IDBI Bank Home Loan

Interest Rate starts from 9.45%
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Home Loan From IDBI Bank

ApnaLoanBazaar is here to help you choosing the best Bank for your Home Loan with high eligibility and lower EMI to fulfill your dream home
Interest Rate starts from
9.45 * %
Processing Fee
2,000 Or Up To 0.50%
Loan Tenure
Upto 30 Years
Guarantor Requirement
Allowed
Part-Payment
Allowed
Pre-Closure Charges
Nill

About IDBI Limited

Formation of Industrial Development Bank of India (IDBI) The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.

Highlights

Named amongst top Green Companies in the world by Newsweek’s 2016 Green Rankings
The DUN & BRADSTREET Corporate Awards 2016 in the FIS/NBFCS/Financial Service Sector
HDFC Ltd awarded CIBIL Data Quality Award 2016-06-05
Best Home Loan Provider of the Decade at CNBC AWAAZ Real Estate Aswards 2015
HDFC Ranked 6th in top 10 Biggest Brands in India by Interbrand India
HDFC Ltd was awarded as Best Home Loan Provider by CNBC Awaaz, 2014

FAQs About IDBI Bank Home Loan

What are the documents that I need to submit when I apply for the loan?

    The primary documents that have to submitted are: Application form with self attested photograph

  • Identity, Age & Residence Proof
  • Bank Statement
  • Income Documents
  • Processing Fee Cheque
  • Property Papers
  • There may be additional documents that are needed, details of which would be given to you at the time of application.

What are the maximum and minimum loan amounts that can be availed?
  • The loan amount can go up to Rs. 10 crore, depending on your repayment capacity, and the city where the loan is disbursed. The minimum loan amount that can be availed is Rs. 5 lakhs.
Who all can be co-applicants on the home loan?
  • You can include your immediate relatives (spouse, parents, or children) as co-applicants on the loan. Siblings can be co-applicants if they are co-owners to the property. You also have the option of including proprietor concerns, partnership firms, private limited companies, and closely held limited companies as co-applicants.
What is the amount of processing fees that I have to pay?
  • Processing fee would vary from 0.5 % - 1.50% of the sanctioned loan amount depending upon the scheme you opt for.
Will SCB refund my processing fee?
  • If we are unable to sanction the loan to you, the processing fees minus Rs. 2000 will be refunded to you. In case your loan has been sanctioned, the processing fees will not be refunded.
How long does it take to get a sanction for the loan
  • After you have given us all the relevant documents, you can get a sanction for the loan within 5 working days, under normal circumstances.
What are my options for repayment?

    You can choose among the following options to give repayment instructions:

  • Electronic Clearing System (ECS)
  • Standing Instructions on your Standard Chartered accountYou can choose among the following options to give repayment instructions:
If the property is under construction, and I have not taken full disbursal, what options do I have regarding payment of EMI?

    You have the option of paying either pre EMI (interest on the amount of loan disbursed thus far) or full EMI during this period.

How is the interest on my loan calculated?

    The interest is calculated on a daily reducing balance and is charged with monthly rests.

Can I convert from a fixed rate of interest to a variable rate or vice versa?

    At the discretion of SCB, you have the option of changing your interest type from Fixed to Variable or vice-versa provided you pay 1.5% of the principal outstanding at the time of exercising the option.

Having taken a home loan, can I take a top-up loan without offering any additional security?

    Yes. Once you have completed six months of repayment on your home loan, we offer you the option of applying for a top up loan, over and above your existing home loan.

Required Documentation For Salaried Persons

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Required Documentation For Self Employed

  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents

Identity Proof For Home Loan

  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification

Age Proof For Home Loan

  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)

Address Proof For Home Loan

  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements)

Income Proof For Home Loan

  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)

Job Continuity Proof For Home Loan

  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

Banking History For Home Loan

  • Bank statements of latest 2 months
  • 3 months bank passbook

Property Related Documents For Home Loan

  • Min of 15 years of Link documents of Property/div>
  • Min 15 Years of Encumbrance Certificate (EC) of the property obtained from Govt. Authorities
  • Property Sanction plan
  • BRS/LRS copies (if required, any)

Home Loan Can Be Used For Many Purposes Like Below

For Construction of a New House

For Purchase of Dream Home

For Interiors of Home

Purchase of Open Land

To Buy an Apartment

Home Renovation

To Purchase a New Villa

Construction of Commercial Building

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