IndusInd Bank Home Loan

IndusInd Bank provides a multitude of products under the Home loan category to suit the needs and requirements of different customer segments that the bank caters to:

• Home Loan: A loan offered to individuals who intend to purchase /construct a house or flat. In case of purchase of a home, applicant may seek to purchase either a newly constructed house/flat or any property through resale from the original owners. The home loan can be availed either in the name of the customer singly or under the names of two or more individuals jointly.
• Home Improvement Loan: Even after owing their home, people continuously try to refurbish their homes or make improvements and renovations to their home. Home Improvement loan is for those customers who want any kind of renovation /repair job such as painting the house, decoration of interiors etc to keep their home reflecting their personality and status as per their changing tastes and current trends. IndusInd bank acknowledges the requirement of improvement and fact that such upgrades require considerable financial investment, thus it offers the specially designed home improvement loans so that customers can improve their homes as per their requirements without having to worry about the availability of necessary funds.
• Home Extension Loan: With time the family grows larger and hence the need for additional space becomes paramount. IndusInd Home Extension Loans are intended to extend your existing home by adding a bedroom, enclosing an open balcony or building an extra room on the terrace, etc. With IndusInd home extension loan, customer need not be concerned about the financial investment involved in additional construction. This also calls for necessary funds as building anything costs a lot. Home extension is different from home improvement as extension involves increasing the total area of your house and hence additional documents are required in this type of home loan.

• Top up housing loans – IndusInd Bank existing home loans customers who own a property are eligible for this loan scheme. Customers who have an existing property & have the requirement of any sudden expense such as higher education, marriage, medical expense etc can avail the top up facility. Appreciated value of the property is a key aspect which makes this loan more money-spinning than other source of financing such as personal loan or credit Home Loan.

IndusInd Home Loan is offered to Individuals – either salaried or self-employed or professionals. IndusInd bank Home loan products have been designed to meet the expectation of larger section of Indian Economy especially the middle class Indian Families. The eligibility is determined in a very transparent manner wherein various factor such Age, salary, No of dependents of the Individual comes into consideration.

• Security/Collateral – the Security or collateral in the home loan is the title deed of the property which customers wish to get financed. Apart from the title deed, there could be few additional requirements on a case by case basis. By signing the terms and conditions in the offer acceptance, the applicant acknowledges that, as per the business practices and applicable provisions, the bank is authorized to share Home Loan applicant information with any existing or future Credit Bureaus as determined by the bank from time-to-time.

• Provision for co-applicant in home loan- Co- applicants are always advisable in home loans as this ensures  higher eligibility amount and risk mitigation for any default in payment . The Income of applicant is summed up along with the main applicant.
  One can include their spouse/ parents/ children as a co-applicant and their income will be considered to enhance your loan amount. For Cases where there is any other co-owner of the property, they have to be mandatorily being co- applicant as well. Point to be noted here is that co-applicant need not be the co-owner, but co-owner are always co-applicant.
• Equated Monthly Installment (EMI) – the loan amount is repaid in the form of EMI or 'Equated Monthly Installment'. The EMI is a predefined amount and is informed to the customer at the time of loan sanction. The EMI amount is proportional to the principal amount, Term of Loan and interest rate offered. To explain EMI in other words it’s the sum of interest amount and a part of principal amount which has to be paid monthly.
• Home loan processing -Prospective customers who have finally decided on availing the home loan from IndusInd bank may check their eligibility online and can even apply well ahead prior deciding on the property. A lump sum amount as per the eligibility of the customer is sanctioned on the records .Post finally deciding on the property and its related value customer has to submit the property related documents. This whole processing methodology brings that extra delight to those customers who don’t want to lose on time once decided on buy a property.
• Co-applicant – potential buyers who have decided on availing the home loan from IndusInd may also opt for including the co-applicants in the loan. Including Co-applicants ensures that not only the risk is duly shared between two individuals but also brings higher eligibility amount. The Income of co –applicants are clubbed together to derive the final eligibility amount.
• In the event of default, the Home Loan borrower will be sent periodic reminders by representatives of IndusInd Bank including third parties appointed by IndusInd Bank for settlement of any outstanding debt on the credit Home Loan account.
• In the event of death or permanent disability of a Home Loan applicant, IndusInd Bank reserves the right to pursue all courses available to it under law and equity at its discretion, to recover any Home Loan account outstanding, including recovery of the Home Loan outstanding from any applicable insurance cover or from the heirs/executors/ administrators of the Home Loan applicant.
• The Home Loan applicant(s) hereby expressly authorize the bank for the purposes of credit verification or reference checks, protection of its interests etc., to disclose all/any information/documents relating to the Home Loan applicant/this agreement and/or any other agreements or upon default committed by the Home Loan applicant, to the Reserve Bank of India, Income Tax Authorities, tribunals, courts, judicial bodies, other banks, credit bureau, financial institutions or any other third party in conformity with the disclosure norms as applicable from time-to-time
• In the event that the Home Loan applicant commits an instance of default, the bank at its sole discretion will be entitled to:
• Withdraw all credit Home Loan facilities extended to the Home Loan applicant.
• Ask the Home Loan applicant to pay immediately all outstanding balance on the Home Loan.
• Exercise the bank's right to lien and set-off the amount outstanding against any monies/deposits/accounts maintained in the Home Loan applicant's name with the bank.
• Without prior notice to the Home Loan applicant and under confidentiality, disclose to the Reserve Bank of India or any authority, credit bureau or any governmental authority or any other body/person the identity of the Home Loan applicant and the fact that the Home Loan applicant has committed an instance of default.
• The bank shall be entitled to withdraw any default report issued at its sole discretion in case:
• The defaulter in question has liquidated his entire outstanding dues with the bank or settled his dues with the bank.
• In the event of death or permanent disability of a Home Loan applicant, IndusInd Bank reserves the right to pursue all legally acceptable courses of action available to it to recover any outstanding amount in Home Loan account,
• The bank is also authorised to provide all relevant information to Income Tax Authorities, Reserve Bank of India, courts, tribunals, judicial bodies, other banks, credit bureau, financial institutions or other third parties as per applicable rules.
• The Home Loan applicant hereby agrees that the information furnished by the Home Loan applicant in the application or otherwise, may be further used by bank for marketing purposes to sell Home Loan  related offers, including but not limited to balance transfer,
• The bank also retains its right to market additional products to its customer and this supersedes any existing DND registration.
• The Home Loan applicant acknowledges that, as per the business practices and applicable provisions, the bank is authorized to share Home Loan applicant information with any existing or future Credit Bureaus as per rules that are in effect.
• All banks and financial institutions participating in this initiative are required to share Home Loan applicant's data with CIBIL and other credit bureaus/ reporting agencies.

• EMI calculator allows the prospective borrower to decide and calculate how much encumbrances he can bear while applying for the loan. With the help of this online tool customer may decide on their loan application amount and can also find out what will be the Equated Monthly Installments (EMIs) on his loan amount if he or she chooses to apply for a home loan. To calculate the EMI, an applicant needs to provide his details like-
• Loan amount customer desire to apply.
• Tenure for which he wishes to keep paying the EMI
• Interest rate offered
• The result would provide him with
• Total amount payable
• Principal amount
• Monthly payment or referred as EMI
• Total Interest payable.
• How to check EMI online
• Login on to the IndusInd website
• Go to footer section
• Select tools
• Select sub menu option of home loan EMI calculator
• A new window would pop up
• Fill up the requisite details
• And submit to view the result online
• Let’s illustrate the same with an example.Sumit Roy is planning to purchase a Bungalow for which the value of property comes out to be INR 30 lakhs. Mr Roy visits the Paisabazaar website to know about the Home Loan products offered. Once he is satisfied with the general terms and conditions including the prevailing rate of Interest, he fills up the form online to know more about his eligibility. For the property value of 30 lakhs and his financial credentials , his loan eligibility amount comes out to be INR 20 lakhs . Thereafter for further processing Mr. Roy approaches IndusInd bank and Post corroboration of his personal details, financial credentials and property details, IndusInd bank sanctions a home loan of INR 20 lakhs @ 11 % pa for 20 years.
• The calculation comes as-
• Total amount payable is 49,54,504.00
• Principal amount is 20,00,000.00
• EMI : 20,644.00
• Total Interest Payable: 29,54,504.00

• Customer may apply for Home Loan online through Paisabazaar.com
• The prospective applicant needs to provide some key details in order to receive the complete list of home loan offers applicable to the situation.
• Customer may choose the home loan offer provided by IndusInd Bank and apply electronically without need to provide any documentation at this stage.
• If the loan applicant is acceptable to Bank, a bank representative will contact you to complete all other formalities.

IndusInd Bank provides a range of value added services provided by to its customers to help them make the most out of their home loan. The following are some key services allied to the home loans provided by IndusInd Bank.

IndusInd Credit Counseling Service

With a rise in retail lending in Indian market in current years, IndusInd back focuses on educating its customer about the lesser known aspects of credit facility. Under this financial education series, IndusInd Bank has pioneered one of its service to hand hold customer availing any credit facility Loan/credit Home Loan etc with IndusInd Bank.

Some of the key features of this program are: ‐ Customer exposures are monitored through personal interactions and customer visits. ‐

• Payment default is an unwanted aspect when someone avails the credit facility. However IndusInd back ensures that even the payment defaulter are dealt in a very cordial environment. All Business, Collections, Legal Recovery are done by executives who believe in creating relationship and trustworthiness.
• Counseling is done at every stage from prospective customer to defaulting customer through guidance and options on current financial strength of borrower and co‐borrowers.
• Customer meets are conducted on periodical basis apart from regular executive interactions.
• A transparent approach adopted in case of default which comprises of reminders, messages, statements and dunning letters at different stages of delinquency.
• Rescheduling and restructuring of loan to ease out the customer in case of financial strain.
• Daily balance message and instant debit message to customers to know their credit position.
• Guidance on various financial products through Video Banking and IndusInd is the first ever bank to have implemented the same on specific transactions.
• Toll free facility for customer care.
• Linking of Nodal officer to Credit Department and Coordination of Speedy redressal of customer grievances on single point.
• Confidentiality and Free of charge counseling of customers.

Benefits of IndusInd Bank’s Credit Counseling Services

Credit counseling program has manifold benefits to each of the parties involved i.e both the borrower and the lender -

• Admittance to well thought-out financial system and best way out to access the same.
• Spreading awareness among the existing and prospective customers about financial management.
• Assisting and Advising Borrowers for rehabilitation of Stressed and trapped individuals and household due to high market linkage.
• Hand holding Customers who are debt-ridden and suggesting the possible way out of debt trap.

Effects of Credit Counseling

• Improved Financial Literacy of customer with Experian, Equifax, CIBIL and other credit rating agencies apart from communications on commodity and share trading in peripherals.
• Enhanced habit of generating savings through instruments such as Mutual Funds, Insurance, Fixed/Recurring Deposits and Savings/Current accounts.
• Market linkages understanding is developed by the customer through various avenues and this would help them maintain/improve their credit ratings for enhancing the applicant borrowing capacity.
• These public interest programs are designed to create awareness and customer satisfaction.

• Tailor-made home loan schemes to support your dream of owning a home with an ease of processing.
• Catering the need of home loan in partnership with HDFC ltd, a renowned name in home loan lending sphere.
• Assistance at every step from loan experts and mortgage counselors to ensure that buying home is a joyful and unforgettable experience.
• Most competitive pricing to the widest range of borrowers seeking to buy their dream home.
• Funding up to 30 years of tenor.
• Approval of loan even prior selection of the property.
• Online access of Loan account.
• Facility for funding for builder’s under construction and ready properties.
• Experienced staff to provide doorstep services.
• Quick and hassle free loan processing with manifold options to apply and check the details of home loan offered by IndusInd Bank.
• Minimal Document requirement. The documents required for availing home loan in IndusInd are very basic and very Few. Only personal documents pertaining to the identity proof, Income Proof and documents pertaining to the property is required. Also the list is available on the bank’s website in an very explanatory manner which ensures customer is well aware in advance about the documents required and makes them available in time with no time is lost before purchasing their dream property.
• Customers who have already availed the home loan from any other authorized lender may transfer their existing home loan to IndusInd and avail better rates and services.
• Benefits of Income tax are also available as per existing norms of Income Tax act.