IDBI Bank is one of the 26 commercial banks owned by the Government of India. Headquartered in Mumbai, The bank offers a range of housing loan products through its 1200 branches and 24-hour online banking. One distinguishing feature of IDBI home loans is that they can allow you to buy a house anywhere in India.
|Loan Amount||Rs. 5 Lakh to 10 crore|
|Loan Tenure (Self Employed)||Up to 20 years|
|Loan Tenure (Salaried)||Up to 30 years|
|Loan-to-Value Ratio||75% to 90%|
|Interest Rate (Floating)||10.25% to 10.40%|
What makes IDBI Bank different is the fact that it can help home buyers search for a property and approve for an in-principal loan even before the property is selected. Besides, the bank has appropriate financing products to suit salaried as well as self employed professional and non professional borrowers, including NRIs and Resident Indians.
Home Loan Options at IDBI
The following are some of the available home loan options at IDBI.
- Home Loan
- Home Loan Interest Saver
- Top up Housing Finance
- Home Loan with Takeover facility
- Home Improvement Loan
- Home Extension Loan
- Housing Loan Refinance
Which loan repayment option should I choose at IDBI?
Depending on your age, you can choose either of the two repayment options.
- Step up Repayment: The EMI increases as your income increases. This option is suitable to those who have just started to earn, but can expect a regular growth in their career and income over time.
- Step down Repayment: The EMI decreases as your income decreases due to retirement. Borrowers in their 40s may be able to combine their own income with their children’s, making them qualify for a bigger loan amount. They can repay a large portion of loan in the initial period with a higher EMI, leaving them with a lower loan balance when they retire, which can easily be repaid with one salary (or the pension money).
A third repayment option exists for borrowers purchasing a house under construction. Known as Tranche based EMI, you can begin to pay the usual EMI even before the house is ready for possession. Moreover, you can also prepay the full or a part of the loan amount as there is no prepayment penalty at IDBI Bank.