01. |
When can i apply for a home loan from IDBI HOMEFINANCE LTD? |
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If you are atleast 21 years of age and are employed or self employed with regular income. In fact, you can even apply for the loan, before you have identified your home. |
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02. |
What documents will I require while applying for the loan? |
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Residence and age proof , which can be established from The Ration Card / Birth Certificate / School Leaving Certificate/Driving Licence / Passport (any one) - Bank statement for the last six months |
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| For salaried individuals: |
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Latest salary slip |
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Form 16 from the employer |
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| For self employed individuals: |
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Certified copies of the Balance Sheet and Profit and Loss Account, Income Tax Returns acknowledgments, Advance Tax challans (for both company / firm and individuals) for last 3 years. |
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03. |
How do I repay the loan? |
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Repayment of your loan will be in Equated Monthly Installments (EMIs), comprising of principal and interest calculated on monthly rate basis. |
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The EMIs will commence from the month following full and final disburdement. |
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The EMIs are payable every month and will be collected in the form of post dated cheques or directly deducted from your salary by your employer. |
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Till the commencement of EMI, a pre EMI interest is payable during the interim period. |
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04. |
How will my loan get disbursed? |
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Once you accept the sanction letter, your home loan will be Disbursed on : |
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Selection of property |
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Submission of legal and property documents |
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Payment of your own contribution |
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The loan amount will be disbursed in full or in instalments depending on the progress of construction. |
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05. |
What will be the rate of interest and less applicable? |
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Please ask for our latest rates fees applicable. |
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06. |
Q.6 Are my property documents safe? |
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Since home loan is for a long tenure of upto 20 years, we Understand your concern and that is why we keep your title Deeds safely at our the world class custodial facility. |
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07. |
Why do I need MRTI ? |
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MRTI is designed to ensure that your family and your home will be financially insured in the event of loss of life or total and permanent disability. |
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08. |
I have enough insurance to cover me and my family. Why do I need MRTI ? |
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It is wise of you to have given your family sufficient coverage. MRTI, However, will help your family settle the loan outstanding on your home. |
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This means that any other insurance you may have purchased will be completely available for the needs of your loved ones. |
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09. |
How is MRTI different from other Life Insurance Plans? |
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MRTI is a Group Insurance policy. This means that the premium and coverage terms are generally more favourable than other forms of life Insurance. The premium account for your progressively reducing Mortgage balance, thus helping you save on premium when compared to level insurance cover. |
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10. |
When does my cover start ? |
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Your coverage will take effect once your application is approved, the loan Is drawn down and your premium is received . The effective date will be Reflected in a certificate of insurance, which we will send to you.
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