You want to know the latest news of home loan from IDBI bank, so here I am providing you with the required information of the same:
Features Of Home Loan:
Tenor of a home loan can be up to 20 years for a resident individual (salaried & self employed professional) whereas for Self employed (resident Indian) & NRIs(salaried) the maximum tenure is 15 years subject to maximum age of 65 years at termination of loan.
Normally, loan can be applied for a maximum of 80% of the property value. However, loans up to Rs. 20 lacs would be eligible for 90% of property value. The quantum of loan is determined based on the repayment capacity of the customer, as assessed by IDBI Bank.
Security for the loan is 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.
Title of the property should be clear and free from encumbrances, i.e. without any pending legal litigation adversely affecting the ownership of the property.
Other parameters considered include age, income, number of dependents, financial stability and co-applicant’s income.