#idbi home loan
Welcome to world-class banking at IDBI Bank.
Home, sweet home, built out of your dreams. A place where you return after a hard day’s work and relax, a place where you share precious moments with your family. A place that gives you a sense of belonging. IDBI Bank helps you realise your long cherished dream of owning your home through hassle free and customer friendly home loans.
Presenting IDBI Bank’s ultra flexible home loan you have been looking for. We realise what owning your home means to you and your family.
You can avail of the Home Loans for constructing a home, purchasing a ready built house/flat, residential plot and even for re-financing existing loans you may have availed from other banks or housing finance companies. Click here to apply.
Advantages of IDBI Ultra Flexible Home Loans:-
- Maximum Funding
- Flexibility of choosing between Floating or Fixed interest rate
- Attractive rate of interest
- EMI on daily reducing balance
- Personalised doorstep service
- Simple documentation
- Legal and technical assistance
- Balance transfer facility
- Reassessment and adjustment of applicant’s loan eligibility in case of change of income and residence status
- Tenor of a home loan can be up to 25 years for a resident individual whereas for NRIs the maximum tenure is 15 years subject to maximum age of 60 years at maturity.
- Loan can be applied for a maximum of 90% of the property value subject to credit discretion.
- Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of the title deeds or such collateral security as may be necessary.
- Title to the property should be clear and free from encumbrance, i.e. without any pending legal litigation adversely affecting the ownership of the property.
- Other parameters considered include an account of your age, income, number of dependents, financial stability and co-applicant’s income.
- As per the current finance bill you can get :
– A maximum deduction of Rs. 1,50,000 on your income towards interest paid on your home loans u/s 24
– A maximum deduction of Rs. 1,00,000 on the principal repaid u/s 80 CCE
The above benefits are available subject to you fulfilling certain conditions, for which you should refer the IT Act 1961.
- Salaried individuals
- Self employed professionals/businessmen
- You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants.
Home Loan With Life Insurance:-
- For most of us, buying a house is an important milestone in our lives. Although, it can be a tremendously satisfying experience, it can also bring about a lot of concerns. Shall I be able to repay the loan? Shall I be able to manage my finances? And above all, If something happens to me, how will my family repay the loan?”
- We at IDBI, understand your concerns. Our Home Loans are now accompanied by a specially-designed insurance cover. So even if calamity strikes, your family needn�t worry about the loan./li>
- You normally repay the loan through Equated Monthly Installments (EMIs) comprising both principal and interest. If the final disbursement is however still pending, you pay interest on the portion of the loan disbursed before the EMI commences.
- We could also structure your loan repayment to suit your convenience. For instance, the installments could be lower in the initial years and could gradually increase over a period or vice versa.
- The maximum possible tenure for a Resident Indian is 25 years if employed and 15 years if self employed. While the same for an NRI is 15 years.
Home Loan Interest Rates:-
- Home Loans (Floating)
1-25 years (Up to 20 lacs) — (BPLR-3.75) — 9.75 %
1-25 years (Above 20 lacs) — (BPLR-3.25) — 10.25 %
Home Loans (Fixed )
– Fixed for 3 years — 11.75 %
– Fixed for 5 years — 12.00 %
- Q1. For what purpose can I avail a home loan? You can take a loan for constructing a house, purchase of a ready built house / flat or a flat in resale, the takeover of existing loans from approved banks / housing finance companies, the purchase of a plot of land, for renovation of the house and extension of the house.
Q2. What are the borrower categories who can avail of the loan? We offer loans to salaried individuals, self-employed professionals or businessmen and for NRI individuals.
Q3. Who can be a co-applicant for the loan? You can include your spouse/parents/children as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.
Q4. What is the maximum period in which I can repay the loan? You can repay the loan over a maximum period of 25 years in case you are salaried and 15 years in case you are self employed. For NRIs we give loans up to 15 years. Repayment will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier. However, we will make every effort to determine the repayment period to suit your convenience.
Q5. What is the security to be provided? Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.