IDBI Bank Home Loan Interest Rates – How You Can Benefit?
“Industrial Development Bank of India” shortly known as IDBI is one of the bank that offers Home Loans as one of the financial products. IDBI home finance interest rates are relatively cheap when compared to other public sector banks and private sector banks.
Recently the public sector banks reduced the loan rates by 100 basis points for the new borrowers. Based on that IDBI bank also reduced the floating rates for home loans upto Rs 30 lakhs by 100 basis points. You can get the latest rates from related websites or by visiting the bank. This would help the loan borrowers to SAVE A LOT OF MONEY. For loan amounts more than Rs 30 lakhs, the bank reduced the rates by 50 basis points. It also reduced the margin money rates for loans less than Rs 30 Lakhs.
Benefits of IDBI Home Loans:
You can get the maximum amount as loan depending upon your income level.
You have the flexibility to choose between fixed rates and floating interest rates. If you choose floating rates, you can hedge the risk of rise in interest rates due to various reasons.
You can get less interest for your loans when compared to other banks.
The interest rates are charged based on daily reducing balance i.e. your interest rates will be based on the daily loan balance that is available in your loan account. This concept of daily reducing balance starts from the day on which your loan is sanctioned.
What should you do next?
You have to collect details on eligibility criteria and other documents that are required to get a IDBI loan. These details are available in related websites.