Indian Bank Home Loan Highlights |
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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 28th September 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 8.80% |
IB Home Loan to Elite Customers (Rs.15 lakhs & above) – Takeover | 8.45% to 8.70% |
IB Home Loan to General Customers | 9.20% to 9.40% |
IB Home Loan Premium | 9.00% to 9.20% |
IB Home Advantage
Products | Interest Rates (p.a.) |
IB Home Advantage to Elite Customers (Rs.15 lakhs & above)- Term Loan | 8.45% to 8.80% |
IB Home Advantage to Elite Customers (Rs.15 lakhs & above) – Overdraft | 9.45% to 9.80% |
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) | 9.45% to 9.80% |
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) | 8.95% to 9.30% |
IB Home Improve to General Customers | 9.70% to 9.90% |
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) | 9.00% to 9.70% |
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 | 8.40% - 10.15% | 8.40% - 10.05% | 8.40% - 10.05% |
HDFC Bank Limited | 8.50% onwards | 8.50% onwards | 8.50% onwards |
LIC Housing Finance | 8.50% – 10.35% | 8.50% – 10.55% | 8.50% – 10.75% |
ICICI Bank | 9.00%-9.80% | 9.00%-9.95% | 9.00%-10.05% |
Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
PNB Housing Finance | 8.50% - 14.50% | 8.50% - 11.45% | 8.50%-11.45% |
Punjab National Bank | 8.55%-10.25% | 8.50%-10.15% | 8.50%-10.15% |
Bank of Baroda | 8.40% - 10.65% | 8.40% - 10.65% | 8.40% - 10.90% |
Union Bank of India | 8.35% – 10.80% | 8.35% – 10.95% | 8.35% – 10.95% |
IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
L&T Finance Limited | 8.60% onwards | 8.60% onwards | 8.60% onwards |
Bajaj Housing Finance | 8.45% onwards | 8.45% onwards | 8.45% onwards |
Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
Federal Bank | 8.80% onwards | 8.80% onwards | 8.80% onwards |

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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) |
Also know about processing fee for home loans
Types of Indian Bank Home Loan
IB Home Loan
Purpose: Indian Bank offers regular home loans to finance the purchase/construction of a new house/flat, plot purchase and home construction thereon, purchase of flat under-construction, purchase of flat/house being resold and repair/renovation/extension of existing house. Existing home loan borrowers of other banks and HFCs can also avail this scheme to transfer their existing home loans to Indian Bank at low interest rates.
Loan Amount: The loan amount is considered based on the Net Take Home Pay criteria.
- If the gross annual income of the applicant is up to Rs 15 lakh, the take home income should not be less than 40% of gross annual income.
- If the gross annual income of the applicant is above Rs 15 lakh, the Net Take Home Pay should be at least Rs 50,000 per month.
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% |
Tenure:
- Regular Home Loan: Up to 30 years
- For Repair and Renovation: Up to 10 years

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IB Home Advantage
Purpose:IB Home Advantage Home Loan is an overdraft facility wherein the existing home loan borrowers can deposit surplus amount in the linked overdraft account and withdraw money as per their requirements within the pre-determined limit.
Loan Amount:
If the borrower is less than 45 years old:
- For Salaried: 72 times monthly gross salary
- For 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
- For 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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IB NRI Home Loan
Purpose: NRIs and Person of Indian Origin can avail NRI Home Loans from Indian Bank to raise funds for purchase/construction of flat/house and repair/renovation/alteration of existing house.
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 3 crore
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 20 years

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IB NRI Plot Loan
Purpose: Indian Bank offers NRI Plot Loan to NRI applicants for purchase of house site located in layouts approved by Government authorities. NRI applicants cannot avail this scheme to purchase house sites in rural areas.
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 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: Indian Bank offers Home Improvement Loan to finance the purchase of household furniture, kitchen racks, TV sets, cupboards, fridge, computers, wallpapers, interior decorations, lighting, air conditioners, kitchen chimneys, 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 Enrich
Purpose: Consumers can avail IB Home Enrich Home Loans for carrying out repair/renovation of existing houses/flats.
Loan Amount: Rs 1 lakh-Rs 10 lakh
LTV Ratio: Up to 70%
Tenure: Up to 10 years or 70 years of age
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
- Salaried individuals employed with Central Government/State Government/Public Sector Undertakings/MNCs/Reputed Companies/Government aided educational institutions having an experience of at least 2 years are eligible for IB Home Loan.
- Businessmen, professional and self-employed individuals having a minimum experience of 3 years can also avail IB Home Loan
- IB Home Loan is also offered to pensioners having adequate money for loan repayments
- Minimum age: 18 years
- Maximum age: 70 years
For IB Home Improve
- Existing home loan borrowers (both Indian residents and NRIs) are eligible for IB Home Improve Loan scheme
- Prospective home loan borrowers who belong to salaried, professional and business class can avail IB Home Improve Loan
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 can avail IB Home Advantage
- The applicant should be salaried, businessman, professional, self-employed and pensioners
- Non Residents can also avail IB Home Advantage scheme
- Resident’s Age: 18-70 years
- Non-Resident’s Age: 21-60 years
For IB Home Enrich
- Resident individuals and NRIs having residential property in their name supported by copy of latest Tax Paid Certificate/Gift Deed/Sale Deed/Mutation Certificate/Partition Deed
- Salaried individuals, self-employed, businessmen, professionals and pensioners having a steady source of income and a minimum experience of 3 years
- Existing home loan borrowers can also avail IB Home Enrich
- Minimum age at the time of loan application: 18 years
- Maximum age at the time of loan application: 65 years
- Maximum age at the time of loan maturity: 70 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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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.