IDBI bank provides home loans and available for both the resident Indians as well as the NRIs.
The features of the IDBI Home Loan are given below:
Tenor: Up to 25 years for a resident Indian. This is however restricted to 15 years for the NRIs.
With a subject to credit discretion, an applicant can apply for a loan of up to 90% of the property value.
The bank retains the title deeds as the security for the loan.
The title deed should not have any legal litigations pending as that can adversely affect the property ownership.
The tax benefits of IDBI Home Loan:
The IDBI Home Loan also comes with some of the tax benefits which are mentioned below:
A tax deduction of a maximum of Rs.1,50,000 on the income towards paid interest on the loan.
A tax deduction of a maximum of Rs 1,00,000 on the paid principal.
Eligibility:
The applicants who apply for the loan must be:
Salaried.
Businessmen, self-employed professionals.
NRIs
Parents, children, and spouses can be included as co-applicants.
Documentation Required for IDBI Home Loan
| Salaried Customers | Self Employed Professionals | Self Employed Non Professionals |
| Application form with photograph |
Application form with photograph | Application form with photograph |
| Identity and Residence Proof | Identity and Residence Proof | Identity and Residence Proof |
| Latest Salary-slip for last 3 months | Education Qualifications Certificate and Proof of business existence |
Proof of business existence |
| Form 16/ITR | Last 3 years Income Tax returns (self and business) |
Business profile |
| Last 6 months bank statement |
Last 3 years Profit/Loss and Balance Sheet |
Last 3 years Income Tax returns |
| Last 3 years Profit /Loss Balance | ||
| Processing fee cheque | Last 6 months bank statements | Last 6 months bank statements (self and business) |
| Processing fee cheque | Processing fee cheque |
Repayment:
Repayment through EMI.
Interest is to be paid on the loan portion disbursed before the commencement of the EMIs.
The repayment structure can be customized. If the borrower wants to pay less in the initial years and then pay high in the later years, it is possible.
IDBI Home Loan repayment tenor for resident Indians and salaried: 25 years and for self-employed resident Indians, the tenor is only 15 years. It is also kept at 15 years for the NRIs.
Prepayment and foreclosure:
2% prepayment charges in case the loan is transferred to a different bank and if it is prepaid from your own sources after 6 months of the commencement of the EMIs, there is no prepayment charge.
Features of IDBI Home Loan
IDBI Bank offers in-principle loan sanction even without finalizing the property based on the applicant’s repayment capacity. The applicant may further search the property in accordance with the loan amount sanctioned.
The repayment of the home loan is done in the form of monthly installments. EMI consist of principal and interest component which is charged on reducing the balance in home loans.
IDBI Home Loan Rate of Interest
IDBI Home Loan Floating Rates |
||
| Loan Amount | Interest Rate per annum | |
| Up to Rs 35 lakhs | 7.40% | |
| Above Rs 35 lakhs and up to Rs 75 lakhs | 9.00% | |
| Above Rs 75 lakhs | 9.10% | |
| Home Loan Interest Saver (HLIS) | ||
| All loan Amounts | 9.05% | |
| IDBI NEEV | Sanction Amount | RoI |
| Up to Rs 35 lakh | 9.45% | |
| > Rs 35 lakh to Rs 75 lakh | 9.70% | |
| > Rs 75 lakh | 9.95% | |
| Turnover based Home Loan | ||
| All loan Amounts | 12.05% | |
| Scheme for Financing Rural/Semi-Urban Housing | ||
| All loan Amounts | 10.35% | |
| Top-up Loans | ||
| For home loan customers | For top-up amount up to 100% of the original sanction – | |
| For housing purpose: Prevailing Home Loan Rate/ Product rate + 0.10% | ||
| For non-housing purpose : Prevailing Home Loan Rate / Product Rate + 0.20% | ||
IDBI Home Loan Fixed Rate |
||
| All loan Amounts | For 3 Year Tenor | For > 3 Year Tenor |
| 10.25% | 10.50% | |
| IDBI NEEV | Sanction Amount | ROI |
| Up to Rs 35 lakhs | 10.25% | |
| Above Rs 35 lakh | 10.50% | |
| Scheme for Financing Rural/Semi-Urban Housing | ||
| All loan Amounts | 10.35% | |
Advantages of IDBI Bank Home Loan EMI Calculator
Using the EMI calculator will generate the result in less than a minute and make it easier to compute your housing loan EMIs. This helps you get the details of interest to be paid as per the tenure and loan amount.
Manual calculation carries a risk of mistakes, but the result provided from the online EMI calculator is accurate and quick.
Consider the following example, which will give you an idea about how much and how long it will take to settle a home loan, you will notice that when the closing balance comes down to zero, the home loan is considered closed.
Loan amount: Rs.10 lakhs
Interest rate: 8.4%
Tenure: 10 years
EMI each month: Rs. 12,345
| Year | Opening Balance | Amount paid by Customer (EMI*12) | Interest paid during the year | Principal paid during the year | Closing Balance |
|---|---|---|---|---|---|
| 1 | 1,000,000 | 148,142 | 81,472 | 66,670 | 933,330 |
| 2 | 933,330 | 148,142 | 75,651 | 72,491 | 860,839 |
| 3 | 860,839 | 148,142 | 69,322 | 78,820 | 782,019 |
| 4 | 782,019 | 148,142 | 62,440 | 85,702 | 696,318 |
| 5 | 696,318 | 148,142 | 54,957 | 93,185 | 603,133 |
| 6 | 603,133 | 148,142 | 46,821 | 101,321 | 501,813 |
| 7 | 501,813 | 148,142 | 37,975 | 110,167 | 391,646 |
| 8 | 391,646 | 148,142 | 28,356 | 119,786 | 271,860 |
| 9 | 271,860 | 148,142 | 17,898 | 130,244 | 141,616 |
| 10 | 141,616 | 148,142 | 6,526 | 141,616 | 0 |
IDBI Bank Home Loan EMI Calculator FAQ
1. What are the details required for using the IDBI Bank EMI calculator to get the EMI amount?
Enter the details of your loan amount, interest rate, and tenure in the EMI calculator. Do check with the lender for the latest interests before using the equated monthly installment (EMI) calculator.
2. Can I apply online for an IDBI Bank home loan after using the EMI calculator?
Yes, you can apply online for an IDBI Bank home loan. If you are looking to get the best home loan then we would suggest you create a credit profile, analyze your current borrowings, solve any issues and apply for home loans that would suit your credit profile, we believe taking a credit health led approach to borrow would benefit you immensely.
3. Can I check for multiple loan amounts in the IDBI Bank home loan EMI calculator?
Yes, you can check the EMI payable for multiple loan amounts with various interest rates and tenure.
4. What is the starting interest rate value on IDBI Bank EMI calculator?
The interest rate can be varied using CreditMantri EMI Calculator to get the exact EMI for each rate.