IDBI provides enticing house loan interest rates beginning at 8.05% p.a. for customers looking to purchase their dream homes. These rates are reasonable and present alluring financing options with periods of up to 30 years.
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If certain conditions are met, the loan amount can cover up to 90% of the property’s value. Women candidates are eligible for substantially more appealing interest rates starting at 8.05% p.a. It’s crucial to remember that IDBI assesses loan applicants’ creditworthiness and requires a credit score of 650 or above.
IDBI Home Loan Interest Rates of Different Schemes in 2024
Here are the interest rate ranges for different home loan schemes offered by IDBI:
| Scheme | Interest Rate Range |
| IDBI Flexi Home | 8.55% – 9.75% |
| IDBI MyHome | 8.55% – 9.75% |
| IDBI Pradhan Mantri Awas Yojana (PMAY) | 6.75% – 7.75% |
| IDBI Women’s Home Loan | 8.55% – 9.75% |
| IDBI Senior Citizens Home Loan | 8.80% – 12.25% |
IDBI Offers Various Types of Home Loans – A Detailed Overview
IDBI provides a wide variety of home loan types to fit different needs:
Flexi Home Loan
Flexi Home Loan is a home loan plan with flexible payment options that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 65 years
- Cibil Score: Minimum credit score must be 750.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 5 Lakhs – 10 Crores
- Interest Rate: 8.55% – 9.75%
- Processing Fees: 1% of the loan amount
MyHome Loan
MyHome Loan is a very popular home loan product provided by IDBI that caters to both salaried and self-employed individuals who are wishing to purchase their home property.
Read: Home Loan Prepayment Calculator: Maximise Your Savings
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- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 21 – 70 years
- CIBIL Score: Minimum credit score must be 750.
- Employment Type: Both salaried and self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 5 Lakhs – 75 Lakhs
- Interest Rate: 8.55% – 9.75%
- Processing Fees: 1% of the loan amount
Pradhan Mantri Awas Yojana
IDBI Pradhan Mantri Awas Yojana (PMAY) is a government-backed home loan scheme that provides financial assistance to low-income and middle-income families to buy a house. The IDBI PMAY scheme is a great way for low-income and middle-income families to buy a house. The scheme offers several benefits that can help make home ownership more affordable.
- Applicant Type: Economically Weaker Section (EWS) and Low Income Group (LIG)
- Eligibility:
- Age: 21 – 65 years
- Cibil Score: Minimum credit score must be 750.
- Loan Tenure: Up to 20 years.
- Loan Amount: 6 Lakh – 25 Lakhs
- Interest Rate: 6.75% – 7.75%
- Processing Fees: Nil
Women’s Home Loan
For only female applicants, IDBI offers unique house loan programmes. To encourage and support women in their quest for homeownership, these loans offer enticing interest rates, reduced processing fees, and additional incentives.
- Applicant Type: Women, including salaried and self-employed.
- Eligibility:
- Age: 21 – 60 years
- CIBIL Score: Minimum credit score must be 750.
- Employment Type: Both salaried and self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 5 Lakh – 75 Lakhs
- Interest Rate: 8.55% – 9.75%
- Processing Fees: 1% of the loan amount
Senior Citizens Home Loan
The IDBI Senior Citizens Home Loan is a great way for senior citizens to achieve their dream of owning a home. This scheme is specifically tailored for senior citizens who aspire to buy a home and prioritises affordability and ease of repayment.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 60+ years
- Cibil Score: Minimum credit score must be 750.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 25 years.
- Loan Amount: 5 Lakh – 75 Lakhs
- Interest Rate: 6.85% – 7.75%
- Processing Fees: 1% of the loan amount
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IDBI Home Loan Interest Rates for Women
To make home loans more affordable for women who apply, IDBI offers reduced interest rates and reductions in processing expenses.
Read: Section 80EE: The Ins and Outs of Purchasing Your First House
| CIBIL Score | Interest Rate |
| 750 and above | 8.70% p.a. |
| 700 – 749 | 8.85% p.a. |
| 650 – 699 | 9.00% p.a. |
| 600 – 649 | 9.15% p.a. |
| 550 – 599 | 9.30% p.a. |
Please take note that the interest rates stated are merely examples and could vary. However, female candidates are still able to make use of these advantages to get a mortgage with a favourable interest rate.
IDBI Home Loan Interest Rates for Self-Employed
IDBI Bank offers home loans to self-employed individuals. The interest rates for self-employed individuals are slightly higher than the interest rates for salaried individuals.
| CIBIL Score | Interest Rate Range |
| 750 and above | 7.15% |
| 700 – 749 | 7.30% |
| 650 – 699 | 7.45% |
| 600 – 649 | 7.60% |
| 550 – 599 | 7.75% |
IDBI Home Loan Interest Rates for Salaried
Salaried individuals are welcome to take advantage of IDBI’s alluring interest rates, which are depending on their credit scores.
| CIBIL Score | Interest Rate Range |
| 750 and above | 6.95% |
| 700 – 749 | 7.10% |
| 650 – 699 | 7.25% |
| 600 – 649 | 7.40% |
| 550 – 599 | 7.55% |
IDBI Home Loan Interest Rates for NRI
IDBI provides competitive interest rates for home loans catering to NRIs.
| Eligibility | Non-Resident Indians (NRIs) and Persons of Indian origin (PIO) |
| Loan Tenure | Up to 30 years |
| Loan Amount | Up to 2.5 Crores |
| Interest Rate Range | 7.35% to 7.55% p.a |
| Processing Fees | 1% of the loan amount. |
Unique Benefits and Features of IDBI Home Loan
- Attractive interest rates: IDBI Home Loan offers attractive interest rates based on the MCLR, which are reevaluated and subject to change regularly. You can reduce your monthly EMI costs by doing this.
- Long repayment term: The IDBI Home Loan’s prolonged repayment term lowers monthly EMIs because EMI amounts decrease with longer repayment terms. It’s crucial to keep in mind, though, that larger overall interest payments result from a longer tenure.
- Relaxed documentation: Documentation requirements are more simplified for IDBI Home Loans, which simplifies the application procedure. While collateral or third-party guarantees are not required, basic documents like a PAN card, passport, and pay stubs are.
- Special Benefits for Female Applicants: Female candidates are given special benefits by IDBI, such as lower loan rates and processing fee exemptions. These incentives are created to help women achieve their dream of home ownership by making it more cheap and accessible.
- Personalised Loan Options for Self-Employed Applicants: Self-employed individuals have specific financial demands, and IDBI realises this and offers home loan options that are tailored to their requirements. These customised loan options ensure that self-employed people have access to the appropriate types of financing by taking into account their unique needs and preferences.
How to Apply for a Home Loan at IDBI?
IDBI offers a straightforward application procedure, which you can use to apply online through their website or in person at a nearby location. By adhering to a few important steps, you may submit your application, provide the necessary evidence, and wait for IDBI’s approval. If your application is approved, you can proceed with the loan agreement process and receive the sanctioned loan amount, bringing your goal of owning a home one step closer to reality.
Read: Home Loan Down Payment: Key Strategies and Benefits
- Visit IDBI Home Loans Website or Branch:
Log on to the IDBI home loans website or visit a nearby IDBI branch.
- Fill Out Application Form:
Complete the online application form by providing your personal information, financial details, and relevant information about the property you intend to purchase or use as collateral.
- Submit Required Documents:
To move forward with your loan application, gather and submit the required documents, including identity proof, address proof, income proof, and relevant property documents. Make sure that all necessary documentation is provided accurately and promptly to facilitate the loan processing and verification procedures.
- Await Approval and Verification:
IDBI will carefully examine your application after you submit it. Based on the data you have supplied, they will determine your eligibility and take the appropriate verification steps. To ensure accuracy and compliance with their lending criteria, this review procedure is essential.
- Complete Loan Agreement Process:
Once your application is accepted, you must complete the loan arrangement by signing the proper paperwork and paying any costs due. This step is necessary to finish the loan application process and move on with the money disbursement.
- Receive Sanctioned Loan Amount:
Upon the successful completion of the loan agreement process, you will be receiving the approved loan amount as per the terms and conditions.
- Disbursement of Funds:
The loan funds will be disbursed per the mutually agreed-upon terms and conditions.
IDBI Home Loan Eligibility
To be eligible for an IDBI Home Loan, applicants must meet certain criteria:
- Income Criteria: Applicants must establish their ability to repay the loan with a steady and predictable income to be approved for one. For various loan amounts and localities, IDBI establishes certain income criteria, often beginning at a minimum of Rs. 30,000.
- Credit Score: The borrower’s credit score is important since it indicates how creditworthy they are. When determining a candidate’s eligibility for a house loan, IDBI considers their credit score.
- Age Criteria: For those requesting house loans, IDBI sets both a minimum and a maximum age restriction. In general, the minimum age requirement is 21, while the maximum age limit varies depending on the loan tenure selected.
- Employment Type: By taking into account the applicant’s employment status—salaried or self-employed—IDBI assesses their stability and repayment capabilities. This evaluation aids IDBI in determining the applicant’s financial stability and capacity to make loan repayments.
- Loan Amount Eligibility: The value of the asset being financed and the borrower’s ability to repay the loan are just two of the many variables that affect an applicant’s eligibility for a particular loan amount. The maximum loan amount that the applicant is eligible for is decided after taking into account these variables.
Documents Required for IDBI Home Loan
Applicants need to submit the following documents when applying for an IDBI Home Loan:
- Proof-of-Identity: Valid documents like an Aadhaar card, PAN card, passport, or voter ID are necessary to establish the applicant’s identity.
- Proof-of-Address: Documents like an Aadhaar card, utility bills, or rental agreement are needed to verify the applicant’s residential address.
- Proof-of-Age: Documents like a birth certificate, school leaving certificate, or any other valid document that confirms the applicant’s age are required.
- Income-Proof: IDBI mandates income proof to evaluate the applicant’s repayment capacity. This may include salary slips, income tax returns, bank statements, or other relevant documents.
- Property-related Documents: Documents about the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports, are necessary for verification purposes.
IDBI Home Loan EMI Calculator – How to Calculate IDBI Home Loan EMI?
To calculate your IDBI home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
EMI Calculator
Loan Amount
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Rate of Interest (P.A)
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Loan Tenure
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Principal Amount
Total Amount
IDBI Home Loan Interest Rates for the Last 10 Years:
| Year | Interest Rate Range |
| 2013 | 9.65% – 10.55% |
| 2014 | 9.35% – 10.25% |
| 2015 | 9.05% – 9.95% |
| 2016 | 8.75% – 9.65% |
| 2017 | 8.45% – 9.35% |
| 2018 | 8.15% – 9.05% |
| 2019 | 7.85% – 8.75% |
| 2020 | 7.55% – 8.45% |
| 2021 | 7.25% – 8.15% |
| 2022 | 6.95% – 7.85% |
IDBI Home Loan Interest Rate Compared to Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% – 14.00% |
| Aditya Birla Capital Home Loan | 9% – 12.50% |
| Bandhan Bank | 8.65% – 13.65% |
| Bank of Baroda | 8.50% – 10.60% |
| Bank of India | 7.80% – 9.65% |
| Bank of Maharashtra | 8.40% – 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% – 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% – 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% – 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% – 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% – 10.05% |
| IDBI Bank | 8.75% – 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% – 10.38% |
| Karur Vysya Bank | 9.23% – 12.13% |
| Kotak Mahindra Bank | 8.85% – 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% – 10.85% |
| Reliance Home Finance | 9.35% – 13% |
| State Bank of India | 8.25% – 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% – 11.25% |
Factors that Affect IDBI Home-Loan Interest Rate
- CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan. As a result, you will be offered a lower interest rate.
- Loan amount: The loan amount is the total amount of money that you are borrowing. The larger the loan amount, the higher the interest rate will be.
- Loan tenure: The loan tenure is the period over which you will repay the loan. The longer the loan tenure, the higher the interest rate will be.
- Property type: The type of property that you are buying can also affect the interest rate. For example, a loan for a residential property will have a lower interest rate than a loan for a commercial property.
- Lender’s risk appetite: If the lender perceives the loan as being riskier, they will charge a higher interest rate.
- Market conditions: The current market conditions can also affect the interest rate on an IDBI home loan.
Tips for Lower-Interest IDBI Home Loans
- A good credit score: Ensure timely payment of bills and keep your credit utilisation ratio low to maintain a favourable credit score.
- Opt for shorter tenures: Selecting a shorter loan tenure can potentially lead to lower interest rates.
- Compare schemes and interest rates: Conduct thorough research and compare the various home loan schemes and interest rates offered by IDBI to identify the most suitable option for you.
- Making a higher down payment: Making a higher down payment reduces the loan amount, resulting in a lower interest burden.
- Accurate documentation: Ensure that all required documents are precise and complete to avoid delays and increase the likelihood of securing a lower interest rate.
- Build a relationship with the bank: Establishing a positive relationship with the bank, such as maintaining accounts or investments, may aid in negotiating better interest rates.
IDBI Home loan interest rates are very competitive beginning at 8.05% p.a. They provide engaging programming for women, self-employed individuals, salaried employees, and NRIs to cater to a variety of consumer needs.
Whether you’re seeking to transfer your current loan or buy a new house, IDBI offers flexible choices. Apply as soon as possible to benefit from the current low-interest rates on IDBI home loans. For additional information, go to NoBroker Home Loan Services.
Disclaimer
This article is solely for educational purposes. NoBroker doesn’t take any responsibility for the information or claims made in the blog.
Top Indian Bank Home Loan Intrest Rates
Frequently Asked Questions
1. What is the current IDBI home loan interest rate for 2024?
The current IDBI home loan interest rate for 2024 starts from 8.05% p.a. and may vary based on the scheme and the applicant’s profile.
2. Does IDBI offer fixed or floating interest rates for home loans?
IDBI offers both fixed and floating interest rate options for home loans, allowing borrowers to choose the option that suits their needs.
3. Can I get an IDBI home loan if I work in the government sector?
Yes, IDBI offers home loans to government employees at attractive interest rates. They have specialised programmes designed to satisfy the particular requirements of government employees, making homeownership more accessible and affordable.
4. Does IDBI offer a top-up loan facility for existing home loan borrowers?
Yes, IDBI provides a top-up loan facility to existing home loan borrowers who have a good repayment track record. This enables borrowers to access additional funds for various purposes, such as renovation or meeting other financial needs.
5. What are the features and benefits of IDBI’s home loan balance transfer option?
Borrowers can transfer their existing house loan from another bank to IDBI at enticing interest rates using the company’s home loan balance transfer option. Possible interest expense savings, greater customer service, and new features and benefits provided by IDBI are all advantages.
6. Can I prepay my IDBI home loan before the completion of the loan tenure?
Yes, IDBI allows borrowers to prepay their home loans partially or in full before the completion of the loan tenure. However, prepayment charges may be applicable based on the loan agreement terms.
7. What is the processing fee charged by IDBI for home loans?
The processing fee for IDBI home loans varies depending on the loan amount and scheme. It is generally 1% of the loan amount and covers the administrative costs associated with loan processing.
8. How long does it typically take for IDBI to process and approve a home loan application?
The complexity of the case, the veracity of the supplied documentation, and the property verification will all affect how long it takes to process an IDBI house loan application. Applications for home loans are processed and approved by IDBI in an average of 10-15 working days, provided that all requirements are met.
9. Can NRIs apply for IDBI home loans?
Yes, IDBI provides home loan options specifically designed for NRIs, allowing them to fulfil their dream of owning a home in India.
10. Can I get an interest rate certificate for my IDBI home loan?
Yes, IDBI provides an interest rate certificate to its home loan borrowers. This certificate can be useful for income tax purposes, as it helps in calculating the interest component eligible for tax benefits.
