The full form of IDBI Industrial Development Bank of India. It is one of the largest commercial banks and offers banking and financial services to their customers. IDBI was established in 1964 by act of parliament and its headquarters is in Mumbai. It is one of 27 commercial banks owned by the government of India.
Home loans are offered to individuals who wish to purchase or construct a house. The processing is mortgaged to the land or as a security till the repayment of the loan, Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get a home loan with ease..You all think that “how it is possible? To overcome this issue IDBI Bank came with an exciting opportunity i.e. IDBI Bank Home Loan. IDBI Bank offers a competitive and attractive rate of interest ranging from 7.80% to 8.80% per annum with less paperwork. It is available for both salaried and self employed borrowers including NRIs.
IDBI offers you home loan for various purposes :
Individual home loan
Home improvement loan
Home construction loan
Loan for NRIs
Plot loan
1. No pre closure and part payment fee for floating rate loan
2. No guarantor required
3. Home loan granted to age give up between 18 year to 70 years
4. Simple and quick documentation process
5. Attractive rate of interest ranging from 7.80% to 8.80% per annum
6. Quick loan processing
7. Special discounts for women
8. Available for salaried and self employed borrowers (including NRIs)
|
TYPE |
CHARGES |
|
Processing fee |
Rs.2500 to Rs.5000 plus applicable tax depending on the loan amount |
|
Part payment and pre closure charges |
For floating rate loan = NIL For fixed rate loan = Upto 2% |
|
Foreclosure charges |
For individuals = NIL For others = 2% on the outstanding loan amount plus tax |
|
Copy of property documents |
Rs.225 |
|
Default in payment |
Rs.300 |
|
Swapping charges |
Rs.575 |
|
Duplicate certificate / Interest certificate |
Rs.115 |
|
CIBIL copy of credit certificate |
Rs.50 |
|
Re-issuance of DD |
Rs.115 |
|
Penal Interest |
2% per annum for the overdue amount |
|
Duplicate statement cheque |
Rs.115 |
|
Legal charges |
Rs.2000 plus GST (metro-urban) Rs.1500 plus GST (semi urban and rural urban) |
|
Loan for issuance premium |
NIL |
|
ELIGIBILITY |
Salaried employees, self employment professionals and self employed non professionals |
|
RESIDENT STATUS |
Indian Resident and NRIs |
|
AGE |
For salaried employees = 22 years to 70 years For self employed professionals = 25 years to 70 years For self employed non professionals = 25 years to 65 years |
1.Fully filled signed application form
2. Passport size photograph
3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id
4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id
5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited
6. For Self employed individuals / professionals = 2 years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.
Schemes of IDBI Bank for home loan :
|
SCHEMES |
INTEREST RATE |
|
Home loan interest saver scheme |
8.50% |
|
Floating home loan scheme |
7.80% to 8.80% |
|
IDBI neev home loan scheme |
8.50% to 9.10% |
|
Idbi rural. Semi urban house finance scheme |
9.60% |
|
Turnover based home loan scheme |
11.35% |
|
Pradhan mantri awas yojna scheme |
6.50% |
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
There are two ways to apply for home loans from IDBI Bank :
1. Offline method : By visiting nearest bank branch
2. Online Method :
First of all first visit to official website of IDBI Bank
In retail section go to the “loans”
Now click in home loan
After that go to “Home loan”
Now click on apply now and fill application form
4. IDBI Bank Loan Against Property
How to contact with IDBI Bank :
1. By customer care contact number : 18002094324
2. By customer care email id : customercare@idbi.co.in
The following formula is used to calculate EMI of IDBI Bank Home Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
P stands for Loan Amount
R stands for Interest Rate
N stands for tenure in number of months
Financials products offered by Bank :
For salaried employees the age is 22 years to 70 years, For self employed professionals the age is 25 years to 70 years and For self employed non professionals the age is 25 years to 65 years required to take a home loan from IDBI Bank.
The minimum loan amount is Rs.5 lakh and maximum loan amount is Rs.10 crore of IDBI Bank home loan.
You can apply offline by visiting the nearest bank branch or online for an IDBI Bank home loan.
No pre closure and part payment charges for floating rate loan and upto 2% for fixed rate loan of IDBI Bank home loan.
Salaried employees, self employed professionals and self employed non professionals are eligible to take a home loan from IDBI Bank.
The tenure period of IDBI Bank for home loan is for salaried employees the tenure is from 1 year to 30 years and for self employed professionals and non professionals the tenure period is from 1 year to 20 years.
The interest rate of IDBI Bank for home loan is ranging from 7.80% to 8.80% per annum.
Last Updated on : 19/Aug/2020Know More About
You're eligible for a Idbi Bank Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Idbi Bank Home Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 7.8% - 8.8% |
| Processing Fees | Rs.2500 to Rs.5000 plus applicable tax depending on the loan amount |
| Loan Tenure | 1 year to 30 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Home Loans EMI Calculator