Indian Bank Loan Against Property 2020
|Loan Amount||Up to Rs. 10 crore|
|Loan Tenure||Up to 7 years|
|Processing Fees||1.18% of the loan amount + applicable taxes|
Note: The figures given in the table are indicative and are subject to change as per changes in Indian Bank or RBI policies.
Must Read: Loan Against Property
Indian Bank offers loan against property under the name of Ind Mortgage. The loan is can be availed to meet any personal and business related financial requirements. Indian bank loan against property interest rate is 11.05% per annum. The mortgage loan can be repaid in equal monthly instalments (EMI) for a period stretching up to 7 years.
Indian Bank Loan Against Property Features & Benefits
- Attractive rate of interest starting from 11.05% per annum
- High loan value of up to 10 crores, depending on the other factors
- Maximum loan tenure of up to 7 years
- Balance transfer and top up facility is available
- Simplified documentation
Check Also: Other Benefits of LAP
Indian Bank Loan Against Property Interest Rates
Indian bank loan against property interest rate is 11.05% per annum. The final rate of interest at which you will get Indian bank mortgage loan is dependent on several factors including the current market value of the property, type of the property, applicant’s age, credit history, employment or business stability and income.
Indian Bank Loan Against Property Processing Fees & Other Charges
Indian bank loan against property processing fee is 1.18% of the loan amount plus applicable taxes. Besides the processing fees, there are several other charges levied on Ind Mortgage Loan such as foreclosure charges, documentation charges and swapping charges, etc. However, to know for which of these charges you will have to pay, get in touch with Indian Bank.
Indian Bank Loan Against Property EMI Calculator
Indian bank loan against property EMI calculator is an online tool that computes EMI amount that you will be required to pay every month to pay off your loan. The loan calculator gives results on the basis of three basic loan details – principal amount, tenure and rate of interest. On entering the values, the user will get results. To get accurate and instant results, use Paisabazaar’s loan against property EMI calculator. The online mortgage loan calculator can be used by anyone at anytime for free on the Paisabazaar website. Click to know your loan against property EMI.
Indian Bank Loan Against Property Eligibility Criteria
●Permanent Employees of Central Government/ State Government/ Quasi Government Bodies/ Public Limited Companies/ Reputed Private Limited Companies with a clear record of paying salaried on time
●Applicants should have completed at least 3 years of service
●Employees of Indian Bank and other Banks (PSU/ Private/ Foreign/ Co-op)
P & SE, Other Individuals, Sole-proprietor & Other Business Class
●Self-employed/ Professionals/ Traders/ Businessmen including HUF, Sole Proprietary Concern, Firms and Limited Companies are eligible based on their income level and cash flowPensioners●All Central Government/ State Government Pensioners, Family Pensioners, Re-employed Pensioners who are drawing their pension through our branches are eligible
●NRI customers are also included subject to the condition that the end use is for bankable purpose, as permitted by RBI
|Age Limit||Minimum age: 18 years|
Maximum age (for salaried): 60 years or date of retirement, whichever is earlier
Maximum age (for other individuals): 70 years
|Income Criteria||Salaried Individuals:|
●Minimum Monthly Gross Income of Rs. 25,000
●The income of spouse as a co-applicant can be considered, provided it is regular & backed by income proof. In such cases, the net take home pay should be more than 40% of Gross Monthly Income after deduction of EMI for the proposed loan, apart from other deductionsP & SE, Other Individuals, Sole-proprietor & Other Business Class:*●Based on their average cash profit earned in the last 3 years* Minimum Annual Cash Profit (PAT + Depreciation) of Rs. 3 lakhs or Annual Taxable Income of Rs. 3 lakhs based on the latest ABSz/ ITAO
|Eligible Loan Amount||Salaried Individuals:|
●36 times of the latest Gross Monthly Salary (for repayment period less than or equal to 60 months)
●48 times of the latest gross monthly salary (for repayment period more than 60 months) (Up to Rs. 200 lakhs)*Other individuals (including pensioners):●3 times of Annual Income (for repayment period less than or more than 60 months)
●4 times of Annual Income (for repayment period more than 60 months)Pensioners: Up to Rs. 100 lakhs*
Professional/ Self-employed & Business Class/ Other individuals(excluding salaried class & pensioners):
●3 times of Annual Cash Profit (PAT + Depreciation) (for repayment period less than or equal to 60 months), and
P&SE & Business Individuals: Up to Rs. 500 lakhs*
Firms/ Companies: Up to Rs. 1000 lakhs*
Indian Bank Loan Against Property Documents Required
Completed loan against property application form with passport size photographs
- Proof of identity (such as PAN Card/ Voter’s ID/ Passport/ Driving License)
- Proof of residence (such as Recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voter’s ID)
- Proof of business address in respect of businessmen/ industrialists
- Proof of employment
- Salary certificate
- Proof of other income like rent, interest on investment (if any)
- Balance sheet for the past 3 financial years in the case of professionals, businessmen and self-employed
- Income Tax Returns or Wealth Tax Returns (if applicable) of past 3 years
- Sale Deed
- Approved Building Plan
- Title Deed Documents for 30 years
- Proof of title in the Revenue Records (Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost)
- Property (offered as security) 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
How to Apply for Indian Bank Loan Against Property
You can apply for Indian Bank loan against property by:
- Visiting the nearest bank branch
- Contacting Indian Bank Customer Care by dialling 1800 425 00 000
Indian Bank Loan Against Property Customer Care
Customers can get their loan against property related queries resolved through these ways:
- Visit the bank branch and express your concerns to your loan officer
- Get in touch with Indian Bank loan against property customer care by dialling the national toll free number 1800 425 00 000/ 1800 425 4422. The helpline functions 24×7
Frequently Asked Questions (FAQs)
1. What is the purpose for which I can avail Indian Bank mortgage loan?
Indian bank mortgage loan can be availed for any purpose including repairs, renovation of buildings, marriage, education, household festivals, medical or any bankable purpose other than speculative purposes.
2. Is it compulsory for my property to be insured to avail Ind Mortgage Loan?
Yes, it is compulsory for your property, which is to be offered as security, to be insured. It will be insured at your cost with bank clause against fire, flood, earthquake, riot and other risks, which are usually covered by insurance companies – for the entire loan period.
3. What does Indian Bank accepts as security?
- Equitable mortgage of property offered as security.
- The Equitable Mortgage to be registered at the applicant’s cost if there is a provision for the same in the State where property is located
- Ind Mortgage Loan against Agricultural Property or Disputed Property/ Property attached by Income Tax Authorities not allowed
- The property leased to Hospital, Nursing Homes, Old Age Homes, Orphanages, Educational Institutions or to any other similar social sector infrastructure will not be accepted
- CERSAI registration at the cost of the loan applicant to be done