Indian Bank Home Loan Details 2020
|Interest Rate||7.55% onwards|
|Loan Tenure||Up to 30 years|
|Loan-to-Value Ratio||Up to 90% of the property value|
|Processing Charges||Up to 1.18% of the loan amount|
Indian Bank offers home loans at an attractive interest rate starting from 7.55%. The bank offers various housing schemes which can be used for distinctive purposes, such as for purchasing/construction of a house/flat; for purchasing a piece of land and construction thereon; for renovation/ repair/addition to a house/flat; etc. Read through to get to know the details of all the details.
Features and Benefits of Indian Bank Home Loan
- Longer repayment period of up to 30 years
- High loan-to-value ratio of up to 90%
- Attractive interest rate
- Speedy approval
- Low processing charges
- Available to both salaried and self-employed individuals
Indian Bank Home Loan Interest Rates
The rate of interest offered by Indian Bank Home Loan is directly linked with the Repo Rate (4.40%) And Prime Spread (2.80%). The table below shows the ROI applicable in various home loan schemes offered by Indian Bank.
|IB Home Loan||● For Salaried:|
○ Women: 7.55% onwards
○ Others: 7.60% onwards
● For Non-Salaried:
○ Women: 7.60% onwards
○ Others: 7.65% onwards
|IB Home Improve||9.55% onwards|
|IB Home Loan Plus||For Women (Salaried): 9.15%|
For Women (Non-Salaried): 9.40%
For Others: 9.65%
Indian Bank Home Loan Processing Fee and Other Charges
|Processing Fee||Up to 1.18% of the loan amount|
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
Note: Administrative charges and other loan-related charges may be levied by the bank as and when applicable.
Indian Bank Home Loan EMI Calculator
Indian Bank Home Loan EMI Calculator helps users know the approximate value of the loan instalments that they need to pay monthly for servicing their home loans. Indian Bank home loan calculator is an online tool which is also available at Paisabazaar.com. It is easy to use and provides quick results. Click to calculate your Indian Bank home loan EMI.
Indian Bank Home Loan EMI Calculation
The table below shows Indian Bank home loan EMI calculation for different interest rates, loan amounts and loan tenures.
|Loan Amount||Interest Rate||EMIs as per Different Loan Tenures|
|15 years||20 years||30 years|
|Rs. 30 lakh||8.10%||Rs. 28,843||Rs. 25,280||Rs. 22,222|
|Rs. 60 lakh||8.20%||Rs. 58,034||Rs. 50,936||Rs. 44,865|
|Rs. 90 lakh||8.30%||Rs. 87,575||Rs.76,969||Rs. 67,931|
|Rs. 1 crore||8.50%||Rs. 98,473||Rs. 86,782||Rs. 76,891|
In the table above, one can notice that home loan EMIs decrease as the loan tenure increases. While choosing longer tenure reduces your monthly liability but it also increases your total interest payout. Hence, choose your home loan tenure wisely.
Indian Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from Indian Bank.
|Eligible Profiles||Resident individuals having a steady source of income – Salaried Class, Businessman, Professional & Self-employed people, Hindu Undivided Family (HUF) and Pensioners.|
|Eligible Quantum of Loan||60 times of Gross Monthly Income subject to availability of 40% Net Take Home pay on Gross Monthly Income.|
|Loan Amount||Up to 90% of the property value|
|Age Criteria||● Minimum: 18 years for residents, and 21 years for non-residents|
● Maximum: 70 years
Check Also: Home Loan Eligibility Calculator
Indian Bank Home Loan Documents Required
Following are the documents required to successfully apply for Indian Bank Home Loan.
|Salaried Individuals||Self Employed Individuals|
|Duly filled in and signed the application form with photographs||Duly filled in and signed application form with photographs|
|Identity, address and age proof||Identity, address and age proof|
|Salary slip of last 3 months||ITR and financial statements, including balance sheet, profit & loss account, schedules. (documents must be certified by a CA)|
|Bank statement of the past 6 months||Bank statement of the past 12 months|
|Form-16 and Income Tax Returns (ITR) details||For partnership firms: Latest partnership deed|
For companies: Latest Memorandum and Articles of Association (CA certificate on profit sharing ratio/list of directors/shareholding partnership)
For Limited Liability Partnership: LLP Agreement
|Title documents of the property||Title document of the property along with business address proof|
Indian Bank Home Loan Schemes
Considering the distinct requirements of a varied customer base, Indian Bank offers customized home loan schemes to suit the needs of every applicant.
1. IB Home Loan:
This scheme is available to all eligible Salaried/Non-Salaried resident customers. Pensioners and HFCs can also apply for this scheme. It can be used for various purposes, such as:
- to purchase/construct a new house/flat
- to purchase house site and construct house thereon
- to purchase an existing house/flat
- to extend an existing house/ additional construction
- to repair / renovate an existing house / flat
- to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance#
- for reimbursement of cost incurred within a period of 6 months for purchase/construction of house/flat met from own resources during the preceding six months. [Read Also: Home Construction Loan]
2. IB Home Improve:
This scheme can be availed by existing home loan borrowers (Resident/Non-resident). The scheme can be used for the purchase of household furniture, kitchen racks, cupboards, TV sets, Fridge, Computers, Wallpaper provisions, lighting, interior decorations, Air-Conditioners, Kitchen Chimney, modern gadgets for kitchen/modular kitchen & piped gas supply/cost of digging of bore well with suitable water-lifting devices like jet pump set, compressor, solar system and immersible pump set. The maximum repayment tenure offered under the scheme is 60 months, and the maximum loan amount is Rs.300 lakh.
3. IB Home Loan Plus:
This scheme is available to all existing Home Loan customers who have repaid a minimum of 12 EMIs regularly. The loan amount availed under the scheme can be used for any bonafide purpose other than speculative purpose. The maximum repayment tenure offered under the scheme is 120 months, and the maximum loan amount is Rs.60 lakh. [Read Also: Home Loan Top Up]
4. IB Home Loan Combo:
This scheme is available to individuals (including joint borrowers) who have:
- availed the Home Loan from Indian Bank
- satisfactorily serviced the Home Loan for at least 3 years after the Holiday Period
- created Equitable Mortgage
- maintained security margin of at least 15% for purchase/construction of a house/plot
- made regular Home Loan account repayments and the account is in Standard Category
Under this scheme, the borrower can avail any one or more of the following loans with concessional interest rate and processing charges, provided he/she is otherwise eligible as per the individual loan products.
- IB Vehicle Loan (Both 4 wheeler and 2 wheeler)
- IB Clean Loan (to Salaried Class)
- IB Bhavishya Prakash (for one of the dependants of the borrower)
- IB Pension Loan
- IB Home Improve.
Apply for Indian Bank Home Loan on Paisabazaar.com
Customers can apply online for Indian Bank Home Loan through Paisabazaar.com by simply following the below-mentioned steps.
- Follow the link: https://www.paisabazaar.com//home-loan/
- Fill the form by providing relevant details like the loan amount, city of the property, tenure, etc.
- On filling all the required details, click on the ‘Proceed’ button
Soon, a representative from Paisabazaar will contact you on the provided contact number to process your application.
Indian Bank Home Loan Customer Care Details
Customers can reach out to Indian Bank on the below-mentioned contact numbers to get their home loan-related queries addressed.
- 1800 425 00 000 / 1800 425 4422
- 044 28134300
Q1. Is the Home Loan facility available in rural areas?
Yes. Home Loan facility in rural areas is available for individuals engaged in agricultural activities and labour. In such cases where Income Tax Returns/IATO is not available for income assessment, a self-declared income certificate/Affidavit can be accepted, provided the annual income does not exceed the exemption limit permitted under Income Tax. Also, the property shall be SARFAESI Compliant.
Check Also: Home Loan Tax Benefits
Q2. Is insurance of the property mandatory?
Yes. The property (offered as security) needs to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
Check Also: Home Loan insurance
Q3. What is the security required by the bank for a Home Loan?
The security required to avail a Home Loan is Equitable Mortgage of the property purchased/constructed out of loan proceeds.
Q4. What are the additional benefits offered by Indian Bank?
Special home loan benefits offered by the Indian Bank includes a Group Insurance Cover at a concessional premium. It is important to note that the Premium amount has to be borne by the applicant, and will be financed as a separate loan rather than as a part of the loan.