Home Loan |
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| HOME LOAN PRODUCT |
| Easy Home |
Ideal for buying your dream home...
- For outright purchase of your home at attractive interest rates.
- Cash down funding for your home from the largest possible list of pre-approved builders, projects and societies.
- Finance up to 90% for property purchased from select Builders, Projects and Societies.
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| Easy Land |
Own a Land in your name...
- For purchase of your land /plot for residential purpose.
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| Easy Build |
Construct your dream home...
- For construction on your land/plot for residential purpose.
- Finance up to 90% of total construction estimate.
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| Easy Extension |
Home extensions for growing family needs...
- A Loan for adding another floor or room.
- Finance up to 90% of construction estimate.
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| Easy Land cum Construction |
Purchase land and construct your dream home...
- For outright perchase of your land and construction on that land for residential purpose.
- Finance up to 85-90% of the land cost and construction estimate.
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| Easy Upgrade |
Give your home facelift...
- For renovation of your home.
- Finance up to 80-90% of renovation estimate.
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| Easy Title |
Property in your own name...
- For registering home in your name.
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| Easy Bridge |
Move to a better home...
- Move into or construct a property without vacating your old home.
- Finance up to 75-85% of old property market value or up to 75-85% of cost of new property.
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| Balance Transfer with Top Up |
Transfer your existing high intrest rate home loans to us...
- Avail lof additional loan on the basis of prevailing market valur of your property.
- Special interest rates for Balance Transfer.
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| Easy Fixed Plus |
Peace of mind form future interest rate fluctuation...
- A unique combination of savings and loan .
- Available in both fixed and variable rate options.
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| Commercial Loan |
Launch your Business today...
- For purchase ofr your shop, office, showroom etc.
- Finance up to 60-70% of the property value.
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| Loan Against Property |
Capitalize your property for business needs...
- Avail of loan against market value of your property
- Attractive interest rates.
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| DOCUMENTS REQUIRED |
| Salaried Individuals |
Self-Employed Individuals |
- Latest two salary slips or salary certificate.
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- Last 3 years Income Tax returns with computation duly certified by CA.
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- Form No. 16, PF statement / appointment letter in case of cash salary.
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- Business Profile on letter head of the Company
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- Bank statement for the last six months
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- Bank statement / Pass book copy for last 3-6 months.
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- Any other documents, as may be required
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- Any other supporting document.
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| ATTRACTIVE REPAYMENT OPTIONS |
Structure your EMIs as per your wish...
- Uniform EMI through out the repayment period.
- Easy Step Up
- For those in the early stage of their career with steady growth prospects.
- Enhance your loan eligibility by 20-30%
- Easy Step Down
- Depending on your cash flow, reduce the EMI in future.
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| UNIQUE BENEFITS |
- Avail personalized services and advice through out the loan process.
- Government employees eligible to get pension get 5 extra years as enhanced tenure.
- Special rates for properties purchased form select Builders/ Societies across India.
- Attractive rates and special products tailored for businessmen and professionals like Doctors, CAs, Architects and Engineers which allow higher loan eligibility.
- All applicable Income Tax benefits on housing loans available from time to time.
- Special interest rates for employees of select Corpotate.
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| For what purposes can I avail of a Home Loan? |
You can avail of a Home Loan for construction a house, purchasing a ready-built house/flat, residential plot and even for refinance of the existing home loans you may have availed of from other banks or housing finance companies.
You can also avail of a loan against your existing home for carrying out improvement/extension and for any other purpose to meet the exigencies. |
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| Who can be a co-applicant for the loan ? |
| All co-owners of the property should necessarily be the co-applicants. You can include your spouse as a co-applicant for the Home Loan. His/her income can be included for the purpose of computation of loan eligibility. |
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| Do I have to provide any security ? |
The security for the loan will be the first mortgage of the property. Additional security by way of assignment of insurance policies and/or any other financial instruments as deemed necessary by the Bank may be required.
Please do ensure that the title to the property is clear,, marketable and free from any encumbrances. |
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| Can I reply the loan ahead of schedule ? |
| Yes, you can repay the loan ahead of schedule, in part or in full. In event of part payment, you have a choice to reduce the tenure of installments as the case may be. Prepayment fees will be levied as per the policies of the Bank. |
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| How do I repay the loan ? |
| You repay the loan in Equated Monthly Installments (EMIs) comprising principal and interest. Repayment by way of EMI commences from the month following the month in which you take full disbursement. |
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| What is pre-EMI interest ? |
| Pending final disbursement, you pay simple interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month form the date of each disbursement up to the date of commencement of EMI. |
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| How is EMI calculated ? |
| EMI is calculated on monthly reducing balance. Your monthly outgo is much lower as compared to the EMI you pay on annual reducing balance for a similar interest rate. |
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| What is the tenure of the loan ? |
| You can repay the loan over a maximum period of 20 years. Repayment will not ordinarily be extended beyond the age of retirement or on your reaching 65 years of age, whichever is earlier. However, idbi bank will endeavour to determine the repayment period to suit your convenience. |
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| What are the supporting documents to be submitted with the application form ? |
- Processing fees
- Proof of income
- Copy of bank statement
- Proofs of age, residence and identity (passport / driving licence / PAN card, etc.)
- Property-related documents to be submitted as per the norms.
Note: For further details, please check the application form or contact the Branch Manger. |
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| Do I get a tax benefit on the loan ? |
| Yes, resident Indians are eligible for tax benefits on principal and interest repayments of the loan under the Income Tax Act, 1961. Currently, interest repayment up to Rs 1,50,000 p.a. u/s 24 (i) (vi) and principal repayment up to Rs 20,000 p.a., qualify for deduction and rebates, respectively. |
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| Are the bank policies subject to change ? |
| Yes, these policies will be reviewed periodically. |
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| Home Loans |
| Loans for home |
Loans against home |
- Purchase Loans
- Construction Loans
- Plot Loans
- Refinance Loans
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- Improvement Loans
- Extension Loans
- Mortgage Loans
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