Indian bank - 7.40% for Home Loan - New Purchase Home Loan

Indian Bank is a large Public sector bank with the lowest home loan percentage in India.

The bank offers home loans beginning from  7.40%-10.40% p.a.*  with quick approval.

Home loan Indian bank is quite popular with their special features and attractive interest rates under various Indian bank home loan schemes for different income and occupation.

Interest Rate	7.40%-10.40% p.a.*
Loan Tenure	Up to 30 years
Loan Amount	Up to 90% of the property value processing
Processing Charges	NIL

 

Key Features of Indian Bank Home Loan:

1. Loan Available for both salaried and self-employed.

2. Special rates for women borrowers

3. Borrowers within the range of 18 to 60 years.

4. Security:  Mortgage of property you are planning to purchase, renovate, or construct.

5. Loan-to-value ratio of 90%.

6. Loan Tenure can range from 5 to 20 years.

 

Indian Bank Home loan interest depends upon:

1. Your Salary:

Income helps you identify your rate of interest.

The bank's rate varies with your monthly income. The higher the income, the lesser will be the rate

 

2. Type of loan opted for:

Indian bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes.

The rate of interest may be higher or lower under their special or popular loan product offers.

 

3. Existing bank customers:

Indian bank offers one of the lowest home loan rates to its existing bank account customers given their past relationship with the bank.

 

Indian Bank Home Loan Processing Fee and Other Charges:

In addition to interest rates, home loans from India also carry some other charges which include:

 

1. Processing Fee -

Indian Bank applies processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.

 

2. Technical and Legal Charges -

Indian bank also charges technical and legal charges which are explained to the customer during the loan process.

Once you go through the loan application process, you will need to pay these charges based on Indian Bank rules.

 

3. Prepayment Charges-

If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Indian Bank.

As per RBI rules, banks are not allowed to charge prepayment penalties on floating-rate home loans. Hence, you can prepay your home loan with Indian Bank.

 

Indian Bank Housing Loan:

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Apply for an Indian Bank Home Loan easily on ApnaRupee.com – a channel partner for India’s top banks.
Our loan experts assist you throughout the process – from documentation to disbursal.
You can also compare Indian Bank rates with other banks before choosing the best deal for your home loan needs.

 

Indian Bank Home Loan Documents:

For Salaried employees:

1. Fill up the loan application form.

2. Two passport-size photos.

3. ITR of last 2 years.

4. Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN.

5. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

6. Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit.

7. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

For Self-Employed:

1. Fill up the loan application form.

2. Two passport-size photos.

3. Identity Proof - Passport/ Driving License/ Voter ID/ PAN.

4. Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (up to 3 months old), Passport.

5. Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed, and proof of business existence and business profile.

6. Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension.

 

Indian Bank Home Loan Schemes:

 

1. Indian Bank Home Loan:

Purpose: 

To purchase /Construct a new house/flat, purchase plot/existing house or flat, repair/renovate/ extension of existing house/flat, and avail balance transfer facility.

Tenure:

Up to 30 years

Eligibility Criteria for Indian Bank Home Loan

1. Resident Indians with a regular source of income and total experience of at least 3 years

2. The applicant should be salaried, businessman, professional, self-employed, and pensioner

3. Age: 18-70 years

 

2. Indian Bank Home Advantage

Purpose:

 A home loan with overdraft facility purchase/construction of house/flat, plot purchase and construction, purchase in resale, repair/renovation/extension/addition

Tenure:

Up to 30 years or 70 years of age

Eligibility Criteria for Indian Bank Home Loan Advantage

1. Resident Indians with a regular source of income and total experience of at least 3 years

2. The applicant should be salaried, businessman, professional, self-employed, and pensioner

3. Resident’s Age: 18-70 years

4. Non-Resident’s Age: 21-60 years

 

3. Indian Bank Plot Loan

Purpose: For purchase of a plot duly approved by a Competent Authority

 

4. Indian Bank NRI Home Loan

Purpose: 

For purchase or construction of flat/house, repair/renovation/alteration of existing house for NRIs and Persons of Indian Origin

Tenure:

For purchase construction of house/flat: Up to 20 years.

Eligibility Criteria for Indian Bank NRI Home Loan

1. NRIs with regular monthly income

2. NRIs employed with a residual contract period with service of at least 3 more years

3. Maximum age for applying: Up to 50 years

4. Age at the end of the repayment period: 60 years

 

5. Indian Bank Home Improvement

Purpose: 

For purchasing household furniture, kitchen racks, TV sets, cupboards, fridges, computers, etc.

Tenure:

Up to 10 years

Eligibility Criteria for Indian Bank Home Improvement

1. NRIs with regular monthly income

2. NRIs employed with a residual contract period with service of at least 3 more years

3. Maximum age for applying: Up to 50 years

4. Age at the end of the repayment period: 60 years

 

5. Indian Bank Home Loan Plus

Purpose: 

For any bonafide purpose other than speculative purposes

Tenure:

Up to 10 years

Eligibility Criteria for Indian Bank Home Loan Plus:

1. Existing home loan borrowers who have repaid at least 12 EMIs and taken possession of the flat

 

6. Indian Bank Home Enrich

Purpose: For repair/renovation of residential house/flat

Tenure:

Up to 10 years or 70 years of age

Eligibility Criteria for Indian Bank Home Enrich:

1. Individuals with residential property in their name

2. Age: 18-70 years; Maximum entry age: 65 years

 

7. Indian Bank Awas-Home Loan under PMAY CLSS

Purpose:

 Affordable housing for urban poor with credit-linked subsidy on home loans taken by urban poor (EWS/LIG) for purchase/construction of houses

Tenure:

Up to 10 years or 70 years of age

Eligibility Criteria for Indian Bank Awas-Home Loan under PMAY CLSS:

1. The house should be the first pucca house of the applicant

2. The property should be in Statutory Towns or Urban Planning Areas

 

Frequently Asked Questions:

Q. Is the Home Loan facility available in rural areas?

Ans. Yes. Home Loan facility in rural areas is available for individuals engaged in agricultural activities and labor.

In such cases where Income Tax Returns/IATO is not available for income assessment, a self-declared income certificate/Affidavit can be accepted, provided the annual income does not exceed the exemption limit permitted under Income Tax. Also, the property shall be SARFAESI Compliant.

 

Q. What are the documents required for a home loan from Indian Bank?

Ans. To apply for the Indian Bank home loan, you will be required to submit Indian bank home loan documents such as a home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, papers, and loan account statements if any.

 

Q. Which is the best Indian bank Home loan scheme?

Ans. Choosing the best Indian Bank home loan scheme a subjective to the requirements of the home loan applicant.

For instance, there are different home loan offers for the purchase, Construction, or renovation of a home.

Therefore choosing the best Indian Bank home loan scheme is based on one’s needs.