Apply IDBI Home Loan At Lowest Interest Rate – Apply IDBI Bank Home Loan Online Now

IDBI Bank Housing Loan

IDBI Bank Housing Loan Interest Rates Range :

With Current processing fees up to 0.50% (OR MInimum INR.2500/-), Home loans at IDBI Bank start at the rate of 7.40% Per annum for a 30 Years period maximum. Here, Below in the table are the IDBI Bank Home Loan Rates applied to different loan amounts.

IDBI-Bank-Housing-Loan
IDBI-Bank-Housing-Loan
Loan Amount IDBI Bank Home Loan Rates Interest Saving
Upto INR 35Lakhs 7.40% 9.30%
INR 35 Lakh to INR 75 Lakhs 7.40% 9.30%
INR 75 Lakhs to INR 2 Cr. 7.40% 9.30%
More than INR 2 Cr. 7.40% 9.30%

IDBI Bank Housing Loan Interest Rates :

With a variety of products IDBI Bank provides various options for HOME LOAN like Home extension loan or Home improvement loan, Home construction loan and Home purchase loan etc.

Some of the key features about IDBI Bank Home Loans are given below :

  1. Interest Rates of Home loan at IDBI starts from the figure of 7.40%.
  2. Upto 0.50% or Minimum INR.2500/- is the Application Processing Fees for IDBI Home Loan.
  3. Home loan cab be issued for 5 to 30 Years period or tenure.
  4. No charges on prepayment of home loans with floating rates.
  5. Equated monthly installment (EMI) is INR.692 on 1 lakh (at the interest rate of 7.40% ) for maximum 30 years tenure.
  6. Customer Review for IDBI home loanes has attracted the 4.3 rating out of 5.0 that seems quite good to go with it.

IDBI Bank Home Loan Rate :

The current home loan interest rates at IDBI Bank falls in the range between 7.40% to 8.00%. These rates include some specific discounts for special customers such as Female Borrowers etc. The lowest interest rate is 7.40%.  Here,

Below is the table mentioning the interest rates related to different housing loan products at IDBI Bank.

IDBI Bank Home Loan Rate of Interest
Repo Rate Home Loan at IDBI 7.40% to 8.00%
IDBI-Bank-Housing-Loan
IDBI-Bank-Housing-Loan

Factors Affecting IDBI Home Loan Interest Rates :

  1. Repo Rate Decided by RBI :

Tha Most important factor that affects the home loan interest rate is the Repo rate that is a monetary tool controlled by Reserve Bank of India. The current Repo rate is 4.00%. Change of Repo rate effects the RLLR that directly effects the interest rates charged by bank on Home Loan.

What is Repo Rate :

A Monetary tool by Reserve Bank of India to keep inflation under control. Repo rate refers to the rate at which commercial banks borrow money (in case of shortage of funds or due to some statutory measures) by selling their securities to the Central bank of our country (RBI) to maintain liquidity.

  1. Salary Range of the Borrower : Bank follow the trends as higher the slary, lesser the interest rates. So Income is a factor affecting the interest rates. With a higher income you can get a higher loan amount at comperatively cheaper interest rates.
  2. Profession or Occupation :

A lower rate of interest is offered for the salaried persons rather than the borrower who is self employed.

  1. Loan Type :

Interest rates varies based on the type of loan for example if you go with plot loan or overdraft loan scheme than there is high interest rate charged. It comes under regular home loan scheme.

  1. Loan Borrower’s Gender :

To support women empowement and financial independence, a Govt. Of India Innitiative, IDBI bank provide special privilage to women, as discounted rate of interest is provided for all women borrowers. So to avail the benefit of discounted rates of interest under this category make a woman your co-applicant for home loan application at IDBI Bank.

  1. Bank’s Prime / Existing Customer :

Existing customers of IDBI Bank get home loans at comperatively lower rates as for existing customers its easy for the bank to track banking history of the loan applicant and provide a handy way to sanction loan. On the other hand new customers are charged higher rate of interests as no banking history is available to analyse.

Basic Particulars :

Here, You can check different basic features about IDBI home loan :

  1. Processing Fees : Upto 0.50% OR Minimum INR.2500/-.
  2. Rate of Interest : 7.40% to 8.00%.
  3. Maximum Loan Period : 30 Years.
  4. Age Limit For Borrower : 25Years to 70 Years.
  5. Amount of Loan (Maximum) : INR.10 Cr.
  6. Rate of Benchmark : Repo Linked Lending Rate (RLLR).
  7. EMI on Per Lakh Amount : INR.692/-.

Processing,Technical and Legal Fees for IDBI Bank Home Loan :

IDBI Bank Charges Upto 0.50% or Minimum INR.2500/- as processing fees. In addition to this bank also charge some technical and legal charges that are well explained to borrower at the time of loan application submission. These all amounts are one time charges only.

Documents to submit for IDBI Home Loan :

You can check the documents requirement for different borrower’s category :

  1. Documents Required for Salaried Employees :
  2. Complete and filled loan application.
  3. 2 Photos in Passport Size.
  4. Latest past 2 years ITR.
  5. Any one of the following as ID proof :
  • Driving Lince (DL).
  • Voter ID.
  • Passport etc.
  1. Any one of the following as Address Proof :
  • Upto 3 months old Utility Bill.
  • Registered Rent Agreement etc.
  1. Following Documents are required as Income Proof :
  • Form 16 (2 years).
  • 6 months payslip.
  • Bank Statement (6 months) mentioning credit of salary and debit of EMI.
  1. Documents of Property :
  • Conceyance deed.
  • Sales deed.
  • Allotment letter.
  • Possession letter.
  • Latest receipt of tax.
  • Construction / extension approved plan copy.
IDBI-Bank-Housing-Loan
IDBI-Bank-Housing-Loan
  1. Documents Required for Self Employed Borrower :
  2. Complete and filled loan application.
  3. 2 Photos in Passport Size.
  4. Any one of the following as ID proof :
  • Driving Lince (DL).
  • Voter ID.
  • Passport etc.
  1. Any one of the following as Address Proof :
  • Upto 3 months old Utility Bill.
  • Registered Rent Agreement etc.
  1. Following Documents are required as Business Proof :
  • Service Tas Registration / VAT.
  • Business Address Proof.
  • Incorporation Information.
  • P and L Account.
  • CA Certified Balance Sheets.
  • Partnership deed copy.
  • Business existence and Business profile proof.
  1. Documents of Property :
  • Conveyance deed.
  • Sales deed.
  • Allotment letter.
  • Possession letter.
  • Latest receipt of tax.
  • Construction / extension approved plan copy.

 

IDBI Bank PMAY (Pradhan Mantri Awas Yojana) :

While keeping in mind about LIG and MIG people. Government of India launches many schemes to make home loan at discounted rates. Some of the such schemes are listed below :

  1. Subsidised Home Loan Scheme (PMAY) :

If you complete the eligibility criteria of PMAY home loan than you can apply for this Scheme at IDBI Bank. PMAY scheme was launched in 2015 to make the houses available for homeless.

  1. Pradhan Mantri Gramin Awas Yojana (PMGAY ) :

Under this scheme homes with basic facilities at very low prices are are provided to homeless families.

  1. Rajiv Awas Yojana :

This scheme was launched in 2009 Year to encourage slum free india initiative and to  bring illegal construction in the normal system umbrella.

  1. DDA Housing Scheme :

Houses at low prices are availabel to LIG, MIG and HIG families under this scheme.

  1. Mhada Lottery Scheme :

For a range of different income groups are provided homes at cheap prices every year under this scheme.

  1. Tamil Nadu Housing Board Scheme :

This scheme makes available the houses at very discounted rates to different income groups.

Frequently Asked Questions :

Q1. Why should I choose IDBI Bank for Home loan?

Ans.  Home loan rates of IDBI bank is competitive with low rate of interest I.e. 7.40% for a maximum of 30 Years Period. The EMI for IDBI Home Loan per lakh is INR.692/-. So if you are paying the home loan EMI more than this than you should go with IDBI Home Loan.

Q2. What is IDBI Home Loan Rate of Interest?

Ans. IDBI Home loan rate of interest comes in the range between 7.40% to 8.00%.

Q3. Is there any tax benefit on IDBI Home Loan?

Ans. Under section 80C and section 24 of income Tax Act any ony one who is indian by nationality can avail the benefit of tax rebate on home loan principal amount and Interest part.

 Q4. How to make eligibility good for IDBI Home Loan?

Ans.  Making your wife/husband as co-applicant who is also earning well will increase your eligibility changes to get IDBI Home Loan. As here the combination of 2 income will add to your eligibility.