Q. What are the factors that decide my home loan eligibility?
A. Your age, qualification, income, number of dependents, continuity of your occupation, assets and credit history are the key factors that decide your home loan eligibility.
If applying for a joint home loan, the income of your spouse too will be a deciding factor.
Q. Is there any cap on the loan amount one can avail?
A. Starting from Rs. 5 Lakhs you can avail a loan upto Rs 10 cr.
Q. Under IDBI Home loan, what is the maximum home loan tenure one can have?
A. The home loan tenure can be stretched up to 25 years
Q. I haven’t decided on a property, am I eligible to get a home loan?
A. Yes, you are. You will have to select a property on the basis of the loan amount sanctioned. Secondly, the property which you have selected should come under IDBI banks list of approved projects.
Q. Is it possible to get tax benefits on a home loan?
A. Under Section 24, you can claim an income tax deduction on home loan interest paid up to Rs 2 Lakhs and under section 80g you can claim deduction of Rs 1.5 Lakhs on principal repayment.
Q. To avail for a home loan, what are the securities I need to provide?
A. When a borrower defaults on his EMI’s and is unable to return the rest of the loan amount, the bank will sell the property and claim the money that is due plus legal charges incurred.
Only the surplus amount is returned to the borrower.
The home loan lender bank has first right on the property over any other debts that may also be associated with it.