idbi mortgage loan interest rate

IDBI Bank's LAP is money when you need it the most and at a lower rate of interest. Take a loan against your residential or commercial property for any amount. And, the equitable mortgage of some landed property or some other fixed the amount of instalments, with interest, payable on term loans within 12. A company can obtain a long - term loan from general public by issuing debentures. Usually, the rate of interest is prefixed for the debentures as 10.

Idbi mortgage loan interest rate -

IDBI Bank Loan Against Property

IDBI BANK

Apply IDBI BANK Loan Against Property

About IDBI Bank Loan Against Property

A simple solution for a fund crisis that has to be resolved immediately is a Loan Against Property. IDBI bank provides a Loan Against Property (LAP) both for new customers as well as existing customers. If you already have a home loan or any other secured loan at IDBI bank, the bank provides loans against the same property by putting through a continued mortgage for the additional loan provided. You can even avail a fresh loan against an unencumbered residential or commercial property. IDBI provides four types of loans under the Loan Against Property Scheme. A loan is also provided against the rent receivables on the property by accepting the leased-out property as security. The rate of interest is competitive with flexible repayment terms. The whole process of availing the Loan Against Property at IDBI bank is hassle-free.

Types of IDBI Bank Loan Against Property

IDBI Bank offers 4 types of loans against property:

  • Mortgage Loan (Loan Against Property)
  • Loan Against Property (Interest Saver)
  • Loan Against Property (Overdraft)
  • Loan Against Rent Receivables

The speciality of Loan Against Property Interest Saver is that the LAP loan account will be linked to a Flexi Current Account. You can park surplus funds periodically in the Flexi Current Account instead of Savings Account. The interest on the LAP account will come down to the extent of the surplus funds parked in the Flexi Current Account. The funds parked in the current account will be available for use as and when you require it. The interest on the loan account will be calculated on the outstanding balance in the loan account minus the balance in the current account at the end of the day.

Features of IDBI Bank Loan Against Property

Following are the features of IDBI Bank LAP:

Name of the ProductPurposeLoan QuantumInterestSecurityRepaymentCharges

Mortgage Loan (Loan Against Property)

For multiple purposes like consolidation of debts, up-gradation of the existing house, planning a vacation, planning a wedding, higher education of children, for business requirements, etc.

The maximum loan quantum will be 10 Crores. An amount above 10 Crores will be considered on a case to case basis based on the merits of the proposal.

For customers who do not have an existing home loan or Loan Against Property with the bank.

The maximum quantum will be 70% of the value of the property if residential and 60% of the value of the property if commercial.

For customers who have an existing home loan/Loan Against Property with the bank

The maximum quantum will be 75% of the value of the property if residential and 65% of the value of the property if commercial.

10.05% to 10.40% p.a. for loans against residential property and is between 10.30% to 10.65% for loans against commercial property.

Primary security will be the first charge on the property against which the bank has provided the loan by way of equitable mortgage.

If the equitable mortgage of the property against which the loan is given is not possible for some reason, then equitable mortgage of any other property with a market value above 150% of the loan amount should be provided.

Collateral security by way of lien on liquid securities like LICP, NSCs, fixed Deposits etc., if required by the bank on a case to case basis

The maximum repayment period provided will be up to 15 years.

Processing charges:

For Priority Sector Lending up to 50 Lakhs

10,000 plus applicable tax

For PSL loans above 50 Lakhs

0.50% of the loan amount plus applicable taxes if it is proposals sourced through DSA/DST

0.25% of the loan amount plus applicable taxes if the proposals are sourced through Branch/RAC.

For Non-Priority Sector Lending Loans:

0.50% of the loan amount plus applicable taxes with a minimum of 10,000 plus applicable taxes.

For balance transfer loans:

The charges will be 0.25% of the loan amount with a minimum of 10,000 plus applicable taxes irrespective of PSL or Non-PSL.

10,000 plus applicable taxes should be collected at the time of accepting the loan application and the balance to be collected at the time of loan sanction.

Prepayment/Foreclosure charges:

For loans sanctioned at a floating rate to individuals, no charges will be collected.

For loans sanctioned to non-individuals at a floating rate on or after 28th January 2015, the charges will be 2% of the outstanding loan amount plus taxes and for loans sanctioned after the 28th January 2015, the charges will be as per the sanction terms.

For loans sanctioned at a fixed rate if the prepayment/

foreclosure is done before 6 months from the date of the final disbursement, the charges will be 2% of the outstanding loan amount if the loan is granted on or before 28th January 2015 and as per sanction terms for a loan sanctioned after 28th January 2015.

For foreclosure after 6 months from the date of last disbursement, no charges will be collected.

For the foreclosure done through a balance transfer, 2% of the outstanding loan amount if the loan is granted on or before 28th January 2015 and as per sanction terms for a loan sanctioned after 28th January 2015.

Part-payment is allowed 4 times in a financial year and the minimum part-payment amount will be 25,000 and the maximum part-payment in a year should not be more than 30% of the sanctioned amount.

Loan Against Property (Interest Saver)

The maximum quantum of loan will be 10 Crores and above 10 Crores on a case to case basis depending on the merits of the proposal.

The maximum funding will be 65% of the market value of the residential property if self-occupied, 55% of the market value of the residential property if leased out, 50% of the market value of the property if commercial/

Industrial.

Existing customers will get higher amounts.

Loan Against Rent Receivables

A loan will be provided for the expansion of business, for marriage purpose, higher education of children, for repairs/

renovation of

existing residential or commercial property, for repayment of existing loans or for the purchase of a house.

The maximum loan quantum will be 10 Crores and above 10 Crores on a case to case basis depending on the repayment capacity.

The loan amount will be assessed in such a way that it should be repayable within the residual lease period or 10 years whichever is earlier. The net rent receivable after deduction of taxes and dues from the gross receivables.

The maximum loan quantum will be 85% of the rent receivables if the lease period is up to 3 years, 75% of the rent receivables if the lease period is above 3 years and up to 5 years, 65% of the rent receivables if the lease period is above 5 years and up to 7 years and 55% of the rent receivables if the lease period is above 7 years and up to 10 years.

The maximum repayment period is the residual lease period or 10 years, whichever is earlier.

Loan Against Property (Overdraft)

Loans can be used for any purpose with any restriction on end use except for a speculative purpose.

Maximum loan quantum will be 10 Crores and above 10 Crores at the discretion of the bank on a case to case basis.

The maximum loan quantum will be 70% of the market value of the residential property and 60% of the market value of the commercial property for customers who do not have a home loan or LAP at the bank.

The maximum quantum will be 75% of the market value of the residential property and 65% of the market value of the commercial property for

customers who have a home loan or LAP with the bank

Maximum tenure will be 24 months. The loan has to be renewed every year or earlier as per the bank's policy.

Advantages of Taking IDBI Bank Loan Against Property

The following are the advantages of availing IDBI Bank Loan Against Property:

  • The interest rates are very competitive
  • There are different types of loans against property, which you can choose as per your requirement.
  • Loan is given against residential as well as commercial properties
  • The whole loan process is hassle-free
  • Documentation is easy and quick
  • Very efficient customer service
  • No hidden charges
  • Complete transparency about the charges levied for the loan

Documents Required for IDBI Bank Loan Against Property

The documents mentioned below should be accompanied by a loan application for Loan Against Property and two passport size photographs.

For Salaried employees

KYC Documents:

  • Aadhar Card
  • Voter's ID Card
  • Driving Licence
  • Pan Card
  • Passport
  • Utility Bills

Income Proof:

  • Salary Slip for the last 3 months
  • Latest ITR and Form 16
  • Bank statement of salary account for the last 6 months

For Self-Employed

KYC Documents

  • Voter's ID Card
  • Passport
  • Utility Bills
  • Aadhar Card
  • Driving Licence

Income Proof:

  • Financial statements like the audited balance sheet and profit and loss account for the last 3 years.
  • ITR with income computation for the last three years
  • Bank statement of the individual as well as business accounts for the last 12 months

Other documents:

  • Business profile for non-professionals
  • Qualification proof for professionals
  • Proof of business existence

Property Documents:

  • Chain of title related documents
  • Building plan/Approved sanction

IDBI Bank Loan Against Property - Eligibility Criteria

The following are the eligibility criteria for IDBI Bank Loan Against Property:

  • Self-employed professionals like Merchants, SME Manufacturers, Service Providers, etc. are eligible for the loan.
  • Self-employed non-professionals like proprietorship/partnership firms, closely-held limited/private limited companies are eligible for the loan.
  • HUF, Trusts, AOPs, and NGOs are not eligible for the loan
  • Salaried individuals are also eligible for the loan
  • The property should be owned by the borrower
  • A loan can be availed against property situated in rural, semi-urban, urban areas, and in metros.
  • Salaried Class, Proprietorship firms, Partnership firms, Companies, property owners who have leased out their property to PSUs, Government Organisations, Corporate Houses, Banks, etc., under registered lease deed or Leave and Licence Agreement in rural, urban, semi-urban areas and metros are all eligible for Loan Against Rent Receivables.

Interest Rate and Charges for IDBI Bank Loan Against Property

The interest rate on IDBI Bank Loan Against Property is very competitive is between 10.05% to 10.40% p.a. for loans against residential property and is between 10.30% to 10.65% for loans against commercial property.

The other charges are:

Type of Charge Details

Processing fee

For Priority Sector Lending up to 50 Lakhs

10,000 plus applicable tax

For PSL loans above 50 Lakhs

0.50% of the loan amount plus applicable taxes if it is proposals sourced through DSA/DST.

0.25% of the loan amount plus applicable taxes if the proposals are sourced through Branch/RAC.

For Non-Priority Sector Lending Loans:

0.50% of the loan amount plus applicable taxes with a minimum of 10,000 plus applicable taxes.

For balance transfer loans

The charges will be 0.25% of the loan amount with a minimum of 10,000 plus applicable taxes irrespective of PSL or Non-PSL.

10,000 plus applicable taxes should be collected at the time of accepting the loan application and the balance to be collected at the time of loan sanction.

Part prepayment charges /foreclosure charges

  • For loans sanctioned at a floating rate to individuals, no charges will be collected.
  • For loans sanctioned to non-individuals at a floating rate on or after 28th January 2015, the charges will be 2% of the outstanding loan amount plus taxes and for loans sanctioned after the 28th January 2015, the charges will be as per the sanction terms.
  • For loans sanctioned at a fixed rate if the pre-payment/foreclosure is done before 6 months from the date of the final disbursement, the charges will be 2% of the outstanding loan amount if the loan is granted on or before 28th January 2015 and as per sanction terms for a loan sanctioned after 28th January 2015.
  • For foreclosure after 6 months from the date of last disbursement, no charges will be collected.
  • For the foreclosure done through a balance transfer, 2% of the outstanding loan amount if the loan is granted on or before 28th January 2015 and as per sanction terms for a loan sanctioned after 28th January 2015.
  • Part-payment is allowed 4 times in a financial year and the minimum part-payment amount will be 25,000 and the maximum part-payment in a year should not be more than 30% of the sanctioned amount.

Duplicate interest paid certificate

150 per instance

Cheque bounce charges

575 per instance

Stamp duty/other charges

As applicable as per the law of the State

Penal interest

5% p.a. on the overdue amount for the overdue period.

Cheque swapping charges

575 per instance

Duplicate statement issue charges

115 per instance

Issuance charges for a photocopy of Title deeds

225

Credit report issuance charges

50

Conversion fees (higher floating interest rate to lower floating rate)

0.50% on the outstanding balance in the account

Conversion of Loan Against Property Account to Loan Against Property Interest Saver Account

Will be allowed one time on payment of a fee at 0.75% of the outstanding balance in the loan account along with applicable taxes.

Security Required for IDBI Bank Loan Against Property

Residential as well as commercial property can be provided as security for the Loan Against Property. Primary security will be the first charge by way of equitable mortgage of the property against which the loan is granted.

Additional collateral security by way of assignment of LICP, NSCs, Fixed Deposits, etc. as required by the bank on case to case basis.

Why Apply for IDBI Bank Loan Against Property through MyMoneyMantra?

In the present scenario, there are various players in the market providing loans at different rates and charges. It is difficult to compare the schemes to negotiate on the best offer. If you apply for a loan through MyMoneyMantra, the process becomes simpler since the comparative data is available on a single screen on the MyMoneyMantra website.

The loan experts at MyMoneyMantra will assess your eligibility based on the information provided by you on our website. They will assist you to choose the right product, give comparative data on the processing fees end expedite the whole loan availing process by coordinating with the loan provider.

They will also assist you with the fine print with regard to terms and conditions, especially in cases where the offer is highly attractive. They will also analyse your credit history and advise accordingly.

How to Use MyMoneyMantra Loan Against Property Calculator?

It is always better to understand your loan eligibility even before applying for a loan. On knowing the eligibility, you will be able to decide if the amount is adequate for the purpose for which it is required. If there is a gap and you will have to make arrangements elsewhere to bridge the gap, then it is not worth the strenuous ordeal.

Instead of applying the manual method, which is elaborate and confusing to calculate the loan eligibility, it is better to use the LAP EMI Calculator which is quick and accurate.

To use the MyMoneyMantra LAP Calculator, you will have to access the MyMoneyMantra website. All the comparative data of various loan providers are available on a single screen on the website of MyMoneyMantra.

You can assess the eligibility by providing the data of different loan providers and arrive at the deal that is the most beneficial one for you. For doing this, you will have to follow a few steps after accessing the website of MyMoneyMantra:

  • Choose the EMI Calculator on the home page of the website
  • Give the details of the loan amount, loan interest, and loan tenure
  • The EMI will be calculated instantly
  • You can calculate the EMI as many times as required by applying the different offers of the lenders available on the screen.
  • You choose the lender that provides you an offer with which you arrive at an EMI that suits your pocket.
  • Once the decision on the loan provider is made, continue with the filling up of the loan application. The representatives of MyMoneyMantra will take it further from here from delivering the loan application with the documents to the loan provider to documentation and until the disbursement of the loan.

Why Use a Loan Against Property Calculator?

If you have to get an awareness of the additional monetary burden with the LAP EMI beforehand you should use the Loan Against Property EMI Calculator. You will understand the loan eligibility and the EMI and then decide on the loan amount and the tenure to fit the EMI that you can accommodate. The amortization table will give a break-up of the interest and the principal component and the interest that you will be paying for the tenure chosen.

With all the details available you can decide if the loan amount that you are eligible for will serve the purpose. Also, with the interest cost, you can decide whether to avail the loan or not. If you are expecting a hike in your salary or any lump sum amount in the form of a matured fixed deposit proceeds or an incentive etc., you can think of prepaying the loan to reduce the interest cost.

Frequently Asked Questions - IDBI Loan Against Property

What is the method of repayment of IDBI Loan Against Property?

IDBI Loan Against Property should be repaid in Equated Monthly Instalments, which begins the month immediately after the loan disbursement. The EMI consists of both the interest and the principal component.

How does the bank calculate interest on LAP?

The interest is calculated on a daily reducing balance. Some loan providers calculate interest on annual reducing balance, which works out higher in comparison with the interest on daily reducing balance.

What is the maximum loan tenure for IDBI LAP?

The maximum loan tenure for Loan Against Property and Loan Against Property Interest Saver is 15 years. For Loans against rent receivables, the maximum loan tenure is the residual lease period or 10 years, whichever is earlier. For Loan Against Property Overdraft, the loan tenure is 24 months with an annual renewal.

What are the different types of IDBI LAP?

IDBI provides four types of LAP:

  • Mortgage Loan (Loan Against Property)
  • Loan Against Property (Interest Saver)
  • Loan Against Property (Overdraft)
  • Laon Against Rent Receivables

What is the rate of interest on IDBI LAP?

The rate of interest on IDBI LAP ranges from 10.05% to 10.40% p.a. for loans against residential property and from 10.30% to 10.65% for loans against commercial property.

Latest News - IDBI Loan Against Property

IDBI Bank Offers Instalments Relief to Reduce the Impact of COVID - 19 on Its Customers

Private lender IDBI Bank has offered a relief to its borrowers to reduce the burden of servicing debt in the wake of disruptions caused by coronavirus pandemic. The bank provided a moratorium on 3 instalments of term loans for 3 months till 31.05.2020.Read More

OTP is sent to your mobile number

We respect your privacy. You are advised to please read the Privacy Policy carefully. By accessing the services provided by www.mymoneymantra.com, you agree to the collection and use of your data by www.mymoneymantra.com and you are authorizing us & our associate partners to give you a call to offer you their services for the product you have opted for, imparting product knowledge, offering promotional offers running on website & offers offered by the associated third parties. You also authorize us to give you a call from mymoneymantra & its associate partners for the above mentioned purposes irrespective of your being registered for DND.

What data is collected from you automatically?

We will automatically receive and collect certain anonymous information in standard usage logs through our Web server, including computer-identification information obtained from "cookies," sent to your browser from a:

  • Web server cookie stored on your hard drive
  • An IP address, assigned to the computer which you
  • The domain server through which you access our service
  • The type of computer you use
  • The type of web browser you use
Data which we collect from you:
  • Name including first and last name
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  • Demographic profile (like your age, gender, occupation, address)
  • Preferences (such as housing loan, education loan, personal loan, credit card, car loan);
  • Financial information (like salary)
Why we collect the information?

We use contact information internally to send sms/email alerts to you for your login details and alerts on bidders requests or some advertising messages/emails from us. If at any time you wish to stop these sms/email alerts all you have to do is write an email to us

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We are not responsible for the privacy practices of such Web sites which we do not own, manage or control.

We will not use or rent your financial information for any purpose other than to complete a transaction with you. By giving us the information you are giving us permission:

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We will send information about you to other companies or people when:
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By registering your phone number on mymoneymantra.com, you expressly authorize us to override the national Do-Not-Disturb Registry (DND) i.e. - even if your registered phone number falls under DND list of National Consumer Preference Registry (NCPR/NDNC), you voluntarily allow us the authority to call, sms about its products, services and promotional offers. You also accept & agree to our Privacy Policy.

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mymoneymantra may amend the policy from time to time.

Источник: https://www.mymoneymantra.com/mmm/loan-against-property/idbi-bank.html

Introduction

The multi-purpose loan calculator is a 4-in-1 calculator that aims to answer your questions such as:

  • How much is the monthly payment – aka EMI – for my loan?
  • How much money can I afford to borrow?
  • How long will it take to repay my loan?
  • How much interest would I have to pay for an item (electronic gadgets, furniture, household appliances etc.) that I purchased under a “low EMI” scheme?

These four calculators aim to address all the above questions, and more, with an easy-to-use and intuitive interface that provides instantaneous answers.

It is also important to understand the Loan APR concept before using these calculators. Banks charge more than just the interest rate on loans. When obtaining a loan, lenders charge various kinds of non-refundable fees including processing fees and documentation charges. The loan APR factors in these one-time costs associated with borrowing. Loan APR, which is expressed as a yearly percentage rate, represents the true cost of your loan after taking into account the loan interest rate plus the fees & charges that you pay when getting a loan. Loan APR is a more complete measure that reflects the net effective cost of your loan on a yearly basis. For the banks, it represents their internal rate of return (IRR) on the loan.

If you pay ₹ 1600/- as processing fees for a computer worth ₹ 40,000/- under a zero percent EMI scheme with a tenure of 6 months, your loan APR is 14.15%. i.e., you are effectively paying 14.15% interest on the loan.

EMI Calculator

This calculator is available on the homepage of our website and is provided again here for your convenience. Enter the amount you wish to borrow along with the interest rate and tenure to determine your EMI. You can also change the start date for the EMI payment schedule. Interest rates offered by different banks may vary and you will be able to quickly determine your monthly payment under all scenarios.

Loan Amount Calculator / Loan Affordability Calculator

If you are planning to purchase your dream home or car, you must be wondering how much money you can afford to repay without overburdening yourself. It depends on how much EMI (i.e., monthly payment) you can pay and for how long. If you have an idea about how much EMI you can pay every month, then it will be easier for you to know how much you can afford. Enter the amount of EMI that you can pay every month, the interest rate charged by your bank and the preferred tenure, the loan amount calculator will tell you how much you can afford to borrow. Read more about factors that influence the amount you can borrow.

Loan Tenure Calculator

If you are planning to refinance your loan at a lower rate, you have the option to either reduce your EMI or loan tenure. In case you choose the latter option, you can quickly estimate how much time is required to repay your refinanced loan.

If you are planning to make a partial pre-payment on an existing loan, you can determine the remaining tenure on the outstanding principal amount using this calculator.

Interest Rate Calculator

It has become common these days to purchase high-end electronic gadgets, furniture and household appliances (such as fridge, TV, washing machine etc.) using installment loans. Manufacturers and sellers lure buyers with low EMI payments and buyers fall into the trap without understanding the interest rate for such loans. Given the loan amount (i.e., item price), EMI and tenure, this calculator helps you estimate the interest rate on such loans.

Источник: https://emicalculator.net/loan-calculator/

IDBI expects 2% of small borrowers to opt for recast

Mumbai: Private lender IDBI Bankexpects just about 2 per cent of its individual and MSME borrowersto seek restructuring under the central bank window that allows borrowers with up to Rs 25 crore exposure to avail the facility.

It recast about 2 per cent of its overall book under the window available during the first Covid wave.

“Going by past experience, we don’t feel that more than 2 per cent of our total loans will be recast under this category,” Rakesh Sharma, the bank’s MD, told ET. “Our portfoliois very strong and 90 per cent of the retail loans are in the mortgage category, to highly rated borrowers.”

Sharma said he expects the Reserve Bank of India(RBI) to unveil more measures keeping in mind large corporates as the impact of the pandemic worsens.

Sharma added that in the first covid wave, the bank anticipated that restructuring could be in the range of 4-5 per cent but it was only 2 per cent — largely owing to chunky assets in the large and mid-corporate segment. The recast in the home loan and mortgage portfolio was 1.25 per cent under the earlier window.

The RBI on Wednesday allowed lenders to recast loans up to Rs 25 crore, this window is open until September. A surge of infections in the second covid wave has taken a toll on lives and livelihoods, with business momentum slowing. Collection ratios for lenders were down by up to 5 per cent in April, while cheque bounce rates were rising steadily.

“We are cautious but I don’t think it will be a big cause of worry, and now that the RBI has allowed recasting of loans, some of the borrowers that need hand-holding will be taken care of under this window,” Sharma said. “We don’t see a huge dent on slippages, the SMA2 (loans due beyond 60 days) portfolio could be under risk due to delays in loan collection, but my overall efficiency is 95 per cent; so I don’t see any immediate risk.”

IDBI Bank exited RBIs prompt corrective action (PCA) framework after four years in March this year, posted profits of Rs 512 crore at the end of Q4. The net non-performing loan ratio improved to 1.97 per cent.
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Источник: https://m.economictimes.com/markets/stocks/news/idbi-expects-2-of-small-borrowers-to-opt-for-recast/articleshow/82448203.cms

IDBI looking at increasing retail assets to 29% this year

OutlookJune 28, 2018 17:17 ISTIDBI looking at increasing retail assets to 29% this year
outlookindia.com
1970-01-01T05:30:00+0530

Mumbai, Jun 28 (PTI) Loss-making IDBI Bank is looking to increase the share of the retail loan book to 29 per cent this fiscal year from 25 per cent last year, an official said.

The structured retail loan book of the bank, which may be taken over by LIC, consists of housing loans, loan against property, education loans, personal loans and car loans.

"Our structured retail book is projected to be 29 per cent of the total advances by March 2019," executive director for retail banking group Jorty Chacko said today.

Of the structured retail loan book, share of housing loans and loan against property is 94 per cent and the balance 6 per cent consists of personal, education and car loans.

"As a strategy, we are now looking to enhance our non-mortgage book (personal, car and education loan), looking at the higher spread available in these segments," he said.

Chacko said the spread on mortgage loans is about 350 bps, whereas the spread on car loans is around 450 bps and as high as 700 bps on personal loans.

On the auto and personal loans front, the bank has introduced risk-based pricing and is offering better rates for customers with good credit profile.

The bank, which has the highest bad loan ratio in the system with over 25 per cent, is offering an interest rate in the range of 8.90 per cent to 9.50 per annum in auto loan and 12 per cent to 14 per cent per annum in personal loan.

The bank has also realigned its home loan slab in line with new home loan priority sector lending norms issued by the central bank.

It has revised home loan slab from existing Rs 30 lakh to Rs 35 lakh, effective June 18. It is offering an interest rate of 8.5 per cent per annum for housing loans up to Rs 35 lakh.


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
Источник: https://www.outlookindia.com/newsscroll/idbi-looking-at-increasing-retail-assets-to-29-this-year/1339582

IDBI Bank Mortgage Loan
(Loan Against Property)

IDBI Bank brings to you Loan Against Property facility to enable you to unlock the power of your property. You can mortgage your residential or commercial property to get a loan & meet all your financial requirements.

Loan Purpose

  • Business Expansion
  • Education/Marriage expenses
  • Purchase of house
  • Improvement/Extension of existing Property
  • Medical Treatment
  • Any other personal Need

Loan Amount:

  • Loan Amount : Up to Rs.10 Cr. Loan above Rs.10 Cr can be provided depending upon the merit of the proposal.
  • Loan Tenure : Up to 15 Years.
  • Processing Fees : Please refer to Schedule Of Charges of Retail Assets.

Maximum Funding

Nature of the property : LTV

Residential : 70 %

Non-residential : 60 %

If the applicant is not existing Home Loan /Loan Against Property customer

Nature of the property : LTV

Residential : 75 %

Non-residential : 65 %

If the applicant is an existing Home Loan /Loan Against Property customer

* Subjected to repayment capacity of the individual as assessed by IDBI Bank Ltd.

The Following documents are required along with The Application Form to process your Loan Application.

Application form with photograph

Identity and Residence Proof

Latest Salary-slip for last 3 months

Last 6 months bank statement

Property Related Documents

Application form with photograph

Identity and Residence Proof

Education Qualification Certificates and Proof of business existence

Last 3 years Income Tax returns

Last 3 years Profit/Loss and Balance Sheet

All Title related Documents along with approved sanction/building plan.

Application form with photograph

Identity and Residence Proof

Proof of business existence

Last 3 years Income Tax returns

Last 3 years Profit/Loss and Balance sheet statement.

All Title related Documents along with approved sanction/building plan.

Note: The documents mentioned above are indicative in nature. IDBI Bank may ask for additional document if required during the processing of your loan application.

  • Primary : First Charge on the mortgaged property by way of equitable mortgage against which IDBI Bank has advanced the loan.
  • Collateral : Liquid Collaterals as required by The Bank selectively in the form of Pledge/Hypothecation and Assignment depending upon individual cases.
Other Charges

Attractive Interest Rates to Make
Your Loan Against Property Affordable and Convenient

Schedule of charges and Terms & Conditions applicable on Loan Against Property
Schedule Of Charges

How To Apply

Get a Loan Against Property in 3 easy steps.

01. Basic Details

Provide your basic details to help us know you better.

02. Check Eligibility

Determine your eligibility to get a Loan Against Property.

03. Submit Documents

Documents such as residential proof, income and employment details.

Get In TouchFind the Nearest Branch

Источник: https://www.idbibank.in/loan-against-property.aspx

ICICI Bank

Indian private sector bank

ICICI Bank Logo.svg
Icici-bandra kurla complex.jpg

ICICI Bank Corporate Office in Bandra Kurla Complex, Mumbai

FormerlyIndustrial Credit and Investment Corporation of India
TypePublic

Traded as

ISININE090A01021
IndustryFinancial services
Founded5 January 1955; 66 years ago (1955-01-05)
Headquarters

Vadodara, Gujarat , (Registered Office)
Bandra Kurla Complex, Mumbai(Corporate Office)

Number of locations

5,275 (2020)

Area served

Worldwide

Key people

ProductsBanking, commodities, credit cards, equities trading, insurance, investment management, mortgage loans, mutual funds, private equity, risk management, wealth management, asset management
RevenueIncrease₹161,192 crore (US$21 billion)[2] (2021)

Operating income

Increase₹42,261 crore (US$5.6 billion)[2] (2021)

Net income

Increase₹20,220 crore (US$2.7 billion)[2] (2021)
Total assetsIncrease₹1,573,812 crore (US$210 billion)[3] (2021)
Total equityIncrease₹153,078 crore (US$20 billion)[3] (2021)

Number of employees

97,354 (2020)[4]
SubsidiariesICICI Prudential[5]
ICICI Lombard[6]
ICICI Securities[7]
ICICI Direct[8]
Websitewww.icicibank.com

ICICI Bank Limited is an Indian multinational bank and financial services company with its corporate office in Mumbai, Maharashtra. It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management. The bank has a network of 5,275 branches and 15,589 ATMs across India and has a presence in 17 countries.[9]

The bank has subsidiaries in the United Kingdom and Canada; branches in United States, Singapore, Bahrain, Hong Kong, Qatar, Oman, Dubai International Finance Centre, China[10] and South Africa;[11] as well as representative offices in United Arab Emirates, Bangladesh, Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium and Germany.[12]

History[edit]

ICICI Bank was established by the Industrial Credit and Investment Corporation of India (ICICI), an Indian financial institution, as a wholly owned subsidiary in 1994 in Vadodara however the parent company was formed in 1955 as a joint-venture of the World Bank, India's public-sector banks and public-sector insurance companies to provide project financing to Indian industry.[13][14] The bank was founded as the Industrial Credit and Investment Corporation of India Bank, before it changed its name to ICICI Bank. The parent company was later merged with the bank. The Industrial Credit and Investment Corporation of India (ICICI) was established on 5 January 1955 and Sir Arcot Ramasamy Mudaliar was elected as the first Chairman of ICICI Ltd.

ICICI Bank launched Internet Banking operations in 1998.[15]

ICICI's shareholding in ICICI Bank was reduced to 46% through a public offering of shares in India in 1998, followed by an equity offering in the form of American depositary receipts on the NYSE in 2000.[16] ICICI Bank acquired the Bank of Madura Limited in an all-stock deal in 2001 and sold additional stakes to institutional investors during 2001–02.[17]

In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group, offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank or a financial institution from non-Japan Asia to be listed on the NYSE.[18]

ICICI, ICICI Bank, and ICICI subsidiaries ICICI Personal Financial Services Limited and ICICI Capital Services Limited merged in a reverse merger in 2002.[19]

During the financial crisis of 2007–2008, customers rushed to ICICI ATMs and branches in some locations due to rumors of bank failure. The Reserve Bank of India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.[20]

In March 2020, the board of ICICI Bank Ltd. approved an investment of Rs 1,000 crore in Yes Bank, resulting in a 5% ownership interest in Yes.

Acquisitions[edit]

  • 1996: ICICI Ltd. A diversified financial institution with headquarters in Mumbai[21]
  • 1997: ITC Classic Finance. incorporated in 1986, ITC Classic was a non-bank financial firm that engaged in hire, purchase and leasing operations. At the time of being acquired, ITC Classic had eight offices, 26 outlets and 700 brokers.[22]
  • 1997: SCICI (Shipping Credit and Investment Corporation of India)[23]
  • 1998: Anagram (ENAGRAM) Finance. Anagram had built up a network of some 50 branches in Gujarat, Rajasthan, and Maharashtra that were primarily engaged in the retail financing of cars and trucks. It also had some 250,000 depositors.[24]
  • 2001: Bank of Madura[25]
  • 2002: The Darjeeling and Shimla branches of Grindlays Bank[26]
  • 2005: Investitsionno-Kreditny Bank (IKB), a Russian bank[27]
  • 2007: Sangli Bank. Sangli Bank was a private sector unlisted bank, founded in 1916, and 30% owned by the Bahte family. Its headquarters were in Sangli in Maharashtra, and it had 198 branches. It had 158 in Maharashtra and 31 in Karnataka, and others in Gujarat, Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches were relatively evenly split between metropolitan areas and rural or semi-urban areas.[28]
  • 2010: The Bank of Rajasthan (BOR) was acquired by the ICICI Bank in 2010 for ₹30 billion (US$400 million). RBI was critical of BOR's promoters not reducing their holdings in the company. BOR has since been merged with ICICI Bank.[21]

Role in Indian financial infrastructure[edit]

ICICI bank has contributed to the setting up of a number of Indian institutions to establish financial infrastructure in the country over the years:

  • The National Stock Exchange was promoted by India's leading financial institutions (including ICICI Ltd.) in 1992 on behalf of the Government of India with the objective of establishing a nationwide trading facility for equities, debt instruments and hybrids, by ensuring equal access to investors all over the country through an appropriate communication network.[29]
  • In 1987, ICICI Ltd along with UTI set up CRISIL as India's first professional credit rating agency.[30]
  • NCDEX (National Commodities and Derivatives EXchange) was set up in 2003, by ICICI Bank Ltd, LIC, NABARD, NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers Fertiliser Cooperative Limited (IFFCO) and Punjab National Bank.[31]
  • ICICI Bank facilitated the setting up of "FINO Cross Link to Case Link Study" in 2006, as a company that would provide technology solutions and services to reach the underserved and underbanked population of the country. Using technologies like smart cards, biometrics and a basket of support services, FINO enables financial institutions to conceptualise, develop and operationalise projects to support sector initiatives in microfinance and livelihoods.[32]
  • Entrepreneurship Development Institute of India (EDII), was set up in 1983, by the erstwhile apex financial institutions like IDBI, ICICI, IFCI and SBI with the support of the Government of Gujarat as a national resource organisation committed to entrepreneurship development, education, training and research.[33]
  • Eastern Development Finance Corporation (NEDFI) was promoted by national level financial institutions like ICICI Ltd in 1995 at Guwahati, Assam for the development of industries, infrastructure, animal husbandry, agri-horticulture plantation, medicinal plants, sericulture, aquaculture, poultry and dairy in the North Eastern states of India.[34]
  • Following the enactment of the Securitisation Act in 2002, ICICI Bank, together with other institutions, set up Asset Reconstruction Company India Limited (ARCIL) in 2003. ARCIL was established to acquire non-performing assets (NPAs) from financial institutions and banks with a view to enhance the management of these assets and help in the maximisation of recovery.[35][36]
  • ICICI Bank has helped in setting up Credit Information Bureau of India Limited (CIBIL), India's first national credit bureau in 2000. CIBIL provides a repository of information (which contains the credit history of commercial and consumer borrowers) to its members in the form of credit information reports.[37]

Products[edit]

ICICI Bank offers products and services such as online money transfers, tracking services, current accounts, savings accounts,[38] time deposits, recurring deposits, mortgages, loans, automated lockers, credit cards, prepaid cards, debit cards and digital wallets called ICICI pocket.[39]

ICICI bank launched 'ICICIStack' which provides online services such as payment options, digital accounts, instant car loans, insurance, investments, loans etc.[40]

Subsidiaries[edit]

ICICI Prudential Life Insurance[edit]

Main article: ICICI Prudential Life Insurance

ICICI Lombard[edit]

Main article: ICICI Lombard

ICICI Prudential Mutual Fund[edit]

Main article: ICICI Prudential Mutual Fund

ICICIdirect[edit]

Main article: ICICIdirect

ICICI Bank Canada[edit]

ICICI Bank Canada is a wholly owned subsidiary of ICICI Bank, whose corporate office is located in Toronto. Established in December 2003,[41] ICICI Bank Canada is a full-service direct bank with assets of about $6.5 billion as of 31 December 2019.[41] It is governed by Canada's Bank Act and operates under the supervision of the Office of the Superintendent of Financial Institutions.[42] The bank has seven branches in Canada.[41]

In 2003, ICICI Bank Canada was established as a Schedule II (foreign-owned or -controlled) bank. It was incorporated in November and opened its head office and downtown Toronto branch in December.[41] In 2004 launched an online banking platform. In 2005, it launched its financial advisor services channel. In 2008, the bank relocated its corporate office to the Don Valley Business Park in Toronto. In 2010, it launched a mortgage broker service. In 2014, the bank launched a mobile banking app.

ICICI Bank Canada is a member of several esteemed trade association; as well as the Canadian Bankers Association (CBA);[43] a registered member with the Canada Deposit Insurance Corporation (CDIC),[44] a federal agency insuring deposits at all of Canada's chartered banks; Interac Association;[45]Cirrus Network; and The Exchange Network.[46]

ICICI Bank UK PLC[edit]

ICICI Bank UK PLC was incorporated in England and Wales on 11 February 2003, as a private company with the name ICICI Bank UK Ltd. It then became a public limited company on 30 October 2006.[47] Presently the Bank has seven branches[48] in the UK. : one each in Birmingham, East Ham, Harrow, London, Manchester, Southall and Wembley.

The bank currently has seven branches in the UK. ICICI Bank UK PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. It is covered by the Financial Services Compensation Scheme (FSCS). The bank has a long-term foreign currency credit rating of Baa1 from Moody's. At 31 March 2019, it had a capital adequacy ratio of 16.8%.[47]

ICICI Bank UK PLC offers products and services such as a current account, savings account, remittance to India, safe deposit box, NRI Services, business banking, foreign exchange services, commercial real estate and corporate banking.[49] In 2019, ICICI Bank UK PLC launched an instant account opening facility through its iMobile app.[50][51]

Controversies[edit]

Inhumane debt recovery methods[edit]

A few years after its rise to prominence in the banking sector, ICICI bank faced allegations on the recovery methods it used against loan payment defaulters. A number of cases were filed against the bank and its employees for using "brutal measures" to recover the money. Most of the allegations were that the bank was using goons to recover the credit card payments and that these "recovery agents" exhibited inappropriately and in some cases, inhuman behaviour. Incidents were reported wherein the defaulters were put to "public shame" by the recovery agents.

The bank also faced allegations of inappropriate behaviour in recovering its loans. These allegations started initially when the "recovery agents" and bank employees started threatening the defaulters. In some cases, notes were written by the bank's employees asking the defaulters to "sell everything in the house including family members", were found. Such charges faced by the bank rose to a peak when suicide cases were reported wherein the suicide notes spoke of the bank's recovery methods as the cause of the suicide. This led to legal battles and the bank paying huge compensation.[52][53]

Money laundering allegations[edit]

ICICI Bank was one of the leading Indian banks accused of blatant money laundering through violation of RBI guidelines in the famous CobraPost[54] sting operation which shook up Indian banking industry during April–May 2013.[55]

On 14 March 2013 the online magazine Cobrapost released video footage from Operation Red Spider showing high-ranking officials and some employees of ICICI Bank agreeing to convert black money into white, an act in violation of Money Laundering Control Act. The Government of India and Reserve Bank of India ordered an inquiry following the exposé. On 15 March 2013, ICICI Bank suspended 18 employees, pending inquiry.[56][57][58] On 11 April 2013 the Deputy Governor of RBI, H R Khan reportedly said that the central bank was initiating action against ICICI Bank in connection with allegations of money laundering.[59][60]

Chanda Kochhar fraud case[edit]

On 4 October 2018, the then MD & CEOChanda Kochhar stepped down from her position following allegations of corruption.[61] In January 2019, based on the report of an enquiry panel headed by Justice Srikrishna, the bank board officially terminated her from service. It also become one of the first in the country to ask for a claw back of bonuses and benefits.[62] In 2020 the Enforcement Directorate provisionally seized assets and shares belonging to Chanda Kochhar with an estimated value of more than Rs 78 crore, in relation to the ICICI bank loan case.[63]

See also[edit]

References[edit]

  1. ^"ICICI Bank appoints former IAS Girish Chandra Chaturvedi as non-executive part-time chairman". Business Today. Retrieved 25 September 2020.
  2. ^ abc"ICICI Bank Consolidated Profit & Loss account, ICICI Bank Financial Statement & Accounts". www.moneycontrol.com. Retrieved 28 August 2020.
  3. ^ ab"ICICI Bank Consolidated Balance Sheet, ICICI Bank Financial Statement & Accounts". www.moneycontrol.com. Retrieved 28 August 2020.
  4. ^"ICICI Bank Annual Report 2020"(PDF). Retrieved 13 February 2020.
  5. ^"ICICI Bank sells 1.5% stake in ICICI Prudential Life Insurance for Rs 840 crore". Zee News. 22 June 2020.
  6. ^"ICICI Bank divests stake in ICICI Prudential for Rs 2,250 crore". The Statesman. 22 June 2020.
  7. ^"ICICI Securities". www.icicisecurities.com.
  8. ^"ICICIdirect - Online Share Trading in India at low brokerage". www.icicidirect.com.
  9. ^"ICICI Bank

    IDBI gives news ways for funding your home

    Raj Kumar Bansal, executive director, IDBI Bank Ltd., shares with Vijay Pandya the initiatives being taken to promote housing.

    What financial assistance does IDBI Bank provide for housing?
    One can avail loan from IDBI Bank, for constructing a house, purchase of ready built house/ flat or re-sale flat, balance transfers, purchase of plot and construction, renovation/ extension of houses/ flats, loan against residential and commercial properties purchased.

    Who can apply for home loan?
    We offer loans to salaried individuals, self employed professionals or businessmen and NRIs.

    What are the main advantages of IDBI Bank home loans?

    • Maximum funding as permissible under RBI guidelines
    • Flexibility of choosing between Floating or Fixed interest rate
    • Attractive rate of interest
    • Interest charging on daily reducing balance
    • Personalised doorstep service
    • Simple documentation
    • Legal and technical assistance
    • Balance transfer facility
    • Reassessment and adjustment of applicant’s loan eligibility in case of change of income and residence status
    • Low monthly outgo: Equated Monthly Instalment (EMI) is lower because interest is calculated on a daily reducing balance.
    • Pre approved properties: The bank has a system of pre approving the properties via Advance Payment Facility (APF) & Advance Disbursement Facility (ADF) available thereby offering faster approvals in select cases.
    • Balance transfer: Home loan product also has the option of balance transfer of existing loans from other banks or housing financial companies, as well as top-up options.
    • Flexible repayment plan: Loan repayment options are structured to suit individual requirements. For instance, one can part pay or foreclose the loan account under floating interest rate scheme without penal charges.


    Does the Bank have any flexible repayment home loan product?
    Home loan Interest Saver product provides the facility of linking home loan account with the Easy Access Current Account (RCEAZ). The interest liability of the borrower on home loan comes down if the operative current account has surplus balance. Borrower is allowed to withdraw or deposit funds from his operative current account as and when required. Interest on Home loan will be calculated on outstanding loan minus balance in the current account based on daily basis.

    What are other linked products?
    We offer Loan Against Property, Loan Against Rent Receivables, Reverse Mortgage Loan, Loan Against Property Overdraft, Loan Against Commercial Property Purchase and Turnover Based Loan (Home loan and Mortgage Loan) for self employed professionals and businessmen. The Bank recently reduced rate of interest on Loan against commercial property purchase in line with market rates.

    What is loan repayment tenure?
    Tenure of a home loan can be up to 20 years for a resident individual (salaried and self employed professional) whereas for self employed (resident Indian) and NRIs (salaried) maximum tenure is 15 years.

    What is maximum loan amount?
    One can get a loan of minimum Rs2 lakh to maximum Rs5 crore. Normally, loan can be sanctioned for a maximum of 80% of the property value. However, loans up to 20 lakh would be eligible for 90% of property value. Quantum of loan is determined based on the repayment capacity of the customer.

    Does the bank provide insurance cover to borrowers?
    The bank provides insurance premium funding for life insurance/home insurance for its borrowers.

    What are documents required?
    Following documents required for calculating loan eligibility:

    • Salaried Individuals: 6 months Bank Statement and 3 month Salary Slips & Form 16. The minimum income of the applicant should be Rs15000 per month.
    • Self-Employed Professional and Non Professional category: Last 6 month bank statement of savings account and business bank account. Last 2 years income tax returns, balance sheet, profit & loss account.

    What is the security of the loan?
    Primary Security for the loan is mortgage of the property to be financed, normally by way of deposit of the title deeds. The collateral security as may be necessary in some cases depending on the profile of the customer.

    What are tax benefits available?
    A maximum deduction of Rs1,50,000 on your income towards interest paid on your home loans u/s 24 is available. Further a maximum deduction of Rs1,00,000 on the principal repaid u/s 80 C can be claimed by the applicants.

    What about foreclosure or prepayment?
    Prepayment/ foreclosure charges are not payable on floating interest rate loans. However, prepayment fees of 2% on principal outstanding will be levied in case of fixed rate loans and plot loans.

    Who can be a co-applicant?
    The applicant can include spouse/ parents/ children as a co-applicant for the home loan and whose income can be included for calculating the eligible loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.

    How is loan repayment done?
    The loan amount is repayable over the tenure of the loan by way of Equated Monthly Instalments. The EMI starts after the full disbursement of the loan. The customer pays simple interest on the part disbursed amount till final disbursement. To further the cause of green initiative, the repayment is to be made only through Standing Instruction (SI) or Electronic clearing System (ECS).

    How does floating rate change?
    The floating rate of interest of home loans is linked to Base Rate (BR) of the Bank. BR is the benchmark rate fixed by the Bank, after taking into consideration of various components of cost of funds and margin. The same is subject to change from time to time as per the changes in monetary conditions.

    What of technological changes?
    Soon the bank would be introducing online loan application for home loans through our website. Existing clientele has the facility to download Retail Loan Statements and Interest Certificates through our website. SMS alerts intimating the customers their due date for EMI payment amount due as also acknowledgment of payment made has already been introduced. As per the Green Initiative of Government of India, bank has initiated steps to encourage payment through ECS mode of payment.

    What is the current network of the bank in terms of home loans?
    In addition to the network of 985 branches, the bank has 72 Retail Asset Centres dedicated to handle all retail loans.

    Источник: https://www.dnaindia.com/business/report-idbi-gives-news-ways-for-funding-your-home-1720599

    IDBI expects 2% of small borrowers to opt for recast

    Mumbai: Private lender IDBI Bankexpects just about 2 per cent of its individual and MSME borrowersto seek restructuring under the central bank window that allows borrowers with up to Rs 25 crore exposure idbi mortgage loan interest rate avail the facility.

    It recast about 2 per cent of its overall book under the window available during the first Covid wave.

    “Going by past experience, we don’t feel that more than 2 per cent of our total loans will be recast under this category,” Rakesh Sharma, the bank’s MD, told ET. “Our portfoliois very strong and 90 per cent of the retail loans are in the mortgage category, to highly rated borrowers.”

    Sharma said he expects the Reserve Bank of India(RBI) to unveil more measures keeping in mind large corporates as the impact of the pandemic worsens.

    Sharma added that in the first covid wave, the bank anticipated that restructuring could be in the range of 4-5 per cent but it was only 2 per cent — largely owing to chunky assets in the large and mid-corporate segment. The recast in the home loan and mortgage portfolio was 1.25 per cent under the earlier window.

    The RBI on Wednesday allowed lenders to recast loans up to Rs 25 crore, this window is open until September. A surge of infections in the second covid wave has taken a toll on lives and livelihoods, with business momentum slowing. Collection ratios for lenders were down by up to 5 per cent in April, while cheque bounce rates were rising steadily.

    “We are cautious but I don’t think it will be a big cause of worry, and now that the RBI has allowed recasting of loans, some of the borrowers that need hand-holding will be taken care of under this window,” Sharma said. “We don’t see a huge dent on slippages, the SMA2 (loans due beyond 60 days) portfolio could be under risk due to delays in loan collection, but my overall efficiency is 95 per cent; so I don’t see any immediate risk.”

    IDBI Bank exited RBIs prompt corrective action (PCA) framework after four years in March this year, posted profits of Rs 512 crore at the end of Q4. The net non-performing loan ratio improved to 1.97 per cent.
    (What's moving Sensexand NiftyTrack latest market news, stock tipsand expert adviceon ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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    Источник: https://m.economictimes.com/markets/stocks/news/idbi-expects-2-of-small-borrowers-to-opt-for-recast/articleshow/82448203.cms

    IDBI looking at increasing retail assets to 29% this year

    OutlookJune 28, 2018 17:17 ISTIDBI looking at increasing retail assets to 29% this year
    outlookindia.com
    1970-01-01T05:30:00+0530

    Mumbai, Jun 28 (PTI) Loss-making IDBI Bank is looking to increase the share of the retail loan book to 29 per cent this fiscal year from 25 per cent last year, an official said.

    The structured retail loan book of the bank, which may be taken over by LIC, consists of housing loans, loan against property, education loans, personal loans and car loans.

    "Our structured retail book is projected to be 29 per cent of the total advances by March 2019," executive director for retail banking group Jorty Chacko said today.

    Of the structured retail loan book, share of housing loans and loan against property is 94 per cent and the balance 6 per cent consists of personal, education and car loans.

    "As a strategy, we are now looking to enhance our non-mortgage book (personal, car and education loan), looking at the higher spread available in these segments," he said.

    Chacko said the spread on mortgage loans is about 350 bps, whereas the spread on car loans is around 450 bps and as high as 700 bps on personal loans.

    On the auto and personal loans front, the bank has introduced risk-based pricing and is offering better rates for customers with good credit profile.

    The bank, which has the highest bad loan ratio in the system with over 25 per cent, is offering an interest rate in the range of 8.90 per cent to 9.50 per annum in auto loan and 12 per cent to 14 per cent per annum in personal loan.

    The bank has also realigned its home loan slab in line with new home loan priority sector lending norms issued by the central bank.

    It has revised home loan slab from existing Rs 30 lakh to Rs 35 lakh, effective June 18. It is offering an interest rate of 8.5 per cent per annum for housing loans up to Rs 35 lakh.


    Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
    Источник: https://www.outlookindia.com/newsscroll/idbi-looking-at-increasing-retail-assets-to-29-this-year/1339582

    IDBI Bank Mortgage Loan
    (Loan Against Property)

    bigg boss promo 1st august IDBI Bank brings to you Loan Against Property facility to enable you to unlock the power of your property. You can mortgage your residential or commercial property to get a loan & meet all your financial requirements.

    Loan Purpose

    • Business Expansion
    • Education/Marriage expenses
    • Purchase of house
    • Improvement/Extension of existing Property
    • Medical Treatment
    • Any other personal Need

    Loan Amount:

    • Loan Amount : Up to Rs.10 Cr. Loan above Rs.10 Cr can be provided depending upon the merit of the proposal.
    • Loan Tenure : Up to 15 Years.
    • Processing Fees : Please refer to Schedule Of Charges of Retail Assets.

    Maximum Funding

    Nature of the property : LTV

    Residential : 70 %

    Non-residential : 60 %

    If the applicant is not existing Home Loan /Loan Against Property customer

    Nature of the property : LTV

    Residential : 75 %

    Non-residential : 65 %

    If the applicant is an existing Home Loan texas tarrant county court records Against Property customer

    * Subjected to repayment capacity of the individual as assessed by IDBI Bank Ltd.

    The Following documents are required along with The Application Form to process your Loan Application.

    Application form with photograph

    Identity and Residence Proof

    Latest Salary-slip for last 3 months

    Last 6 months bank statement

    Property Related Documents

    Application form with photograph

    Identity and Residence Proof

    Education Qualification Certificates and Proof of business existence

    Last 3 years Income Tax returns

    Last 3 years Profit/Loss and Balance Sheet

    All Title related Documents along with approved sanction/building plan.

    Application form with photograph

    Identity and Residence Proof

    Proof of business existence

    Last 3 years Income Tax returns

    Last 3 years Profit/Loss and Balance sheet statement.

    All Title related Documents along with approved sanction/building plan.

    Note: The documents mentioned above are indicative in nature. IDBI Bank may ask for additional document if required during the processing of your loan application.

    • Primary : First Charge on the mortgaged property by way of equitable mortgage against which IDBI Bank has advanced the loan.
    • Collateral : Liquid Collaterals as required by The Bank selectively in the form of Pledge/Hypothecation and Assignment depending upon individual cases.
    Other Charges

    Attractive Interest Rates to Make
    Your Loan Against Property Affordable and Convenient first premier bank near me

    Schedule of charges and Terms & Conditions applicable on Loan Against Property
    Schedule Of Charges

    How To Apply

    Get a Loan Against Property in 3 easy steps.

    01. Basic Details

    Provide your basic details to help us know you better.

    02. Check Eligibility

    Determine your eligibility to get a Loan Against Property.

    03. Submit Documents

    Documents such as residential proof, income and employment details.

    Get In TouchFind the Nearest Branch

    Источник: https://www.idbibank.in/loan-against-property.aspx

    IDBI Bank Loan Against Property
    Total rating: 0

    IDBI offers loan against property to borrowers who require money to meet business and personal needs, holding their existing property (residential or commercial) as collateral. Availing a loan from IDBI has some fantastic benefits, some of which are listed below:

    • Pay low Amazon prime customer service for a tenure of 15 years

    • Overdraft facility is available

    • Loan amounts of up to Rs. 10 crores and above are made available

    IDBI Bank Loan Against Property Interest Rates and Processing Fees

    IDBI Bank Mortgage Loan

    Interest Rate

    IDBI Bank Loan Against Property Floating

    10.20% - 10.70%

     

    IDBI Bank Loan Against Property Floating

    Loan Amount

    Interest Rates

      

    Upto ? 25 Lakh

    10.20%

      

    ? 25 Lakh - ? 75,00,000

    10.20%

      

    ? 75 Lakh - ? 3,00,00,000

    10.55%

      

    Above ? 3 Crore

    10.70%

      

    OD Facility

    Loan Amount

    Interest Rates

      

    Upto ? 25 Lakh

    10.60%

      

    Above ? 25 Lakh - ? 75 Lakh

    10.60%

      

    Above ? 75 Lakh - ? 3 Crore

    10.60%

      

    Above ? 10 Crore

    10.60%

      

    Apart from the interest rate, a property loan has other charges associated with it as well,  which include:

    • Foreclosure - These charges are to be paid if you want to repay the whole amount of credit before the completion of tenure. Here are the prepayment charges:

      • Within six months of borrowing loan - 2-3% of the loan amount

      • After six months - NIL

    • Processing  - IDBI Bank levies a processing fee of 1% of the loan amount.

    • Other fees - The bank also levies technical and legal charges, which are explained to the customer during the loan process.

    Features of IDBI Bank Loan Against Property

    • The borrower can use this fund for the expansion of his/her business.

    • Education and marriage expenses can be quickly funded through this loan.

    • If the borrower wishes to buy a new home, he/she can apply for the loan.

    • People can borrow funds for the improvement or extension of the existing property as well.

    • The burden of medical treatment expenses can be dealt with.

    • Any other personal needs can also be fulfilled with the help of a loan against property.

    • Loan amount

      • Up to Rs.10 crore loan and above can be borrowed depending upon the merit of the proposal. 

    •  Loan tenure

      • Maximum tenure of up to 15 years.

    IDBI Bank Loan Against Property Schemes

    IDBI Loan Against Property (Overdraft Facility)

    This loan has been customized to cater to the needs of the business community. Businesspeople can avail this loan for the purchasing or stocking of raw materials, payment of salary, wages, etc. and also for bridging the gap between the supply of goods and payments after that.

    IDBI Loan Against Rent Receivables

    This loan has been designed to address the financial requirements of people having self-owned property given on rent and to enable them in getting liquidity against the expected future rentals of the property.

    IDBI Bank Loan Against Property with Interest Saver (LAPIS)

    This loan provides a facility for linking the loan account of the borrower with the Flexi Current Account. The interest liability of your loan reduces to the extent of surplus funds available in the current operative account. You will be allowed to deduct cash from this operative current account or deposit in it as and when required. Interest on your loans will be calculated by subtracting the balance in the current account (based on Can i deposit a check at any atm from the outstanding loan amount.

    Maximum funding provided in the loan:

    • Up to 65% of the market value of the property (residential and self-occupied)

    • Up to 55% of the market value of the property (residential property leased out)

    • Up to 50% of the market value of the property (commercial or industrial)

    IDBI Bank Reverse Mortgage Loan

    • This loan has been designed to supplement the present income/pension of senior citizens for covering expenses such as medical treatment, upgradation or renovation of the existing property, business purposes, etc.

    • Loan amount: 

      • Up to Rs 2 crore (subject to the market value of the residential property as calculated by the bank, based on the borrower's age, and according to the interest rate)

    IDBI Bank Commercial Property Purchase

    • This idbi mortgage loan interest rate has been introduced to facilitate the purchase of readily built/re-sold building units for commercial purposes.

    • Loan amount:

      • Up to Rs 5 crore and above can be provided, depending upon idbi mortgage loan interest rate individual case.

    • Maximum funding provided

      • Up to 55% of the market value or 65% of the registered value (whichever is lower, inclusive of stamp duty and registration charges).

    IDBI Bank Loan Against Property Top-Up

    IDBI Bank also provides mortgage loan balance transfer from another bank based on the eligibility criteria of IDBI Bank.

    Eligibility for IDBI Loan Against Property

    IDBI has detailed criteria to determine the eligibility of a potential borrower for mortgage loans. Some of the essential eligibility criteria are:

    Age                                                         north carolina central university alumni                   22-60 years

    Loan Amount    amazon truck business                                                   ?40 Lakh - ? 10 Cr

    Minimum Credit Score                                            650 and above

    Loan to Value Ratio (LVR)                                  maximum upto 65%

    FOIR (Fixed Obligations to Income Ratio)             upto 0.65

    Others factors that play a part in the eligibility criteria are:

    • Income: Property loans are intended mostly for self-employed individuals, to meet their business requirements. However, to increase the loan amount, they may also club the income of family members, such as spouse, parents, children, and siblings.

    • Business Stability: The bank will ask for three years worth of ITR to consider the borrower as eligible for LAP.

    • Credit Score: A feeble credit history idbi mortgage loan interest rate poor repayment record of existing loans and credit cards can harm the eligibility. A clear repayment record improves the chances of getting an approval on the loan. IDBI Bank grants loans only to borrowers having a credit score of 650 and above.

    • Loan Amount: The bank disburses an amount ranging from ?40 lakh - ?10 crores. For improving the chances of approval, borrowers should apply for a loan amount that they can quickly repay.

    • Property Value: The market value of the property to be mortgaged is used to determine the maximum loan amount, which can range up to 65%, depending on the type of property.

    • Fixed Obligations to Income Ratio (FOIR): IDBI Bank will also consider the proportion of fixed obligations to income (FOIR) of the borrower while determining loan eligibility. Fixed obligations comprise estimated average monthly expenses and EMIs that the borrower is paying currently on other existing loans. Minimum FOIR required to be eligible for an IDBI Bank Mortgage Loan is 0.65.

    Documents Required for IDBI Bank Loan Against Property

    Self-Employed Individuals

    • A filled in loan application form

    • Two passport size photos

    • ITR for the last three years

    • Identity proof: Passport/ driving license/ voter ID/ PAN.

    • Residential proof: Leave and license/ registered rent agreement/utility bill (up to 3 months old), passport.

    • Business proof: VAT/ service tax registration, incorporation details in case of companies, address proof of the company, profit and loss account, balance sheets certified by a CA, a copy of the partnership deed (in case of partnership firms), proof of business existence, and business profile.

    Salaried Employees

    • A filled in loan application form

    • Two passport size photographs

    • ITR for last one year

    • Identity proof: Passport/ driving license/ voter ID/ PAN

    • Residential proof: Registered rent agreement/utility bill (up to three months old)/leave and license/passport.

    • Income documents: 6 months’ payslip, Form-16 for two years, last 6 months’ bank statement reflecting salary credit and EMI debit if any.

    Property Documents

    • Registered sale deed/lease deed

    • Past rent deeds (each transaction with respect to this property since the first allotment)

    • Latest payment receipts of property tax

    • Approved building plan from the Municipal Corporation

    Loan Against Property EMI Calculator

    • Mortgage loan EMI from IDBI Bank depends upon the type of property (residential, commercial, or industrial), occupation (businessmen, self-employed, or salaried), loan amount, tenure, and the interest rate.

    • With IDBI Bank now offering a loan tenure of upto 15 years at attractive interest rates starting from 10.20%, your EMI can be as low as Rs. 1,087/Rs.1 lakh of the loan amount.

    • The EMI comprises both principal repayment and interest payment. While the EMI amount remains constant, the interest component keeps reducing, and the principal component keeps surging, except in the case idbi mortgage loan interest rate an increase in the interest rate.

    • Getting an EMI estimate gives flexibility to the borrowers. They can determine whether they can comfortably pay the loan amount or not, thus allowing them to select the right combination of loan amount and tenure.

    How to Apply for IDBI Loan Against Property

    You can apply for IDBI Loan against property in either of two ways: online or offline. Let's take a look at the process:

    Online application:

    Visit the website of IDBI, fill in the loan application form, and follow the instructions. An IDBI agent will contact you soon to guide you through the loan application process.

    Offline application:

    If you are skeptical about applying for a loan online, you can always visit any IDBI Bank branch to apply for a loan. Request an IDBI Bank executive to guide you through the loan process.

    FAQs

    Can I add the income of my spouse with mine and apply for a joint property loan?

    Yes, you can add the income of your spouse to increase loan eligibility if your spouse is a co-owner of the property or a guarantor of the loan.

    Are prepayment or foreclosure fees applicable to the IDBI Bank loans?

    You can prepay a loan against property without any penalty or fees given your loan is at a floating rate and not at a fixed rate of interest.

     

    Источник: https://www.mymoneykarma.com/idbi-bank/loan-against-property.html
    Performance Review: Quarter ended 31 December 2019". www.icicibank.com. Retrieved 6 February 2020.
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Источник: https://en.wikipedia.org/wiki/ICICI_Bank

IDBI gives news ways for funding your home

Raj Kumar Bansal, executive director, IDBI Bank Ltd., shares with Vijay Pandya the initiatives being taken to promote housing.

What financial assistance does IDBI Bank provide for housing?
One can avail loan from IDBI Bank, for constructing a house, purchase of ready built house/ flat or re-sale idbi mortgage loan interest rate, balance transfers, purchase of plot and construction, renovation/ extension of houses/ flats, loan against residential and commercial properties purchased.

Who can apply for home loan?
We offer loans to salaried individuals, self employed professionals or businessmen and NRIs.

What are the main advantages of IDBI Bank home loans?

  • Maximum funding as permissible under RBI guidelines
  • Flexibility of choosing between Floating or Fixed interest rate
  • Attractive rate of interest
  • Interest charging on daily reducing balance
  • Personalised doorstep service
  • Simple documentation
  • Legal and technical assistance
  • Balance transfer facility
  • Reassessment and adjustment of applicant’s loan eligibility in case of change of income and residence status
  • Low monthly outgo: Equated Monthly Instalment (EMI) is lower because interest is calculated on a daily reducing balance.
  • Pre approved properties: The bank has a system of pre approving the properties via Advance Payment Facility (APF) & Advance Disbursement Facility (ADF) available thereby offering faster approvals in select cases.
  • Balance transfer: Home loan product also has the option of balance transfer of existing loans from other banks or housing financial companies, as idbi mortgage loan interest rate as top-up options.
  • Flexible repayment plan: Loan repayment options are structured to suit individual requirements. For instance, one can part pay or foreclose the loan account under floating interest rate scheme without penal charges.


Does the Bank have any flexible repayment home loan product?
Home loan Interest Saver product provides the facility of linking home loan account with the Easy Access Current Account (RCEAZ). The interest liability of the borrower on home loan comes down if the operative current account has surplus balance. Borrower is allowed to withdraw or deposit funds from his operative current account as and when required. Interest on Home loan will be calculated on outstanding loan minus balance in the current account based on daily basis.

What are other linked products?
We offer Loan Against Property, Loan Against Rent Receivables, Reverse Mortgage Loan, Loan Against Property Overdraft, Loan Against Commercial Property Purchase and Turnover Based Loan (Home loan and Mortgage Loan) for self employed professionals and businessmen. The Bank recently reduced rate of interest on Loan against commercial property purchase in line with market rates.

What is loan repayment tenure?
Tenure of a home loan can be up to 20 years for a resident individual (salaried and self employed professional) whereas for self employed (resident Indian) and NRIs (salaried) maximum tenure is 15 years.

What is maximum loan amount?
One can get a loan of minimum Rs2 lakh to maximum Rs5 crore. Normally, loan can be sanctioned for a maximum of 80% of the property value. However, loans up to 20 lakh would be eligible for 90% of property value. Quantum of loan is determined based on the repayment capacity of the customer.

Does the bank provide insurance cover to borrowers?
The bank provides insurance premium funding for life insurance/home insurance for its borrowers.

What are documents required?
Following documents required for calculating loan eligibility:

  • Salaried Individuals: 6 months Bank Statement and 3 month Salary Slips & Form 16. The minimum income of the applicant should be Rs15000 per month.
  • Self-Employed Professional and Non Professional category: Last 6 month bank statement of savings account and business bank account. Last 2 years income tax returns, balance sheet, profit & loss account.

What is the security of hawaii food bank logo loan?
Primary Security for the loan is mortgage of the property to be financed, normally by way of deposit of the title deeds. The collateral security as may be necessary in some cases depending on the profile of the customer.

What are tax benefits available?
A maximum deduction of Rs1,50,000 on your income towards interest paid on your home loans u/s 24 is available. Further a maximum deduction of Rs1,00,000 on the principal repaid u/s 80 C can be claimed by the applicants.

What about foreclosure or prepayment?
Prepayment/ foreclosure charges are not payable on floating interest rate loans. However, prepayment fees of 2% on principal outstanding will be levied in case of fixed rate loans and plot loans.

Who can be a co-applicant?
The applicant can include spouse/ parents/ children as a co-applicant for the home loan and whose income can be included for calculating the eligible loan amount. Further, in case there are any other co-owners, they also need to be co-applicants.

How is loan repayment done?
The loan amount is repayable over the tenure of the loan by way of Equated Monthly Instalments. The EMI starts after the idbi mortgage loan interest rate disbursement of the loan. The customer pays simple interest on the part disbursed amount till idbi mortgage loan interest rate disbursement. To further the cause of green initiative, the repayment is to be made only through Standing Instruction (SI) or Electronic clearing System (ECS).

How does floating rate change?
The floating rate of interest of home loans is linked to Base Rate (BR) of the Bank. BR is the benchmark rate fixed by the Bank, after taking into consideration of various components of cost of funds and margin. The same is subject to change from time to time as per the changes in monetary conditions.

What of technological changes?
Soon the bank would be introducing online loan application for home loans through our website. Existing clientele has the facility to download Retail Loan Statements and Interest Certificates through our website. SMS alerts intimating the customers their due date for EMI payment amount due as also acknowledgment of payment made has already been introduced. As per the Green Initiative of Government of India, bank has initiated steps to encourage payment through ECS mode of payment.

What is the current network of the bank in terms of home loans?
In addition to the network of 985 branches, the bank has 72 Retail Asset Centres dedicated to handle all retail loans.

Источник: https://www.dnaindia.com/business/report-idbi-gives-news-ways-for-funding-your-home-1720599
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