What are the benefits of availing IDBI Home Loan?
Below mentioned are the benefits of availing IDBI Home Loan –
What are the requirements to transfer a home loan from other banks/FIs to IDBI Bank?
To transfer your existing home loan to IDBI Bank, you must have paid a minimum of 12 EMIs on the loan.
What are the available options to repay my home loan?
In addition to the regular repayment options i.e. Standing Instructions (SI) and ECS (Electronic Clearance System, IDBI Bank offers following options to repay your home loan with ease –
Step up Repayment Facility – Available to young professionally qualified executives who are expected to have a regular career growth which will help them take a bigger loan today based on an increase in their future income. The income growth to be considered for this calculation is in the range of 6% to 8% per annum and the same will be slab of 5 years for a loan of 20 years.
Step Down Repayment Facility – Choose this facility when your income is going to reduce after a certain period during the loan maturity. The objective of this option is to recover maximum when incomes are at high level. This leads to 2 EMIs for different periods during the loan maturity. The Facility will help you to take bigger Home Loan by combining parent and children income together. Post retirement of the parent, children will make the payment of residual loan. The EMI in the initial period will be higher than the EMI in the later period.
Tranche Based EMI – Gives you the facility to save your interest cost for starting of early EMI. This option gives you a flexibility to start your EMI even before property is not ready and is under construction stage.
What is the minimum and maximum Home Loan Amount I can get?
You can apply for a minimum loan amount of Rs. 5 Lacs to maximum amount up to Rs. 10 Crores.
Will I get any tax benefit on IDBI Home Loan?
Yes. As per Income tax rule a resident of india is eligible for certain tax benefits on principal and interest paid on a loan. Interest repayment of Rs. 1.5 Lacs per annum and Principal repayment up to Rs 1 Lac per annum are deductible under income tax Section 80C.
Do I need to provide any security on home loan?
The security for the loan is a first mortgage of the property which needs to be financed along with the proceeds of IDBI Home Loans by way of equitable mortgage by deposit of title deeds with memorandum of entry. The Bank may also decide the requirement of additional security if required for the process of loan application.
What is the interest rate slab for Fixed rate loans and Floating rate loans?
IDBI Bank charges interest rate on loans availed at floating rates as per the following terms –