Industrial development Bank of India (IDBI) comes under the category of other nationalized banks moreover, this status has been bestowed on it by the Reserve Bank of India-the apex institution in banking in India. Although, it was set up by an act of parliament to provide sustenance to the industries in India in the year 1964, in the last decades, it has outgrown many of its contemporary banks in the world and it is now poised to become 10th largest bank in the world in the development sector.
With a approx presence of 1720+ ATMS and 1111 branches, it appears poised completely to take on the fast developing industrial scenario in India. Its reformative role in the banking and industrial sectors has led to the formation of elite organizations, such as Securities and Exchange board of India (SEBI), National stock exchange board of India (NSE), and National securities depository Ltd (NSDL).
Financial products and Home financing
Although, it has products in different categories, “financing your home’s construction” has remained on the top of its priorities as the home loan package comes laced with several distinctive features. The top benefits that you would get from its packages for home loans are as follows;
Easiest documentation– IDBI sends its customer care representative to your doorsteps to explain you about the nitty-gritty of the application process. Guidance at every step by the representative makes filing of your application a really effortless process.
Highest sanction of the amount– The bank lays maximum efforts on getting you the highest sanction of the amount for the construction of your house to facilitate the complete construction of your house.
Pay EMI on regularly decreasing balance– As you push up with the payment of EMIs, the bank keeps on reducing the balance of the loan amount and keeps the EMIs fixed accordingly. Thus, you can save a lot on the interest paid in the EMIs on every occasion.
Complete technical and legal help through expert advice– The bank has its teams of experts to help you with your legal as well as technical problems. Through a personalized service delivered at your doorsteps, it helps you to construct your house.
Availability of fixed rate and floating rates of interest– You get a broad option to choose between the fixed and floating rates of interest as per your eligibility and suitability. This helps you with the payment of your EMIs.
What’s the eligibility to apply for home loan?
- You must have attained the age 21 to apply for the loan.
- According IDBI criteria, you need to have the income capacity set aside for the salaried people and non-salaried people.
- IDBI only sanctions legally authentic properties for purchase or construction.
Documentation needed for loan application
i) ID proof
ii) Address proof
iii) Bate of birth proof for age verification
iv) Salary slip
v) Bank statement for the last three months.
Applicable rates of interest
The interest rates on Home loans from IDBI bank is quite competitive as compare to other hank. Once you have applied then you can check the status and can take IDBI bank home loan statement online itself.
- IDBI bank has set 10.25% as the base rate of interest.
- It has kept 14.75% as the prime lending rate.
More detailed information on home loan interest rates applicable for 2017 year is mentioned below from 3 to 10 years: