IDBI Bank was established in the year 1964 with the purpose of providing financial assistance for the developing Indian Industries.
If buying a house is your topmost priority, then look no further. Owning a home is now easier than ever before with IDBI Bank Home Loan. The bank offers attractive interest rates and quick financial services to its customers. Here, we are going to cover all the possible details that are related to IDBI’s home loan rates, documentation and eligibility guidelines.
Table of Contents
IDBI Home Loan Rates
IDBI home loan interest rate depends entirely upon the loan amount you are willing to apply. In addition to this, it depends on your salary, type of loan and your relationship with the bank. The bank offers a differential interest rate for women borrowers. Currently, for a loan amount up to INR 30 lakhs, the IDBI Home Loan Rates considers 6 months of MCLR +0.05%. Generally, the IDBI Home Loan interest rates revolve in the range of 8.80% to 9.05% with some special discounts for women borrowers. For female applicant, presently the bank offers the rate of 8.80%.
Features of IDBI Bank Home Loan
IDBI Bank Home Loan is available for both salaried and self-employed professionals.
The Bank cater to the age group between 21 to 70 years
Loan to Value ratio (LTV) is 90%
Generally, Interest Rates range from 8.25% to 8.80%
IDBI Home Loan Eligibility
To avail home loan from IDBI, applicant eligibility standards must be matched.
- An applicant must have attained a minimum age of 22 years of age at the time of applying for a home loan, and maximum of 70 years of age at the time of home loan maturity.
- Your Education Qualification
- Assets, continuity of occupation with the same company, and overall working experience
- Number of dependents
- If there is a co-applicant, then his/her income.
- In addition to all this, IDBI Bank Home Loan Eligibility also depends on the property you had selected as the bank assess the total value of the property. On the basis of these and several other factors, your repayment capacity is calculated.
IDBI Home Loan Documents
Documentation is one of the most important stages in home loan processing. It becomes really difficult for bank to give you the complete picture of what documents are needed while applying for a home loan. Apna Loan fills this gap of communication by letting you know about what set of documents are needed for home Loan. With the IDBI Bank Home Loan Application, there is a checklist of documents that you need to submit to bank, with a recent passport size color photographs. In addition to this, the bank will ask you to submit your residential address proof, latest salary slips (authenticated by your employer), and legal documents/agreements between you and builder.
List of IDBI Home Loan Documents- for salaried individuals are:
An Application form with recent 2 passport size color photograph
Minimum age should be 21 years of age.
Maximum age at the time of maturity of the loan is 70 years
Residential Proof- you must possess leave and license or rent agreement, and utility bill( of up to 3 months old)
Bank prefers individuals who are working in the same organization or continue their employment with the same company for longer tenure.
Proof of income based on the latest salary slip and Form 16
ITR of the last 3 years
IDBI Home Loan Documents for Self Employed are:
An Application form with recent color passport size photograph
Identity and residential proof
Proof of business existence
Last 3 years Income Tax Returns, Balance Sheet, and Profit Loss statement
Process of Applying
You can apply for IDBI Home Loan by contacting their nearest branch or you can apply online at Apna Loan.com too. Availing a Home Loan through an online market-place improves your chances of getting a best IDBI Home Loan rates, and low processing fees. You can fill an online home loan application form and can increase the speed of home loan process. The user friendly application form will ask you to fill and submit some details such as your occupation, present residence, have you finalized your property or not, current monthly income, loan amount, with your complete name, email id, Date of birth and mobile number.