Learn About The IDBI Home Loan

IDBI Bank is one of the top financial companies from India, offering home loans solutions. Their loan products are developed to meet the requirements of a large category of consumers. An IDBI home loan is offering consumers the possibility to purchase a new or a used flat or apartment, or to refinance a home loan obtained from another lender, as well. The application procedure for obtaining an IDBI home loan is not very difficult, as the main condition is that the applicant has a stable job and a steady income. 

An IDBI home loan is characterized by:

-       maximum funding, that can represent up to 85% from the property’s value;

-       maximum repayment periods of 25 years for employed applicants, and 15 years for self-employed applicants;

-       home mortgage required for securing the loan;

-       affordable interest rates, that can be fixed or variable;

-       a simple application and approval process;

-       customizable credit conditions;

-       juridical and technical assistance;

-       possibility to perform balance transfer;

-       reassessment of the applicant’s eligibility, when his income suffers modifications.

When evaluating the eligibility of an applicant for an IDBI home loan, the lender will evaluate the following aspects: the age of the applicant, the income level and his financial stability, bank accounts and total debts, number of dependents, etc. During the application process, the applicant can add the income of his spouse, children or parents, fact that can allow him to obtain higher amounts. IDBI Bank allows applicants to add not more than three persons as co-applicants.

An IDBI home loan comes with flexible repayment conditions, allowing borrowers to choose a payment term adapted to their situation and condition. The home loan from IDBI Bank is usually paid back through equated monthly installments, comprising a part of the principal loan and the interest. An IDBI home loan can also be paid back through variable monthly installments, which can be higher at beginning and lower at the end of the loan term, or lower in the first years and higher after. There is also the possibility to repay the loan before the term, but in this situation the borrower will have to pay a penalty fee of 2% from the outstanding amount. 

The maximum repayment period available for an IDBI home loan is of 25 years for applicants that are employed, and 15 years for self-employers. But this maximum period is limited by the age of retirement, and therefore the applicant should have less than 60 years old when the loan contract ends. Anyway, IDBI Bank is making all the efforts to assist their clients and establish repayment terms that can suit all their requirements. 

With the large experience in the home loans sector, the IDBI Bank has managed to achieve a high standard of excellence. Due to the many benefits and advantages that are coming with it, the IDBI home loan has gain the appreciation of a large number for borrowers. For Indian citizens and not only, the IDBI home loan represents one of the best solutions for purchasing a home