IDBI Bank Home Loan
- 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
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Self Employed
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Expert Review of IDBI Bank Home Loan
User Reviews
- Product Rating -
Average user rating
- Member's Recomendation
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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- Member's Recomendation
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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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- Member's Recomendation
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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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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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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Average user rating
- Member's Recomendation
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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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Average user rating
- Member's Recomendation
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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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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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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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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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