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IDBI Home Loan

IDBI bank provides home loans and available for both the resident Indians as well as the NRIs.

The features of the IDBI Home Loan are given below:

 Tenor: Up to 25 years for a resident Indian. This is however restricted to 15 years for the NRIs.

 With subject to credit discretion, an applicant can apply for a loan of up to 90% of the property value.

 The bank retains the title deeds as the security for the loan.

 The title deed should not have any legal litigations pending as that can adversely affect the property ownership.

The tax benefits of IDBI Home Loan:

The IDBI Home Loan also comes with some of the tax benefits which are mentioned below:

 A tax deduction of a maximum of Rs.1,50,000 on the income towards paid interest on the loan.

 A tax deduction of a maximum of Rs 1,00,000 on the paid principal.


The applicants who apply for the loan must be:

 Salaried.

 Businessmen, self-employed professional.

 NRIs

 Parents, children and spouse can be included as co-applicants.


 Repayment through EMI.

 Interest is to be paid on the loan portion disbursed before the commencement of the EMIs.

 Repayment structure can be customized. If the borrower wants to pay less in the initial years and then pay high in the later years, it is possible.

 IDBI Home Loan repayment tenor for resident Indians and salaried: 25 years and for self-employed resident Indians, the tenor is only 15 years. It is also kept at 15 years for the NRIs.

Prepayment and foreclosure:

2% prepayment charges in case the loan is transferred to a different bank and if it is prepaid from your own sources after 6 months of the commencement of the EMIs, there is no prepayment charge.

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