IDBI Bank is one of the leading player in the Home Loan segment. The bank offers competitive and customised deals in the housing loan. Under this loan, there is no pre-payment and pre-closure charges associated with the loan.
The loan offers customised solutions to meet the individual home loan requirements. The smooth process of the bank has made the borrowers opt for the IDBI home loan.
The special features of IDBI home loan schemes are as follows:
The interest rates on IDBI home loan comes under regular floating rates.
The bank is Offering plain vanilla home loan schemes, under which the interest rates are as follows:
|Salaried & Self-employed||7.50% to 7.65%|
|Housing Purpose||HL ROI + 40bps|
|Non-Housing Purpose||HL ROI + 40bps|
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|Loan Against Property||Interest Rate|
|Residential Property||9.00% to 9.30%|
|Commercial Property||9.25% to 9.60%|
|Loan Scheme||Interest Rates|
|IDBI Neev||8.10% to 8.70%|
|IDBI Neev 2.0||8.40% to 9.00%|
|Loan For Commercial Property Purchase (LCPP)||9.75% to 9.85%|
The following documents are needed to process the IDBI home loan application-
Under this scheme, you can link your home loan account with the Flexi current account. If required, you can deposit or withdraw funds from the operating current account.
The interest rates are calculated on the Basis of the outstanding balance of the loan in the current account based on EOD balance.
The interest rates under Home loan Interest Saver are as follows -
|Salaried/ Self-Employed Professional||7.40% to 8.50%|
|Self-Employed Non-Professional||8.10% to 8.90%|
In Home Loan Interest Saver, you can use the Flexi current account like a normal account. You will be provided with a cheque book and ATM card. You can get access to the online banking portal and complete banking facilities.
You can make use of a Flexi current account through which you can deposit your excess savings, bonus etc. You can withdraw money at any point in time.
You can save interest on your home loan by depositing money into your Flexi current account.
This government scheme is designed to provide a home to the citizens. The scheme caters the financial needs of the beneficiary. Among that, the credit link subsidy scheme (CLSS) is one of the crucial pillars of PMAY, which focuses on increasing homes to the targeted groups such as the Economically Weaker Section (EWS), Low Income Group (LIG), Middle Income Group (MIG).
The aspects and limits of PMAY are as follows:
|Nature of facility||Term Loan||Term Loan||Term Loan||Term Loan|
|Minimum Income (p.a)||0||Rs. 3,00,001||Rs. 6,00,001||Rs. 12,00,001|
|Maximum Income (p.a)||Rs. 3,00,000||Rs. 6,00,000||Rs. 12,00,000||Rs. 18,00,000|
|Carpet Area||30 Sq.mtr||60 Sq.mtr||Up to 160 Sq.mtr||Up to 200 Sq.mtr|
|Declaration of no Pucca house||Yes||Yes||Yes||Yes|
|Interest subsidy maximum amount||Rs. 6,00,000||Rs. 6,00,000||Rs. 9,00,000||Rs. 12,00,000|
|Interest subsidy (p.a)||6.50%||6.50%||4%||3%|
|Maximum interest subsidy amount||Rs. 2,67,280||Rs. 2,67,280||Rs. 2.35.068||Rs. 2,30,156|
|Maximum loan tenure||20 years||20 years||20 years||20 years|
IDBI Bank phone banking department strives to serve its customers in a possible manner. The bank provides a 24x7 customer service with a highly- efficient customer service that resolves the queries and complaints at the earliest.
Reach out to the customer service by the following toll-free number-
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