IDBI Home Loans Eligibility & Documentation
The best thing offered by IDBI Home Loan is the process of repayment of loan which can be customized according to your priorities. A person can avail IDBI Home Loan individually or jointly.
Following are eligible to apply for IDBI Home Loan:
- Salaried Individuals include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings and central, state and local bodies:
- Self Employed Professionals include self - employed Doctors, Chartered Accountants, Engineers, MBA Consultants, Architects, Company Secretaries.
- Self Employed Individuals include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.
- NRIs include Non Resident Indians.
Eligibility Criteria
- Minimum age of Applicant: 21 years.
- Minimum employment: 2 years of employment.
- Minimum Net Monthly Income: Rs. 12,000 p.m
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Salary available for making EMI payments
For Freshers :
- If net salary is upto Rs.35,000/- then 55% of monthly salary is considered for making EMI payments.
- If net salary is above Rs.35,000/- then 65% of monthly salary is considered for making EMI payments.
For Loan Surrogates:
- 55% of monthly salary is considered for making EMI payments.
An illustration will help in understanding this better:
Let us suppose an individual is drawing a net salary of Rs 40,000 pm without any loan track. Then IDBI will consider 65% of the net monthly salary as being available for EMI payments. In this case, the amount works out to Rs 26,000 (i.e. 65% of Rs 40,000).
The percentage of the salary available for making EMI payments will differ based on the individual’s income. The higher the salary, the higher will be the percentage. This is so because the disposable income, and therefore the amount available for making EMI payments, rises with a higher salary and vice versa.
Documentations:
For Sanction Process:
1. Identity proof
Any one of the following,
- Passport/ driving license/ PAN card/ Photo-credit card (with embossed signature and last two months statement)/ banker’s sign verification
2. Age proof and Signature proof
Any one of the following,
- PAN Card/ Passport/ Driving license
- School leaving certificate/ Voter’s card/ Birth Certificate/ LIC policy (only for age proof)
- Banker’s sign verification (only for signature proof)
3. Address proof
Any one of the following,
- Passport/ Telephone bill (BSNL/MTNL)/ Electricity bill/ Title deed of property/ Rental agreement/ Driving license/ Election ID card/ Photo-credit card (with last two month statements)
4. Income proof
All of the following,
- Form 16 for the financial year 2008 (with company seal or digital signature)
- Original hard copy of latest 3 months pay slips with company seal or logo (Soft copy can be submitted initially for processing of the application)
- Copy of the latest CTC
- If the current service is less than 2 years, relieving letter of previous company and latest appointment letter
5. Banking history
- Original hard copy of latest 6 months bank statement from salary account till date.
6. One passport size colour photograph signed on top.
7. One cheque leaf for Processing fee from the salary account Favouring “ IDBI BANK RETAIL LOAN PROCESSING FEE A/C “
8. Present Rate of Interest will be 10.75%
9. Processing Fee will be 1% on loan amount
For Disbursement Process: (Fresh Property)
1. Property legal Documents.
2. Technical Valuation of property [Bank use only]
3. Original Agreement with Index II & Registration Receipt.
4. Own Contribution Receipts with bank reflections.
5. NOC Letter [from builder]
6. Demand Letter [from builder]
7. OCR Paid Bank Reflection.
1. Draft copy of flat booking agreement
2. Development Agreement between landowner and builder
3. Power of Attorney executed by the landowner in favour of the developer.
4. NA Order
5. ULC 8 (4) order or Sec 20 exemption order
6. Property Extract / 7/12 Extract in the name of the landowner
7. Detailed Title Report / Search report of Builders Advocate
8. Commencement certificate by the concerned authority ( PMC / PCMC )
9. Certified Sanctioned Plan copy
10. Mutation entries
11. Partnership deed if any
12. C F Declaration
13. Public Notice and no objection certificate of the advocate
14. NOC from builder
15. Authority letter to sign on behalf builder
16. Deed of Declaration on builder
1. One Latest Photograph (SELF & CO-APPLICANT).
2. Identity Proof (pan card or passport).
3. Address Proof of Abroad [On Company Letter head]
4. Visa Stamped Passport(Xerox)
5. Appointment Letter and Latest Contract Letter(if any).
6. Work Permit.
7. 3 Months salary slip.
8. TAX returns of UK/US.
9. Bank Statement of last six month for NRE and NRO Account showing 6 salary credits .
10.Power Of Attorney Duly Executed with Indian Embassy(IN CASE U ARE STAYING PRESENTLY IN UK otherwise kindly provide the notarized copy)
11.Email confirmation from your HR department regarding your job confirmation on Company Profile.
12.Degree Certificate.
13.One Processing Fees Cheque amount of (Which is 0.5% of Applied loan amount + 12.36% Service Tax of 0.5%).
1. All Previous chain of Agreements executed in between Builder and Vendor its Registration Receipt & Index II
2. Draft Copy of “Agreement To Sale”.
3. Draft Copy of “Deed of Assignment”.
4. 7/12 Extract
5. N.A. Order
6. ULC Order
7. Society Registration Certificate.
8. Commencement Certificate.
9. Completion Certificate.
1. Development Agreement between Landowner and Builder
2. Power of attorney executed by the landowner in favour of the developer.
3. NA Order
4. ULC 8(4) order Or Sec 20 exemption order
5. Property Extract / 7/12 extract in the name of the land owner
6. Estimates from Architect
7. Layout sanction plan copy
8. sale deed of the borrower
9. Commencement certificate
10. The lease deed in case of the lease hold property
11. Latest search and title report
12. Sanction bldg plan copy
1. Copy agreement to sale between builder and purchaser
2. Draft copy of agreement to sale vendor and purchaser
3. Draft copy of deed of assignment between vendor and purchaser
4. Development agreement between landowner and builder
5. Power of Attorney executed by the landowner in favour of the developer.
6. NA Order
7. ULC 8(4) order or sec 20 exemption order
8. Property Extract / 7/12 Extract in the name of the landowner
9. Commencement Certificate by the concerned authority ( PMC / PCMC )
10. Sanction plan copy
11. Latest PMC Tax Paid Receipt
12. Society Registration Certificate
13. Society Share Certificate
14. Completion Certificate
15. List of Document from Bank
16. Previous chain agreement
17. 14 Title Search Report