IDBI Bank is a leading public sector bank in India that offers various home loan schemes with flexible repayment options, competitive interest rates, and hassle-free processing. You can buy, construct, renovate, or transfer your home loan with IDBI Bank.
To know your EMI, use the IDBI Home Loan Calculator. This online tool calculates your EMI, interest, and tenure based on your loan amount, rate, and mode.
This article will guide you on how to use the calculator, the interest rates and charges, the features and benefits, the eligibility and documents, and how to apply for a home loan with IDBI Bank.
About IDBI Home Loan
Whether you want to buy, build, improve, or transfer your home loan, IDBI Bank has a solution for you. It offers home loans for various purposes with flexible repayment options and competitive interest rates.
It also has special schemes for low-income, defense, and senior citizen customers. You can save on interest, get extra funds, or earn income from your property with IDBI Bank’s home loan schemes. IDBI Bank is your trusted partner for your home loan needs.
IDBI Home Loan Calculator
The IDBI Home Loan Calculator is an online tool that helps you to estimate your monthly EMI, total interest payable, and loan tenure based on your loan amount, interest rate, and repayment mode..
To use the IDBI Home Loan Calculator, you need to follow these steps:
- Enter the loan amount that you want to borrow
- Enter the interest rate that is applicable to your loan scheme
- Enter the loan tenure that you prefer
- Choose the repayment mode that suits you (monthly, quarterly, half-yearly, or yearly)
- Click on the “Calculate” button to get the results
The IDBI Home Loan Calculator shows your EMI, interest, and total repayment amount. It also gives the amortization schedule that splits your EMI into principal and interest.
IDBI Home Loan Interest Rate and Charges
The interest rates of IDBI Bank home loans range from 6.75% to 8.25% per annum. The interest rates are linked to the IDBI Bank Repo Linked Lending Rate (RLLR), which is currently 6.25% per annum. The interest rates are subject to change from time to time as per the bank’s discretion and the RLLR movement.
Apart from the interest rates, IDBI Bank also charges some fees and charges for processing and servicing your home loan. Several typical fees and charges that 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 offer several features and benefits to the borrowers, such as:
- Get up to Rs. 10 crore home loan based on income and eligibility
- Enjoy low interest rates linked to RLLR, reflecting market and RBI
- Choose loan tenure up to 30 years and repayment mode as per convenience
- Transfer existing home loan to IDBI Bank for lower rates, longer tenure, and better service
- Avail top-up loan up to Rs. 50 lakh for any purpose at attractive rates and terms
- Link savings or current account with home loan and save on interest
- Prepay or foreclose floating rate loan anytime without penalty
IDBI Home Loan Schemes
IDBI Bank offers various home loan schemes to cater to the diverse needs and preferences of the customers. Some of the popular home loan schemes are:
- IDBI Home Loan: A regular home loan scheme for purchase, construction, improvement, or extension of a residential property
- IDBI Neev: A home loan scheme for low-income group customers who want to purchase or construct a house in rural or semi-urban areas
- IDBI Home Loan Interest Saver: A home loan scheme that allows you to link your savings or current account with your home loan account and save on interest
- IDBI Home Loan Top Up: A home loan scheme that allows you to avail additional funds over and above your existing home loan for any personal or business purpose
- IDBI Bank Shaurya Home Loan: A home loan scheme exclusively for defense personnel that offers lower interest rates, longer repayment tenure, and higher loan amount
- IDBI Bank Reverse Mortgage Loan: A home loan scheme for senior citizens that allows them to convert their property into a source of income by availing a loan against 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 common documents that you need to submit for IDBI Home Loan are:
- Application form duly filled and signed by the applicant and co-applicant (if any)
- passport-size photos of the applicant and, if applicable, any co-applicants
- ID proof such as PAN card, Aadhaar card, voter ID card, passport, driving license etc.
- Address proof such as Aadhaar card, voter ID card, passport, driving license, utility bills, rent agreement, etc.
- Income documentation includes salary statements, bank statements, income tax returns, and Form 16 etc. for salaried applicants; and business proof, profit and loss statement, balance sheet, income tax returns, GST returns, etc. for self-employed applicants
- Property documents such as sale deed, agreement to sell, allotment letter, possession letter, title clearance certificate, approved building plan, valuation report, etc.
- Processing fee cheque or draft in favour of IDBI Bank
You may need to submit additional documents as per the specific requirements of the home loan scheme that you choose. You can check the complete list of documents required for each home loan scheme on the official website of IDBI Bank or by contacting the nearest branch or customer care.
How to Apply for IDBI Home Loan
You can apply for a home loan with IDBI Bank in any of the following ways:
Online Process:
- Visit the official website of IDBI Bank
- Fill up the online application form with your details
- Pay the processing cost online and upload the necessary documents.
- Get an instant e-approval and a reference number
- Track the status of your application online or by customer care
Offline Process:
- Visit the nearest branch of IDBI Bank
- Meet the home loan executive and fill up the physical application form
- Submit the required documents and cheque for processing fee
- Get an acknowledgement receipt and a reference number
- Track the status of your application by branch or customer care
Conclusion
IDBI Bank home loans are one of the best options for fulfilling your dream of owning a home. With flexible repayment options, competitive interest rates, and hassle-free processing, IDBI Bank home loans can make your home buying experience a smooth and pleasant one.
You can use the IDBI Home Loan Calculator and plan your home loan better and avoid any financial stress in the future. You can also choose from various home loan schemes that suit your needs and budget. You can apply for a home loan with IDBI Bank online, offline, or over the phone, as per your convenience.
Suggested Read: Bandhan Bank Business Loan
FAQs
Q.1 How accurate is the IDBI Home Loan Calculator?
The IDBI Home Loan Calculator is an indicative tool that estimates your EMI, interest, and loan tenure based on your inputs. The figures may vary depending on the bank’s discretion and the prevailing market conditions.
Q.2 What is the difference between the IDBI Home Loan Calculator and the IDBI Home Loan EMI Calculator?
The IDBI Home Loan Calculator gives you more information than the IDBI Home Loan EMI Calculator, such as the total interest payable, the total amount repayable, and the amortization schedule. The IDBI Home Loan EMI Calculator only gives you the monthly EMI based on your inputs.
Q.3 How can I reduce my EMI or interest on my IDBI Home Loan?
You can reduce your EMI or interest on your IDBI Home Loan by choosing a lower loan amount, a longer loan tenure, a lower interest rate, or a different repayment mode. You can also use the IDBI Home Loan Interest Saver facility to save on interest by linking your savings or current account with your home loan account.
Q.4 How can I increase my eligibility or loan amount for IDBI Home Loan?
You can increase your eligibility or loan amount for IDBI Home Loan by improving your credit score, increasing your income, adding a co-applicant, choosing a longer loan tenure, or opting for a lower interest rate. You can also use the IDBI Home Loan Top Up facility to avail additional funds over and above your existing home loan.