IDBI Bank is a big organization in the banking sector chain in India that helps you get money to buy or fix your house. You can also change your home loan from another bank to IDBI Bank. To find out how much money you have to pay every month, use the IDBI Home Loan Calculator.
This tool tells you your monthly payment, interest, and time based on how much money you need, the rate, and the way you pay. This article will show you how to use the calculator, the rates and fees, the good things and benefits, the rules and papers, and how to get a home loan with IDBI Bank.
About IDBI Home Loan
IDBI Bank can help you with your home loan for different reasons. It has home loans that are easy to pay and have low-interest rates. It also has special plans for people who have less money, work for the army, or are old. You can pay less interest, get more money, or make money from your house with IDBI Bank’s home loan plans. IDBI Bank is a good friend for your home loan.
IDBI Home Loan Calculator
The IDBI Home Loan Calculator is a tool on the internet that helps you to find out how much money you have to pay every month, how much interest you have to pay in total, and how long you have to pay for your loan based on how much money you need, the interest rate, and the way you pay.
To use the IDBI Home Loan Calculator, you need to do these things:
- Type the loan amount that you want to get
- Type the interest rate that is for your loan plan
- Type the loan time that you like
- Choose the payment way that is good for you (every month, every three months, every six months, or every year)
- Click on the “Calculate” button to see the answers
- The IDBI Home Loan Calculator shows your monthly payment, interest, and total payment amount. It also shows the payment schedule that divides your monthly payment into the main amount and the interest.
IDBI Home Loan Interest Rates and Fees
The interest rates of IDBI Bank home loans are from 6.75% to 8.25% every year. The interest rates are connected to the IDBI Bank RLLR, which is now 6.25% every year. The interest rates can change sometimes as per the bank’s choice and the RLLR change.
Besides the interest rates, IDBI Bank also takes some fees and charges for doing and taking care of your home loan. Some of the usual fees and charges are:
IDBI Home Loan Features
IDBI Bank home loans give many nice things and benefits to the people who borrow them, such as:
- Get up to Rs. 10 crore home loan based on how much money you earn and qualify for
- Have low interest rates that are linked to RLLR, which moves with the market and RBI
- Choose loan time up to 30 years and payment way as you prefer
- Switch your old home loan to IDBI Bank for lower rates, longer time, and better service
- Take more loan up to Rs. 50 lakh for any reason you need at nice rates and terms
- Join your savings or current account with home loan and save on interest
- Pay back or end your loan that varies rate anytime without extra fee.
Check – Compare Business Loan Interest Rate
IDBI Home Loan Schemes
IDBI Bank gives different home loan schemes for different people and what they like. Some of the popular home loan schemes are:
- IDBI Home Loan: A usual home loan scheme to get, make, improve, or enlarge a house
- IDBI Neev: A home loan scheme for people who earn less money and want to get or make a house in the village or close to the city
- IDBI Home Loan Interest Saver: A home loan scheme that allows you to connect 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 take more money over your home loan for any thing you need or want
- IDBI Bank Shaurya Home Loan: A home loan scheme only for defense people that offers lower interest rates, longer payment time, and more loan money
- IDBI Bank Reverse Mortgage Loan: A home loan scheme for old people that allows them to change their house into money by taking a loan on 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 papers that you need to send for IDBI Home Loan are:
- Application form filled and signed by you and the other person (if any)
- Small pictures of you and the other person (if any)
- ID proof like PAN card, Aadhaar card, voter ID card, passport, driving license etc.
- Address proof like Aadhaar card, voter ID card, passport, driving license, bills, rent paper, etc.
- Income proof: salary slips, bank statements, tax returns, Form 16, etc. for people who have a job; and business proof, profit and loss statement, balance sheet, tax returns, GST returns, etc. for people who have a business
- Property papers like sale paper, agreement to sell, allotment letter, possession letter, title clearance certificate, approved building plan, valuation report, etc.
- Processing fee cheque or draft for IDBI Bank
You may need to send more papers as per the rules of the home loan plan that you choose. You can check the full list of papers required for each home loan plan 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 get a home loan with IDBI Bank in these ways:
Online Process:
- Go to the IDBI Bank website
- Fill the online form with your details
- Send the papers you need and pay the fee online
- Get a fast yes and a number
- Check how your application is going online or by customer care
Offline Process:
- Go to the IDBI Bank branch close to you
- Meet the home loan person and fill the paper form
- Give the papers you need and cheque for fee
- Get a paper and a number
- Check how your application is going by branch or customer care
Conclusion
IDBI Bank home loans are a great option for buying your own home. You can pay as you prefer, get low interest rates, and have your loan fast. IDBI Bank home loans can make your home buying smooth and happy.
You can use the IDBI Home Loan Calculator and the IDBI Home Loan EMI Calculator to plan your home loan better and avoid money problems in the future. You can also choose from various home loan schemes that match your needs and budget. You can apply for a home loan with IDBI Bank online, offline, or by phone, as you want.
FAQs
Q.1 Can I prepay or foreclose my IDBI Home Loan?
Yes, you can prepay or foreclose your IDBI Home Loan at any time without paying any penalty, if you have a floating rate loan. However, if you have a fixed rate loan, you may have to pay a prepayment or foreclosure charge of up to 2% of the outstanding amount.
Q.2 Can I transfer my existing home loan from another bank or financial institution to IDBI Bank?
Yes, you can transfer your existing home loan from another bank or financial institution to IDBI Bank and enjoy lower interest rates, longer tenure, and better service. You can also avail a top-up loan of up to Rs. 50 lakh over and above your existing home loan for any personal or business
Q.3 How much home loan amount can Ipurpose. get a 40000 rupees salary?
The highest home loan for ₹40,000 salary is ₹28.8 lakhs. It can go up if two earners share the payment. Banks look at your salary to decide your loan eligibility.
Q.4 How much EMI can I afford?
Your home loan EMI should be within 35-40% of your income, as a general rule of thumb.