IDBI Bank Home Loans Rates

When it comes to financing a home, the most important factor that comes to the borrower’s mind is the home loan rates. He should compare home loan rates from a number of lenders and go for the one that suits his budget well. IDBI Bank home loans rates are truly attractive and these loans are offered with an exclusively planned insurance cover to safeguard your home.

About IDBI Bank home loans rates

IDBI Bank home loans rates are really affordable for the common borrower. The Base Rate of IDBI Bank has been fixed at 8.50% per annum. This rate will be valid with effect from 1st October, 2010. The tables given below will help you understand the home loan rates offered by IDBI Bank:

Home Loans (Fixed )
Options	Rate of Interest (%) per annum
Fixed for 3 years	10.75 %
Fixed for 5 years	11.00 %

Home Loans (Floating)
Loan Terms	Home loans	Home loan Interest Saver
Up to Rs 20 lacs	8.50 % p.a (Tied to base rate)	9.00% p.a (Tied to base rate)
Over Rs 20-Rs 30 lacs	8.75% p.a (Tied to base rate)	9.25 % p.a (Tied to base rate)
Over Rs 30-Rs 50 lacs	9.00% p.a (Tied to base rate)	9.50% p.a (Tied to base rate)
Over Rs 50 Lacs	9.25 % p.a (Tied to base rate)	9.75 % p.a (Tied to base rate)

Mortgage Loan (Floating)
Options	Rate of Interest (%) per annum
Loan Against Property (LAP) (Commercial/Residential)	11.75 % p.a (Tied to base rate)
Loan against Plot (Commercial/Residential)	12.75 % p.a (Tied to base rate)
Loan Against Property Overdraft (Commercial/Residential)	12.00 % p.a (Tied to base rate)
Loan Against Rent Receivables (LARR) (Commercial/Residential)	11.75 % p.a (Tied to base rate)

Interest rate is adjusted in case of floating loan options. Interest rate is tied to the Benchmark Prime Lending Rate (BPLR). BPLR will be modified periodically

according to the discretion of IDBI Bank.

Repayment of IDBI Bank Ltd home loans

You can usually pay off the loan via Equated Monthly Installments (EMIs) including both principal and interest. If the final payment is nevertheless still due, you can make interest payments on the part of the loan received prior to the beginning of EMI.

Your loan repayment can also be tailored to fit your convenience. For example, the installments can be less in the starting years and can progressively rise throughout a period of time or vice versa.

The maximum possible repayment term for a home loan to a Resident Indian is 25 years if he/she is working and for self employed individuals, it is 15 years. The maximum possible repayment term for a home loan to Non Resident Indian is 15 years.

Foreclosure/Prepayment

Foreclosure/prepayment is allowed after 6 months of final disbursal. If the home loan is prepaid/foreclosed from the own funds of the borrower, no pre-payment penalties will be imposed. Nevertheless, a pre-payment penalty of 2% on principal amount due will be imposed, if pre-payments are done from other sources.