Eligibility

1. Minimum age limit: 22 years
2. Maximum age limit: 60 years
3. Any individual irrespective of being salaried or self-employed can apply for a home loan, provided he has a steady income.

   KYC (Know
          your Customer)
          documents

• Personal ID
• Address Proof
• Pan Card

   Income proof

• Salary Slip for 3 Months &
• Income Tax Returns or Form 16.

   Property
          Documents

• Agreement
• Index 2
• Architectural Certificate

IDBI bank doesn’t have different home loan plans. The interest rate and documentation varies for salaried,self‐employed, NRI applicants and senior citizens. They also provide additional repayment options depending on remaining years of service and the type of property:

This option is designed for newly qualified professionals who have many working years ahead of them. As the repayment capacity is higher, IDBI HFL will grant them bigger loans today on the basis of their predicted future income. This results in the EMI getting increased over time. Over the years, the income growth is expected to be 6-8% per annum.

For all those who are certain that their income is going to reduce during loan maturity, this repayment facility is the best for them. The main motive of this facility is to pay the maximum amount when a borrower is still salaried and as a result the EMI decreases overtime. This paves way for happy retirement as the loan burden will ease by then.

This repayment option is for borrowers opting for an under construction property. The advantage of this repayment facility is that the borrower has to pay only the interest of the availed loan amount till the property is ready for possession.

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.

A. Starting from Rs. 5 Lakhs you can avail a loan upto Rs 10 cr.

A. The home loan tenure can be stretched up to 25 years

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.

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.

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.