How will IDBI Bank decide my Home Loan Eligibility?
We will assess your loan eligibility based on your age, qualification, income, number of dependents, spouse income, stability and continuity of your occupation, assets, liability base and your savings history and based on the value of the property proposed to be purchased.
How do I avail IDBI Home Loan?
You can apply for IDBI Home Loan by selecting any one of following ways.
IDBI Bank Branch Locator: Click here to know the Branch nearest to your location. Contact our Branch Personnel.
Call IDBI Home Loan Sales Officer in your City.
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What is the maximum Home Loan Amount I can get?
Home Loans are available maximum up to INR 10 Cr.
What is the maximum Loan tenure that I can have under IDBI Home Loan?
IDBI Home Loans have maximum repayment tenure of up to 30 years. Actual tenure of loan is subjected to bank’s discretion.
Can I get the Home Loan eligibility without selecting the property?
Yes. We can extend in-principle sanction based on your repayment capacity. Accordingly based on the loan amount sanctioned, you may search the property. For final sanction, property identified for the purpose should meet our criteria.
What security will I have to provide?
The security for the loan is a first mortgage of the property proposed to be financed with the proceeds of IDBI Home Loans by way of equitable mortgage by deposit of title deeds with memorandum of entry. The Bank will also decide the requirement of additional security if required for the process of loan application.
What is the EMI and how is the EMI calculated on my Home Loan?
EMI is equated into monthly installments. This comprises of Principal as well interest component. Interest charged under Home Loan is on reducing Balance.
How do I repay my Home Loan EMI?
You may repay your Home Loan by way of SI (Standing Instruction) with IDBI Account or by way of ECS (Electronic Clearing System) instruction on your non IDBI account.
How do I reduce my interest cost under Home Loan?
You can reduce your interest cost by availing our product Home Loan Interest Saver. Please click here to know the details.