IDBI Bank Home Renovation Loan

IDBI Bank Home Renovation Loan comes under the IDBI Bank Personal Loan category, which aims to help those planning a makeover of their homes. Government and private entities, employees, and pensioners can use this loan. With a minimum monthly income of Rs. 15000 for salaried individuals and flexible age criteria, borrowers can access loan amounts ranging from Rs. 25,000 to Rs. 5,00,000 in the salaried category and Rs. 3,00,000 in the pensioner’s category. The fixed-rate loan offers a repayment tenure of 12 to 60 months with a processing fee of 1% of the loan amount. Part-payment options and top-up loans are available for existing customers with a satisfactory repayment record. Ideal for home renovations, the loan ensures hassle-free financing for individual needs.

IDBI Bank Home Renovation Loan Features & Benefits

Check out the features and benefits of IDBI Bank home renovation loan:

• Offer competitive interest rates.
• Wide range of loan variants for specific needs, including new residential purchases, plots and construction, renovation, resale, balance transfers, and top-ups.
• Higher Loan Amounts range goes up to Rs. 5 lakhs.
• Flexible tenure options range from 1 year to 30 years
• Digitalised Application Process
• Special programs allow the transfer of existing home loans with waived-off legal charges.
• Insurance products to provide additional security for borrowers and their homes.
• No part payment or foreclosure charges for overdraft facilities.
• Loan facility available for permanent employees of various organisations, renewable every two years, with no processing fee.

IDBI Bank Home Renovation Loan Interest Rates

Find below the table for the details about the IDBI Bank home improvement loan interest rate:

IDBI Bank Home Renovation Loan Eligibility Criteria

Find below the eligibility criteria for the IDBI Bank home renovation loan:

IDBI Bank Home Renovation Loan Documents Required

Listed below are the documents required for applying for the IDBI Bank home renovation loan:

Application with photograph

Identity Proof

• PAN card
• Aadhaar card
• Driving Licence
• Election ID card
• Passport
• Govt., Defence ID cards, etc.

Address Proof

• Aadhaar Card 
• Election ID Card 
• Telephone Bill 
• Passport 
• Driving Licence

Income Proof

• Salaried: Latest salary slips, latest Form 16, last 6 months bank statement
• Self-Employed: Submit the last 3 years of ITR for both personal and business income, Include the last 3 years’ profit/loss statement and balance sheet for your business, Provide bank statements for the last 6 months to showcase your financial transactions and stability.

IDBI Bank Home Renovation Loan Processing Fees and Other Charges

Let’s have a look at the processing fees and other charges of IDBI Bank home renovation loan:

IDBI Bank Home Renovation Loan for Salaried Person

IDBI Bank’s Home Renovation Loan caters to salaried individuals, offering competitive rates and flexible terms. Applicants aged 21 to 60 need a minimum income of Rs. 1,80,000 per annum. Loan amounts range from Rs. 25,000 to Rs. 5,00,000 and have a tenure of 12 to 60 months. This is a viable option for salaried people looking to renovate their homes.

IDBI Bank Home Renovation Loan for Self-Employed

IDBI Bank extends its Home Renovation Loan to self-employed individuals. Eligible applicants, aged 25 to 65, must have a minimum annual income of Rs. 3,60,000. Loan amounts range from Rs. 25,000 to Rs. 5,00,000 and have a 12- to 60-month tenure. With IDBI Bank, self-employed individuals can easily access funds to renovate their homes conveniently and flexibly.