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You can easily check if you are eligible for a IDBI Bank home loan by using the free online home loan eligibility calculator or you can also visit the nearest branch. The bank offers loans to meet expenses that are related to travel, vacation, medical emergencies, etc. Expenses related to educational needs and any other similar financial requirement is also covered here. It is to be noted that the amount that the borrower pays to the bank as EMI to the loan taken will remain the same throughout the term. This means that they will pay the same amount as monthly instalment to the bank throughout the scheduled period of repayment.
For home loans which have a tenure above 3 years, the bank charges a fixed interest rate of 10.50%. IDBI bank charges the below mentioned rates as fixed interest rates on home loans. IDBI, started functioning in 1964, is one of India’s most promising bank. IDBI bank with reasonable interest rates, better facilitation and quick processing is one among the most trusted financial services in the country.
Personal loan with overdraft facility
Your immediate family member can become your co borrower for a home loan. In such a case, both borrowers are eligible for a tax benefit of Rs.3.5 lakh each. The provisional statement or certificate will be sent to you as an attachment. If you have provided your updated Email ID to the bank, then you can access your home loan statements for the present financial year until the final day of the month prior. It is compulsory that all blank spaces provided in the online application are to be filled with the relevant data and information. Access to the home loan statement will be denied should any of the space remain empty or are filled with invalid data.
Equated Monthly Instalments is an amount that you pay the bank in regular intervals as repayment to the home loan taken from them. This amount comprises of both repayment to the principal amount and the interest rate charged upon the loan amount. The bank charges a fixed interest rate of 10.25% for loans if the sanctioned amount is not more than Rs.30 lakhs.
Features of IDBI Bank Home Loan
IDBI Bank in 2011 received the Best Public Sector Bank Award and the Overall Best Bank Award. The bank received both these awards in the Dun and Bradstreet Banking Awards of 2011. IDBI is among the fastest growing banks functioning in India. Thanks to its promising growth, the bank has been featured in the Fortune 2000 Top Companies in the World. The bank provides assistance in property search and due-diligence of property for acquisition.
Anybody who is above the age of 22 years and has not reached 60 years of age are eligible to apply for the loan. A customer can borrow an amount which is as low as Rs.50 thousand to as high as Rs.10 lakhs. It is to be noted that for self – employed customers, the upper limit is capped at Rs.5 lakhs. The loan eligibility of an applicant is dependent on several factors.
Procedure for Updating of Personal Details for Access to Home Loan Statement or Certificate:
The applicant can download the application form from the bank’s website. Fill the form properly and submit it at the branch to the concerned person. Once the loan is sanctioned, the bank releases a statement to the borrower. The statement will contain all the details about the additional charges that the customer may incur in the future. A penalty may be imposed on late payment of equated monthly instalments.
A high CIBIL score denote that the applicant has a very decent credit behaviour. Similarly, if a person has a very low CIBIL score, it then denotes that the person has a very poor credit behaviour. Thus his or her chances of getting a loan from the bank are slim. Below are listed the features that IDBI Bank offers to its customers who have availed a housing loan from them. How can I increase my chances of being eligible for IDBI Bank’s home loan?
Various Builder/Developer who have advertised their products. Magicbricks is only communicating the offers and not selling or rendering any of those products or services. It neither warrants nor is it making any representations with respect to offer made on the site.
They may be on deputation even for a short period of time. Citizens of India staying abroad for an indefinite period of time. An NRI can avail the loan for a number of needs like buying a house, building a house, or for renovation of an existing house.
The bank at present has nearly 1900 branches and over 3 thousand ATMs. IDBI Bank Limited has signed a loan agreement with Germany. The loan amount is for a whopping amount of 340 million US Dollars and has a tenure of 10 years. Borrowers can access their IDBI Bank home loan summary both online and offline, which makes it easy to keep track of their debts and make future plans.
Documents such as residential proof, income and, employment details. In-principle loan approval even the before property is selected. Proof of business existence is a document issued by an authority and is a proof that the entity is legally authorized to conduct business within the specified jurisdiction. It is to be noted that the bank may ask for more documents in addition to the aforementioned documents, if need be.
A top up loan is an additional loan that a bank offers to its customers over the existing loan that the customer has taken. A client can apply for such an option if he or she has repaid a certain from the borrowed amount. For customers of IDBI bank, this provision is available in case of personal loan, home loan, and loan against property.
You can apply for IDBI Home Loan by selecting any one of following ways.
The IDBI Bank home loan eligibility calculator given below displays the loan amount that you are eligible for based on different ranges of monthly income. These are calculated based on a repayment tenure of 30 years with an interest rate of 7.15% p.a. (which is the starting interest rate for IDBI Bank’s home loans). The interest rate is linked to the Repo Linked Lending Rate and are floating rate.
Find the nearest IDBI Bank branch and request a loan statement form. Then submit the duly filled form with proof of identity . Form 16 is a certificate issued to an employer containing all the information that is required to file income tax returns. If the bank is finished with the verification, then the bank sets the interest rate, EMI, and tenure, and will be notified to you.
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