5 Facts About IDBI Home Loans

Need to know 5 facts about IDBI home loans? IDBI Bank, which stands for the Industrial Development Bank of India Limited, claims to offer flexible home loans. Here are five facts about the mortgages offered by IDBI Bank.

1. IDBI Bank Home Loans are available to a few specific categories of people. If you are an Indian citizen, you can get an IDBI mortgage if you have a job, including those who are self-employed. You can also get an IDBI home loan if you are an NRI (non-resident Indian); a person who is an Indian citizen but does not live in the country. Co-applicants can include spouses, parents and children of these groups.
2. The loan repayment period varies based on the type of employment you have and how old you are. The mortgage can be paid back over 25 years if you are a salaried employee, or over 15 years if you are self-employed. Non-resident Indians will only be granted a 10-year loan. IDBI will not allow the repayment period to extend past your retirement or your 60th birthday, whichever comes first.
3. Interest rates for IDBI home loans are much higher than those in the United States. Rates range from 8.75 to 13.5 percent depending on the type of loan.
4. IDBI will finance up to 90 percent of the cost of the home. Loans are available for building a new house, purchasing an existing house or apartment, purchasing land or renovating and upgrading your home.
5. Home loans from IDBI bank include life insurance. This means that if you pass away before repaying your mortgage, your family will not have to worry about paying off the loan.