Indian Bank Home Loan schemes are provided both to the resident and non-resident Indians thereby helping them work towards realizing their dream to own a home. The Indian Bank home loans are offered keeping in mind the individual needs and requirements of people wishing to buy/construct a house of their own. Loan applicants with a steady and consistent source of allowance can apply for Indian Bank housing loans.
Home Loan Application
Indian Bank Home Loan Application form is available on the website of the bank. The borrower is required to fill in the details asked for like - personal details of the individual, professional details of the individual, details of the property for which the loan is being sought, information on what type of scheme is being considered(for buying/constructing a new house/flat, for renovation or to buy a land/plot) etc. The application form is available in the PDF format and can be downloaded from the Indian Bank website.
Following are certain basic features of Indian Bank housing finance
Amount Of Home Loan
The quantum of home loan offered by Indian Bank amounts to around 36 times of the whole monthly income or 60 times of net monthly remuneration which soever is more. The applicant can also add the income of the spouse in order to get a home loan of a larger amount. The total income left after EMI and other deductions should amount to more than 40% of the gross income.
Individuals with a fixed compensation for services and with a minimum of 3 years in service can apply for Indian Bank home loan scheme.
Self-employed professionals like doctors, lawyers and businessmen with a minimum of 3 years experience are applicable for application.
Indian Bank home finance options are also available for pensioners with a capacity to repay the home loan. The maximum admissible age at the time of loan application is 50 years and the maximum age permitted at the end of the loan repayment tenure is 60 years and might be relaxed by 10 years if the bank finds it reasonable enough.
Purpose Of Home Loan
Indian Bank home loans are offered for the varied purposes ranging from - purchase/construction of a new flat/house, buying an already existing house/flat, repair work/renovation/restoration process in the existing house, to refinance or to transfer the home loan acquired from any other banking/financial institution to Indian Bank home loans.