IDBI Home Loan
:
IDBI bank offers IDBI home loans to people who want to purchase a new or under-construction land or property or plot.
IDBI bank is one of the best private sector banks in India. "Industrial Development Bank of India" Industrial Development Bank of India is one of the bank that provides Home Loans as one of the largest financial products. IDBI home finance interest rates are relatively cheap when compared to other private sector banks and public sector banks
The IDBI bank has reduced the floating rates for home loans upto Rs 30 lakhs by 100 basis points. Because recently the public sector banks have reduced the loan rates by 100 basis points for the new borrowers. You can get the latest rates from related websites or by visiting the bank. This would help the loan borrowers to SAVE A LOT OF MONEY. For loan amounts more than Rs 30 lakhs, the bank reduced the rates by 50 basis points. It also reduced the margin money rates for loans less than Rs 30 Lakhs.
Interest Rate (Daily reducing balance) Loans up to Rs. 30 L: 8.75% floating
Loans from Rs. 30 L to Rs. 50 L: 9% floating
Loans above Rs. 50 L: 9.25% floating
OR
11% fixed for first 5 years
Base Rate is currently 8%
Processing Fees amount loan is 1%
Loan Tenure 5 year - 25 years
Amount Funded property is Up to 85%
Partial Pre-payment Charges Nill
Pre –clouser
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Benefits of IDBI Home Loans:
- You can get the maximum amount as loan depending upon your income level.
- You have the flexibility to choose between fixed rates and floating interest rates. If you choose floating rates, you can hedge the risk of rise in interest rates due to various reasons.
- You can get less interest for your loans when compared to other banks.
- The interest rates are charged based on daily reducing balance i.e. your interest rates will be based on the daily loan balance that is available in your loan account. This concept of daily reducing balance starts from the day on which your loan is sanctioned.
For home loan visit : Home loan requirement
