| Marginal Cost of Funding based Lending Rate (MCLR) |
9.30% p.a. (with annual reset clause) |
| Base Rate |
9.65% p.a. |
|
Floating Rate Loans
|
|
HOME LOAN & ITS VARIANTS
|
|
Home Loan (HL)
|
|
All Loan Amounts
|
9.30% for PSL
9.35% for Non-PSL
|
|
Home Loan Interest Saver (HLIS)
|
|
All loan Amounts
|
9.45% (MCLR+0.15%)
|
|
IDBI NEEV
|
Sanction Amount
|
RoI
|
|
Upto Rs.25 lakh
|
9.55% (MCLR + 0.40%)
|
|
> Rs.25 lakh to Rs.75 lakh
|
9.80% (MCLR + 0.65%)
|
|
> Rs.75 lakh
|
10.05% (MCLR + 0.90%)
|
|
Turnover based Home Loan
|
|
All loan Amounts
|
12.30% (MCLR + 3.00%)
|
|
Scheme for Financing Rural/Semi Urban Housing
|
|
All loan Amounts
|
9.30%
|
Maximum Loan Tenure:
30 Years for Salaried
20 years for Professional Self Employed
20 Years for Self Employed Non-Professional
Maximum Loan Amount any one can get from IDBI Bank:
Upto 90% of Market value upto 20 Lac home loan
Upto 80% - Loan amount 20 lac to 75 Lakh
Upto 70% - Loan amount Above 75 Lakh
Repayment Option:
In addition to Regular repayment option IDBI Bank have devised the following repayment options ensuring convenience to you for making repayment of your dream home.
Step up Repayment Facility: The income growth to be considered for this calculation is in the range of 6 to 8% p.a and the same will be slab of 5 years for a loan of 20 years.
Step Down Repayment Facility: This leads to 2 EMIs for different periods during the loan maturity. The Facility will help you to take bigger Home Loan by combining parent and children income together.
Tranche Based EMI: Customers purchasing an under construction property needs to pay only interest component to the extent of disbursement being availed by the customers based on level of construction and till the property is ready for possession. Under the option you can start your EMI even before property is not ready and is under construction stage.
IDBI Home Loan FAQs:
How will IDBI Bank decide my Home Loan Eligibility?
We will assess your loan eligibility based on your age, qualification, income, number of dependents, spouse income, stability and continuity of your occupation, assets, liability base and your savings history and based on the value of the property proposed to be purchased.
What is the Minimum & maximum Home Loan Amount I can get?
Home Loans are available from Rs 5 Lakh to Rs 10 cr.
What is the maximum Loan tenure that I can have under IDBI Home Loan?
IDBI Home Loans have maximum repayment tenure of up to 25 years. Actual tenure of loan is subjected to bank’s discretion.
Can I get the Home Loan eligibility without selecting the property?
Yes. IDBI Bank can extend in-principle sanction based on your repayment capacity. Accordingly based on the loan amount sanctioned, you may search the property. For final sanction, property identified for the purpose should meet Bank criteria.
Can I get a tax benefit on the Home Loan?
Yes. As per Income tax rule Resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Interest repayment of Rs. 1, 50,000/- p.a. and Principle repayment up to Rs 100000 p.a. (u/s 80 C) are deductible under income tax,
What is the EMI and how is the EMI calculated on my Home Loan?
EMI is equated into monthly installments. This comprises of Principal as well interest component. Interest charged under Home Loan is on reducing Balance.