IDBI-(Industrial Development Bank Of India Limited) Home Loan provides solution to all your worries regarding home financing by providing housing loans at attractive loan rates.

IDBI is one of the premier lending institutions in the home loan segment. IDBI 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

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 lacs) and tenure (maximum 25 years) of the loan availed. This risk cover is made available in specially discounted insurance premium rates

Features:

1. Tenor of a home loan can be up to 25 years for a resident individual whereas for NRIs the maximum tenure is 15 years subject to maximum age of 60 years at maturity.
2. Loan can be applied for a maximum of 90% of the property value subject to credit discretion.
3. Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of the title deeds or such collateral security as may be necessary.
4. Title to the property should be clear and free from encumbrance, i.e., without any pending legal litigation adversely affecting the ownership of the property.
5. Other parameters considered include an account of your age, income, number of dependents, financial stability and co-applicant’s income.

Tax Benefits:

As per the current finance bill you can get:

• A maximum deduction of Rs. 1,50,000 on your income towards interest paid on your home loans u/s 24
• A maximum deduction of Rs. 1,00,000 on the principal repaid u/s 80 CCE

The above benefits are available subject to you fulfilling certain conditions, for which you should refer the IT Act 1961.

Eligibility:

Following are eligible to apply for an IDBI Home Loan:

• Salaried individuals
• Self employed professionals/businessmen
• NRIs

You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants.

Home Loan Interest Rates:

BENCHMARK PRIME LENDING RATE (BPLR)	13.50%
Home Loans (Floating)
Loan Tenure	ROI
1-25 years	(BPLR-2.75)	10.75 %
Home Loans (Fixed )
Options	ROI
Fixed for 3 years	(BPLR-1.25)	12.25 %
Fixed for 5 years	(BPLR-1.00)	12.50 %
Mortgage Loan (Floating)
Options	ROI
Loan Against Property (Residential / Commercial) (LAP)	(BPLR)	13.50 %
Loan Against Property Overdraft (LAP / OD)	(BPLR+0.25)	13.75 %
Loan Against Rent Receivables (LARR)	(BPLR)	13.50 %
Reverse Mortgage Loan (Floating)
Type	ROI
Fixed (re-phasement after every 5 years )	(Bplr-1.25%)	12.25%

Qualifying Loan Amount (Rs.1.00 lac)
Tenor (years)	10	11	12	13	14	15	16	17	18	19	20
Monthly Installment (Rs.)	424	358	305	261	224	193	168	146	127	111	97
w.e.f November 8, 2008. The above rates are indicative in nature and may vary depending upon category of customer and builder schemes.

EMI Calculator:
http://www.idbi.com/products/homeloan_emicalculator.asp

Repayment:

You normally repay the loan through Equated Monthly Installments (EMIs) comprising both principal and interest. If the final disbursement is however still pending, you pay interest on the portion of the loan disbursed before the EMI commences.

We could also structure your loan repayment to suit your convenience. For instance, the installments could be lower in the initial years and could gradually increase over a period or vice versa.

The maximum possible tenure for a Resident Indian is 25 years if employed and 15 years if self employed. While the same for an NRI is 15 years.