IDBI Home Loan Eligibility Calculator

Loans have become an integral part of finances. Especially when purchasing a home! To know your eligibility for an IDBI Home Loan has never been more accessible. This is due to the innovative IDBI Home Loan Eligibility Calculator available on Urban Money's website. The tool is your virtual compass, guiding you through the intricate landscape of loan approvals and helping you unlock the doors to your dream home.

Moreover, you can also incorporate this tool to improve your home loan eligibility and get the best deal for your home. In this guide, read about how best to utilise the IDBI housing loan eligibility calculator. 

IDBI Home Loan Eligibility Calculator –  Key Features & Benefits

Here are the key features and benefits of using the IDBI Home Loan Eligibility Calculator:

Key Features

• Quick Eligibility Assessment: The seamless tool lets you swiftly assess your eligibility for an IDBI home loan. All that is required is for the user to put some information in.
  
• User-Friendly Interface: The user-friendly interface lets you navigate through effortlessly. This makes it easy for the results to be generated quickly.
  
• Real-Time Results: The tool shows results in real-time in an instant.
  
• Customised Loan Amount and Tenure: You can enter your desired values using the tool.
  
• Seamless Navigation: The calculator offers smooth navigation, guiding you through each step to check your eligibility hassle-free.

Benefits

• This calculator saves valuable time by providing quick eligibility information without requiring a lengthy manual assessment.
• The calculator offers accurate insights into your eligibility based on the details provided, aiding you in making informed decisions about your home loan application.
• The calculator promotes transparency by clearly presenting your eligibility status and the factors affecting it, ensuring a clear understanding of the loan approval likelihood.
• By understanding your eligibility, you can plan your finances better, aligning your expectations with what you can afford and manage comfortably.
• Armed with your eligibility details, you can make well-informed decisions when considering a home loan, assisting you in choosing the right loan options.

How to Use the IDBI Home Loan Eligibility Calculator?

Follow the steps below to use the IDBI home loan eligibility calculator on Urban Money’s website.

• Go to the website www.urbanmoney.com.
• Select the “Loans” option and choose “Home Loan” from the top horizontal menu.
• You’ll be directed to the home loan page, which presents various prominent banks and NBFCs in India.
• Scroll through and opt for “IDBI Bank.” This will redirect to ‘IDBI Bank Home Loan‘ page.

• The IDBI Bank home loan eligibility check calculator will display on your screen.
• Fill in the necessary details such as your name, contact number, city, desired loan amount, loan tenure, etc.
• Click on the “Check Eligibility” button.
• There will be a 6-digit OTP verification step for authentication. 
• The calculator will promptly display the results.
• If you wish to proceed and apply for a home loan from IDBI Bank, click on the “Apply Now” button. Alternatively, you can choose “View All Offers” to review and compare offers from other lenders and IDBI Bank.

IDBI Home Loan Eligibility Criteria

The IDBI home loan eligibility calculator is a great tool to assess whether or not one is ready to apply for a loan scheme. However, there are general guidelines that one has to adhere to. Here are some specific category-based criteria.

IDBI Home Loan Eligibility Based on Salary

The applicant’s income is crucial in determining home loan eligibility. The IDBI Bank home loan eligibility calculator displays the loan amount you are eligible for based on different monthly income ranges. These are calculated based on a repayment tenure of 30 years with an interest rate of 7.15% p.a. (the starting interest rate for IDBI Bank’s home loans). The interest rate is floating and linked to the Repo Linked Lending Rate (RLLR).

IDBI Home Loan Eligibility Criteria for Self-Employed Individuals

Self-employed professionals and non-professionals can also apply for home loans from IDBI Bank. The eligibility criteria for this category include the customer’s age, which must be at least 25 and a maximum of 65 years. Moreover, they should be able to produce proper documentation at the time of application. These documents must necessarily include proof of continued income. Besides, borrowers must show their balance sheets for the last three years. Lastly, they must have filed their income tax returns on time. 

IDBI NRI Home Loan Eligibility

This loan scheme is also designed for NRIs and PIOs. The specific eligibility criteria for NRI home loans are:

• Borrowers applying under the NRI category must be able to prove their status. They can show a valid passport and necessary NRI papers. 
• Also, a regular income should come from their salary or business.  
• The age bracket for these customers is 21 to 60. 
• The repayment may be made through remittances from abroad or other domestic sources, including rental income from the property.

Special IDBI Home Loan Eligibility for Women Applicants

Women applicants can avail of special benefits from IDBI Bank, such as lower interest rates and processing fee exemptions. These incentives are designed to help women achieve their dream of home ownership by making it more affordable and accessible. Some of the features of these benefits are:

• Women applicants should be either primary or sole applicants
• They should have a minimum monthly income of Rs. 15,000 for salaried persons and Rs. 2 lakhs for self-employed persons
• An interest rate concession of 0.05% p.a. on their home loans is given
• Women applicants can get a processing fee waiver up to Rs. 5,000 on their home loans

List of Factors affecting IDBI Home Loan Eligibility

IDBI home loan eligibility can be affected by various factors. These factors add significantly to a customer’s worthiness of availing of a lucrative loan plan. One should effectively begin their loan scouting by checking the IDBI home loan eligibility calculator just to be sure how to proceed. IDBI Bank’s home loan eligibility calculator provides information that can be used to improve creditworthiness and get the best deal.

Also, understanding the list of factors affecting IDBI home loan eligibility can assist individuals in securing the maximum loan amount with the lowest loan interest rate.

• Applicant’s age
• Applicant’s credit score
• Job continuity or business stability
• Applicant’s salary or income source
• Indian citizenship status
• Repayment capacity
• Assets and liabilities

Tips to Improve your IDBI Home Loan Eligibility

Improving your eligibility for an IDBI home loan involves enhancing your financial profile and demonstrating responsible financial behaviour. Here are some tips to boost your eligibility:

• Paying all your bills and EMIs on time can improve your credit score. Go for it. A good credit score improves your credibility and increases your chances of loan approval.
• Lower debt levels improve your debt-to-income ratio, a crucial factor in loan eligibility.
• Explore opportunities to increase your income through salary increments, additional sources of income, or investments.
• A higher down payment reduces the loan amount you need, making it easier to meet eligibility criteria.
• If possible, involve a co-applicant or a guarantor with a good credit score and a stable income to enhance your overall eligibility.

Impact of Credit Score on IDBI Home Loan Eligibility

A credit score plays a significant role in determining your eligibility for an IDBI home loan. The credit score is a numerical representation of your creditworthiness and is based on your credit history, repayment behaviour, outstanding debts, and other financial factors.

Here’s how your credit score impacts your IDBI Home Loan eligibility:

• Loan Approval Probability: A higher credit score increases the likelihood of getting approved for an IDBI Home Loan. Like other financial institutions, IDBI Bank prefers applicants with a good credit score as it indicates responsible financial behaviour.
  
• Interest Rates: Your credit score affects the interest rate you’ll be offered on the home loan. A higher credit score typically leads to lower interest rates, saving you money over the loan’s tenure.
  
• Loan Amount and Tenure: A good credit score might enable you to secure a higher loan amount and longer repayment tenure. IDBI Bank considers a good credit score to indicate your ability to manage a larger loan responsibly.
  
• Faster Processing: High credit scores can expedite the loan approval and processing process. IDBI Bank may process your application faster and with less scrutiny if you have a good credit history.
  
• Negotiating Power: With a good credit score, you have better negotiating power regarding the terms and conditions of the loan. You can negotiate for a more favourable loan structure.
  
• Loan Disbursement: A high credit score increases the chances of timely loan disbursement. IDBI Bank may prioritise applicants with good credit scores in their loan disbursement process.
  
• Preferential Treatment: IDBI Bank might offer preferential treatment or benefits to individuals with high credit scores, such as a quicker approval process or discounted processing fees.

Comparing Eligibility across Different IDBI Home Loan Products

IDBI Bank offers different home loan products for different purposes and segments of customers. The eligibility criteria for these products may vary depending on the loan type and features. Here is a comparison of eligibility across some of the popular IDBI Bank home loan products:

Home Loan

This basic home loan product can purchase, construct, extend, or renovate a residential property. The eligibility criteria for this product are:

• Indian citizens and NRIs
• The minimum entry age is 22 years, and the maximum exit age is up to 70 years or the retirement age, whichever is earlier (subject to submission of proof for continuity of income)
• Individuals may apply singly or jointly with other eligible individuals
• Minimum monthly income of Rs. 15,000 for salaried persons and Rs. 2 lakhs for self-employed persons
• Minimum work experience of 2 years for salaried persons and 3 years for self-employed persons
• There is no limit on the quantum of loan, subject to repayment capacity and value of property
• The maximum loan-to-value ratio of 90% for loans up to Rs. 30 lakhs and 80% for loans above Rs. 30 lakhs

Home Loan Interest Saver

This unique home loan product allows borrowers to park their surplus funds in a linked current account and reduce their interest burden. The eligibility criteria for this product are:

• Indian citizens and NRIs
• The minimum entry age is 22 years, and the maximum exit age is up to 70 years or the retirement age, whichever is earlier (subject to submission of proof for continuity of income)
• Individuals may apply singly or jointly with other eligible individuals
• Minimum monthly income of Rs. 15,000 for salaried persons and Rs. 2 lakhs for self-employed persons
• Minimum work experience of 2 years for salaried persons and 3 years for self-employed persons
• There is no limit on the quantum of loan, subject to repayment capacity and value of property
• The maximum loan-to-value ratio of 90% for loans up to Rs. 30 lakhs and 80% for loans above Rs. 30 lakhs

Home Loan Top-Up

This is an additional loan that existing home loan borrowers can use for personal or business purposes. The eligibility criteria for this product are:

• Existing home loan borrowers with a satisfactory repayment record of at least 12 months
• The minimum entry age is 22 years, and the maximum exit age is up to 70 years or the retirement age, whichever is earlier (subject to submission of proof for continuity of income)
• Individuals may apply singly or jointly with other eligible individuals
• Minimum monthly income of Rs. 15,000 for salaried persons and Rs. 2 lakhs for self-employed persons
• Minimum work experience of 2 years for salaried persons and 3 years for self-employed persons
• Maximum loan amount of Rs. 25 lakhs or 50% of the original home loan amount, whichever is lower
• Maximum loan-to-value ratio of 75%, including the existing home loan

Home Loan Takeover Facility

This facility allows borrowers to transfer their existing home loan from another bank or financial institution to IDBI Bank at a lower interest rate and with additional benefits. The eligibility criteria for this product are:

• Existing home loan borrowers from another bank or financial institution with a satisfactory repayment record of at least 12 months.
• The minimum entry age is 22 years, and the maximum exit age is up to 70 years or the retirement age, whichever is earlier (subject to submission of proof for continuity of income).
• Individuals may apply singly or jointly with other eligible individuals.
• Minimum monthly income of Rs. 15,000 for salaried persons and Rs. 2 lakhs for self-employed persons.
• Minimum work experience of 2 years for salaried persons and 3 years for self-employed persons.
• There is no limit on the quantum of loan, subject to repayment capacity and value of a property.
• Maximum loan-to-value ratio as per the existing home loan product.