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Formation of Industrial Development Bank of India (IDBI) The Industrial Development Bank of India (IDBI) was established in 1964 under an Act of Parliament as a wholly owned subsidiary of the Reserve Bank of India.
The primary documents that have to submitted are: Application form with self attested photograph
There may be additional documents that are needed, details of which would be given to you at the time of application.
You can choose among the following options to give repayment instructions:
You have the option of paying either pre EMI (interest on the amount of loan disbursed thus far) or full EMI during this period.
The interest is calculated on a daily reducing balance and is charged with monthly rests.
At the discretion of SCB, you have the option of changing your interest type from Fixed to Variable or vice-versa provided you pay 1.5% of the principal outstanding at the time of exercising the option.
Yes. Once you have completed six months of repayment on your home loan, we offer you the option of applying for a top up loan, over and above your existing home loan.
For Construction of a New House
For Purchase of Dream Home
For Interiors of Home
Purchase of Open Land
To Buy an Apartment
To Purchase a New Villa
Construction of Commercial Building
As per Income Tax Act 1961, under section 24, Interest on home loan to an extent of Rs. 150000 P.A is allowed as expenditure under the head “Income from House Property”.
In case home loan is take by two or more jointly then under sec 80C deduction is allowed on proportionate basis.
To increase the loan eligibility go for a joint loan. Combine your income with that your spouse or your parents.
Loans must not be taken for holidays, investing in stocks, weddings, buying expensive gadgets etc.
In case of Bad credit score take a short term loan (6 months) and repay it promptly and improve your score then.
Have the property insurance and buy loan protector life insurance for unexpected future risks.
Do not avail any short term loans like vehicle loans, Home Loans, credit cards before going for a home loan. Any additional loan taken will reduce your Home Loan eligibility.
These ratios are expressed in percentage. FOIR includes all your fixed obligations including EMIs on your existing loans. IIR indicates the percentage of monthly home loan installment of the total income. These two ratios may vary based on actual salary details, years of experience, stability of income, professional qualification, future career growth prospects etc.
Apart from the above two mentioned parameters there is one additional and most important thing the Bank looks into is Credit History. Willingness to repay can be understood from ones past credit history and banking track.
Before selecting the Bank the following are the few points to be understood. All these will help you in selecting a right home loan lender for purchasing your dream home.