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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

Home Loan
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
Apply Now

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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