So you have chosen a property to buy and live there to enjoy the riches, right? Now, you are searching out for that one lender which can make it an affordable and memorable home loan deal for you. Hope you are making a sound comparison at your end.
To help you make more comparison, we have charted out IDBI home loan details for you in this article. It has all the necessary information you would like to gain, be it the eligibility, interest rate, EMI or the documents. Let’s compare then as IDBI home loan details are waiting to flash on your screen.
Purposes for Which You Can Avail IDBI Home Loan
One of the premier lenders in India’s banking space, IDBI offers home loans to customers to fulfill purposes such as buying a new or resale residential property, plot to construct a housing unit on the same, constructing an already-owned property, renovating or extending the units, etc.
Who is Eligible for IDBI Home Loan?
Both salaried and self-employed are eligible for a home loan from IDBI. While the minimum age for a salaried at the time of application must be at least 22 years, self-employed professionals must not be less than 25 years while availing a loan. Salaried are allowed to avail a loan till the time they are 70 years old or their retirement age, whichever is earlier. Self-employed, on the other hand, can continue to service the debt till they are 65 years old.
What is IDBI Home Loan Interest Rate?
IDBI Home Loan Interest Rate ranges from 8.60%-8.90% per annum. The interest rate would be charged on a floating basis with the Marginal Cost of Lending Rate (MCLR) being the benchmark based on which the pricing is going to be made. IDBI Bank offers home loans on 6-month MCLR i.e. 8.60%. So, the rates will be there for a reset at every 6 months. Even as the bank can update the MCLR every month, the rate would change according to the MCLR prevailing at the reset period. The MCLR would further add a spread portion to arrive at the actual lending rate.
Should You Glance at IDBI Home Loan Calculator?
Yes, you should, to keep an eye on the principal and interest repayments likely with an IDBI Home Loan. The EMI calculator can be seen online. All you need to do is to enter the amount of loan, interest rate and tenure and see what the calculator shows up with regards to repayment. The calculator helps to compute the EMI as well as total interest outgo. Check out whether the EMI payable goes with your budget or not. If so, then only go ahead, else look for a better option.
Documents Needed to Apply for IDBI Bank Home Loan
You need to submit the following list of documents while applying for a home loan at IDBI Bank.
- Identity Proof – Passport/PAN Card/Voter ID/Driving License/Aadhaar Card
- Residence Proof – Driving License/Aadhaar Card/Voter ID/Passport/Utility Bill
- Income Proof – Last 3 months salary slip for salaried, last 3 years ITR for self-employed
- A duly signed application form with a processing fee cheque