IDBI Bank Home Loan provides loans up to 90% of the project cost to its borrowers on the basis of the individual's age, income range, residential status, financial stability and collaterals produced against the housing loan. Residents are liable to pay off the loan within 25 years whereas the non-residents are allowed a maximum period of 15 years for repayment of the home loan.
IDBI Bank Home Loan at a Glance-
IDBI Bank provides home loans to its borrowers for constructing a new home, buying a ready made house or flat, purchasing a plot for constructing a house, refinancing the existing home loans borrowed by the customer from other banks or finance companies. Some of the benefits provided by IDBI bank in home loan have been listed below -
The EMI for housing loan is charged on the reducing balance on a daily basis.
The application procedure is simple.
IDBI Bank provides both technical and legal assistance.
The interest rate is quite flexible.
The bank also offers customer service at doorstep.
Important Aspects of IDBI Bank Home Loan-
IDBI Bank allows a maximum duration of 25 years for the repayment of home loan for residents and 15 years for NRIs against the criteria that the maturity period of the loan should not exceed 60.
The bank does not facilitate any loan for properties which include legal disputations nor does it accept such property as security mortgage.
The security produced against the home loan can be the current property to be purchased or can be an existing property.
One of the best aspects of IDBI Bank home loan is that it offers a loan of 90% of the entire project cost.
IDBI Bank also considers age, income range, financial stability and the number of dependents of the borrower while sanctioning the loan.
IDBI offers home loans at both fixed and floating rates of interest.
Requirements for Acquiring Home Loan from IDBI Bank-
The borrower should have a stable source of income.
The borrower should be into service, self-employed or businessman.
The borrower can also be a non-residential Indian.
Insurance Cover for IDBI Bank Home Loan-
IDBI Bank offers an insurance cover up to Rs. 50 lacs for 25 years to cover the home loan taken by the borrower. The bank offers this insurance cover along with the home loan at discounted rates. The risk cover for this insurance is guaranteed by Birla Sun Life Insurance Company Ltd (BSLI). To attain this insurance cover of IDBI home loan, the borrower has to be between 20 years to 59 years age group and should be able to produce a satisfactory health declaration.
