Professional Documents
Culture Documents
Owning a home is one of life’s biggest aspirations, at IDBI our home loan solutions are designed to offer you convenience
and make the journey to your dream home a pleasant one. Our home loan solutions cater to your home loan
requirements in a customized manner and are based on the following traits.
Concept:
Home Loan is a term loan which is provided to eligible borrowers for the purpose of ,
Purchase of under construction and Ready possession Property by way of direct allotment / Resale.
Composite Loan for purchase of Plot and construction of dwelling units thereon.
Purchase of Plot of land for the purpose of construction of dwelling units.
Construction Finance
Home Loans for Improvement / Renovation of your existing Home.
Home Loans for Extension of your existing Home.
Takeover of an existing Home Loan from another financial institution with Top up.
Refinance facility towards purchase / construction of the house within 12 months from date of transaction.
Loan for earnest money deposit (Booking Finance)
Top up to existing Home Loan customers.
Customer’s repayment capacity as determined by the bank taking into account age, income, no. of dependents,
assets / liabilities, stability / continuity of employment / business and the co-applicant’s income
Home Loan is provided in the range of Rs 0.50 Lakh to Rs 500 Lakh. Loans above Rs 500 Lakh is provided selectively on
case to case basis
Salaried Up to 30 years
Attractive Interest rates that will make your Housing loan affordable and convenient. Rate of Interest for the loan is
linked to the Base Rate of the Bank. Present Base Rate is (10.25%)
Processing Fees:
All loans also carry a processing fee as a percentage of the loan amount applied. At present Processing Fees is Nil.
Eligibility:
Salaried individuals who have at the time of loan application attended the age of 22 years and maximum age at
the termination of loan should not exceed 70 years subject to establishment of satisfactory repayment. Home
Loan is also being offered to NRI-Salaried category who have at the time of loan application attended the age of
25 years and maximum age at the termination of loan should not be above 60 years or retirement age whichever
is lower.
Years in Employement
At Least 2 years of total work experience not necessarily 3 years of employement abroad and at least one
continuous employment. yearly contract Renewal.
Self Employed Professionals (viz.doctors, engineers, dentists, architects, chartered accountants, management
consultant, company secretary, etc) who have attended the age of 25 years at the time of application and
maximum age at the time of termination of loan should not be above 70 years.
Self Employed Non Professionals (Businessmen) who have attended the age of 25 years at the time of application
and maximum age at the termination of loan should not be above 65 years. Maximum age under the category
may be relaxed subjected to availability of proper succession plan of the business.
Self Employed Professionals / Non Professional(Businessmen)
Should have been in the business for last 3 years
Income not less than Rs 1.2 Lakh p.a as per the latest IT returns
Should have posted cash profits for the last 2 years and positive net worth(As stated in the latest audited balance sheet)
In addition to normal EMI repayment option, bank’s offers variety of repayment option which is as under,
Step up Repayment Facility: The option is available to young executives who are professionally qualified and expected
to have a regular career growth which will help them take a bigger loan today based on an increase in their future
income. The income growth to be considered for this calculation is in the range of 6 to 8% p.a and the same will be slab
of 5 years for a loan of 20 years.
Step Down Repayment Facility: You can choose this facility when your income is going to reduce after a certain period
during the loan maturity. The objective of this option is to recover maximum when income are at high level. This leads to
2 EMIs for different periods during the loan maturity. The Facility will help you to take bigger Home Loan by combining
parent and children income together. Post retirement of the parent, children will make the payment of residual loan. The
EMI in the initial period will be higher than the EMI in the later period.
Tranche Based EMI: Customers purchasing an under construction property needs to pay only interest component to the
extent of disbursement being availed by the customers based on level of construction and till the property is ready for
possession. Accordingly, to facilitate you and to save your interest cost for starting of early EMI, Tranche Based EMI
Scheme has been introduced. Under the option you can start your EMI even before property is not ready and is under
construction stage.
No prepayment charges:
under floating rate housing loans. For fixed rate loans, if prepayment is by way of balance transfer to other Bank / HFI,
penalty of 2% on the outstanding amount is applicable. If paid from own source of funds, no prepayment penalty is
applicable
Resident Indians are eligible for certain tax benefits on principal and interest components of a loan under the section 24
and 80c of Income Tax Act, 1961, respectively.
1. Credit Documentations
Standards Salaried Individuals Documentations
Age Proof (any one) School Leaving Certificate OR Passport OR Driving License OR Voters Card OR
Birth Certificate OR PAN Card OR LIC policy OR certificate issued by Gram
Panchayat (talati/or any authorized person).
Address Proof (any Passport OR Telephone Bill OR Electricity Bill OR Title deed of property OR Rental
one) Agreement OR Driving License OR Election ID Card OR Photo Credit Card OR
Employer letter OR Ration Card.
Office Address Proof to be obtained in addition to residence.
Minimum Number of If the Income papers (see below) collected does not evidence this, then the applicant
years in Employment need to submit earlier period’s Form-16 or Appointment Letter or Employer Certificate
to confirm this.
Income Pay Certificate / Pay Slip for last 2 months. (Bank statement should evidence last 4
month salary credits)
Latest Form 16.
Banking Statement Bank Statements of the salary account for the last 4 months to be collected
Bank A/c Status checks to include the following
Last 4 months transaction history.
Cheque bounces / Stop Payment order
Loan Obligations.
Average balance maintained & Minimum balance charges.
Address Proof (any Passport OR Telephone Bill OR Electricity Bill OR Title deed of property OR Rental
one) Agreement OR Driving License OR Election ID Card OR Photo Credit Card OR
Employer letter OR Ration Card.
Office Address Proof to be obtained in addition to residence.
Business Profile Brief profile giving the details of nature of business, List of outlets, Qualification,
Industry segment, List of major clients, Existing credit facilities and future plans if
any, to be obtained from the customer.
Ownership/ equity stake in case of promoter Director.
Income ITR for Last 2 years, supported by P& L Account and Balance sheet with all schedules
certified or audited by CA as the case may be.
In case of businessmen last 2 yrs ITRs supported by P& L Account and Balance sheet
with all schedules
Banking Statement Bank Statements of the last 4 months (Both SB & CA)
Bank A/c Status checks to include the following
Last 4 months transaction history.
Cheque bounces / Stop Payment order
Loan Obligations.
Average balance maintained & Minimum balance charges.
Professional receipts / Sales declared in P & L account should be comparable (not less
than 50%) with credits in bank statement.
Current account to be waived in case of SENPs and SEP, if business transactions &
turnover being reflected in SB accounts for Proprietorship concerns
KYC for existing If the existing liability Account is KYC complied, KYC in such home loan cases may
liability customer not be necessary.
A confirmation from Branch Head would be required.
2. Property Documentation
Original Agreement duly stamped and registered
Original Registration Receipt.
Original Stamp Duty Receipt
NOC from Builder on builder letter head permission to mortgage.
Original Payment receipt (Margin Money Receipt –MMR).
Title search report from builder’s advocate with supporting documents.
3. Loan Documentation
Standard Loan Documents
Application Form Home loan application form duly filled up and signed by all the applicants & eligible
co-applicants along with recent photograph
Offer Acceptance Loan offer letter duly accepted and signed by all the applicants and eligible co-
Note applicants to the loan.
Loan Agreement Home Loan agreement executed between the borrowers and the bank duly stamped as
per the respective state Act regarding stamping.
Power of Attorney POA duly filled, signed by all the borrowers and duly notarised by Public notary
Indemnity Bond Indemnity bond as deemed fit by Legal panel duly signed by the borrowers
indemnifying the bank. (as per the format attached)
Broken period Broken period interest for amount disbursed partly / fully till the date of start of first
interest cheques EMI.
(PEMI)
Standing Standing Instruction / ECS mandate to be duly signed by all the account holders to that
Instruction/ECS account
1 undated cheque to be given along with the Standing Instruction.
4. Mortgage Creation:
By Equitable mortgage while recording the Memorandum of Entry unless mandated for registration of Mortgage by
respective State Government.