IDBI Bank Home Loan

Rising real estate costs make it difficult to own a house with savings alone. The IDBI Bank Home Loan is a loan option that can help you work toward this dream and achieve it with ease. 

It comes with competitive interest rates and flexible terms for borrowers, and a maximum loan amount of up to ₹10 Crores. You can repay it in up to 30 years and keep your EMIs low thanks to nominal rates starting at 7.55% per annum.

Since home loans involve substantial amounts, their repayment tenure may extend to two or even three decades. To have a suitable repayment plan in place, use the Bajaj Markets EMI calculator and estimate the monthly instalments in advance.

The calculator will provide the amortisation schedule for your loan, along with details about the: 

• EMI amount

• Principal and interest components payable 

• Total interest payable

Use this information to plan for the long term, estimate when you can make part-prepayments, and compare this lender’s offerings against other home loans.

The housing loan from IDBI Bank offers a long tenure, along with flexible repayment options. Check out some standout benefits below:

• Long Tenure

 Salaried individuals may repay the IDBI Bank Home Loan over a period of up to 30 years. Self-employed individuals and self-employed non-professionals may have up to 20 years to repay. This allows for ample time to repay comfortably. 

• Affordable Interest Rate

The bank also offers attractive interest rates on its housing loans. The IDBI Housing Loan interest rate starts from 7.55% p.a. 

• Flexible Repayment Methods

You can choose from different loan repayment methods. These include a flexible loan instalment plan, tranche-based EMIs, and step-up and step-down options.

• Widespread Reach

You can secure this loan online or by visiting your nearest branch of IDBI Bank. The bank has a wide network of over 1,800 branches and 75 dedicated loan processing centres spread across India. 

• Top-up Facility

IDBI Bank also offers a home loan takeover facility and top-up loans. You can get a 100% top-up on your existing loan. 

To be eligible for the loan, you need to fulfil certain terms outlined by the lender. Here are the IDBI Home Loan eligibility requirements:

Salaried Individuals (Including NRIs and PIOs)

• Your age should be at least 22 years

• Your age should be 70 years (or retirement age) or less by the end of the repayment tenure 

Self-employed Professionals and Non-Professionals 

• You need to be at least 25 years of age 

• Your age should not be over 65 years by the end of the tenure

Certain documents help verify your identity, address, income, and other details. Here is the IDBI Bank Home Loan documents list to help you during the application process:

• Application form along with two photographs

• Proof of Identity

• Proof of Address

• Bank Statement for the last 6 months

• Salary slips for the last quarter and Form 16 (for salaried individuals) 

• Professional practice licence (for self-employed professionals)

• Proof of Business and Business Profile (for self-employed non-professionals)

• Tax Returns of the last 3 years (for self-employed professionals and non-professionals)

• Profit/Loss Statement (for self-employed professionals and non-professionals)

You can get the following types of home financing from this lender:

• Plain Vanilla Home Loan (Purchase/Construction/Extension)

• Home Loan Top Up

• Rural/Semi Urban Housing Loan

• Mortgage Loan

• Loan for Commercial Property Purchase

• Loan Against Rent Receivable

• Pradhan Mantri Awas Yojana - Urban 2.0

To apply for the loan digitally, follow these simple steps:

1. Visit the official website of IDBI Bank

2. Click on ‘Loans’ in the drop-down menu at the top of your screen

3. Select the type of home loan facility based on your requirements

4. Click the ‘Apply Now’ button

5. Enter your basic details

6. Check your eligibility and submit the required documents

7. The bank will review your application and the attached documents before proceeding with the loan request

One of the easiest ways to check the status of your loan application is through the IDBI Bank GO Mobile+ App. Just follow these steps:

1. Download the IDBI Bank GO Mobile+ App from the Google Play Store or the App Store

2. Log in with your credentials

3. Navigate to the section that shows your loan details

4. Look for an option like ‘Track Application Status’ and follow the prompts using your application number or registered mobile number 

You can download your loan statement both online and offline. Follow the steps below to download it online:

1. Visit the official website of IDBI Bank

2. Click on the ‘Internet Banking’ button, and choose ‘Personal’

3. Sign in with your net banking user ID and captcha 

4. Once logged in, navigate to the section that displays your loan details

5. Look for an option related to home loan details, account summary, or statements

6. Follow the on-screen instructions to view or download your statement

7. Select the date range and preferred file format (PDF or Excel), if available

8. Download or save the statement to your device

In case you have any queries related to the loan, you can connect with the IDBI Bank’s customer support through the following modes:

• Toll-Free Contact Numbers: 1800 209 4324 or 1800 22 1070

• Chargeable Contact Numbers: 022 67719100 or 0091 22 67719100

• Email: customercare@idbi.co.in

You can align your EMIs with your changing income and the stage of your property’s development. IDBI Bank offers a range of options to help you repay more comfortably. These include:

• Step-Up Repayment Facility

This option is designed for young, professionally qualified executives expecting career growth. It allows you to take a larger loan based on your projected income. The calculation factors in an expected income increase of 6–8% per annum in five-year slabs over a 20-year loan term.

• Step-Down Repayment Facility

Ideal if you foresee a decline in income later in the loan tenure. This facility recovers more when your income is at its peak and reduces EMIs in later periods. 

It also enables a larger loan by combining parents’ and children’s income, with children repaying the residual loan after the parent retires.

• Tranche-Based EMI Facility

Suited for under-construction properties, this option allows you to pay interest only on the disbursed amount until possession. You also have the flexibility to start EMIs early to minimise the total interest cost.

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