Owning a home is one of life’s biggest aspirations. IDBI home loan solutions are designed to offer you convenience and make the journey to your dream home a pleasant one. The home loan solutions cater to your home loan requirements in a customized manner and are based on the following traits.
Maximum Loan Amount:
Maximum Loan Tenure:
*Subjected to repayment capacity of the individual as assessed by IDBI Bank Ltd.
The option is available to young executives who are professionally qualified and expected to have a regular career growth which will help them take a bigger loan today based on an increase in their future income. The income growth to be considered for this calculation is in the range of 6 to 8% p.a and the same will be slab of 5 years for a loan of 20 years.
2.Step Down Repayment Facility :
You can choose this facility when your income is going to reduce after a certain period during the loan maturity. The objective of this option is to recover maximum when income are at high level. This leads to 2 EMIs for different periods during the loan maturity. The Facility will help you to take bigger Home Loan by combining parent and children income together. Post retirement of the parent, children will make the payment of residual loan. The EMI in the initial period will be higher than the EMI in the later period.
3.Tranche Based EMI :
Customers purchasing an under construction property needs to pay only interest component to the extent of disbursement being availed by the customers based on level of construction and till the property is ready for possession. Accordingly, to facilitate you and to save your interest cost for starting of early EMI, Tranche Based EMI Scheme has been introduced. Under the option you can start your EMI even before property is not ready and is under construction stage.
Home Loan Interest Saver :
You can decide what amount you want to pay for your Home Loan interest. The Product facilitates you to save the interest cost and repay the loan much faster.
Use the Flexi Current Account to deposit your excess savings, annual bonus etc. You will have the flexibility to withdraw the idle/surplus money deposited in Flexi Current Account at any point of time
Just deposit these funds into your Flexi Current Account and enjoy interest saving on your home loan to the extent deposited.
The Flexi Current Account can be used like a normal current account and you will be provided with a cheque book and an ATM Card. You will also have access to our online banking portal and our entire gamut of banking facilities
Customer Support :
For more details you can visit the website and enter your details to get a call back or you can even visit the nearest branch.
You can also write to
Registered Office:
IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.
- The expertise & in-depth knowledge of the Industry.
- Quality of Service
- Transparency
- Quick Processing
- Power Packed customized Features to suit your Home Loan requirements.
IDBI Home Loan Solutions Advantages:
- Assistance in property search and due-diligence of property for acquisition.
- In-principle loan approval even before property is selected.
- Extensive Range of Home Loan Products viz .Home Loan, Home Loan Interest Saver, Home Loan -Top up, Home Loan - takeover facility, Home Improvement Loan, Home Extension Loan, Home Loan - Booking Finance, Loan on second Charge/Pari-passu charge and Home Loan-Refinance Facility.
- Customized Home Loan Features for Salaried (Including NRI), Self Employed Professional and Self Employed Non Professional (Business Category).
- Already approved projects for convenience of Home Loan buyers.
- Flexible Loan Repayment Option viz. Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI.
- Broad presence in India with1200 Branches and 66 dedicated Loan Processing Retail Asset Centers.
- Loan from anywhere to purchase Home anywhere in India.
- Most experienced personnel for smooth and easy loan processing.
- Online application facility.
Features :
Maximum Loan Amount:
Loan Amount
|
Maximum Funding*
|
Up to Rs 20 Lakh
|
Up to 90% of Market value/ document cost of the property, whichever is lowest
|
Above Rs 20 Lakh to Up to Rs 75 Lakh
|
Up to 80% of Market value/ document cost of the property, whichever is lowest
|
Above Rs 75 Lakh
|
Up to 75% of Market Value/ document cost of the property, whichever is lowest
|
Maximum Loan Tenure:| Category | Loan Tenure* |
Salaried
|
Up to 30 years
|
Self Employed Professional
|
Up to 20 years
|
Self Employed Non Professionals
|
Up to 20 years
|
*Subjected to repayment capacity of the individual as assessed by IDBI Bank Ltd.
- Loan Purpose :
1. Purchase of under construction and Ready possession Property by way of direct allotment/Resale.
2. Composite Loan for purchase of Plot and construction of dwelling units thereon.
3. Purchase of Plot of land for the purpose of construction of dwelling units.
4. Construction Finance
5. Home Loans for Improvement/Renovation of your existing Home.
6. Home Loans for Extension of your existing Home.
7. Takeover of an existing Home Loan from another financial institution.
8. Refinance facility towards purchase/construction of the house within 12 months from date of transaction.
Attractive & Flexible Interest rates:
Attractive Interest rates that will make your Housing loan affordable and convenient. Choose your own interest rate under floating or fixed type to beat the uncertainty of its movement in the future.
As per RBI mandate, Savings Bank interest will be calculated on the daily balances maintained in your account, at a rate of interest decided by the Bank from time to time (existing rate is 4.00% p.a.).
Attractive Interest rates that will make your Housing loan affordable and convenient. Choose your own interest rate under floating or fixed type to beat the uncertainty of its movement in the future.
As per RBI mandate, Savings Bank interest will be calculated on the daily balances maintained in your account, at a rate of interest decided by the Bank from time to time (existing rate is 4.00% p.a.).
| Marginal Cost of Fund Based Lending Rate ( MCLR ) w.e.f. 01 Apr 2016 | |
Tenor
|
Interest Rate( in % ) (MCLR+Spread (0.15))
|
Overnight
|
8.85
|
One Month
|
9.25
|
Three Month
|
9.35
|
Six Month
|
9.40
|
One Year
|
9.45
|
Two Year
|
9.75
|
Three Year
|
9.90
|
Retail Loans (w.e.f. May 11, 2015 till Apr 1, 2016)
Base Rate (BR)
|
10.00%p.a.
| |||
Home loans
| ||||
Facility /Interest Type
|
For all loan amounts
| |||
Home Loan (Floating)
|
10.00% (BR+0.00%)
| |||
Home Loan Interest Saver (Floating)
|
10.15% (BR+0.15%)
| |||
Home Loan (Fixed ) for 3 to 10 years
|
Below Rs. 30 lac
|
Rs.30 lac & above
| ||
10.50% (BR+0.50%)
|
10.75% (BR+0.75%)
| |||
On completion of fixed period customer will be provided with an option to continue at the then Prevailing fixed Rate for next 3 years OR Switch to Prevailing Floating Rate.
| ||||
Turnover based Loan (HL)
|
13.00% (BR+3.00%)(Floating)
| |||
Eligibility :
- Salaried individuals who have at the time of loan application attended the age of 22 years and maximum age at the termination of loan should not be 70 years subject to establishment of satisfactory repayment.
- Self Employed Professionals (viz.doctors, engineers, dentists, architects, chartered accountants, management consultant, company secretary, etc) who have attended the age of 25 years at the time of application and maximum age at the time of termination of loan should not be above 70 years.
- Self Employed Non Professionals (Businessmen) who have attended the age of 25 years at the time of application and maximum age at the termination of loan should not be above 65 years. Maximum age under the category may be relaxed subjected to availability of proper succession plan of the business.
Documents Required :
Salaried Customers
|
Self Employed Professionals
|
Self Employed Non Professionals
|
Application form with photograph
|
Application form with photograph
|
Application form with photograph
|
Identity and Residence Proof
|
Identity and Residence Proof
|
Identity and Residence Proof
|
Latest Salary-slip for last 3 months
|
Education Qualifications Certificate and Proof of business existence
|
Proof of business existence
|
Form 16/ITR
|
Last 3 years Income Tax returns (self and business)
|
Business profile
|
Last 6 months bank statement
|
Last 3 years Profit /Loss and Balance Sheet
|
Last 3 years Income Tax returns
|
Last 3 years Profit /Loss Balance
| ||
Processing fee cheque
|
Last 6 months bank statements
|
Last 6 months bank statements (self and business)
|
Processing fee cheque
|
Processing fee cheque
|
Repayment Option:
In addition to Regular repayment option we have devised the following repayment options ensuring convenience to you for making repayment of your dream home.
1.Step up Repayment Facility :
In addition to Regular repayment option we have devised the following repayment options ensuring convenience to you for making repayment of your dream home.
1.Step up Repayment Facility :
The option is available to young executives who are professionally qualified and expected to have a regular career growth which will help them take a bigger loan today based on an increase in their future income. The income growth to be considered for this calculation is in the range of 6 to 8% p.a and the same will be slab of 5 years for a loan of 20 years.
2.Step Down Repayment Facility :
You can choose this facility when your income is going to reduce after a certain period during the loan maturity. The objective of this option is to recover maximum when income are at high level. This leads to 2 EMIs for different periods during the loan maturity. The Facility will help you to take bigger Home Loan by combining parent and children income together. Post retirement of the parent, children will make the payment of residual loan. The EMI in the initial period will be higher than the EMI in the later period.
3.Tranche Based EMI :
Customers purchasing an under construction property needs to pay only interest component to the extent of disbursement being availed by the customers based on level of construction and till the property is ready for possession. Accordingly, to facilitate you and to save your interest cost for starting of early EMI, Tranche Based EMI Scheme has been introduced. Under the option you can start your EMI even before property is not ready and is under construction stage.
How do you reduce your interest cost under Home Loan?
You can reduce your interest cost by availing the product Home Loan Interest Saver.
You can decide what amount you want to pay for your Home Loan interest. The Product facilitates you to save the interest cost and repay the loan much faster.
- How Does Home Loan Interest saver work?
- Advantage: Home Loan Interest Saver
Use the Flexi Current Account to deposit your excess savings, annual bonus etc. You will have the flexibility to withdraw the idle/surplus money deposited in Flexi Current Account at any point of time Just deposit these funds into your Flexi Current Account and enjoy interest saving on your home loan to the extent deposited. The Flexi Current Account can be used like a normal current account and you will be provided with a cheque book and an ATM Card. You will also have access to our online banking portal and our entire gamut of banking facilitiesCustomer Support :
For more details you can visit the website and enter your details to get a call back or you can even visit the nearest branch.
You can also write to
Registered Office:
IDBI Bank Ltd.
IDBI Tower, WTC Complex,
Cuffe Parade, Colaba, Mumbai 400005.
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