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IDBI Mortgage Loan

The IDBI bank provides mortgage loans for home purchases. These loans are available at various interest rates. However, the rates of interest applicable may vary over time. There are different kinds of mortgage loans available for the customers.

The various Home loans or mortgage loans which are available are:

  • Floating home loans
  • Fixed home loans
  • Floating mortgage loan
  • Reverse mortgage loan

The IDBI mortgage loan interest rates are calculated on the basis of BENCHMARK PRIME LENDING RATE (BPLR) which is 12.75%. The details of the various mortgage loans are described below:

IDBI Floating home loans

1-25 years (Up to 20 lacs): (BPLR-3.75) = 9.00% 1-25 years (Above 20 lacs): (BPLR-3.25) = 9.50%

Fixed home loans

3 years fixed: 11.0% 5 years fixed: 11.25%

Mortgage Loan (Floating)

Loan Against Property (Residential / Commercial) (LAP): BPLR = 12.75% Loan Against Property Overdraft (LAP / OD): (BPLR+0.25)= 13.0% Loan Against Rent Receivables (LARR): BPLR = 12.75%

Reverse Mortgage Loan (Floating)

Fixed (post 5 years re-phasement): (BPLR-2.00%)= 10.75%

Home loans or mortgage loans are quite common terms in use. However, Reverse mortgage can be something that is new. IDBI Mortgage Loan also has provisions for Reverse mortgage where the house and the equity in the house is monetized by the bank. In this form of the mortgage, the owner of the house mortgages the house (property) to IDBI and the banks pays a certain amount every month so that the borrower can sustain his/her life for the rest of the years.