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IDBI Bank Home Loans

Your home is one of the biggest investments that you make in your life. IDBI Bank can help you realize your dream of homeownership. IDBI Bank home loans are hassle-free loan products that offer a lot of convenience to the customers.

About IDBI Bank Home Loans

IDBI Bank home loans come with flexible repayment terms that are suitable for the borrowers. You can use a home loan from IDBI Bank for the following purposes:
  • Purchasing a readymade house/flat or housing plot
  • Constructing a house
  • Refinancing your current loans

Benefits offered by IDBI Bank home loans

Listed below are the key benefits offered by IDBI Bank home loans:

  • Flexibility to select between fixed or floating interest rate
  • Maximum financing
  • EMI is calculated on the basis of daily reducing balance
  • Attractive interest rates
  • Easy paperwork
  • Customer-oriented doorstep service
  • Facility of balance transfer
  • Technical and legal support
  • Re-evaluation and modification of the borrowing eligibility of loan applicant for variation in income and residential status

Features of IDBI Bank home loans

Given below are the important features of IDBI Bank home loans:

  • The maximum repayment term of a housing loan can be up to 25 years for resident individuals. On the other hand, for Non Resident Indians, the maximum repayment term is 15 years, dependent on maximum age of 60 years at the time of maturity of the loan.
  • You can avail a maximum loan amount of up to 90% of the value of the property. However, this is dependent on the credit discretion of the lender.
  • A first mortgage on the property to be purchased will work as security against the loan and it is usually done through submission of the title deeds or such pledge or security as might be essential.
  • Title to the property has to be distinct and without lien, that is, free from any unfinished court case negatively affecting the possession of the property.
  • Other factors taken into account comprise your income, financial strength, age, number of dependents and earnings of the co-applicants.

Tax benefits offered by IDBI Bank home loans

IDBI Bank offers a slew of income tax benefits to the borrowers. According to the existing finance bill, you can avail the following tax benefits:

  • A maximum deduction of Rs. 1,00,000 on the principal amount paid off u/s 80 CCE of the Income Tax Act, 1961
  • A maximum deduction of Rs. 1,50,000 on your earnings for interest payments on your housing loans u/s 24 of the Income Tax Act, 1961

You can get the abovementioned benefits provided you satisfy particular requirements, for which you must consult the Income Tax Act, 1961.

Who are eligible for IDBI Bank Ltd home loans?

Following individuals will qualify for an IDBI Bank home loan:

  • Businessmen/self employed professionals
  • Salaried individuals
  • Non resident Indians

You can incorporate the names of your parents/spouse/kids as co-applicants if you need enhanced eligibility but this is conditional on a maximum of 3 applicants.

Terms and conditions of part payment

Part payment is allowed up to maximum 4 times in a financial year and the minimum amount is INR 50,000/-.

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