IDBI Bank - 7.55% for Home Loan - Home Renovation Loan

IDBI Bank Home Loan:

IDBI is a large public sector bank with the lowest home loan percent rate in India.

Currently the bank offers home loan starting from the 7.55% p.a. onwards* with the quick approval.

Home Loan in IDBI Bank is quite popular with its special features and attractive rates under the various IDBI Bank home loan schemes for the different income and occupation groups.

Interest Rate

7.55% p.a. onwards*

Loan Amount

Up to 90% of property value

Tenure

Up to 30 years

Processing Fees

Up to Rs 16,000

 

IDBI Bank Home Loan Interest Rates: Floating Interest Rates

Plain Vanilla Home Loan (For Purchase/Construction/Extension)

Type of Applicants

Interest Rate

Salaried/Self-employed Professional

7.55%-10.75% p.a.

Self-employed Non-Professional

7.55%-12.25% p.a.

 

Plot Loan for House Construction

Loan Products

Interest Rate

Plot Loan

7.55%-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

7.55%-10.95% p.a.

Self-employed Non-professional

7.55%-12.45% p.a.

 

Home Loan Top-up

Housing Purpose

Interest rate of existing home loan +20 bps

Suvidha Top-up (Non-Housing Purpose)

Interest rate of existing home loan +75 bps

 
Fixed Interest Rates : Plain Vanilla Home Loan (Purchase/Construction/Extension)

Tenure

Interest Rate

For 3 years

9.85% p.a.

For > 3 years

10.10% p.a.

 

Plot Loan for House Construction

Loan Amount

Interest Rate 

Up to Rs 35 lakh

10.00% p.a.

Above Rs 35 lakh

10.25% p.a.

For Rural/Semi-Urban Housing
All Loan Amounts

9.60% p.a.

Interest rate for fixed rate home loans shall be reset after every 5 years as per the prevailing fixed rate for 5 years

 

Key Features of IDBI Bank Home Loan:

1. Loan Available for both salaried and self -employed.

3. Borrowers within the range of 18 to 60 years.

4. Security:  Mortgage of property you are planning to purchase, renovates or construct.

5. Loan Tenure can range from 5 to 30 years.

6. Quality of services.

7. Transparency

8. Quick Processing*

9. Power-Packed customized Features to suit your Home Loan requirements.

 

IDBI Bank Home loan interest depends upon:

1. 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

 

2. 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.

 

3. Existing bank customers:

IDBI Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

 

IDBI Bank Home Loan:

Apply

Apply for an IDBI Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare IDBI Bank Home Loan rates with other banks before choosing the best deal for your home loan needs.

 

IDBI Bank Home Loan Documents:

For Salaried employees:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Filled up loan application form.

2. Two Passport Size Photo.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. 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.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

IDBI Bank Home Loan Schemes:

1. IDBI Housing Loan

Purpose: Regular  home loans for purchase of new/resale property, plot purchase for construction purposes, for extension/improvement/renovation of existing property, construction of property already acquired, for availing  home

loan balance transfer facility and for 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

 

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

 

2. IDBI Bank NRI Home Loan:

Competitive interest rates on floating rate loans

Maximum loan tenure of 30 years for salaried NRIs

Full waiver of foreclosure/prepayment penalties

 

Frequently Asked Questions:

Q. Who is eligible to apply for an IDBI Bank home loan?

Ans. Ans. Salaried Individuals, self-employed professionals, self- employed business people and Non-Resident Indians are eligible to apply for an IDBI Bank home loan.

 

Q. How IDBI home loan eligibility determined?

Ans. IDBI determine your eligibility for a loan by taking various aspects such as your age, monthly income, number of co-applicants, employment stability, credit score and any liabilities such as other ongoing loans if any.

 

Q. What are the documents required for home loan IDBI?

Ans. To apply for IDBI bank home loan, you required to submit the home loan documents such as home loan application form with attested photographs along with various other documents such as identity proof, property 

papers, and loan amount statements if any, etc.