An IDLC home loan is a loan taken by an individual to purchase a residential property. The loan amount is determined on the basis of the borrower’s repayment capacity and other factors such as the age and qualifications of the borrower. The borrower’s monthly expenses, savings habit and fixed obligations are also considered. The borrower’s property may be either residential or commercial. The borrower may apply for an IDLC home loan even if the property has been mortgaged.
IDLC home loan insurance coverage is provided to the loan borrower as a single individual, but if the borrower has at least one other source of income, the other individual can join the scheme. This insurance coverage is effective from the day the loan is disbursed. The insurance policy is valid for the entire loan tenure and is available to IDLC home loan customers aged 20 to 55 years. However, the maximum age at maturity should not be more than 60 years. To apply for this insurance coverage, the borrower must fill an Insurance Application Form and submit age proof to IDLC.
IDLC has good penetration outside Dhaka. Most of its affordable home loan customers hail from Gazipur, Savar, Mymensingh and other districts outside of Dhaka. The company has more affordable housing opportunities in the provinces outside the city, and plans to reach even more people in the future.