IDBI Bank Home Loan for Salaried Person

IDBI Bank has an exclusive and hassle-free IDBI Bank Home Loan for Salaried Persons. The IDBI Bank Home Loan may be really helpful for buying a new home or plot or even constructing a property. There is a flexible 30-year duration for the loan and also the rates start from approximately 8.35% per annum. The processing charges are also lower than 0.10% of the loan amount. 

IDBI Bank Home Loan for Salaried Person – Highlights 

Some of the key highlights include the following: 

• 10.90-12% is the interest rate, depending on the loan type. 8.35-10% is the MCLR-linked rate while rates are 12.25% for plot loans
• Up to 90% of the property value is the limit of the loan 
• Zero hidden costs are there
• The maximum tenure can be 30 years 

IDBI Bank Home Loan for Salaried Person – Fees and Charges 

With there being zero hidden costs, here are the major IDBI Bank Home Loan for Salaried Person charges that you need to be aware of.

• Foreclosure- Zero or 2%, depending on the loan type
• Late payment- 2% of delayed EMI 
• Processing fee- Rs. 5-13,500, depending on the loan amount
• Technical and legal cost- Rs. 2,500
• Conversion charge for interest- Rs. 500 or 0.25% of balance outstanding
• Property inspection- Rs. 750-2,000 

IDBI Bank Home Loan for Salaried Person – Documents Required

Here are the vital IDBI Bank home loan documents required for salaried persons. 

• Salary slips (last 3 months)
• Bank statements (last 6 months)
• ID and address proof 
• Processing fee cheque
• Form 16 if it is needed 

IDBI Bank Home Loan for Salaried Person – Eligibility Criteria

The guidelines for the IDBI Bank housing loan eligibility criteria for salaried persons include: 

• 22-70 years for applying
• Proof of income stability and continuity