IDBI is one of the premier lending institutions in the home loan segment in India. The bank provides home loans for constructing a home, purchasing a ready built house/flat, residential plot and for re-financing existing loans the customer may have availed from other banks or housing finance companies. In case you want to construct or purchase your dream home, then you can resort to avail the home loan facility, then approach IDBI bank, complete few simple formalities and submit the required documents. To know more about IDBI Home Loan, go through the following lines.

IDBI Housing Loan

Eligibility

* To qualify for a home loan sanctioned by IDBI, the applicant (resident Indian) has to be a salaried employed, with regular source of income.
* The applicant can also be self employed or a businessperson, residing in India.
* NRIs are also eligible to apply an IDBI Home Loan.

Documents Required

For Salaried Applicant

* Completed Application Form with one Passport Size Photograph
* Identity and Residence Proof
* Latest Salary Slip
* Form 16
* Last 6 months Bank Statements
* Processing Fee Cheque

For Self-Employed

* Completed Application Form with one Passport Size Photograph
* Identity and Residence Proof
* Education Qualifications Certificate and Proof of Business Existence
* Business Profile
* Last 3 years Profit/Loss and Balance Sheet
* Last 6 months Bank Statements
* Processing Fee Cheque

Features

* The tenure of an IDBI home loan can be up to 25 years for a resident Indian. For NRIs, the tenure of the home loan is 15 years.
* The bank finances up to 90% maximum of the property value subject to credit discretion.
* Loan repayment can be done through Equated Monthly Installments (EMIs) comprising both principal and interest.
* IDBI housing loans come with IDBI insurance cover, which is a group life insurance protection scheme. Under this scheme, the borrower can insure himself up to the amount (maximum Rs 50 lakhs) and tenure (maximum 25 years) of the loan availed. This risk cover is made available in specially discounted insurance premium rates.
* The common parameters considered for the sanction of an IDBI Home Loan shall include the applicant's age, income, number of dependents, financial stability and the co-applicant's income.
* The attractive rate of interest makes IDBI Home Loan one of the attractive products of the bank.

Benefits

* IDBI Home Loan customers enjoy the flexibility of choosing between Floating or Fixed interest rate.
* The bank provides personalized doorstep service for a hassle-free experience.
* Other assorted benefits of availing a home loan from IDBI bank include legal and technical assistance, and reassessment and adjustment of applicant's loan eligibility in case of change of income and residence status.
* The bank provides legal and technical assistance to its customers.
* Maximum funding is one of the key benefits of IDBI Home Loans.
* Simple documentation enables the applicant easier to repay and complete all the formalities for the sanction of the loan.
* In case of change of income or the residence status, the applicant's loan eligibility is reassessed and adjusted, which is another benefit of IDBI Home Loan.