Indian Bank Home Loan Highlights | |
Interest Rate | 8.45%-10.40% p.a. |
Loan Tenure | Up to 30 years |
Loan Amount | Up to 90% of the property value |
Processing Charges | Up to 1.00% of the loan amount |
Note: Rates as of 23rd March 2023

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Table of Contents |
Indian Bank Home Loan Interest Rates
IB Home Loan
Products | Interest Rates (p.a.) |
IB Home Loan to Elite Customers (Rs.15 lakhs & above) | 8.45% to 9.10% |
IB Home Loan to Elite Customers (Rs.15 lakhs & above) – Takeover | 8.45% to 9.00% |
IB Home Loan to General Customers | 9.20% to 9.40% |
IB Home Loan Premium | 9.70% to 9.90% |
IB Home Advantage
Products | Interest Rates (p.a.) |
IB Home Advantage to Elite Customers (Rs.15 lakhs & above)- Term Loan | 8.85% to 9.10% |
IB Home Advantage to Elite Customers (Rs.15 lakhs & above) – Overdraft | 9.85% to 10.10% |
IB Home Advantage to General Customers- Term Loan | 9.20% to 9.40% |
IB Home Advantage to General Customers- Overdraft | 10.20% to 10.40% |
IB Plot Loan
Products | Interest Rates (p.a.) |
Plot Loan to Elite Customers (Rs.15 lakhs & above) | 9.85% to 10.10% |
Plot Loan to General Customers | 10.20% to 10.40% |

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IB Home Improve
Products | Interest Rates (p.a.) |
IB Home Improve to Elite Customers (Rs.15 lakhs & above) | 9.35% to 9.60% |
IB Home Improve to General Customers | 9.70% to 10.15% |
IB Home Enrich
Product | Interest Rate (p.a.) |
IB Home Enrich | 9.40% to 9.95% |
Home Loan Plus
Products | Interest Rates (p.a.) |
IB Home Loan Plus to Elite Customers (Rs.15 lakhs & above) | 9.35% to 9.85% |
IB Home Loan Plus to General Customers | 9.70% to 10.15% |
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Compare Interest Rates on Home Loans for Top Banks & HFCs
Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
SBI | 8.50% - 10.15% | 8.50% - 10.05% | 8.50% - 10.05% |
HDFC | 8.50% - 10.35% | 8.50% - 10.60% | 8.50% - 10.70% |
LIC Housing Finance | 8.45% – 10.10% | 8.45% – 10.30% | 8.45% – 10.50% |
ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
PNB Housing Finance | 8.50% - 14.50% | 8.50% - 13.00% | 8.50%-10.85% |
Punjab National Bank | 8.65%-9.60% | 8.60%-9.50% | 8.60%-9.50% |
Bank of Baroda | 8.50% - 10.65% | 8.50% - 10.65% | 8.50% - 10.90% |
Union Bank of India | 8.75% – 10.75% | 8.75% – 10.95% | 8.75% – 10.95% |
IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
L&T Housing Finance | 8.65%-8.75% | 8.65%-8.75% | 8.65%-8.75% |
Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
Federal Bank | 10.15%-10.20% | 10.20%-10.25% | 10.25%-10.30% |

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Indian Bank Home Loan Processing Fees
Loan Product | Processing Charges |
IB Home Loan to Residents/NRI Home Loan/IB Home Advantage/NRI Plot Loan | 0.40% up to Rs 1 crore subject to maximum of Rs 20,000 0.20% above Rs 1 crore subject to maximum of Rs 50,000 |
IB Home Improve/IB Home Loan Plus/IB Home Enrich/Resident Plot Loan/Repair and Renovation | 1.00% of loan amount |
IND Awas | EWS/LIG: Up to Rs 6 lakh: NIL Above Rs 6 lakh: 50% concession as applicable to regular Home Loan (up to Rs 10,000) MIG-I: Up to Rs 9 lakh: NIL Above Rs 9 lakh: 50% concession as applicable to regular Home Loan (up to Rs 10,000) MIG-II: Up to Rs 12 lakh: NIL Above Rs 12 lakh: 50% concession as applicable to regular Home Loan (up to Rs 10,000) |
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Types of Indian Bank Home Loan
IB Home Loan
Purpose: Regular home loans offered for purchase/construction of a new house/flat, purchase of a plot/existing house or flat, repair/renovation/extension of existing house/flat and for availing home loan balance transfer facility
Tenure: Up to 30 years
Loan Amount: For age up to 45 years
- Salaried: Loan amount up to 72 times monthly gross salary
- Others: Up to 6 times of gross annual income
For age above 45 years
- Salaried: Loan amount up to 60 times monthly gross salary
- Others: Up to 5 times of gross annual income
LTV Ratio:
Loan Amount | LTV Ratio |
Up to Rs 30 lakh | 90% |
Rs 30 lakh-Rs 75 lakh | 80% |
Above Rs 75 lakh | 75% |
For Repair/Renovation | 70% |

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IB Home Advantage
Purpose: Home loan with overdraft facility purchase/construction of house/flat, plot purchase and construction, purchase in resale, repair/renovation/extension/addition
Loan Amount: If the borrower is less than 45 years old:
For Salaried: 72 times monthly gross salary In others: Up to 6 times gross annual income
If the age of the borrower is 45 years and above:
For Salaried: 60 times monthly gross salary In others: Up to 5 times gross annual income
LTV Ratio:
Loan amount up to Rs 30 lakh | Up to 90% |
Loan amount Rs 30 lakh-Rs 75 lakh | Up to 80% |
Loan amount above Rs 75 lakh | Up to 75% |
Repair/Renovation | Up to 70% |
Tenure: Up to 30 years or 70 years of age

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Plot Loan
Purpose: Land loan for purchase of plot duly approved by Competent Authority
Loan Amount:
Rural | Rs 1 crore |
Semi-urban | Rs 2 crore |
Urban | Rs 6 crore |
Metro | Rs 12 crore |
LTV Ratio: Up to 75%
NRI Home Loan
Purpose: For purchase or construction of flat/house, repair/renovation/alteration of existing house for NRIs and Persons of Indian Origin
Loan Amount:
- 60 times Gross monthly income subject to availability of 40% Net Take Home Pay after deducting EMIs (including that of proposed home loan)
- For Repair/renovation: Up to Rs 300 lakh
LTV Ratio:
Loan amount up to Rs 30 lakh | Up to 90% |
Loan amount Rs 30 lakh-Rs 75 lakh | Up to 80% |
Loan amount above Rs 75 lakh | Up to 75% |
Repair/Renovation | Up to 70% |
Tenure: For purchase construction of house/flat: Up to 20 years

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NRI Plot Loan
Purpose: Plot purchase by NRI located in non-rural areas in layouts approved by Government authority
Loan Amount: 36 times Gross monthly income subject to availability of 40% Net Take Home Pay after deducting EMIs (including that of the proposed plot loan)
Cap on plot loan:
- For property purchase in rural area: Up to Rs 50 lakh
- For property purchase in urban area: Up to Rs 2 crore
- For property purchase in semi-urban area: Up to Rs 1 crore
- For property purchase in metro: Up to Rs 3 crore
LTV Ratio: Up to 75% on cost of plot
Tenure: Up to 15 years

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IB Home Improvement
Purpose: Home renovation loan for purchasing household furniture, kitchen racks, TV sets, cupboards, fridge, computers, etc.
Loan Amount: 36 times of gross monthly income (Up to Rs 3 crore)
LTV Ratio: Up to 85% of cost of articles purchased
Tenure: Up to 10 years
IB Home Loan Plus
Purpose: For any bonafide purpose other than speculative purposes
Loan Amount: Rs 1 lakh-Rs 60 lakh
LTV Ratio: 70% of residual value of property
Tenure: Up to 10 years
IB Home Enrich
Purpose: For repair/renovation of residential house/flat
Loan Amount: Rs 1 lakh-Rs 10 lakh
LTV Ratio: Up to 70%
Tenure: Up to 10 years or 70 years of age
IND Awas-Home Loan under PMAY CLSS
Purpose: Affordable housing for urban poor with credit linked subsidy on home loans taken by urban poor (EWS/LIG) for purchase/construction of houses
Eligibility Criteria for Indian Bank Home Loan
For IB Home Loan
- Resident Indians with regular source of income and total experience of at least 3 years
- The applicant should be salaried, businessman, professional, self-employed and pensioners
- Age: 18-70 years
For IB Home Improve
- Existing home loan borrowers
- Prospective home loan borrowers who belong to salaried class/professional and business
For IB Home Loan Plus
Existing home loan borrowers who have repaid at least 12 EMIs and taken the possession of the flat
For NRI Plot/Home Loan
- NRIs with regular monthly income
- NRIs employed with a residual contract period with service of at least 3 more years
- Maximum age for applying: Up to 50 years
- Age at the end of repayment period: 60 years
IB Home Advantage
- Resident Indians with regular source of income and total experience of at least 3 years
- The applicant should be salaried, businessman, professional, self-employed and pensioners
- Resident’s Age: 18-70 years
- Non-Resident’s Age: 21-60 years
For IB Home Enrich
- Individuals with residential property in their name
- Age: 18-70 years; Maximum entry age: 65 years
Indian Bank may also check credit score and monthly income of its applicants, just like other lenders do while evaluating their home loan eligibility criteria.

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Documents Required for Indian Bank Home Loan
- Completed Application Form with 3 passport size photographs
- Assets and liabilities statement in the Bank’s format from the applicant(s), Co-applicant(s), and guarantor(s)
- Proof of Identity such as PAN Card / Aadhaar card /Voter’s ID/Passport/Driving License
- Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport /Aadhaar card/ Voter`s ID
- Proof of business address in respect of businessmen/industrialists
- Proof of Employment for salaried class
- Salary slips generally for the last 6 months
- Statement of Bank account of the applicant(s) for a reasonable period, say 6 months/12 months for verifying salary credit/other income/nature of the transaction, etc.
- Proof of other income like rent, interest on investment, if any
- ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self-employed
- A brief note on the nature of Business/Service, year of establishments, constitution, securities charged in respect of loans availed from our Bank/other Branches /Bank.FI /other sources.
- Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
- Agreement of Sale / Sale Deed.
- Approved Building Plan.
- Title Deed Documents for 13 years/30 years as the case may be.
- Proof of title in the Revenue Records.
- Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost).
- Two independent valuations and Legal Scrutiny Reports are required for Home loans exceeding Rs.1.00 Crore.
Know more about the home loan documents required

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Indian Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395

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FAQs
1. Can I choose between fixed and floating rates of interest?
Ans. Indian Bank offers home loans at floating rates only.
2. Can I prepay my home loan availed from Indian Bank?
Ans. Yes, you can prepay your home loan availed from Indian Bank. No prepayment charges are levied as the home loans are offered at floating rates.
3. Does Indian Bank offer holiday period on the repayment of regular home loan (IB Home Loans)?
Ans. Indian Bank offers holiday period of up to 18 months on home loans availed for constructing houses on already existing plots. For flats under construction (in case of bigger projects), the holiday period of up to 3 years is offered. The bank offers holiday period of up to 2 years for plot purchase and house construction, thereon. No holiday period is offered in case of takeover accounts and outright purchase of house/flat.
4. What is the holiday period offered on the repayment of home repair/renovation loan (IB Home Enrich) and home improvement loan (IB Home Improve)?
Ans. Indian Bank does not offer any holiday period home improvement loans. For home repair/renovation loan availed under its IB Home Enrich scheme, the holiday period is allowed till the completion of repair and renovation. However, it is necessary for the home loan borrowers to service the holiday period interest every month.
5. What is the minimum credit score required to avail home loans from Indian Bank?
Ans. Indian Bank has not specified the cut-off credit score for home loan applicants. However, Indian Bank offers lower interest rates to applicants having higher credit score. For example, home loan applicants with credit scores of 800 and above are offered the lowest interest rates followed by those with credit scores of 750-799, 701-750, up to 700, and so on.
6. What does an EMI mean?
Ans. EMI or Equated Monthly Instalment is the amount the applicant will pay to the bank every month till the loan is repaid completely. It comprises of the principal component and the interest component in a way that the interest component is greater than the principal component in the initial years of loan repayment. Prospective home loan applicants can use online home loan EMI calculators to calculate the home loan EMIs for various home loan interest rates and tenures.
7. Does Indian Bank offer preferential rates on home loans to women applicants?
Ans. Indian Bank offers interest rate concession of 55 bps (salaried with check off facility) and 30 bps (non-salaried) to women applicants opting for IND Home Enrich Home Loans.