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 from IDBI Bank 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.
Advantages of IDBI Bank 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
- 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-applicants 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.
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.
IDBI Bank 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 - Prepayment /foreclosure allowed after 6 months of final disbursement. In case of prepayment/ foreclosure of home loan from own source of funds, no pre-payment charges will be levied. However, a Pre-payment Fees of 2% on Principal outstanding will be levied, if pre-payments are from other then own sources.
