IDBI Bank is a big famous bank in India that helps you get money to buy or repair your house. You can also change your home loan from another bank to IDBI Bank. To find out how much monthly EMI you have to pay use the IDBI Home Loan Calculator.
This tool tells you your monthly payment, interest and time based on how much money you need. This article will show you how to use the calculator, the rates and fees, features and benefits, rules and papers and how to get a home loan with IDBI Bank.
About IDBI Home Loan
IDBI Bank can help you with your home loan for different requirements. It has home loans that are easy to pay and have low-interest rates. It also has special plans for people who have less money, for army personnel or old age buyers. With IDBI Bank’s home loan plans, you can pay less interest, get more money or make money from your house. IDBI Bank is a good friend for your home loan.
IDBI Home Loan Calculator
The IDBI Home Loan Calculator is a tool on the internet that helps you to find out how much money you have to pay every month, how much interest you have to pay in total, and how long you have to pay for your loan based on how much money you need, the interest rate, and the way you pay.
To use the IDBI Home Loan Calculator, you need to do these things:
- Type the loan amount that you want to get.
- Type the interest rate that is for your loan plan
- Type the loan time that you like Choose the payment way that is good for you.
- Click on the “Calculate” button to see the answers
The IDBI Home Loan Calculator shows your monthly payment, interest, and total payment amount. It also shows the payment schedule that divides your monthly payment into the main amount and the interest.
IDBI Home Loan Interest Rates and Fees
The interest rates of IDBI Bank home loans are from 6.75% to 8.25% every year. The interest rates are connected to the IDBI Bank RLLR, which is now 6.25% every year. The interest rates can change sometimes as per the bank’s choice and the RLLR change.
Besides the interest rates, IDBI Bank also takes some fees for doing and taking care of your home loan. Some of the usual fees are:
| Fees and Charges | Amount |
| Processing fee | Up to 0.50% of the loan amount or Rs. 2,500, whichever is higher, plus applicable taxes |
| Prepayment or foreclosure charges | Nil for floating rate loans; up to 2% of the outstanding amount for fixed rate loans |
| Late payment charges | 2% per month on the overdue amount |
| Cheque bounce charges | Rs. 500 per instance |
| Cheque swap charges | Rs. 250 per instance |
| Duplicate statement charges | Rs. 100 per instance |
| Legal or technical charges | As per actuals |
IDBI Home Loan Features
IDBI Bank home loans have many good things and benefits for the people who take them, such as:
- Get up to Rs. 10 crore home loan
- Pay low interest rates that are connected to RLLR, which changes with the market and RBI
- Pick loan time up to 30 years and payment way as you like
- Change your old home loan to IDBI Bank for lower rates, longer time, and better help
- Get extra loan up to Rs. 50 lakh for anything you want at good rates and rules
- Connect your savings or current account with home loan and pay less interest
- Pay off or close your loan that changes rate anytime without extra charge.
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IDBI Home Loan Schemes
IDBI Bank has different home loan schemes for different people and what they want. Some of the popular home loan schemes are:
- IDBI Home Loan: A normal home loan scheme to buy, build, fix, or make bigger a house
- IDBI Neev: A home loan scheme for people who have less money and want to buy or build a house in the countryside or near the city
- IDBI Home Loan Interest Saver: A home loan scheme that lets you join your savings or current account with your home loan account and pay less interest
- IDBI Home Loan Top Up: A home loan scheme that lets you get more money on top of your home loan for anything you need or want
- IDBI Bank Shaurya Home Loan: A home loan scheme only for army people that gives lower interest rates, longer payment time, and more loan money
- IDBI Bank Reverse Mortgage Loan: A home loan scheme for old people that lets them turn their house into money by getting a loan on it
IDBI Home Loan Eligibility Criteria
The eligibility criteria for IDBI Bank home loans is :
| Salaried (including NRIs / PIOs) | Self Employed Professionals & Non-Professionals |
| – Minimum age: 22 years | – Minimum age: 25 years |
| – Maximum age at loan maturity: 70 years or retirement age, whichever is earlier (subject to proof of income continuity) | – Maximum age at loan maturity: 65 years or retirement age, whichever is earlier (subject to proof of income continuity) |
IDBI Home Loan Documents Required
Some of the usual papers that you need to give for IDBI Home Loan are:
- Application form filled and signed by you and the other person (if any)
- Small photos of you and the other person (if any)
- ID proof like PAN card, Aadhaar card, voter ID card, passport, driving license etc.
- Address proof like Aadhaar card, voter ID card, passport, driving license, bills, rent paper, etc.
- Income proof: salary slips, bank statements, tax returns, Form 16, etc. for people who work for someone; and business proof, profit and loss statement, balance sheet, tax returns, GST returns, etc. for people who work for themselves
- Property papers like sale paper, agreement to sell, allotment letter, possession letter, title clearance certificate, approved building plan, valuation report, etc.
- Processing fee cheque or draft for IDBI Bank
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How to Apply for IDBI Home Loan
You can get a home loan with IDBI Bank in these ways:
Online Process :
- Go to the IDBI Bank website
- Fill the online form with your information
- Send the papers you need and pay the fee online
- Get a quick yes and a number
- See how your application is doing online or by customer care
Offline Process :
- Go to the IDBI Bank branch near you
- Talk to the home loan person and fill the paper form
- Give the papers you need and cheque for fee
- Get a paper and a number
- See how your application is doing by branch or customer care.
Conclusion
IDBI Bank home loans are a good choice for getting your own home. You can pay as you like, have low interest rates, and get your loan easily. IDBI Bank home loans can make your home buying fun and easy. You can use the IDBI Home Loan Calculator and the IDBI Home Loan EMI Calculator to plan your home loan well and not worry about money later. You can also pick from different home loan plans that fit your needs and money. You can get a home loan with IDBI Bank online, offline, or by phone, as you like.
FAQs
Q.1 What are the tax benefits of IDBI Home Loan?
You can claim tax benefits on the principal and interest components of your IDBI Home Loan under Section 80C and Section 24 of the Income Tax Act, 1961, subject to certain conditions and limits. The maximum deduction for the principal amount is Rs. 1.5 lakh per annum and the maximum deduction for the interest amount is Rs. 2 lakh per annum.
Q.2 How can I check the status of my IDBI Home Loan application?
You can check the status of your IDBI Home Loan application online, offline, or by phone. You can use the reference number that you received at the time of application to track the status of your application on the official website of IDBI Bank or by contacting the customer care. You can also visit the nearest branch of IDBI Bank and enquire about the status of your application.
Q.3 How long does it take to get an approval and disbursal for IDBI Home Loan?
The approval and disbursal time for IDBI Home Loan depends on various factors, such as your eligibility, documentation, verification, property valuation, etc. However, the general time frame for approval and disbursal are as follows:
- Approval: Within 24 hours of submitting the application and documents
- Disbursal: Within 7 working days of getting the approval and completing the formalities
Q.4 What are the security or collateral requirements for IDBI Home Loan?
The security or collateral requirement for IDBI Home Loan is the equitable or registered mortgage of the property that you want to purchase, construct, improve, or extend. The property should have a clear and marketable title and should be approved by the bank’s legal and technical experts.