You can get a loan amount ranging from Rs. 2 Lakh to Rs. 25 Lakh. The loan amount from IDBI Bank depends on:

You can include your spouse as a co-applicant for the Home Loan and we shall include his / her income to enhance your loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.

Your monthly outgo (or equated monthly installment - EMI) is much lower, as compared to the interest calculated on annual reducing balance.

Yes, you have a choice of availing the loan based on fixed interest rate or floating interest rate. Under floating rate of interest, the interest rate is varied from time to time (increase or decrease).

You can repay the loan over a maximum period of 15 years. Repayment, will not ordinarily be extended beyond your age of retirement (if you are employed) or on your reaching 60 years of age, whichever is earlier. However, IDBI BANK will endeavour to determine the repayment period to suit your convenience.

You repay the loan in Equated Monthly Installments (EMIs) comprising principal and Interest. Repayment by way of EMIs commences from the month following the month in which you take full disbursement. Pending final disbursement, you pay interest on the portion of the loan disbursed. This interest is called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI.

We can structure your repayment to suit your requirements. For instance, the installments could be lower in the initial year, which could be gradually increased over a period or vice versa.

Avail of MoneyHome and choose various options of repaying in part or full, depending upon the Life Insurance Policies you have in place to secure the loan. We also encourage you to take Mortgage Redemption Assurance (MRA) policy, under which the successors will get the house unencumbered, in case of any eventuality.

No. There is no penalty for prepaying your loan in part or full (applicable after the initial lock-in period of 24 months)

Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of title deeds / or such collateral security as may be necessary. Collateral or interim security by way of LIC Policies, the surrender value of, which is at least equal to the loan amount, could be assigned to IDBI BANK or guarantees from sound and solvent guarantors that are acceptable to the bank.

Please do ensure that the title to the property is clear, marketable and free from encumbrance. To elaborate, there should not be any existing mortgage, loan or litigation, which is likely to affect the title to the property adversely.

Although floating rate is introduced to address interest rate risk, with a view to help Money Home borrowers plan their annual outgo, Money Home PLRs will be reset only once a year i.e on April 1st every year.