All About Industrial Development Bank Home Loan

Industrial Development Bank is one of the best banks which offer a lot of services in which home loans are the best ones as they are offered as a financial product for the customers. When you compare this bank to the others which are in the list you will probably realise that the rates of this bank are comparatively less than the other banks be it the public sector banks or the private sector banks.

Industrial Development Bank provides its customers financial solutions through its wide presence as it has many branches and ATM’s across the country. Their vision is to gain the trust of the customers and set standards so that banking operations may be easier for all the customers. Today it has a capital of over 3 lakh crores.

There have been a lot of government schemes which have come up in which the loan rates are reduced for the first time borrowers. There are some basis points by which the loan rates are reduced. Due to such schemes IDB bank has also reduced its rates and it is considered to be as the highest reduction amongst all the other banks. It reduced up to 100 points which was around Rs 30 lakhs. If you want to have some further details about the reduction in the rates you can either a branch near to you or can go to the website for details. By doing so you will help yourself as you will save a lot of money. If the amount of your loan is more than 30 lakhs, the bank will reduce around 50 basis points on the amount. Even if your loan amount is less than 30 lakhs, you need not worry as even then the bank has lessened the money rates.

So let us have a look at some of the benefits of Industrial Development Bank Home Loan:

• Unlike other banks, in this bank the maximum amount can be given as a loan but it all depends on your income.

• In this bank you have the flexibility to choose amongst floating interest rates and fixed rates. But it is always suggested to choose affixed rate plan as there is lesser risk involved. In the floating rate plan you will always have the fear of the rise in the interest rate.

• If you compare the interest amount to other banks, you will come to know that the interest offered by this bank is much more than the others.

• There are various ways in which banks charge interest. Generally they try to take out maximum money from the customers but the advantage in this bank is that they take interest on the reducing balance method. What happens in this method is that the bank only takes interest on the amount of the loan which is left to be paid. This way the customer feels happy as every time he has to pay a lesser amount as interest.