IDBI Bank Home Loan for Women & Housewife

IDBI Bank has a dynamic and beneficial IDBI Bank Home Loan for Women. This comes with not just reasonable rates of interest, but also lower processing charges alongside. The repayment choices are also more flexible in this case. Women can use the funds to achieve their dreams, including purchasing or building homes in tandem with constructing homes and even home renovations/repairs. There is personalized assistance provided to women borrowers all throughout the application procedure as well. 

IDBI Bank Home Loan for Housewife / Women – Highlights 

The key highlights of these loans include the following: 

• 10.90-12% in interest rates 
• MCLR-tied rates are 8.35-10%
• Top-up or plot loan rates are 12.25%
• The maximum amount is 75-90% of the value of the property 
• The maximum tenure is 20-30 years
• There are zero hidden costs on the loan 

IDBI Bank Home Loan Benefits for Ladies

Here are some of the advantages of the IDBI Bank home loan for ladies.

• Repayment durations are flexible, going up to 30 years. 
• Low-income borrowers may apply for these loans. 
• The PMAY subsidy is also available for these loans. 
• The rates of interest begin from just 8.35% per annum. 
• Loan interest type convertibility is also available. 

IDBI Bank Home Loan for Housewife / Women – Fees and Charges 

The key fees and charges include the following: 

Pre-Loan Disbursal Charges

• Processing- Rs. 5,000-15,000
• Technical and Legal- Rs. 2,500
• Property Inspection- Rs. 750-2,000

Post-Loan Disbursal Charges

• Foreclosure- Zero for floating-rate loans and 2% of outstanding loan amount for fixed-rate loans
• Late payment costs- 2% of the amount overdue 
• Conversion charge for interest rates- Rs. 5,000 or 0.25% of outstanding balance amount

IDBI Bank Home Loan for Housewife / Women – Documents Required

What are the documents necessary to apply for the IDBI Bank home loan for women? Here is the list: 

• ID and Address Proof
• Salary slips for last three months and bank statements for 6 months 
• Form 16 or ITR if needed for salaried borrowers
• Self-employed borrowers may have to furnish educational qualification proof along with business operation proof. 
• They may require business profile details in addition to ITR for last three years (business and self), P&L and balance sheet for last three years. 
• Bank statements for last 6 months are also necessary for self-employed borrowers. 

IDBI Bank Home Loan for Housewife / Women – Eligibility Criteria

The IDBI Bank home loan for women’s eligibility criteria also include the following: 

• The minimum age limit is 22 years for salaried borrowers and 25 years for self-employed borrowers. 
• The maximum age will be less than 70 years for those who are salaried. 
• It will be 65 years or the age of retirement for those who are non-salaried.
• Stability and continuity of income. 

Types of IDBI Bank Home Loans for Women

There are two IDBI Bank home loan offerings in this category. 

• IDBI Bank Housing Loan- This loan is helpful for renovating, buying, or constructing new homes. The bank offers tenures going up to 30 years in tandem with attractive rates of interest. The LTV ratio is also quite high for these loans. 
• Pradhan Mantri Awas Yojna (PMAY)- PMAY is the Indian Government’s flagship scheme for enabling affordable housing solutions for middle-income and lower-income groups. IDBI Bank enables borrowers to obtain the CLSS (credit-linked subsidy scheme) to help them own their homes.