IDBI Bank|Home LoanInterest Rate, Eligibility & EMI

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Loan Details

Bank Name

IDBI Bank

Maximum Loan Tenure

30 years - For salaried individuals, 20 years - For self-employed professionals, 20 years - For self-employed non-professionals

Maximum Loan Amount

No upper limit specified.

Interest Rate

8.45% - 10.75% for salaried / professional 8.55% - 12.25% for non-salaried

Type

Floating

Down Payment

Up to INR 30 Lakh: Up to 90% of the property value. INR 30 Lakh to INR 75 Lakh: Up to 80% of the property value. Above INR 75 Lakh: Up to 75% of the property value

Fees and Charges

Processing Fee: 0.5% Prepayment Charges: Nil in case of floating rate loan. Legal Fee: At Actuals Stamp Duty & Registration Fee: At Actuals Penal Interest In Case Of Delayed EMI: 5% p.a.

Minimum CIBIL Score

Not specified.

Down Payment and Fees

Home Loan

Special Features

In-principle loan approval even the before property is selected.

Eligibility Criteria

IDBI Bank has different eligibility criteria for salaried and self-employed individuals when it comes to home loans. Here's a summary for both categories:

Salaried Individuals:

• Minimum age: 22 years
• Maximum age at loan maturity: 70 years or retirement age, whichever is earlier
• Minimum net monthly income: Rs. 15,000 for loans up to Rs. 30 lakh Rs. 20,000 for loans above Rs. 30 lakh
• Employment stability: Minimum 2 years of continuous employment with current employer

Self-Employed Individuals (Professionals & Non-Professionals):

• Minimum age: 25 years
• Maximum age at loan maturity: 65 years or retirement age, whichever is earlier
• Minimum annual income: Rs. 6 lakh for professionals Rs. 5 lakh for non-professionals
• Business stability: Minimum 3 years of profitable business existence with audited financials

Additional factors impacting eligibility for all applicants:

• Credit score: A good credit score (ideally above 750) is essential for securing a loan with favorable interest rates.
• Debt-to-Income (DTI) ratio: Ideally, your DTI ratio should be below 50%. This means your monthly loan EMIs should not exceed 50% of your net monthly income.
• Property details: The loan amount will depend on the value of the property you are purchasing. IDBI Bank typically offers loans for up to 90% of the property value.

Special Concession

None.

Home Saver Option

No.

Features, Eligibility and Concession

Pros

• Competitive interest rate.
• Nil prepayment fee for floating rate loans.
• Flexible repayment options such as Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI, etc.
• Broad presence across India with 1800+ branches and 75 dedicated loan processing centers.

Cons

• Maximum loan tenure lower for self-employed borrowers
• No home saver option.

Pros & Cons

Product Review