the country. Currently, IDBI home loan interest rate 2021 starts at 6.65%.

How can I check my IDBI home loan status?

One can check their IDBI home loan status on IDBI’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the IDBI mobile app

What is the eligibility for a Home Loan of IDBI Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is IDBI Bank Home Loan procedure?

There are two methods to complete the application for IDBI Bank Home Loan Process online:

  • Apply online at IDBI Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 the benefit of paying less EMI per month.

Does IDBI Bank check CIBIL for home loan?

Yes, to avail home loan from IDBI Bank, you must fulfill IDBI Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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. Availing loan transfer to IDBI Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in IDBI Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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IDBI Home Loan News - Jun 2021
  • 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
  • 2019-07-22 : IDBI Bank announces a tie-up with New India Assurance Company Limited
    IDBI Bank has entered into a Bancassurance Corporate Agency agreement with the New India Assurance Company Limited. The association with the insurance company has been done to offer various insurance products to its customer base. The lender is also eyeing growth across its retail loan segments including home loans, personal loans, and fixed deposits.
*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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