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IDBI Bank Limited is a development finance company owned by the Life Insurance Corporation of India and the Government of India, IDBI Bank It provides all financial services to its customers like Savings Deposit, Fixed Deposits, Recurring Deposit, Home Loans, Personal Loan, Car Loan, Education Loan, Gold Loan, IDBI Bank Home Loan Purpose, Eligibility, Margin, Home Loan Repayment, Processing Fee, Document, CIBIL Score etc.
IDBI Bank Home Loan, आईडीबीआई बैंक होम लोन,
IDBI Bank is one of the most trusted financial services in the country, IDBI is also one of the leading home loan providers in India, Home loan eligibility is based on the applicant’s income, loan repayment ability, age, assets, and liabilities, credit score, tenure of the loan, cost of the proposed property, previous credit Depends on the history
IDBI Bank offers Home Loan starting at 8.55% p.a IDBI Bank is a leader in providing Home Loans with low interest and quick processing Bank charges zero foreclosure charges for Home Loans Floating Interest Rate To simplify your repayment options, IDBI offers a variety of options to suit your needs Offers home loans, IDBI Bank housing loan are offered for loan amounts up to 30 years and up to 90% of the cost of the property,
IDBI Bank offers top-up home loan as well as balance transfer facility to existing borrowers of housing finance companies, IDBI Bank offers housing loan amounts up to Rs.10 crore, IDBI Bank Home Loan Processing Fee waived for inward balance transfers and PMAY, the bank is affordable to take advantage of it. PMAY also provides its home loan through the scheme.
IDBI Bank Home Loan Eligibility, आईडीबीआई बैंक होम लोन पात्रता,
Eligibility of IDBI Bank home loan applicants is determined based on their age, income, eligibility, spouse’s income, career progression and savings history, IDBI Bank offers in-principle sanction based on the repayment capacity of home loan applicants, Applicants can search for a suitable property depending on the IDBI Bank Home Loan sanctioned loan amount, Applicant eligibility for loan sanction should meet the eligibility criteria of IDBI Bank.
When you apply for a home loan from IDBI Bank, you will need to fill out and submit the Pradhan Mantri Awas Yojana (PMAY) form along with your loan application, The bank will handle the processing of the form for you, Once you apply for a loan in a specific category such as EWS/LIG/MIG-I/MIG-II the bank will evaluate your eligibility, If you meet the eligibility criteria you will receive an interest rate concession which will be credited to your bank account accordingly.
IDBI Bank does not have a specific minimum credit score requirement for home loan applicants, However, individuals with credit scores of 750 or higher typically have an advantage in obtaining home loans with lower interest rates.
| Basis | Salaried Customers | Non Salaried Customers |
|---|---|---|
| Age | Minimum 22 years & Maximum 70 Years | Minimum 25 years & Maximum 70 Years |
| Income | Applicant should have a regular source of Income | Applicant should have a regular source of Income |
| Job/ Business Experience | 1 Year | 2 Years |
| Age of Co-applicant | Minimum 18 years | Minimum 18 years |
Documents Required for IDBI Bank Home Loan
Documents required by an applicant for a home loan from IDBI Bank should be simple and hassle-free, note that the bank may ask for more documents in addition to the below-mentioned documents if necessary, Proof of business ownership is required when a person needs to prove ownership of a business,
Form 16 is a certificate issued to the employer that contains all the information required to file income tax returns, any lender will strictly consider the documentation while approving a bank home loan application, IDBI is owned by the Government of India so there is absolutely no need to worry about the bank’s credibility,
If you need any expert opinion or advice don’t forget to contact your nearest IDBI bank branch, documents are one of the most important requirements for home loan, IDBI bank takes the home loan documents process very seriously, if a person fails to submit the required documents and proofs within the stipulated time, the loan may not be approved.
But many a times applicants face difficulty in submitting the documents for home loan because they don’t know what documents to provide, sometimes there are minor errors in the documents like change in date of birth or mistake in address proof, then chances of your loan not getting approved are very high so it is always better to make sure all the documents are correct before applying.
Make sure you have all the documents before applying for IDBI bank home loan, IDBI bank makes the home loan documents process very streamlined and transparent right from the start, see below which home loan documents are required to pass your home loan application in detail
- Identity Proof – Aadhaar Card, Voter ID, Passport, Driving License.
- Proof of Income – Income Tax Payroll, Bank Statement, Salary Slip.
- Age Proof – PAN Card, Voter ID, Aadhaar Card, Passport, Driving License.
- Address Proof – Aadhaar Card, Passport, Voter ID, Driving License
- Banking information.
| Salaried customer | Self – employed (professionals) | Self – employed (non – professionals) |
|---|---|---|
| Form 16 ITR | Last 3 years ITR | Business profile |
| Processing fee cheque | Processing fee cheque or Bank statements (last 6 months) | Processing fee cheque or Bank statements (last 6 months) |
| Last 6 months bank statements | Last 3 years balance sheet | Last 3 years ITR or Last 3 years profit or loss balance |
| Latest salary slip for last 3 months | Proof of business existence and Educational qualification certificate | Proof of business existence |
CIBIL Score Required to Get a IDBI Home Loan, आईडीबीआई बैंक होम लोन सिबिल स्कोर,
CIBIL scores play a major role in processing home loan applications, in fact it plays a major role on the basis of which a bank decides whether to process a home loan application, when you submit a home loan application, the bank first checks your credit score and credit history.
Generally 750 and above is considered a good score, the average score is 350 to 750 and below 350 is considered poor, if your credit score is low and you have bad credit history, it will reject your home loan application, however, if you have good CIBIL score, your Home loan application is processed quickly.
Your CIBIL score varies from 300 to 900 based on your credibility as a borrower, 900 is the highest CIBIL score one can get, ideal CIBIL score for a home loan must be 700 and above, if you are close to 900, you have a better chance of getting loan approved fast.
IDBI Bank Home Loan EMI Calculator, आईडीबीआई बैंक होम लोन ईएमआई कैलकुलेटर,
When you take a regular home loan, each EMI you pay monthly includes a payment of principal and interest on the principal, Hence the EMI of each home loan is designed differently based on the amount, loan tenure and interest rate.
Even before you apply for a loan, you need to know whether you have the capacity to avail the loan, which can be done with the help of an EMI calculator, IDBI Bank Loan EMI Calculator is a simple tool that you can use by following a few simple steps,
Calculating your EMI allows you to budget better to make EMI payments on time, Click here Visit the official web page and select Home Loan EMI Calculator from the Financial Calculator menu.
IDBI Bank Home Loan Processing Fee, आईडीबीआई बैंक होम लोन प्रोसेसिंग शुल्क,
When you apply for a home loan in IDBI Bank you will be charged a certain amount for the services provided to you, this amount is called Home Loan Processing Fee, these Home Loan Processing Charges are non-refundable,
IDBI Bank Housing Loan Processing Charges is a percentage of the total home loan amount you are applying for, if the application is rejected the amount will not be refunded to you.
Applicants should remember that IDBI Bank Home Loan Processing Fee is not the only amount you have to pay, there are other charges as well, so it is good for everyone to know the details of IDBI Bank Home Loan Processing Charges in advance so that you understand the costs involved before applying for a Home Loan.
| Home Loan | 0.50% of loan amount (Plus applicable taxes) Rs 2500 (plus applicable taxes) to be collected at login and balance at the time of sanction |
| Reverse Mortgage Loan/Loan for commercial property Purchase | 1% of the loan amount plus applicable taxes. |
| Loan Against Property/ Loan Against Property-overdraft / Loan Against Rent Receivables / Home Loan Interest Saver | 1.00%of loan amount. (plus applicable taxes) Rs. 10,000 or 0.5 % (plus applicable taxes) of the loan amount whichever is lower, to be collected at login and balance at the time of sanction. |
IDBI Bank Home Loan Other Charges (Inclusive of ST+ES)
| Copy of Property Documents | INR 225/- |
| Swapping of PDCs/ECS or change of repayment mode to PDC or ECS | INR 575/ |
| Cheque Return/ ECS Return Charges Due to financial Reasons as under Funds insufficient Exceed arrangement Refer to drawer Not arranged For Full cover not received Effects not cleared | INR 300/- |
| Duplicate Statement Charge | INR 115/- |
| Re issuance of PO/DD | INR 115/- |
| Duplicate Certificate / Interest Paid Certificate | INR 150/- |
| Copy of credit information obtained from CIBIL | INR 50/- |
| Penal Interest charges on Overdue amount for delayed period | 5% Per Annum |
Review of Interest Rate in Fixed Rate Home Loan
| Review of setting of interest rate (For 3 Or 5 Yrs as applicable) | The interest rate will be reviewed on the 10th of the same month at the end of 3/5 years from the date of the first disbursement released under the facility. |
Check the Schedule of Charges for Home Loans / Loan Against Property
Check The Schedule of Charges – Home Loans / Mortgage Loans
IDBI Bank Home Loan Interest Rate, आईडीबीआई बैंक होम लोन की ब्याज दरें,
It is very important to know the interest rate when you apply for IDBI Bank Home Loans, the home loan interest rate will affect the total EMI you will have to pay on how much IDBI Bank Home Loan you take, so whenever you apply for IDBI Bank Housing Loan it is good to keep the interest rate in mind, IDBI Bank Home Loan Interest Rate You can avail of attractive interest rates starting from 8.% Check here for more Home Loan Interest Rate.
| IDBI Home Loan Schemes | Interest Rate (p.a.) |
| IDBI Plain Villa Home Loan | Salaried/Self Employed Professional: 8.65% – 10.75% Self Employed Non-Professional: 8.70% – 12.25% |
| Home Loan Top Up | Home loan ROI + 20 BPS |
| IDBI Neev | 9.80% – 10.40% p.a. |
| IDBI Neev 2.0 | 10.10% – 10.70% p.a. |
| Rural/semi urban housing | 9.45% p.a. onwards |
| Loan against property | 10.45% – 11.45% p.a. |
NOTE– IDBI Bank home loan rate vary according to the bank’s discretion, the information given here is only the current interest rates given by the bank, when you want to take a home loan in the bank, you should visit the bank’s https://www.idbibank.in/home-loan.aspx official website and confirm.