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IDBI Bank Home Loan

IDBI Bank Home Loan

 

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Member's Recomendation

20   9

16 review(s)
Expert Review | Write a Review

  • Interest Rate
  • 11.25% Floating 30 lakhs to 75 lakhs
  • Pre payment charges
  • 2%
  • Balance Transfer Charges
    (incase of refinance)
  • 2%
     
  • Part-payment Charges
  • Nil
  • Switching Charges
    (Fixed to Floating or vice-a-versa)
  • 1%
     
  • Loan to Value ratio
  • 85%
  • Speed of Sanction
  • 7 working days
  • Ease of documentation
  • Pre- Approved projects only. Less Documentation
  • Customer Service
  • Good
  • Franking Charges
  • 0.2%

Features and Benefits of IDBI Bank Home Loan

 

Features:  

 

 

 

 

 

  • Loan is available for constructing a house, purchase of ready built house or flat or for purchase of plot of land
  • Tenure  for home loan can be up to 25 years for a Indian resident if employed & 15 years for self-employed whereas for NRIs maximum tenure is 15 years
  • Loan is available for 90% of the property value
  • Simple documentation

 

 

Eligibility:

  • Salaried individual, Self- employed professionals or businessmen, NRIs all are eligible to apply for home loan
  • Spouse/Parents/Children can be added as co-applicant subject to maximum of three applicant

Charges:

  • Loan processing charges:1% of the loan amount, Rs 2500 to be collected at the time of login and balance at the time of sanction
  • Prepayment charges: Nil when prepayment is doe from own source of funds, else 2% on principal outstanding 
  • Copy of property documents: Rs 225/-
  • Penal interest charges on overdue amount for delayed period is 5% p.a
  • Duplicate statement charges: Rs 115/-
  • Cheque return due to any reason :Rs 300/-
  • Copy of credit information obtained from CIBIL: Rs 50/-
  • Duplicate certificate/Interest Paid certificate: Rs 150/-

Interest Rate:

 

  • Home Loan is available in both fixed & floating rate
  • Fixed rates will be rest after 3 years & 5 years

 

 Documentation

Salaried Individuals

  •    Application form with recent photograph
  •    Latest salary slip and Form 16
  •    Bank statement for last 3 months
  •    Proof of Identity (any one): Passport/Driving license/Photo credit card/Employee license/Voter's ID/PAN card
  •    Proof of Residence (any one): Driving license/Any utility bill/Govt. or authority bill

 Self Employed

  •  Application form with recent photograph
  •  IT returns for last 2 years
  •  Bank statement for last 6 months
  •  Proof of Identity (any one): Passport/Driving license/Photo credit card/Employee license/Voter's ID/PAN card
  •  Proof of Residence (any one): Driving license/Any utility bill/Govt. or authority bill
  •  P&L and Balance Sheet for last 2 years certified/audited by CA

Documents Required for IDBI Bank Home Loan

Salaried Individual
  • Application form with recent photograph
  • Salary slip of last 3 months
  • Latest Form 16
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'
    Birth certificate/life insurance policy or premium receipt Signature verification proof
  • Repayment track record of existing loans/Loan closure letter
Self Employed
  • Application form with recent photograph
  • Bank statement for last 6 months
  • Processing fee check
  • Proof of age (any one) : Passport/Voter's ID/PAN card/'Birth certificate/life insurance policy or premium receipt
  • Proof of identity (any one): Passport Driving licence/photo credit card/Employee licence/Voter's ID/PAN card
  • Proof of Residence (any one): Driving licence/Any utility bill/Govt. or authority bill
  • P&L and balance Sheet for last 2 years certified/audited by CA
  • Qualification proof of the highest professional degree
  • Proof of existence
  • Income Tax return/Computation of total income/Auditor's Report Balance sheet/Profit and loss account
    for last 2 years certified by CA
  • Repayment track record of existing loans/Loan closure letter
  • Proof of office address
  • Board Resolution in case of company

Expert Review of IDBI Bank Home Loan

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User Reviews

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IDBI is a good bank

By: Rishab, Ajmer | 09 November 2009

IDBI, the tenth largest development bank in the world has promoted world class institutions in India. A few of such institutions built by IDBI are the National Stock Exchange (NSE), The National Secur...[Read]

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IDBI gives very nice service

By: Durganand, Noida | 15 November 2009

I have taken home loan from IDBI, there service is really fast. One good thing I also like here is that, you deal with bank employees directly, unlike ICICI and HDFC where you deal with sales executiv...[Read]

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Till now my loan is not approved

By: Akshay, Mumbai | 22 February 2010

I had applied for IDBI Home Loans as they offered me 85% LTV I submitted my documents to IDBI representative who said the loan will approve in 15-20 days and asked me to give cheque for processing fee...[Read]

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IDBI bank has a lot of papaerwork for any loan

By: sheena, Mumbai | 21 February 2010

IDBI bank has a lot of papaerwork for any loan. Their staff is also rude. The staff themselves are not aware about their products. i asked them the personal loan rates and they gave me home loan rates...[Read]

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i hav herd they hav gud rates as interest rates.

By: JOHN, Mumbai | 19 February 2010

home loans from IDBI bank are they good.???????? i hav herd they hav gud rates as interest rates. I am planning for home loan but i m thinking either to go for idbi or axis. ...[Read]

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They dont hassle you with unnecessary stuff.

By: reenatjohn, Mumbai | 06 April 2010

We recently took an IDBI home loan, after comparing statistics with a lot of different banks. This is what we came up with:1. Second lowest interest rate on home loans, Re.1.00 more than ICICI for a 2...[Read]

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This is the worst service and the most rude behaviour one can offer to customers

By: nikg, Mumbai | 18 February 2010

I recently applied for a home loan from IDBI HOME FINANCE Ltd. Till I gave the cheque for the processing fee, I received a call daily from the bank abt what it needs and how good service they wud offe...[Read]

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most inefficient and mismanaged bank in india

By: icon_st, Mumbai | 18 October 2009

I am with IDBI home loans from more than 1 Yr. I read the review here which says..most inefficient and mismanaged bank in india. I totally agree to that.1. Our contact point in the bank for communicat...[Read]

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The bank has invariably increased the interest rates at every possible opportunity

By: common_voice, Mumbai | 15 February 2010

I took a home loan in the last quarter of 2004 from IDBI bank.When I applied, I was promised the floating interest rate of 7.25%. It took almost 1 month for them to sanction the loan,that too was done...[Read]

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Big mistake of my life....

By: Pk, India | 10 December 2010

This is my big mistake of my life by approching private bank for loan, i was lucky enogh did't go for bigger loan. Begining they give you good intrest rate, just after loan approved, you intrest ra...[Read]

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IDBI has cheated me

By: COMMON VOICE FROM PUNE, India | 24 February 2011

I agree with the view written by common voice _ mumbai. I have also taken a home loan in 2005 with a floating interest rate of 7.25% and which they have increase to 10.75 % till date. Nobody at the ba...[Read]

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IDBI has cheated me

By: COMMON VOICE FROM PUNE, India | 24 February 2011

I agree with the view written by common voice _ mumbai. I have also taken a home loan in 2005 with a floating interest rate of 7.25% and which they have increase to 10.75 % till date. Nobody at the ba...[Read]

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HOME LOAN INTERESTS ARE FREQUENTLY CHANGED

By: MANJULA, India | 10 March 2011

I got a home loan from IDBI on dec-2009.For one year they deduct 17,232 emi for 20 years.But from jan 2011 onwards they are increased the emi month by month.how is it possible?...[Read]

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IDBC Home loan , never go

By: Girish, India | 25 March 2011

I applied for home loan from IDBI , my feedback 1) They take their own time 2) never get any update of processing 3) if you send mail for update , no respone very slow , nevr go for it...[Read]

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franking

By: maxwell a gomez, India | 18 April 2011

my loan sanction letter is not yet come,so should i pay franking charges before the it,or after recieving the sanction letter?...[Read]

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IDBI Home loan

By: Puneet , India | 05 August 2011

I would like the opportunity to tell that IDBI is a very good bank, it offers all the services in minimum charges..and treat customer on smiling face.....[Read]

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