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IDBI Bank Home Loan Balance Transfer

Home Loan Transfer to IDBI Bank

Last Updated 14th Jun 2021

Interest Rate6.90%
Processing Fee₹ 2,500
Lowest EMI per lakh₹ 659
Loan Tenure30 years
  • IDBI Bank offers home loan balance transfer facility at low interest rates starting at 6.90% for a tenure of upto 30 years.
  • Transfer home loan to IDBI Bank to reduce EMIs and save more on interest.
  • Avail top up from IDBI Bank at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

IDBI Home Loan Transfer

IDBI, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to IDBI Bank at lowest interest rates. To transfer your housing loan to IDBI Bank, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of IDBI.

IDBI Bank Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to IDBI Bank, compare and calculate all the costs of loan transfer. The table below mentions IDBI Bank home loan transfer interest rate and other home loan transfer charges of IDBI Bank.

Home Loan Rates 6.75%
Processing Fees Upto 0.50% Minimum ₹ 2,500
Prepayment Charges Nil for individuals for floating rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Process of IDBI Bank Home Loan Transfer

To transfer your existing home loan to IDBI Bank, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to IDBI Bank upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to IDBI Bank and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • IDBI Bank will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to IDBI Bank will be completed.

Eligibility for IDBI Bank Home Loan Transfer

To transfer your home loan to IDBI Bank, you must fulfil the following eligibility criteria:

  • You must have an existing home loan with any bank except for IDBI.
  • You must have obtained a NOC (No-Objection Certificate) for transferring your home loan to IDBI Bank.
  • You must be an Indian resident and fulfil the age criteria of IDBI Bank. The minimum & maximum age to avail a IDBI Bank home loan is 22 and 70 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.

Features Of IDBI Bank Home Loan Transfer

Here are key features of IDBI Bank Home Loan Transfer:

  • Lower Interest Rates: IDBI Bank offers lower home loan rates starting at 6.75% along with ₹ 2,500 processing on home loans. Thus, you can save on your home loan by transferring your loan to IDBI Bank.
  • Top-up Loans: If you have a good CIBIL score & fulfil the eligibility criteria of IDBI Bank, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With IDBI Bank home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount & the negotiation with the IDBI Bank.

Document Required for IDBI Home Loan Transfer

To avail of home loan balance transfer from IDBI, you need to submit the following documents to IDBI.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Aadhar Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to IDBI?

Yes, transferring your home loan to IDBI Bank is a good idea for home loan borrowers as IDBI Bank provides lower home loan rates starting at 6.90%.

How can I transfer my IDBI home loan from one branch to another?

To transfer your IDBI Bank home loan from one branch to another, you can place your request through net banking/mobile banking. IDBI Bank also allows the home loan transfer facility through phone banking by calling home loan customer care.

Are there any charges while applying for IDBI home loan balance transfer?

Yes, IDBI Bank charges home loan transfer fees such as ₹ 2,500 for IDBI Bank home loan balance transfer. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank.

What are the benefits of taking a IDBI home loan balance transfer?

If you apply for a home loan transfer to IDBI Bank, you can clear off your existing home loan at lower rates and save more on interest. Besides that, IDBI Bank home loan balance transfer can also help you avail top-up on your existing home loan.

How can I check the status of my IDBI Bank home loan balance transfer?

To know your IDBI Bank home loan status, you can call IDBI Bank home loan customer care number or visit IDBI official website to check the status.


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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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