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.
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.
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.
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.
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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