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IDBI Bank provides home loans with no prepayment penalties. Less paperwork and no processing fees needed. Get interest rates from 8.35% to 8.65%. Get loan tenure for 30 years. Great tax benefits of up to Rs. 3.5 lakhs each year. Apply now!
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IDBI Bank is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry. IDBI is currently the 10th largest development bank in the world in terms of reach, with 3700 ATMs, 1995 branches, including one overseas branch at Dubai, and 1382 centers.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt either for floating type of interest or fixed interest rate. Home loan provides tax benefits to the borrowers.
IDBI Bank offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. IDBI Bank provides customised home loan solutions for purchase of a house, construction and extension of dwelling units. Packed with exclusive benefits, IDBI Bank Home Loans are tailor made, catering to the needs of various customers.
Providing home loans for the applicants from Urban area belonging to EWS/LIG intending for acquisition / construction of residential units.
a. EWS: Annual household income up to INR 3 lakhs
b. LIG: Annual household income above INR 3 lakhs and up to INR 6 lakhs.
c. The beneficiary family will comprise husband, wife, unmarried sons and /or unmarried daughters.
d. The beneficiary family should not own a pucca house either in his /her name or in the name of any member of his / her family in any part of India to be eligible to receive central assistance under the mission.
e. Preference under the scheme, subject to beneficiaries being from EWS/LIG segments, should be given to manual scavengers, women (with overriding preference to widows), persons belonging to Scheduled Castes / Scheduled Tribes /Other Backward Classes, Minorities, Persons with disabilities and Transgender.
f. The property to be located in one of the 4041 statutory towns as identified by NHB.
The maximum loan period may be extended based on borrower profile in line with the extant Home Loan norms.
There are no prepayment charges levied
There are no processing fees levied
The property that is eligible for the IDBI home loan should of the following
The Interest subsidy would be computed based on the parameters as under:
Important documents to be submitted while applying for home loan with IDBI Bank
Your IDBI Bank home loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with IDBI Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the IDBI Bank account you specify.
Electronic Clearing Service (ECS):
This mode can be used if you have a non-IDBI Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-IDBI Bank account at your nearest IDBI Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby IDBI Bank branch for the application. You can also download the home loan application form from the IDBI Bank official website, complete the form and submit it the bank representative.
You can also check your eligibility for a home loan through CreditMantri and apply for it.
With attractive interest rates and low processing fees, IDBI Bank caters to the needs of various sections of people. Floating and fixed type of interest rate are available according to the preference of the customers. The borrowers can prepay the IDBI Bank home loan without any penalty. IDBI Bank home loan is the best option to buy or construct your dream house.
1. What are processing fees on IDBI Bank Home Loans?
There are no processing fees
2. Is there penalty for prepaying the IDBI Bank Home Loan?
No penalty is levied for prepaying the IDBI Home Loan
3. Can I get IDBI Home Loan without a Guarantor?
No need of a guarantor
4. What is the maximum loan repayment period for IDBI home loans?
The maximum repayment period is 30 years
5. How Can I apply for an IDBI home loan?
You can either apply online or visit a nearest IDBI Bank branch and take the help of the bank’s representative.
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.