Indian Bank Home Loan Rates

 

Indian Bank Home Loan Rates are basically very attractive and competitive at the same time in comparison with the

home loan interest rate charged by various other housing finance lending banks and financial institutions in whole of the Indian banking sector. Like most of the public sector and private sector home loan lenders in the country Indian Bank also provides home loan on interest rate on the basis of - Fixed rate of interest and Floating rate of interest.
The home loan rate is a phenomena that is generally determined by the movements in the home loan market. The rate of interest charged on home loan is possibly the most important element that is taken into account by every home loan seeker. With a view to entice more and more home loan seekers the banks keep on cutting down the rate of interest charged on the home loan schemes considering housing loan being a highly competitive sector in India's realty sector. The home loan rates are approved by 'Finance Authority Of India' in the country. Following are the two types of home loan interest rate schemes offered in India:

Indian Bank Home Loan Floating Interest Rate

• The rate of interest charged under Floating interest rate scheme vary according to the prime
  lending rate recommended by RBI(Reserve Bank of India) for the home loan sector. Base Rate is 10.75 % p. a. with effect from 01.08.2011.
• The floating interest keeps on changing frequently once in a while depending upon the market movements.
• If the floating rate on home loan falls then it benefits the loan borrower but if it increases then the consumer ends up coughing up more money.
• The interest keeps on fluctuating during the loan tenure based on market performance. It is recommended that one must go for such an interest rate scheme if you get a feel that interest rates have reached to such a high level that from their it is only going to plummet.
   

 

Period	Loan Amount up to 30 Lacs	Loan Amount greater than 30Lacs and up to 75 Lacs	Loan Amount greater than 75 Lacs
up to 5 yrs	10.75%	11.00%	11.25%
Greater than 5 yrs up to 15 yrs	11.00%	11.25%	11.50%
Greater than 15 yrs	11.25%	11.50%	11.75%

 

Indian Bank Home Loan Fixed Rate of Interest

Fixed Interest Rate - Fixed home loan interest rate charged by the home loan lender remains unchanged during the entire tenure of the home loan. Home loan seekers are sure that the home loan rates are all-time low and from here it is only going to increase. Current Interest Rate on Home loan Charged by Indian Bank:

 

Period	Loan Amount up to 30 Lacs	Loan Amount greater than 30Lacs and up to 75 Lacs	Loan Amount greater than 75Lacs and up to 2 crores
up to 5 yrs	11.75%	12.00%	12.25%
Greater than 5 yrs up to 15 yrs	12%	12.25%	12.50%
Greater than 15 yrs	12.25%	12.50%	12.75%

 

 

For more on Indian Bank Home Loan Rates log on to: www.indianbank.org