IDBI Bank Home Loan Interest Rates
IDBI Bank offers home loans up to Rs. 10 Crores for up to 30 years' tenure. IDBI home loan interest rates are highly competitive, starting from just 8.50% - 12.35% p.a. for salaried and 8.60% p.a. for self-employed. Apart from the interest rate, you must pay a processing fee of up to Rs. 15,000 + taxes.
IDBI Bank Home Loan Interest Rate Key Highlights
Following are the key highlights of IDBI Bank home loan interest rates
| Interest rate for salaried & self-employed professionals | 8.50% to 10.85% p.a. |
| Interest rate for self-employed non-professionals | 8.60% to 12.35% p.a. |
| Processing fee for salaried & self-employed professionals | Rs. 5,000 to Rs. 13,500 |
| Processing fee for self-employed non-professionals | Rs. 6,000 to Rs. 15,000 |
| Processing fee for Inward Balance Transfer & PMAY cases | Nil |
IDBI Bank Home Loan Interest Rate Fees
IDBI Bank offers fixed and floating interest rates on home loans. Below is the detailed interest rate information for the IDBI home loans:
- Floating Interest Rate Home Loans Linked to Repo Linked Lending Rate (RLLR)
| Plain Vanilla Home Loan (Purchase/ Construction/ Extension) | |
| Salaried/Self-employed Professional | 8.50% - 10.85% p.a. |
| Self-employed Non-Professional | 8.60% - 12.35% p.a. |
| Home Loan Ultra Saver | |
| 8.90% - 12.75% p.a. | |
| Home Loan Top Up | |
| Housing Purpose | Home Loan Interest Rate + 20 BPS p.a. |
| Suvidha Top Up (Non-Housing Purpose) | Home Loan Interest Rate + 75 BPS p.a. |
| Rural/Semi Urban Housing (Loan amount up to Rs. 35 Lakhs) | |
| Salaried/ Self-employed Professional | 8.50% - 10.80% p.a. |
| Self-employed Non-Professional | 8.80% - 10.90% p.a. |
| Plot Loan for House Construction | |
| 9.90% - 10.50% p.a. | |
- Fixed Interest Rate Home Loans
| Plain Vanilla Home Loan (including Rural/ Semi Urban Housing Loan for Purchase/ Construction/ Extension/ Balance Transfer) | |
| For 3 years tenure | 10.90% p.a. |
| For more than 3 years tenure | 12% p.a. |
| Plot Loan for House Construction | |
| All loan amount | 12.25% p.a. |
| Loans to Physically Challenged Persons under NDFDC (National Divyangjan Finance and Development Corporation) Guidelines - Refinance Scheme | |
| Less than Rs. 50,000 | 5% p.a. |
| Above Rs. 50,000 to Rs.5 lakhs | 6% p.a. |
| Above Rs. 5 lakh to Rs. 15 lakhs | 7% p.a. |
| Above Rs. 15 lakh to Rs. 30 lakhs | 8% p.a. |
| Above Rs. 30 lakhs to Rs.50 lakhs | 9% p.a. |
Compare IDBI Bank Home Loan Interest Rate with Top Banks
Below is the comparison table of IDBI Bank home loan interest rates with some other top lenders to help you choose the best option:
| Bank/NBFC | Rate of Interest |
| IDBI Bank | 8.50% - 12.35% |
| State Bank of India | 8.50% to 9.65% p.a. |
| South Indian Bank | 8.70% to 11.70% p.a. |
| PNB Housing Finance | 8.50% |
| ICICI Bank | 8.75% |
| IDFC First Bank | 8.85% |
| Bajaj Finserv | 8.25% - 17.00% |
| Axis Bank | 8.75% to 12.85% p.a. |
| HDFC Bank | 8.70% to 9.55% |
| Kotak Mahindra Bank | 8.65% |
| Tata Capital | 8.75% |
| Federal Bank | 8.80% |
IDBI Bank Home Loan Fees & Charges
| Processing fee for salaried & self-employed professionals | Rs. 5,000 to Rs. 13,500 (depending on the loan amount) |
| Processing fee for self-employed non-professionals | Rs. 6,000 to Rs. 15,000 (depending on the loan amount) |
| Prepayment charges (part/full) for floating interest rate home loan | Nil |
| Prepayment charges (part/full) for fixed interest rate home loan | 2% of the outstanding loan amount (within 6 months from final disbursement) + applicable taxes |
| Penal charges for default/delayed payment | 2% p.a. on the overdue amount for the overdue period + applicable taxes |
| Legal & technical charges | Rs. 2,500 + applicable taxes |
| Interest rate conversion charges for floating (linked to BR/BPLR/MCLR) to RLLR linked | Up to 0.25% of the outstanding amount + applicable taxes |
| Interest rate conversion charges for home loan interest saver to home loan/ floating rate to fixed rate & vice-versa | 0.50% of outstanding loan amount + applicable taxes |
| Charges for switching from floating rate to fixed rate with respect to EMI-based floating interest rate loans | 0.50% of the outstanding loan amount (maximum Rs. 1,00,000) + applicable taxes |
| Property inspection charges for immovable properties | Up to Rs. 2,000 + applicable taxes |
| Partial property release charges | Rs. 10,000 + applicable taxes |
| Property swapping charges | Rs. 25,000 + applicable taxes |
| Digital documentation charges | Rs. 100 |
| Copy of property documents | Rs. 225 |
| Foreclosure letter issuance | Rs. 500 per instance |
| Document retrieval charges (foreclosure/ BT/ other closure) | Rs. 2,500 |
| Swapping of ECS/ACH or change of repayment mode to ECS/ACH | Rs. 575 |
| Default in payment of EMI/ interest/ Principal | Rs. 300 |
| Duplicate statement Charge | Rs. 115 |
| Re-issuance of PO/DD | Rs. 115 |
| Duplicate certificate/ interest paid certificate | Rs. 150 |
| Copy of credit information obtained from CIBIL | Rs. 50 |
| Non-collection of original documents after 30 days from the loan closure date | Rs. 1,000 |
| CERSAI registration charges | Rs. 100 for loans up to Rs. 5 Lakhs & Rs. 200 for loans above Rs. 5 Lakhs |
IDBI Bank Home Loan Interest Rates for Balance Transfer
IDBI Bank Home Loan interest rates for balance transfer cases are mentioned in the below:
| Fixed Interest Rate for Plain Vanilla Home Loan (Balance Transfer) | |
| For 3 years tenure | 10.90% p.a. |
| For more than 3 years tenure | 12% p.a. |
How to Calculate IDBI Bank Home Loan EMI?
The fastest way to calculate your IDBI Bank home loan EMI is by using the IDBI Bank home loan EMI calculator. This online tool is available on our website. All you need to do to calculate your loan EMI with this calculator is enter the required loan amount, interest rate, and repayment tenure. The IDBI Bank home loan calculator provides the amortisation schedule for the entire repayment tenure of your home loan.
FAQs
The current interest rate for IDBI Bank home loans ranges from 8.50% - 12.35% p.a.
Factors that determine the interest rate for a home loan are:
- Credit score
- Loan-to-value (LTV) ratio
- Employment & income stability
- Loan repayment tenure
- Type of interest rate
- Economic conditions
- The riskiness of the borrower
- The tax treatment of the interest
- The interest rates charged by competitors
IDBI Bank calculates the home loan EMI using the formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
Wherein,
- P = the loan principal
- R = the interest rate
- N = the tenure in months
To calculate the EMI, you can also use an IDBI Bank home loan EMI calculator. You will need to provide the loan amount, rate of interest, and loan tenure.
Yes, you can get a reduction your IDBI home loan interest rate by:
- Choosing a shorter loan tenure
- Improving your credit score
- Making a larger down payment
- Comparing interest rates offered by IDBI and other lenders.
- Building a relationship with the bank
- Asking the lender to transfer your loan
- Choosing a joint home loan
You can apply for an IDBI Bank home loan by following these steps:
- Visit the IDBI Bank website or a nearby IDBI Bank branch.
- Complete an application form & submit it.
- Submit the required documents.
- Wait for IDBI Bank to review your application and determine your loan eligibility.
- Sign the loan agreement.