Q.1    What does IDBI HOMEFINANCE LTD have to offer me ?

1. Home loan
- To buy a new house / flat (under construction or ready possession)
- To buy an existing well maintained house / flat
- To construct a house on a plot of land

2. Home Extension Loan
- To add a room to your existing home
- To have an additional or bigger bathroom / toilet
- To construct an extra room on the terrace

3. Home Improvement Loan
- For internal and external repairs / painting
- For tiling, flooring or roofing
- For borewell or construction of water tank
- For paving of compound wall, etc.

4. Loan against home
A personalised loan under which you can borow against your current residential property without having to dispose it off.
The loan amount may be utilised to :
- Finance higher studies / marriage etc.
- Or even to buy a second home

5. Land finance
- For vacant plots sold on first allotment / resale

6. NRI Home Loan Products offered to NRIs :
- Home Loan, - Home Extension Loan,
- Home improvement Loan,
- Land finance

Q.2   How much loan can I get ?

Home Loan : Minimum Rs. 10,000/- and a maximum upto Rs. 1 Crore (subject to a maximum of 90 % of the cost of property, including stamp duty and registration charges). In case you wish to construct a house on a plot of land, the loan amount could go upto 100% of the cost of the construction.

Home Extension Loan :Minimum Rs. 10,000 /- up to a maximum of Rs. 1 Crore (subject to a maximum of 90 % of the cost of extension). Home Improvement Loan : Minimum Rs. 10,000 /- upto a maximum of Rs. 20 lacs (subject to a maximum of 70 % of the cost of improvement).

Loan Against Home : Minimum Rs. 10,000 /- upto a maximum of Rs. 1 Crore (subject to a maximum of 50 % of the market value of property, as evaluated by the panel valuer).

Land Finance : Minimum Rs. 50,000 upto a maximum of Rs. 25 Lacs (subject to a maximum of 85 % of the agreement value including registration and stamp duty charges).

NRI Loan : Minimum Rs. 1 lac for all products offered. (subject to a maximum of 85 % of the agreement value including registration and stamp duty charges). Other product features remain the same as offered to resident Indians.
All the above are subject to your individual repayment capacity.

Q.3   What will be the repayment period for my loan ?

The maximum repayment period for the loans is :
- Home Loan : 20 years
- Home extension Loan : 20 years
- Home improvement Loan : 8 years
- Loan Against Home : Up to 5 years for all applicants which can be   extended   upto 10 years for professionals and salaried individuals
- Land Finance : 15 years
- NRI loan : Upto 5 years for all applicants and upto 10 years for   professionals and salaried individuals
The repayment period of your loan should not exceed your retirement age or 65 years if you are self employed, whichever is earlier.

Q.4   Can I have a co-applicant?

You can include your spouse / parent / brother/ sister/ fiance / fiancee as co-applicant. We will be glad to include his/ her income in enhancing your loan amount (provided the co-applicant meets certain conditions).

Q.5   Do I have to provide any specific security ?

The primary security for the loan shall be first mortgage of the home being purchased / constructed. It is in your interest to ensure that the title of the house is clear, marketable and free from encumbrances. Further collateral security by way of guarantee of individual guarantor acceptable to IDBI HOMEFINANCE LTD. and/or assignment of Life Insurance policy on a case to case basis.

Q.6   When can I apply for a home loan from IDBI HOMEFINANCE         LTD.?

- If you are atleast 21 years of age and are employed or self employed with regular income. In fact, you can even apply for the loan, before you have identified your home.

Q.7   What documents will I require while applying for the loan ?

The following list of documents will be required :
- Residence and age proof, which can be established from the Ration Card / Birth Certificate / School Leaving Certificate / Election ID / Pan Card / Driving Licence / Passport (any one)
- Bank statement for the last six months.

For salaried individuals :
- Latest salary slip
- Form 16 from the employer

For self employed individuals :
- Certified copies of the Balance Sheet and Profit & Loss Account, Income Tax Returns’ acknowledgments, Advance Tax challans (for both company / firm and individuals) for last 3 years.

Q.8   How do I repay the loan ?

- Repayment of your loan will be in Equated Monthly Installments (EMIs), comprising of principal and interest calculated on a monthly rate basis.
-The EMIs will commence from the month following full and final disbursement.
-The EMIs are payable every month and will be collected in the form of post dated cheques or directly deducted from your salary by your employer.
Till the commencement of EMI, a pre EMI interest is payable during the interim period.

Q.9   How will my loan get disbursed ?

Once you accept the sanction letter, your home loan will be disbursed on : -Selection of the property -Submission of legal and property documents -Payment of your own contribution The loan amount will be disbursed in full or in instalments depending on the progress of construction.

Q.10   What will be the rate of interest and fees applicable ?

contact our nearest Branch Office for current lending rates

Q.11   Are my property documents safe ?

Since home loan is for a long tenure of upto 20 years, we understand your concern and that is why we keep your title deeds safely at our the world class custodial facility.

*conditions apply

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