Usually, when you apply for an IDBI Home Loan there are a few steps you need to take. They are given below: 

1. Visit your nearest branch of IDBI bank to fill the physical home loan application form
2. Submit a few important documents. These include KYC, financial, and property 
3.  The IDBI Bank initiates loan processing along with legal and technical verification 
4.  The loan eligibility is determined after which IDBI Bank will provide a sanction letter. This includes a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions 
5. Finally, once the loan disbursement request is raised, IDBI will issue the loan disbursement cheque. 

There are a few essential documents that you need to submit while applying for an IDBI Bank Home Loan. They are given in the table below:

A few reasons why you need to choose IDBI Bank Home Loan include the availability of attractive lowest interest rates and flexible loan tenure. Also, this bank provides you with 100% hassle-free digital loan processing.

Usually, after submitting the online application and verifying the submitted documents for verification, IDBI Bank takes about 3 to 7 working days to sanction the home loan.

The minimum CIBIL score that you need to possess for securing an IDBI Home Loan is about 750.

The maximum home loan amount sanctioned by the IDBI Bank is Rs 10 crore and the minimum loan amount is Rs 5 lakhs.

It is not compulsory that you have a co-applicant while applying for an IDBI Bank Home Loan. Moreover, having one helps in significantly improving your loan eligibility thereby proving to your lender that you are ‘Creditworthy’ and chances to improve terms and conditions.

The frequency of your IDBI Home Loan rate of interest (ROI) will change depending on the type of ROI you choose. So, if you select a floating interest rate then there will be changes. However, if you opt for a fixed interest rate then there will be no changes seen.

Typically, when you do possess IT returns in the form of documents to show for three financial years, the chances of you securing an IDBI Home Loan only increase significantly. However, you can also secure an IDBI Home Loan despite not having IT returns for three financial years to show, provided you seek a small loan amount and have a good CIBIL score to show you are ‘Creditworthy’.

After applying for an IDBI Home Loan, submitting every required document, and providing a sanction letter, IDBI Bank takes about 4-5 working days to disburse the loan.

There are a few details about an IDBI Home Loan that you need to know. They are as given below: 

1. Different types of IDBI Home Loan:

   Depending on whether you are a salaried, self-employed professional, or self-employed nonprofessional there are few documents you need to submit. They are as follows: 

   1. Salaried:

      1. Bank statement for the last six months 
      2. ITR/Form 16 
      3. Residency and Identity proof 
      4. Application form with photograph 
      5. Processing fee cheque 
      6. The last three months’ salary slip 

   2. Self-employed professional:

      1. Bank statements for the last six months 
      2. Previous three years’ income tax returns 
      3. Proof of business existence and educational qualifications 
      4. Profit and Loss Balance sheet of the last three years 
      5. Proof of residency and identity 
      6. Last six months bank statement 

2. Self-employed non-professional:

   1. Profile of business 
   2. Proof of business existence 
   3. Previous three years’ income tax returns 
   4. Profit and loss balance sheet of last three years 
   5. Bank statements for the last six months 
   6. Free cheque processing 
   7. Identity and residency proof