Interested in financial products
Processing

IDBI Bank Home Loan Interest Rates

Having a home of your own is the biggest achievement in life, and IDBI Bank offers home loans to make it possible. The bank offers loan solutions to meet the requirements of individuals looking to purchase or construct a home.

IDBI Bank Home Loan comes with many added advantages including -

  • Assistance to help in property search
  • A wide range of easy and flexible repayment options
  • Pan India branch network
  • Nil prepayment charges on a floating rate of interest on home loans

IDBI Bank current Home Loan Interest Rate

IDBI Bank offers attractive interest rates on home loans:

Floating rate on IDBI Home Loans

Loan AmountSalaried/Self Employed ProfessionalsSelf-Employed Non-Professionals
Up to Rs 35 lakhs6 months MCLR +0.15%6 months MCLR +0.20%
Above 35 lakhs up to 75 lakhs6 months MCLR + 0.30%6 months MCLR + 35%
Above 75 lakhs6 months MCLR + 0.40%6 months MCLR + 0.50%

Home Loan Interest Saver : On all loan amounts – 1-year MCLR + 0.35%

IDBI Neev (Loan for construction of house)

Loan AmountNeevNeev 2.0
Up to 35 lakhs1 yr MCLR + 0.45%1 yr MCLR +0.75%
Above 35 lakhs up to 75 lakhs1 yr MCLR + 0.70%1 yr MCLR +1.00%
Above Rs 75 lakhs1 yr MCLR + .95%1 yr MCLR + 1.25%

IDBI Bank also finances rural and semi-urban housing

On all loan amounts, the rate of interest is 6M MCLR + 0.00%

Top Up Loans

For Home Loan CustomersThe top-up amount is 100% of the original sanction

For the purpose of housing-Prevailing home loan rate/product rate + 0.10%

For the purpose of non-housing - prevailing rate of home loan /product rate +0.20%

IDBI Bank Home Loan Overview

IDBI Bank has a wide range of home loan products like Home Loan Interest Saver, Home Loan Takeover Facility, Home Loan Top-Up, Home Extension Loan, Home Improvement Loan, Home Loan-Booking Finance, Home Loan Refinance Facility and Loan on Second Charge/Pari Passu Charge. The bank assists applicants not only in determining the loan amount but also in their search for a property best suited to their needs and budget. You can even have your loan approved before selection of property provided you meet the required eligibility criteria.

IDBI Bank provides customized home loan solutions depending on whether you are salaried, self-employed, a professional or an NRI. The bank has flexible options for repayment of your loan such as step up or down and tranche-based EMI. There is no restriction on where you purchase your home as long as it is within India.

IDBI Bank has a network of 1800 branches and 76 loan-processing centers across India. The process itself is simple and available both online as well as at bank branches and loan centers.

Factors that affect interest rates on your Home Loans

The rate of interest on every applicant’s home loan will not be the same since it is affected by a number of factors -

Credit Score

Credit Score represents your creditworthiness which is used by banks to evaluate you for the loan. If you have repaid earlier loans in a timely fashion, this fact will work in your favor and you may be eligible for lower interest rates.

Loan Amount

The amount of loan you desire also influences the interest rate and eventually EMI. Larger amounts may attract lower interest rates and vice versa. However, this is subject to certain other factors such as value of property and upfront payment.

Down Payment

Most institutions insist on an upfront payment when applying for a home loan. This means that you must pay a percentage of the property value before the loan can be sanctioned. The higher this amount is the lower will be the amount of loan required and consequently the interest on the loan.

Type of Interest

IDBI Bank offers you the option to select fixed or floating rate of interest. A floating rate is subject to change with the changing economic situation. While this does not affect the amount of EMI, it may affect the interest payable on the loan and the amount of EMI will be fixed accordingly. Also, IDBI Bank does not charge any fee for prepayment or foreclosure under floating interest loans.

IDBI Bank Home Loan Eligibility

Any Indian resident or NRI may apply for IDBI Bank provided following eligibility criteria are met–

  • A salaried individual, self-employed or a businessperson
  • A professional such as a doctor or lawyer may also apply for IDBI Bank home loan
  • The minimum age for application is 22 years for salaried individuals and 25 years for self-employed individuals
  • The maximum age at the end of the term is 70 years. This means that the tenure cannot extend beyond age 70 of the applicant
  • Individuals may apply alone or jointly with other members of the family
  • The income of all applicants will be used for the purpose of computation of capacity to pay and loan eligibility

How to calculate EMI on IDBI Bank Home Loan

IDBI Bank has an EMI Calculator on its website to facilitate quick computation of EMI you would pay for various amounts of loan and various tenures. Although these amounts are approximate and subject to change depending on individual eligibility, they help in the decision-making process when selecting a home and ascertaining budget.

IDBI Bank Home Loan Status

Once you have applied for the loan, you will be eager to know of the progress of your application. You can track your online application through the Bank website. You can also contact the branch or loan center where you submitted your application in order to know the status of your application.

How to apply for IDBI Bank Home Loan

You can visit either the IDBI Bank website or a bank branch to apply for a home loan. You can also visit an IDIB Loan center and fill out the application form.

Once you have submitted the form, a bank official will call you to discuss the details of your loan and the documents required. Being prepared with documents such as Aadhar and PAN card, past 6 months ITR, pay slips, or other income proof, and copies of the property document / title deed, will help speed up the loan process. Also, keep 2 – 3 photographs of all applicants handy.

Visit the bank website for a complete list of documents required for IDBI Bank home loan.

IDBI Bank Home Loan Interest Rate : FAQs

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

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

2. Can a house loan from another bank be transferred to IDBI Bank?

Yes, IDBI Bank helps you to transfer the home loan from another bank without any hassle. After the transfer IDBI Bank will charge a low rate of interest which will help you to save a few lakhs.

3. What is the home loan application procedure of IDBI Bank?

You can visit the nearest branch and apply for a home loan or visit the bank’s official website and fill out the online application form.

4. Can I get tax benefit on home loan from IDBI Bank?

As an Indian resident, you can get tax benefit on the principal amount and the interest component of the home loan under the income tax Act of 1961 section 24.

×Thank you! Your comment will be reviewed and posted shortly.

Write a review

CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.