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Indian Bank Home Loan

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.



Eligibility Criterion

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.


Home Loan Disbursement



The bank offers lump sum home loan amount in case the loan applicant goes for purchasing an already existing house or a flat. In case of construction of the house/flat in stages the home loan amount is disbursed in the following manner:
  • 30% of the amount is provided for purchasing land/basement.
  • 20% amount is provided during the lintel
  • Another 20% amount is provided for construction up to the ceiling.
  • The remaining 30% amount is offered on the completion of the construction.
  • Repayment Tenure:
  • The bank has prescribed a loan repayment period of 20 years(including holidays) in case of buying or constructing a house or a flat on floating interest rate method.
  • The home loan repayment period prescribed by the bank on fixed interest rate scheme lasts to 10 years.
  • Note: The maximum period of holidays allowed for building a house/flat is of 18 months.

Home loan Rates



The rates of interest offered on Indian Bank Home Loan are offered on two types of interest rate schemes - Floating Interest Rate, Fixed Interest Rate. The interest rate on home loan keeps on changing according to the movements of the market. The bank provides the current rates of interest on its website. The current fixed interest rate on Indian Bank Housing loan for a loan amount of up to Rs 5 lakh is charged at the rate of 8.5% and the same on a home loan amount of over Rs 5 lakh up to Rs 20 lakh is charged at the rate of 9.25%.

Home loan Foreclosure



The bank charges no amount on Indian Bank home loan foreclosure by the borrower's own money. Whereas the bank charges 2% of the loan amount is charged on outstanding balance or viable withdrawing limit whichever of the two is higher if the home loan is closed due to home loan balance transfer from any other bank or financial institution.

Certain Key documents required to avail Indian Bank Home Loan:
  1. Duly filled home loan application form along with passport size photograph of the home loan applicant.
  2. Identity proof of the individual like - PAN card/Voter ID card/Driving License/valid Passport.
  3. Residence proof can be established by furnishing documents like - telephone/electricity bill/receipt of the property tax.
  4. Address proof of business address in case of businessmen and industrialists.
  5. Certificate of salary.
  6. Employment proof.
  7. Balance sheet of the previous 3 financial years in case of professionals, businessmen and self-employed.

Indian Bank Home Loan Calculator



Indian Bank Home Loan Calculator enables the home loan applicant to compute the amount of EMI he will have to cough up in order to repay the home loan amount. The home loan EMI calculator is available on the website of the bank. All you are required to enter is the amount of loan you want to borrow, the loan period in terms of years and the rate of interest. The EMI calculator helps you comute the EMI amount on the basis of these three determinants.

Indian Bank Home Loan For NRI



Indian bank provides home loans for Indians as well as NRI residents who wish to avail a housing loan. This loan can be given for applicants who wish to buy land in India for either constructing a house, buying a flat or renovation purposes. The housing loans given to NRI customers help the overseas customers to look out for investment options in India. To find out more about the housing finance schemes given to NRIs you can visit the bank's official website.

For more details on Indian Bank Home Loan you can log on to their link www.indianbank.in

Home Loan Calculator

 
The installment will not include any processing fee or charges which are applicable as per the rules of finance providing Authorities.
 
Loan Amount: :
Rate of interest (%) :
Time in Years :
Processing Fee(optional) :
Processing Fee Calculated :
Initial
Average
Indian Bank
Floating 30 9.5 9.5
20,884
0.25% of loan amount
Floating interest rate is linked to Indian Bank's Benchmark Prime Lending Rate (BPLR) currently 12%.
Pre-payment charges: If paid from own source- Nil, in other case- 2% on principal amount prepaid.


Indian Bank

Home Loan Rates

Home Loan Calculator