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IDBI Bank Home Loan - Frequently Asked Questions

IDBI bank Home Loan FAQs

What is the maximum Home Loan Amount I can get?

Home Loans are available from Rs 5 Lakh to Rs 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 25 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.

Can I get a tax benefit on the Home Loan?

Yes. As per Income tax rule Resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Interest repayment of Rs. 1, 50,000/- p.a. and Principle repayment up to Rs 100000 p.a. (u/s 80 C) are deductible under income tax,

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. 

Loan Types

Personal Loan

Personal loans are taken primarily for fulfilling your personal aspirations such as vacation, a perfect wedding, home renovation or a much desired gadget. In addition to being relatively easy to apply for, personal loans are unsecured loans which means that you don't need any collateral to take this loan. They are one of the simplest form of loans with customer-friendly repayment terms.

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Home Loan

Home Extension Loan is useful when you want to add more space to your existing home. We make it easy for you to extend your existing residential property as per your requirements. You often renovate your home to suit your changing needs. This loan can be used to carry out repairs / improvements within your existing owned residential properties.

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Loan Against Property

A sudden requirement of funds is an unavoidable circumstance of business or personal life. Whether a personal necessity (hospitalization, child's marriage) or a professional one (expanding business operations on a priority basis), every person requires immediate financial backing at key moments.
In this context, it is pertinent to consider an invaluable alternative source of finance known as Loan Against Property (LAP). This is a loan borrowed by placing one's owned property as collateral. The funding may be given by financial institutions after scrutinizing the validity of the said property and its current market value.

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Business Loan

Running a business is not easy. You have to constantly think of ways and means to keep it going and growing. As a part of the growth plan, you require financing for expanding operations or to buy new equipment or inventory or simply increase the working capital. To help you with your financing needs we offer Business Loans that will help your business grow.

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Loan Application

 

It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

Marriages are made in heaven and its celebration is one of the happiest and memorable events for married couples and their families. Wedding loan is available to people looking to meet their wedding expenses in order to make the wedding a grand success.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.
The Education Loan aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
Debt consolidation/ Financial Restructuring is a process to streamline one's financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements... read more

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