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But in the case of other banks, the customer has to get the approval from the lender before availing the facility. Some banks charge a processing fee while offering the service. What is the maximum loan amount I am eligible to get under IDBI Bank’s home loan schemes? However, the maximum loan amount that the bank offers to anyone irrespective of these is up to Rs.10 crore for a home loan. The income of the applicant plays a decisive factor in the home loan eligibility.
Tenure of the personal loan falls within 12 months to 60 months. This is where the idea of a personal loan comes into the picture. There are many factors on which the interest rate on home loans depend. All these factors play a crucial role in deciding what amount one will pay as interest on your loans.
Personal loan with overdraft facility
Broad presence across India with 1800+ Branches and 75 dedicated Loan Processing Centers. Owning a home is one of life’s biggest aspirations, at IDBI our home loan solutions are designed to offer you convenience and make the journey to your dream home a pleasant one. Our home loan solutions cater to your home loan requirements in a customized manner and are based on the following traits. You may repay your Home Loan by way of SI with IDBI Account or by way of ECS instruction on your non IDBI account.
IDBI Bank does not charge any fees for providing the loan statement to you once every year. If you wish to receive multiple home loan statements each year, you may be charged a fee. Kindly speak with the bank staff for further information on the same. Below are listed some important points that an applicant has to ensure before applying for a home loan. This makes sure that the entire loan application procedure will be hassle free which otherwise might be tedious. Under Certain circumstances, a customer can claim for an income tax return of up to Rs.2 lakhs.
Features of IDBI Bank Home Loan
The ratio of this will change throughout your IDBI Bank home loan tenure. It may be easy to track your loan payments and balance when you just get started. However, as the months and years pass by, it will become tougher to have an accurate idea of your home loan. The bank offers attractive interest rates on housing loan that is offered to non -resident Indians. The bank charges a fixed interest rate of 10.25% on all home loans that is having a tenure which is less than 3 years.
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.
You can increase your chances of being eligible for a IDBI Bank home loan by adding a co-applicant who has a good source of income and credit score and fits all other eligibility criteria. Request a loan statement, look up the previous five EMI payments, assess the sum due, or ask for a provisional certificate. 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. Become a financial buddy with AntworksMoney and earn sitting at home or in office just by referring your friends and relatives for loans, credit cards or other investment options.
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But, obviously, the bank will go through the repayment track record of the customer before offering the top up loan. If the said track record is clean and the customer has a decent credit behaviour, then there shall be no delay in receiving the amount. IDBI Bank home loan eligibility is based on criteria that ranges from the age of the applicant to their income and assets.
The fixed rate of interest for a loan amount that is above Rs.30 lakh is 10.50%. IDBI offers both floating interest rates as well as fixed interest rates. Also, as per RBI mandate, IDBI has switched from Base rate based lending rate to Marginal Cost of Funds based Lending Rates . It is a parameter banks resort to in order to calculate an applicant’s bank loan eligibility.
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.
Enter your customer ID or loan account number, followed by your birthdate. Find out the process to view and download IDBI Bank home loan statement virtually as well as physically. The income growth to be considered for this calculation is in the range of 6 to 8% p.a and the same will be a slab of 5 years for a loan of 20 years. Most experienced personnel for smooth and easy loan processing. Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI.
You can apply for IDBI Home Loan by selecting any one of following ways.
Home Loan Provisional Interest Certificate
Home loan borrowers can now view / download Interest Certificate of their home loan account using /personal. Just log on to Personal Banking section of the Internet Banking site with your credentials and select the "Home Loan Int.Cert " link under "Enquiries" tab. Then select the account for which you require a Home Loan Interest Certificate. The certificate can be viewed online, printed or downloaded in pdf. IDBI Bank’s home loan repayment tenure goes up to 30 years.
It is to be noted that even if the above conditions are met, any person belonging to Pakistan or Bangladesh are ineligible for obtaining Indian citizenship. If the person has possessed an Indian passport at any point of time. The applicant is given a choice between floating interest rate and fixed interest rate. The interest rates for the loan is around 13.20% to 13.75%. The loan is being made available to both salaried and self – employed applicants. In such cases the fixed rate of interest on home loan is 10.35%.
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