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I have taken this loan in IDBI BANK before 1.5 years. I am very much satisfied with the loan process. The loan duration is 1.5 years and they did charge some processing fee which was pretty reasonable. They requested for few hard copy for processing the loan.
They said initially that they just can’t do it. But after some days, when I tried they seem to have disabled the validation JavaScript for NEFT transactions. Looks like they still do the validation for intra ICICI transfers.
IDBI Bank Home Loan Highlights
Citizens of India staying abroad for an indefinite period of time. An NRI can avail the loan for a number of needs like buying a house, building a house, or for renovation of an existing house. But the property has to be located somewhere in India. Very often you may find yourself in a situation where you have to raise money for urgent requirements or unforeseen contingencies. In 2011, the bank became the proud recipient of Banking Technology awards from Indian Bank Association. The awards were given for the bank’s Risk Management and also for best use of Business Intelligence.
However, for the purpose of computation of interest subsidy the loan tenor to be restricted up to 20 years or the actual loan tenor, whichever is lower. Income group to be arrived on gross annual income basis. You may repay your Home Loan by way of SI with IDBI Account or by way of ECS instruction on your non IDBI account. This comprises of Principal as well interest component. Interest charged under Home Loan is on reducing Balance.
IDBI Bank Home Loan Interest Rates
As far as ICICI is concenrned, even for doing a part payment through NEFT, one has to visit the branch first in order to get a Service request number. So, with ICICI it nullifies the benefit of doing it solely online through NEFT (weird but that’s how it is). I have taken a personal loan and it was a simple process. They provided a good rate of interest on the loan. It was completed with minimal documentation too. It is important to know how much EMI you would need to pay for a personal loan.
IDBI Bank offers you the option of closing your personal loan account before the end of the original tenure. On choosing this option, the bank will inform you regarding your outstanding loan balance. If you want to foreclose your personal loan, simply call up the bank on their customer care number and ask them if you are eligible to do so. Prepayment or foreclosure of IDBI personal loans is allowed after 6 months of loan disbursal without any prepayment charges. Prepayment or foreclosure before it will accrue a prepayment charge of 2% of the outstanding loan amount.
Home Loan
IDBI loan is ideal due to the fact I am a present customer, there has been no documentation seeing that I am a KYC customer. I took Rs. 4 lakhs for the loan duration of 5 years. I was given the better interest round 12 to 13% for the personal loan, it'd notable in the event that they lessen it. \nThe bank charges a fixed interest rate of 10.25% for loans if the sanctioned amount is not more than Rs.30 lakhs.
This way, you will be able to save money since you won’t have to pay interest for the remaining loan duration. There are no pre-closure charges if you foreclose the loan after 24 months from the date of disbursement. The quantum of interest subsidy would be paid upfront by the Govt. For crediting the same to the loan account of the beneficiaries in order to lower the EMI burden of the eligible borrowers.
Idbi Bank Calculators
Now, after few days, I see that my outstanding balance is 25.22 lacs. When I checked the transaction history, I notice that an interest of 22,000 has been debited to my loan account. I have a doubt..I want to transfer my EMI amount on the 1st of the month itself. By this way, you can get benefit of prepayment as well as reduced branch visits.
I tried speaking to their DSA and he told me he will revert back but never did after repeated calls also? I am still in the process of collecting money for prepayment but I would appreciate if someone could guide me in paying online. Also in chennai you will not be able to prepay money in all branches, there is a branch in Ambedkar road, near kodambakkam where you will be able to pay pre payments for home loan. Does anyone know if there is a limit on the number of prepayments made ? When i availed maxgain loan, i was told that there is no restrictions on the number of prepayments.
We can extend in-principle sanction based on your repayment capacity. Accordingly based on the loan amount sanctioned, you may search the property. For final sanction, property identified for the purpose should meet our criteria.
Just to add, the home loan was set up initially in the form of cheques , but once these were finished, I set up auto transfers. I also topped up whenever I could using online transfer. I was recently advised by LIC employee about online payments.
\nProof of business ownership is required when there is a need to prove that a person has ownership in a business. \nApplying for a loan from IDBI Bank is a very easy process. The loan approval and verification process are much simpler and easier for those who already have an account in the bank. Forbes Advisor adheres to strict editorial integrity standards.
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