IndusInd Bank Home Loan Interest Rate 2020 | |
| Interest Rate | 8.00% onwards |
| Loan-to-Value Ratio | Up to 90% of the property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 0.5% of loan amount + GST |
IndusInd Bank provides home loans to customers through HDFC ltd at an attractive interest rate starting from 8.00% onwards. Considering the distinct requirements of the varied customer base, IndusInd Bank through HDFC offers tailored home loan solutions. There are various home loan schemes available which can be used for: purchase of a new house; improvement of an existing property; extension of the already-owned house; top up on housing loan; and more. Read through to get to know all the details of home loan.
Features and Benefits of IndusInd Bank Home Loan
- Wide range of home loan products
- Transparent dealing
- No hidden charges
- Simplified documentation
- Balance transfer facility
- Upto 30 years of repayment time
IndusInd Bank Home Loan Interest Rates
The current housing loan interest rate starts from 8.00%. The table below shows interest rates applicable on different home loan products for Women and Others.
| Home Loan Schemes | Interest Rate for Women | Interest Rate for Others |
| HDFC Regular Home Loan | 8.00% – 8.80% | 8.00% – 8.80% |
| HDFC Reach Loan | 9.25% – 14.25% | 9.25% – 14.25% |
| Plot Loan | 8.15% – 9.00% | 8.20% – 9.05% |
| Rural Housing Loan | 8.05% – 9.60% | 8.10% – 9.60% |
| Home Improvement Loan | 8.00% – 8.80% | 8.00% – 8.80% |
| Home Extension Loan | 8.00% – 8.80% | 8.00% – 8.80% |
| Top-Up Loan | 8.00% onwards | 8.00% onwards |
Check Also: Home Loan Rates from Top Providers
IndusInd Bank Home Loan Fees & Charges
| Particulars* | Charges |
| Processing fees | Salaried Individuals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Professionals: 0.50% of the loan amount or Rs. 3,000, whichever is higher Self Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500, whichever is higher |
| Prepayment charges | No prepayment charges for floating rates |
| Check dishonour charges | Rs. 200 |
| List of documents | Up to Rs. 500 |
| Photocopy Of documents | Up to Rs. 500 |
| PDC Swap | Up to Rs. 200 |
| Disbursement cheque cancellation charges post disbursement | Up to Rs. 200 |
| Re-appraisal of loan post 6 months from sanction | Up to Rs. 2,000 |
| Increase/Decrease in the loan term | Up to Rs. 500 |
* Goods and Services Tax (GST) as applicable will be levied in addition to the mentioned charges.
IndusInd Bank Home Loan EMI Calculator
IndusInd 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. IndusInd Bank home loan EMI 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 EMI.
IndusInd Bank Home Loan EMI Calculation
The table below shows IndusInd 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 | 8.00% | Rs. 39,155 | Rs. 33,832 | Rs. 29,770 |
| Rs. 60 lakh | 8.50% | Rs. 57,860 | Rs. 50,748 | Rs. 44,655 |
| Rs. 90 lakh | 8.75% | Rs. 77,147 | Rs. 67,664 | Rs. 59,540 |
| Rs. 1 crore | 9.00% | Rs. 96,433 | Rs. 84,580 | Rs. 74,425 |
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.
Check Also: Home Loan Types
IndusInd Bank Home Loan Eligibility Criteria
Mentioned below is the eligibility criteria to avail home loan from IndusInd Bank.
| Eligible Profiles | ● Salaried individuals ● Self-Employed professionals ● Self-Employed non-professionals |
| Age | Minimum: 18 years Maximum: 65 years |
To know whether you qualify for IndusInd home loan, use the Home Loan Eligibility Calculator. It is an online tool that helps you to know the loan amount you are eligible to borrow. The calculation is done on the basis of a few basic details like gross monthly income, loan tenure, loan interest rate and on-going loan payments.
IndusInd Bank Home Loan Documents Required
Following are the documents required to successfully apply for IndusInd 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 |
IndusInd Bank Home Loan Schemes
IndusInd Bank offers customized home loan schemes through HDFC Bank to meet the needs of customers. Mentioned below are the schemes on offer along with their details.
| Regular Home Loan Scheme | HDFC Reach Loans | Plot Loans |
| Rural Housing Loans | Home Improvement Loans | Home Extension Loans |
| Top Up Loans | Balance Transfer | Loans for NRI/PIO |
| Pradhan Mantri Awas Yojana/CLSS | ||
1. Regular Home Loan Scheme
This is a regular home loan scheme that can be availed to buy, build or renovate a flat/house.
| Loan Amount | Up to 90% of the property value |
| Interest Rate | 8.00% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST |
Check Also: Plot Loan/ Land Loan
2. HDFC Reach Loans
This is a customised loan product for salaried and self-employed individuals having a minimum income of Rs. 10,000 p.m. and Rs. 2 lakh p.a, respectively. The loan can be used to buy a new or existing home or a plot. It can also be used for renovation, extension or construction of both residential and non-residential premises.
| Loan Amount | Up to 80% of the property value |
| Interest Rate | 9.25% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | Up to 2% of the loan amount |
Check Also: Home Construction Loan
3. HDFC Plot Loans
This scheme is available to customers looking to buy a plot to construct a house. HDFC Plot Loan helps in buying a plot in resale or through a direct allotment.
| Loan Amount | Up to 80% of the property value |
| Interest Rate | Women: 8.15% onwards Others: 8.20% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount |
4. HDFC Rural Housing Loans
This scheme is specially designed to help agriculturists, planters, horticulturists, dairy farmers in buying an under construction or a new or an existing residential property in rural and urban areas. Salaried/self-employed professionals can also apply for this scheme.
| Loan Amount | Up to 90% of the property value |
| Interest Rate | Women: 8.05% onwards Others: 8.10% onwards |
| Loan Tenure | Up to 30 years |
| Processing Fee | ● Salaried/Self employed: Up to 0.50% of the loan amount or Rs. 3,000 (whichever is higher) + GST ● Agriculturists/ Self-Employed Non-Professionals: Up to 1.50% of the loan amount or Rs. 4,500 (whichever is higher) + GST |
5. HDFC Home Improvement Loans
This scheme is available to customers looking for funds to renovate or repair their existing house.
| Loan Amount | ● New customers: Up to 90% of the improvement estimate ● Existing customers: Up to 100% of the improvement estimate |
| Interest Rate | 8.00% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount |
Check Also: Home Improvement Loan
6. HDFC Home Extension Loans
This scheme is suitable for people who wish to extend or add additional space to their homes. The scheme is available to both new and existing customers.
| Loan Amount | Up to 90% of the estimate |
| Interest Rate | 8.00% onwards |
| Loan Tenure | Up to 20 years |
| Processing Fee | Up to 0.50% of the loan amount |
Check also: Home Extension Loans
7. HDFC Top Up Loans
This scheme is available to customers looking for additional funds for personal or business purposes. Existing customers as well as new customers availing HDFC Home Loan Balance Transfer facility can apply for the loan.
| Loan Amount | Up to 90% of the estimate |
| Interest Rate | ● Existing Customers: 8.70% onwards ● New Customers: 8.00% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount |
Check Also: Home Top Up Loan
8. HDFC Home Loan Balance Transfer
This scheme is available to customers who wish to lower their loan repayments by availing the Balance Transfer Facility. Additional Top Up Loan of up to Rs. 50 lakh is also available under this scheme.
| Loan Amount | Up to Rs. 50 lakh |
| Interest Rate | 8.00% onwards |
| Loan Tenure | Up to 15 years |
| Processing Fee | Up to 0.50% of the loan amount |
9. HDFC Home Loan for NRI/PIO
This scheme is available to NRIs, PIOs and OCIs looking for funds for construction or purchase of a new house or remodelling or redoing the interiors of an existing home.
Check Also: Home Loan For NRIs
10. Pradhan Mantri Awas Yojana (PMAY)
It is a government scheme launched to provide housing to all urban and rural poor across India. Under the scheme, the government offers interest subsidy of up to Rs. 2.67 lakh on home loans availed for buying, constructing, extending or renovating homes. HDFC Bank extends the affordable housing benefits of Pradhan Mantri Awas Yojana Credit Linked Subsidy Scheme (PMAY CLSS) to all the customers eligible for this scheme. Click to learn more about PM Awas Yojana.
Apply for IndusInd Bank Home Loan on Paisabazaar.com
Customers can apply online for IndusInd 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.
IndusInd Bank Home Loan Customer Care Details
Customers can reach out to IndusInd Bank on the below-mentioned contact number to get their home loan-related queries addressed.
- 1860-500-5004
- 022-44066666
FAQs
Q1. How can I increase my chances of getting a higher loan amount?
You can increase your chances of getting a higher loan amount by adding earning co-applicant(s) to your home loan.
Q2. Is insurance of the property mandatory?
Yes, the property should be duly and properly insured for fire and other appropriate hazards during the pendency of the loan. You will also have to produce evidence thereof to HDFC, each year and/or whenever called upon to do so. HDFC should be the beneficiary of the insurance policy.
Check Also: Home Loan Insurance
Q3. Who all are eligible to avail a Balance transfer loan?
Any borrower who has an existing home loan account with another bank/HFC, having a regular payment track of 12 months, can avail a balance transfer loan.
Q4. Are there any tax benefits available to home loan customers?
Yes. You are eligible for tax benefits on the principal and interest components of your loan under the Income Tax Act, 1961.
Check Also: Home Loan Tax Benefits
Q5. What is the security required to avail a home loan?
Security of the loan would generally be security interest on the property being financed by the bank. Any other collateral/interim security may also be required depending on the risk profile of an applicant.