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IDBI Bank Home Loan for Senior Citizens & Pensioners

IDBI Bank Home Loan for Senior Citizens & Pensioners

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IDBI Bank has several loan products for pensioners and senior citizens. The IDBI Bank's Home Loan for Senior Citizens has lower rates of interest for eligible borrowers in this category, while the amounts on loans may increase till 90% of the value of the property. The tenure for repayment may also increase to a maximum of 30 years. There is fast processing of loans with minimal requirements in terms of documentation. The funding may be deployed for various purposes, right from building or buying new homes to constructing them.

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Table of Content

1. IDBI Bank Home Loan for Senior Citizen Highlights

2. IDBI Bank Home Loan for Senior Citizen Fees and Charges

3. IDBI Bank Home Loan for Senior Citizen Documents Required

4. IDBI Bank Home Loan for Senior Citizen Eligibility Criteria

Written By

Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

Reviewed By

Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

IDBI Bank Home Loan for Senior Citizen – Highlights

Feature	Description
Interest Rate	Fixed Rate of Interest For 3 Year – 10.90% For >3 years 12% MCLR Rate – 8.35% to 10% Plot Loan – 12.25% and upwards
Loan Amount	Up to 90% of the value of the property
Tenure	Maximum of 30 years
Any Hidden Charges	Zero

IDBI Bank Home Loan for Senior Citizen – Fees and Charges

Particulars	Charges/Fee
Foreclosure Charges	Floating Rate – Zero Fixed Rate – 2% on the outstanding loan balance
Late Payment Charges	2% of the amount which is overdue
Processing Charges	Rs. 5,000-15,000 based on the borrower category and the loan amount
Legal & Technical Charges	Approx. Rs. 2,500
Interest Rate Conversion Charge	Floating Interest tied to the BR/BPLR/MCLR and to the RLLR-linked interest rate – Rs. 5,000 Fixed-Floating or vice versa – 0.25% of outstanding balance
Property Inspection Charges	Rs.750 (up to Rs. 35 lakh) Rs.1,500 (more than Rs. 35 lakh and up to Rs. 75 lakh) Rs.2,000 (more than Rs. 75 lakh)

IDBI Bank Home Loan for Senior Citizen – Documents Required

The IDBI Bank housing loan for senior citizens does not require much documentation. The list includes the following:

For Salaried Applicants

Identity & Address Documents
Last 3 months’ salary slips
Last 6 months’ bank statements
Processing fee (cheque)
Form 16/records of ITR if needed

For Self Employed Professionals

Identity and Address Proof Documents
Proof of educational qualifications/credentials
Proof of business operations/continuity
Last 3 years’ ITR of business and self
Last 3 years’ P&L and balance sheet
Bank statement for last 6 months
Processing fee cheque

For Self Employed Non-Professionals

Address and ID documents
Business operation and existence
Profile of business
ITR (business and personal) for the last three years
Balance sheet and P&L sheet (last three years)
Processing fee cheque

IDBI Bank Home Loan for Senior Citizen – Eligibility Criteria

To get the best possible IDBI Bank Home loan interest for senior citizens, the following guidelines matter.

Salaried-

22 (while applying)-70 years (at the time of loan maturity)
Stable income and continuity proof

Self Employed Professional/Self Employed Non-Professional

25 (while applying)-65 years (at the time of loan maturity)
Stable income and continuity proof

Frequently Asked Question (FAQs)

What is the new IDBI Bank home loan scheme for senior citizens?

The latest IDBI Bank Home Loan offering is the IDBI Bank Plain Vanilla Home Loan Scheme. It has a rate of interest of 8.35% and upwards.

What is the maximum age limit for Senior Citizen Home Loan in IDBI Bank?

The Senior Citizen Home Loan in IDBI Bank maximum age limit is 70 or retirement, whichever arrives earlier.

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