IDBI Home Loan

About IDBI Home Loan

If you are planning to buy a home because you want to secure your family and build an equity over the period of time, then take the right foot forward. It is the best time to invest in property and buy a  home for your loved ones. Most of the banks are offering really competitive rates, easy and customer friendly repayment options. There are no pre-closure or pre-payment charges with home loan anymore, so you need not worry about extra payment for the closing loan and other things. If all this is not enough to make your decision, you can compare the advantages and other features of different banks before taking a home loan to make a wise decision.

Home Loan

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    IDBI is a leading market player in home loan segment and one among the top few banks of the country. It offers you a very competitive and customized deal in the home loan category. The bank offers you a home loan for purchasing a new home, home extension loan, home improvement loan, top-up loan, home loan take over the facility, home booking finance, etc., to meet the different needs of the customers. As there is no pre-payment and pre-closure charges associated with the home loan, therefore, you can pre-close the loan during the tenure by making final outstanding payment. The bank offers customized solutions to meet your financial requirements of buying the home. The maximum tenure to avail the loan is up to 30 years, but the maximum tenure and maximum amount of loan are based upon various qualifying parameters. Here are some important features of the IDBI home loan to understand it better.

    IDBI Bank Home Loan Interest Rate

    ParticularsDetails
    Interest Rate8.45% - 8.75%
    Repayment Up to 30 Years
    Maximum Loan Amount₹10 Crores
    Minimum Loan Amount₹5 Lakhs
    Foreclosure ChargesNil

    IDBI Home Loan Calculator

    You can easily calculate your home loan EMI with the help of an online EMI calculator. You just need to mention the loan amount, the interest rate and the tenure for which you want to check the EMI. Once you have mentioned the details, you will get the details of the monthly installment, the total interest outgo, and the total repayment amount (interest+principal). Other than this, you also get an amortization schedule which is the table showing the balance amount after each year for the whole tenure.

    IDBI Bank Home Loan Documents Requirement

    To complete the application procedure, the bank requires some basic documents from individuals under different categories such as salaried, self-employed, self-employed professionals. To get a loan you need to submit all required documents along with duly filled application form.

    CategorySalariedSelf-employed professionals & non-professionalsSelf-employed non-professionals
    Application form Duly filled application form along with recent photographDuly filled application form along with recent photographDuly filled application form along with recent photograph
    Identity proofDuly filled application form along with recent photographDuly filled application form along with recent photographDuly filled application form along with recent photograph
    Identity proofVoter Id card, valid passport, aadhar card, valid licenseVoter Id card, valid passport, aadhar card, valid licenseVoter Id card, valid passport, aadhar card, valid license
    Residence proofPassport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory AuthorityPassport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory AuthorityPassport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority
    Salary slipLatest salary slip of last 3 monthsEducational qualification certificate for self-employed professionalsBusiness existence proof
    Income proofForm 16/ITRLast 3 years income tax returnLast 3 years income tax return
    Financial ProofLast 6 months bank statementLast 3 years Profit /Loss and Balance SheetLast 3 years Income Tax returns
    Last 3 years Profit /Loss  Sheet
    Processing feeProcessing fee chequeProcessing fee chequeProcessing fee cheque

    Features of IDBI Home Loan

    • Affordable home loan rates
    • Assistance in property search and due diligence of property for acquisition.
      In-principle loan approval even before the property is selected.
    • Extensive range of home loan products
    • Customized home loan features for salaried (Including NRI), self-employed professional and self- employed non-professional
    • Flexible loan repayment option
    • Online application facility for customers

    Loan repayment options

    The bank understands the importance of easy repayment options and different repayment options to make repayment process less hectic for customers. Besides, the conventional method of repayment the bank also have different options for making your loan repayment as per your convenience.

    Step up repayment facility: This is the best option for young working executives who are professionally qualified and skilled. This loan is given on the basis of their future career growth and annual income. The bank considers the growth for this calculation in the range of 6% to 8% p.a. and the same will be a slab of 5 years for a loan of 20 years.

    Step down repayment facility: In this repayment mode, you choose for a downside repayment system, when you know that your income is going to reduce after a certain period of the maturity of the loan. The main objective of this repayment option is to get the maximum recovery when your income is high. This leads to 2 EMIs for different periods during the loan maturity. This will allow you to borrow the higher amount and club your parent and children income to get the higher amount. In this repayment mode, the EMI will be on the higher side in the initial period and on the lower side in the later period of the loan tenure.

    Tranche base EMIs

    Under this mode of the payment, the customer is purchasing an under-construction property and avail the loan in phases. Therefore, in the initial phase, he/she is just required to pay the interest amount only till he/she does not get the final loan amount disbursed at the time of possession. This repayment facility allows you to repay the loan amount even during the construction phase before getting the possession to reduce the loan amount and EMIs burden.

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    Standard Chartered Bank 10.99% - 14.49%
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    Home Loan Interest Rates June 2018
    State Bank of India/SBI 8.45% - 9.00%
    HDFC 8.50% - 9.15%
    Bank of Baroda 8.45% - 9.45%
    LIC Housing 8.45% - 8.90%
    PNB Housing Finance 8.40% - 8.99%
    ICICI Bank 8.50% - 9.05%
    Axis Bank 8.40% - 8.75%
    Citibank 8.40% - 9.20%
    Indiabulls Housing Finance Limited 8.50% - 10.80%
    Kotak Bank 8.60% - 8.70%
    DHFL 9.05% - 9.95%
    Reliance Home Finance 8.75% - 10.00%
    EMI Calculator