Product 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
Application Procedure
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