IDBI Bank Home Loans

Apply IDBI Bank Home Loan Online

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

Features

1. 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.

2. Loan can be applied for a maximum of 90% of the property value subject to credit discretion.

3. 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.

4. 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.

5. 5. Other parameters considered include an account of your age, income, number of dependents, financial stability and co-applicant’s income.

Tax Benefits:

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.


Eligibility :

Following are eligible to apply for an IDBI Home Loan:

* Salaried individuals
* Self employed professionals/businessmen
* NRIs

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.

Repayment

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.

Pre payment/ Foreclosure

In the event of your opting to pre-pay the home loan with us, a nominal fee of 2% is payable in case, it is transferred to another bank or housing finance company. However, no charges are applicable if you prepay from your own sources after 6 months of commencement of EMI.

Home Loan Interest Rates
BENCHMARK PRIME LENDING RATE (BPLR) 13.50%

Home Loans (Floating)
Loan Tenure ROI
1-25 years (BPLR-2.75) 10.75 %

Home Loans (Fixed )
Options ROI
Fixed for 3 years (BPLR-1.25) 12.25 %
Fixed for 5 years (BPLR-1.00) 12.50 %

Mortgage Loan (Floating)
Options ROI
Loan Against Property (Residential / Commercial) (LAP) (BPLR) 13.50 %
Loan Against Property Overdraft (LAP / OD) (BPLR+0.25) 13.75 %
Loan Against Rent Receivables (LARR) (BPLR) 13.50 %

Reverse Mortgage Loan (Floating)
Type ROI
Fixed (re-phasement after every 5 years ) (Bplr-1.25%) 12.25%

Qualifying Loan Amount (Rs.1.00 lac)
Tenor (years) 10 11 12 13 14 15 16 17 18 19 20
Monthly Installment (Rs.) 424 358 305 261 224 193 168 146 127 111 97

w.e.f November 8, 2008.

The above rates are indicative in nature and may vary depending upon category of customer and builder schemes.

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