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IDBI Home Loan Review

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IDBI Home loan is definitely one of the most favorite home loans for home buyers in India. Home loans are the primary tool for an average buyer to purchase his or her dream house. Home loans are long term contract and therefore buyers are more interested in a trusted brand. IDBI is an old, established financial institution. They have been offering banking services for long time and they are expected of delivering good services to their clients. As interest rates in home loans are always changing as per the interest rates decided by Reserve bank of India, interest rates in IDBI will also move accordingly in floating rate home loans.

Advantages of IDBI Bank Ultra Flexible Home Loans

  • Maximum Funding
  • Flexibility of choosing between Floating or Fixed interest rate
  • Attractive rate of interest
  • EMI on daily reducing balance
  • Personalized doorstep service
  • Simple documentation
  • Legal and technical assistance
  • Balance transfer facility
  • Reassessment and adjustment of applicant’s loan eligibility in case of change of income and residence status

icici home loan

Features

  • Tenor of a home loan can be up to 25 years for a resident individual whereas for NRIs the maximum tenure is 15 years subject to maximum age of 60 years at maturity.
  • Loan can be applied for a maximum of 90% of the property value subject to credit discretion.
  • Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of the title deeds or such collateral security as may be necessary.
  • Title to the property should be clear and free from encumbrance, i.e., without any pending legal litigation adversely affecting the ownership of the property.
  • Other parameters considered include an account of your age, income, number of dependents, financial stability and co-applicant’s income.

Tax Benefits
As per the current finance bill you can get:

  • A maximum deduction of Rs. 1,50,000 on your income towards interest paid on your home loans u/s 24
  • A maximum deduction of Rs. 1,00,000 on the principal repaid u/s 80 CCE

The above benefits are available subject to you fulfilling certain conditions, for which you should refer the IT Act 1961

You can download their fee and charges document from this URL; http://www.idbi.com/schedule_of_charges.asp

Home Loan Counselling from Indian Institute Of Banking And Finance

The Complete Home Loan Guide

Planning for Non-Resident Indians; including Income Tax, Investment, Real Estate, RBI, NRI, Customs and Foreign Exchange

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About akhilendra

Hi, I’m Akhilendra and I write about Business Analysis, Data Science, IT & Web. Join me on Twitter, Facebook & Google+

Comments

  1. Jagannath says:

    I took home loan from IDBI bank before 1 year. Also I have applied PMAY. But there is no update on PMAY since last 1 years. In your housing society all other bank people got PMYA within 6 months except IDBI bank. The IDBI bank delay PMYA because they want interest. even I check with lot of IDBI customer still date no one got PMYA in IDBI bank. If you want PMYA then don’t take loan from IDBI bank.

  2. You have a great post and it is as well very informative, somehow this will help people understand how real estate marketing in India takes it’s course. We all know that in each country we have different approach in real estate business. Thanks for sharing.

  3. Hi Akhilendra,
    I am buying a property near Manyata Tech Park bangalore, which is a B Khata property. However, I am looking for a bank loan. DHFL has assured that they fund for B Khata properties. Can you let me know if there are any other banks who fund for B Khata?

    • akhilendra says:

      The best way to know that would be to speak to your property dealer/broker and the reason is your builder might have already applied to certain banks for approval & they might be on their way. Though even if i have the property name, i can guarantee that i will get the information but if you can give me the property name, then i will try. Anyway, are you sure you want to go for B Khata Property? I am not sure about the current status but last year there was a issue with the authenticity for the properties on B Khata. I will suggest you to verify that before you go ahead.

  4. Hi Akhilendra,
    I am buying a property near Manyata Tech Park bangalore, which is a B Khata property. However, I am looking for a bank loan. DHFL has assured that they fund for B Khata properties. Can you let me know if there are any other banks who fund for B Khata?

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