In 2000, IDBI Home Finance was incorporated into the system. It had a purpose to provide long term financing to individuals or companies that needed funding to secure real estate in India. The asset can be purchased or built from scratch. Provision of the funds is based on terms and conditions laid out by the company.
In 2003 shares were transferred from Tata Finance Ltd to IDBI in accordance to a share purchase agreement. In December the same year, Tata Finance Ltd changed its name to IDBI Home Finance Ltd. It is now a subsidiary of the IDBI Ltd. Their offices are in New Delhi and Pune. There are over eighteen branches around the country. The company has gone on to create its own niche in the industry.
The company has been able to succeed because it is a product of the industries finer attributes. They treat their customers with professionalism without taking away personal touch. There information system is a hybrid one; it sets them apart from other home loan providers. Pune is the central location of all the company information. All the other branches are connected to the main server in real time. This is a very crucial thing in the funding of retail homes.
There are various home loan schemes that the company provides for potential home owners. You can opt for the loans that are extended to those individual interested in building or buying residential homes to live in. If you are looking for funds to renovate your house, there is a scheme that is specifically for that function. You will be lent funds to improve on the value of your home. There are those loans that are meant for those people who feel the need to extend their houses. You can apply for finances to add extra rooms into your existing house.
There are those loans that are for people who are not of Indian citizenship. There is a regulation that oversees to the facilitation of their finances to purchase homes in India. Another loan scheme provided by the company is the 50 plus loans. These types of loans are given to those people who are almost retiring from their jobs.
If you need to secure a loan with your home as security, you can go for the loan against homes. As long as the reason for needing the money is legal, you will be able to secure funding. If you have approved plans to build residential units; you can get funding for the plot through the loans given to purchase plots.