IDBI Bank Home Loan for Government Employees

IDBI Bank offers fabulous home loan schemes for employees in the Government sector. IDBI Bank home loans for government employees come with reasonable interest rates and flexible durations for repayment. There are services tailored to borrowers who are Government employees while the presence of an application tracking procedure enables higher transparency alongside. 

IDBI Bank Home Loan for Government Employees – Highlights 

• Rate of Interest- 10.90% (fixed for loans of 1-3 years) and 12% for loans of 4-30 years 
• Rate of Interest- MCLR-tied interest rate will be 8.35-10%
• Rate of Interest- 12.25% for plot loan 
• Limit of the Loan- LTV of 75% (above Rs. 75 lakh)
• Duration- 1-30 years
• Hidden Costs- Zero 

IDBI Bank Home Loan for Government Employees – Fees and Charges 

The IDBI Bank on Home Loans for Government Employees come with the following fees and charges: 

• Foreclosure/Prepayment- 2% on fixed-rate home loans and zero for floating-rate home loans 
• Late payment- 2% of the EMI that has been missed
• Processing costs- Rs. 5,000 for loans up to Rs. 35 lakh and Rs. 7,500 for amounts of Rs. 35-75 lakh. It is also Rs. 13,500 for amounts of Rs. 75 lakh and onwards 
• Technical and legal costs- Rs. 2,500
• Switching interest rates- Rs. 5,000 or 0.25% of balance outstanding 
• Inspection cost of property- Rs. 750-2,000 

IDBI Bank Home Loan for Government Employees – Documents Required

Let us tak ea closer look at the key IDBI Bank home loan documents required for government employees.

• ID and Address Proof
• Salary slips for last 3 months
• Bank statements for last 6 months 
• ITR and Form 16 if needed
• Cheque for processing charges/fees 

IDBI Bank Home Loan for Government Employees – Eligibility Criteria

Here are the key eligibility criteria that you should know more about: 

• Minimum age- 22 at loan approval time
• Maximum age- Less than 70 at time of maturity 
• Employment category- Central or State Government employee 

IDBI Bank Home Loan Schemes for Government Employees

There are two IDBI Bank home loan schemes for government employees. They include the following: 

IDBI Bank Housing Loans: There are innovative housing loans for buying or building homes and also for purchasing plots. Top-ups aside, there are convenient repayment durations along with attractive interest rates. Another benefit of the IDBI Bank home loan scheme for government employees is the LTV ratio, which is on the higher side. 

Pradhan Mantri Awas Yojna (PMAY): The PMAY scheme from the Indian Government enables more affordable housing in tandem with the CLSS (credit-linked subsidy scheme) for beneficiaries. They are available for employees with lower income via IDBI Bank.