IDBI Home Loan

IDBI Home Loan

When it comes to buying a home, home loans have emerged as the most convenient way. It not only enables you to buy your dream home but at the same time, it also lets you pay back the money in easy instalments which don’t come as a burden. Furthermore, home loans also give the tax benefit to the borrowers.

Key features  and Advantages of IDBI Home Loan:

  • The bank helps in property search and completing the due-diligence for the acquisition of property.
  • IDBI offers in-principle loan approval even before the property is selected
  • IDBI has a wide array of home loan products to choose from, the likes of which include: Home loan, Top-up home loan, Home loan- takeover facility, home extension loan, home improvement loan, home loan- booking finance loan, home loan-refinance facility.
  • Indian citizens both salaried and self-employed and NRIs can apply for home loan.
  • You can take home loan from IDBI bank for any property across the nation and from any of the 1800 plus branches across the nation.
  • Online application and approval facility.
  • What is the different purpose for which IDBI Home Loan can be used?
  • The prospective borrowers can use the IDBI home loan for any of the following purposes:
  • Purchase of a new home
  • Constructing a new home
  • Home renovation and extension.

IDBI Home Loan Interest Rate:

IDBI is known to have the most lucrative interest rates for a home loan, an important point to note about IDBI home loan is that the female borrowers get leverage of lower interest rates as compared to their male counterparts. The loan amount is categorized into different limits. Here is an example how interest rate varies according to the limits and according to the borrower.

 

Loan Amount Interest Rate Interest Rate for Women Borrower
Loan amount up to Rs. 25 lacs 8.40% 8.35%
Loan amount in the range of Rs. 25 lac- Rs. 75 lac 8.55% 8.50%
Loan amount in the range of Rs. 75 lac- Rs.2 crore 8.65% 8.60%
Loan amount above Rs. 2 crore 8.65% 8.60%

Documentation for IDBI Home Loan:

For quick and easy processing of home loan it is important that the borrower must submit all the documents with supporting papers . IDBI bank has specified the following documents submission for loan approval:

Salaried Personnel Self-Employed Personnel
Duly filled application form Duly filled application form
2 passport size photographs 2 passport size photographs
Address proof like Adhaar card, voter ID, passport, registered rent agreement, utility bills like electricity bill , telephone bill(last 3 months) Address proof like Adhaar card, voter ID, passport, registered rent agreement, utility bills like electricity bill , telephone bill(last 3 months)
ID proof like passport, driving license, voter id, Adhaar card ID proof like passport, driving license, voter id, Adhaar card
Income proof, salary slip, bank statement of last 6 months showcasing salary credited. Form 16 Proof of business like incorporation details, business address proof, profit and loss account certified by CA, balance sheet certified by CA, ITR of last 2 years, VAT or service tax registration.
Property documents like sales deed, allotment letter, conveyance deed, possession letter, copy of approved plan for construction or extension Property documents like sales deed, allotment letter, conveyance deed, possession letter, copy of approved plan for construction or extension

Brief overview of IDBI home loan:

Parameters Points to note
Who are eligible for IDBI Home Loan All the salaried and self-employed personnel
Income Minimum income should be Rs. 25,000
Age criteria Minimum age- 21 and maximum age- 60 years
Loan Tenure For salaried individuals it is 30 years and for self-employed it is 20 years
Interest Rate Contact for best rate and a discount on it.
Processing fee .50% up to Rs. 2500 whichever is maximum
Prepayment Charges Nil

IDBI Home Loan Advantages –

  • In-principle loan approval even before property is selected.
  • Extensive Range of Home Loan Products viz .Home Loan, Home Loan Interest Saver, Home Loan -Top up, Home Loan – takeover facility, Home Improvement Loan, Home Extension Loan, Home Loan – Booking Finance, Loan on second Charge/Pari-passu charge and Home Loan-Refinance Facility.
  • Customized Home Loan Features for Salaried (Including NRI), Self Employed Professional and Self Employed Non Professional (Business Category).
  • Already approved projects for convenience of Home Loan buyers.
  • Flexible Loan Repayment Option viz. Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI.
  • Interest calculated in daily reducing basis.
  • Home saver option where you can save while repaying the home loan.
  • Broad presence across India with 1800+ Branches and 76 dedicated Loan Processing Centres.

Repayment Options with IDBI Home Loan – 

  1. Step-up Repayment Facility – Best opportunity for young investors. Loan amount is sanctioned on the assumption of 6-8% income growth per annum. Since the loan amount is decided on the career growth, the chances to get a bigger amount as loan is higher.
  2. Step down Repayment Facility – Make hay while sunshine. Following the adage, the bank allows to opt for two different EMIs during the tenure. Emi along with the co-applicant can be a bit higher to complete the loan faster and when your co-applicant’s income is no more your support, get the privilege of reducing the EMI.

Home Loan Interest Saver  – Home Loan from IDBI Bank –

The interest liability of your home loan comes down to the extent of surplus funds parked in the operative current account. You will be allowed to withdraw or deposit funds from this operative current account as and when required. Interest on Home loans will be calculated on outstanding balance of loan minus balance in the Current Account based on EOD balance.

Advantages with Flexi account –

  • Park your surplus in the savings account and get a feel you had paid part payment in your loan yet you can use the funds when needed.
  • Close the loan the fastest as the interest rate is calculated only in the balance amount.
  • Use this account too as any other with ATM card, cheque book and internet banking too.

 

Different types of Home loan products offered IDBI Bank:

IDBI Home Loan- IDBI offers home loan to both salaried and self-employed individuals at attractive interest rates. Now you can fulfil your dream of buying the house of your dreams and pay it off in easy EMIs with IDBI home loan. Whether you want to buy an apartment or are willing to construct your own house, IDBI leverages you to do the same with its home loan.

Home Extension Loans- If you are planning to expand your house or want to add a new floor or want to have an extra room, the home extension loan from IDBI can be used for the same. This home loan feature lets you use the loan amount for any new construction in the house.

Home Improvement Loans- Home maintained is a big task and involves a huge investment. If you are also planning to renovate your house or are planning some repair work that will require heaps of money, try home improvement loans from IDBI bank and you can easily complete your task.

Tax Benefits-

Apart from easy repayment and simplified home loan approval, with the home loan, you can also enjoy tax benefits. Yes, as per the Income Tax Act, if you have applied for a home loan then you get a tax rebate as per Section 24 and Section 80C. Read ahead to know how you will get the tax benefit:

  1.    Section 24- The interest which the borrower is paying for the capital borrowed for constructing a house, repairing or maintaining gets a rebate. The maximum amount for the same is Rs. 2 lac if the borrower is occupying the property and if it is rented then there is no limit.
  2.    Section 80C- As per this section of Income Tax Act, the broker gets a maximum deduction of Rs. 1.5 lac. This amount is deducted on the income or repayment of the principal amount of home loan.

IDBI Home Loan FAQs – 

1.How IDBI bank decides my home loan eligibility?

Loan eligibility is assessed based on your age, qualification, income, number of dependants, spouse income, stability and continuity of your occupation, assets, liability base and your savings history. Also based on the value of the property you purchased.

2.What is the maximum home loan amount I can get from IDBI Bank?

A maximum of INR 10 crore can be sanctioned as Home Loan amount from IDBI Bank.

3. How much maximum tenure is accepted by IDBI Bank?

The maximum tenure you can choose is 30 years and again the bank can choose the discretion depending on the age factor and the loan amount.

4. Can I get Loan eligibility without selecting the property?

Yes, you can get eligibility also and sanction also. This ensures you to choose property accordingly which equals your principal amount.

5. What security will I have to provide while taking a home loan from IDBI?

On the first, your property itself is the security as you need to deposit the documents with the bank. The documents that the bank withholds include title deed, sale deed and sale agreement. Once you repay the whole loan amount, the documents are handed over to you.

Why choose Loanyantra?

The era of digitization has led to the surge of platforms that makes your work faster and quicker. Loanyantra is one such platform that brings before you’re an array of options when it comes to home loan. We have created this portal that has all the details about various banks and financial institutions providing a home loan. In the click of a button, you will get to know all the details about the benefits, interest rates and other advantages that a particular bank is offering. Apart from letting you know the details about a home loan, Loanyantra’s multifaceted platform lets you know about the complete details about loan application and approval.

Here is what makes us better than other third-party platforms :

  • One platform for all loan related requirements- If you are searching for a third-party platform that can assist you with loan application and approval and shortlisting the best loan provider, then Loanyantra is the best one. We have compiled a list of all the popular banks and NBFCs that offer a home loan, with their interest rates and benefits. You can easily compare all the details and choose the one which is in your best interest.
  • Customer Support- In the busy life of today, getting the right support is the best thing that you can have. At Loanyantra we provide you with all the details about a home loan, in fact, our customer support division will also help you choose the best loan provider.
  • Unbiased approach- We are a third-party platform and hence our reports are not affected by any bank or NBFCs. we give you authentic details which are not influenced.
  • Loan application and approval assistance- Loanyantra aims at becoming a powerful medium to help people find a company that can give you the best offer. We help you with the completion of paperwork, submission and co-shoulder your repressibility so that you don’t have to face any problems while getting the loan approved.

Home loans are meant to lessen your burden and pave an easy way to get your dream house, and we at Loanyantra are here to help you find the right channel to fulfil your dream. Connect with us for more details on a home loan, application and approval.