IDBI Home Loan Interest Rate:

IDBI home loan rate can be variable or fixed.

 IDBI home loan interest rate is calculated on Base rate. IDBI home loan rate is based on 8.50% base rate.

Floating IDBI home loan interest rate for up to 20 Lacs is 9.00%. Floating IDBI home loan rate for above 20Lacs to 30 Lacs is 9.25%.

Floating IDBI home loan rate from 30 lac to 50 lacs is 9.50%. Floating IDBI home loan rate for above 50 lacs is 9.75%.

Fixed IDBI home loan interest rate for a duration of 3 years is 11.25%. Fixed IDBI home loan interest rate for a period of 5 years is 11.50%.

IDBI Home Loan Eligibility:

IDBI Home Loan Eligibility Criteria For Salaried People:

As per the IDBI home loan review the salaried person can get a loan for a max of 25 years. IDBI home loan applicant’s maximum age permitted is 60 years before the loan maturity. As per the IDBI home loan eligibility an applicant’s can apply for a maximum of 85% of the property value.

IDBI Home Loan Eligibility Criteria For Self Employed:

IDBI home loan review shows the self employed person can get a loan for a maximum period of 15 years. IDBI home loan self employed applicant should not exceed the age of 60 years at the time of loan maturity.  As per the IDBI home loan eligibility an applicant can include his spouse’s income to increase eligibility.

IDBI Home Loan Documents:

IDBI home loan review shows that one has to submit

Identity proof

Residence proof

Proof of income

Along with fully filled application form

Two photographs

IDBI home loan documents for salaried

Form 16

Bank Statement

Salary slip (latest)

IDBI Home Loan documents for self employed

IT returns

Bank Statements

Profit and Loss Account, Balance Sheet

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

According to the IDBI Bank Home Loan the loan is provided for a maximum period of 25 years in case of payment in equated monthly installments.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of  IDBI Bank home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a 2% penalty in case if the loan is being paid before the stipulated period.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.