Get all the details, including interest rates, tenure, eligibility, documents required, and repayment options of a home loan from Indian Bank.
Buying a house is a major milestone in life, and the right home loan can make your journey easier. The Indian Bank Home Loan is designed to provide an easy and affordable way to finance your house. It offers housing loans at competitive interest rates starting from 7.40% p.a. onwards and a flexible tenure of up to 30 years.
Factor in the interest rate and processing charges when taking a home loan, as they contribute to the cost of borrowing. The following table outlines Indian Bank’s housing loan interest rate and processing fee:
| Particulars | Details |
|---|---|
| Interest Rate |
7.40% p.a. onwards |
| Processing Fee |
|
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Calculating your EMI enables you to estimate monthly instalments and compare Indian Bank’s loan terms against that of other lenders. Use the Bajaj Markets calculator to calculate home loan EMI and decide on the most feasible terms.
Simply enter the loan amount, interest rate, and tenure in the calculator provided below. It will help you see your EMI along with the total interest payable over the loan duration.
You can get a high-value loan from Indian Bank depending on your income. You can use it to either buy a new house or renovate your existing home.
Since home loans generally involve a large amount, a longer tenure can help with easy repayment. Indian Bank offers repayment tenures ranging up to 30 years.
The Indian Bank Housing Loan interest rate starts from as low as 7.40% p.a., which is among the lowest rates offered on home loans. This makes borrowing more pocket-friendly.
To qualify for an Indian Bank Home Loan, you need to meet the following requirements:
General Requirements
Indian citizen aged 18 years or above
The property mortgaged for the home loan needs to be insured
Salaried Individuals
Regular employees of Central/State Government, Public Sector Undertakings, or Government-aided educational institutions with at least 3 months’ salary statements from the current employer
Employees of MNCs or reputed companies (externally rated BBB or above) with at least 2 years of total work experience and 3 months’ salary slips from the current employer
Self-Employed / Non-salaried
Businessmen, professionals, and self-employed individuals with a minimum business or professional experience of 3 years
You need to submit the following documents for verification during the application process. Here is the list of documents you may typically need to submit for a home finance:
1. Identity and Residential Proof:
Passport
Voter ID
Driving Licence
PAN Card (Only for ID proof)
Aadhaar Card
2. Income Proof:
For Salaried: Bank statements and salary slips of the last six months
For Self-employed: ITR and balance sheet of the past three years, bank account statements of the previous year, and Form 16
3. Two Passport-size Photographs
This lender offers different types of home loans to meet diverse needs. Here’s a look at some options:
IB Home Loan
This is a regular home loan offered by Indian Bank, which you can use to purchase a plot or a home, or renovate your existing home. Its interest rate starts from 7.40% p.a., and the tenure goes up to 30 years.
IB Plot Loan
As its name suggests, you can get this loan to purchase a plot for a house. The interest rate starts from 8.40% p.a.
IB Home Improve
This loan has been specifically designed to cover the cost of remodelling houses. Its interest rate also starts at 8.40% p.a.
IB Home Enrich
This loan is meant for the purpose of home renovation and repair. Its interest rate also starts from 8.40%.
NRI Home Loan
This loan can be used to purchase, construct, repair, or renovate a house or apartment. It is available to both Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs). Its interest rates start from 8.40% p.a.
NRI Plot Loan
NRI professionals with a regular monthly income can apply for this loan to purchase a plot, if it is in a government-approved layout. However, buying land in rural areas is not allowed under this scheme.
Applying for a home loan from Indian Bank online is a simple and convenient process. You can complete it from the comfort of your home in just a few steps. They are outlined below:
Knowing your application status helps you take the necessary next steps. You can get an update about your Indian Bank Home Loan application online or offline. Here’s how:
Whether to keep track of your repayment or check your loan balance, checking the statement is an important part of your borrowing journey. To get your Indian Bank Home Loan statement, you can use any of these methods:
If you have any queries regarding the Indian Bank Home Loan, you can contact its customer support team. Call the national helpline at 1800 1700 to raise your concerns. You can even use the ChatBot on the official website to resolve your queries.
Indian Bank offers flexible repayment options, making it easier to manage your home loan efficiently. These include:
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Indian Bank may consider your CIBIL score as part of the home loan application process. A score above 650 or 700 improves your chances, but Indian Bank also evaluates other factors like your income, employment, and credit history.
Yes, you can club your income with your spouse’s income to apply for a joint home loan from Indian Bank.
The processing fee for an Indian Bank Home Loan depends on the loan amount:
Up to ₹25 Lakhs: ₹1,500 + GST
Above ₹25 Lakhs and up to ₹75 Lakhs: ₹2,500 + GST
Above ₹75 Lakhs: ₹5,000 + GST
Yes, Indian Bank offers home loans for both resale and under-construction properties. This makes it easier to buy a ready-to-move-in home or invest in a property still under development.
No, Indian Bank does not charge any prepayment or foreclosure fees to individual borrowers for home loans on floating rates.
Indian Bank usually processes a home loan application within a few days after you submit all the necessary documents.
Yes, Indian Bank allows you to apply for joint home loans. You can typically apply with family members, such as a spouse, parent, or sibling. This can increase your loan eligibility and make repayment more manageable.
Yes, Indian Bank allows you to apply for a home loan balance transfer facility. This can help you benefit from a lower interest rate or a longer repayment tenure.