Indian bank - 10.00% for Loan Against Property - Loan Against Residential Property

Indian Bank Loan Against Property:

Indian Bank is one of the largest public sector bank in the country that offers the lowest rates on loan against property.

Currently the bank offers loans starting from 10.00%-12.60% p.a.* onwards with the quick approval.

The bank offers the special features and attractive rates for different income and occupation groups.

Some of the features are mentioned below:

Indian Bank offers loan against property to meet your business as well as personal needs against the mortgage of your existing residential or commercial property.

 

Taking a loan from Indian Bank has the following benefits:

Advocates fee for property search and title investigation support

Indian Bank offers IB Rental, a loan against lease rental facility, to residential/commercial property owners who have proposed or let the property out to eligible lessee/tenants.

Valuer’s fee for valuation report.

Stamp duty payable for loan agreement and mortgage.

The bank also offers IB Rent Encash, another loan against lease rental facility, to the owners of commercial and residential properties who have rented their properties to State or Central Government offices, PSUs and top notch corporates

Interest Rates	10.00%-12.60% p.a.*
Loan Amount	Rs 5 lakh-Rs 5 crore For IB Rental: Rs 5 crore and above
LTV Ratio	Up to 40% for Tier-I/Tier-II cities Up to 50% for others For Lease Rental: Up to 90% of net present value of rent
Tenure	Up to 15 years
Processing Fee	1% of loan amount
Minimum Monthly Gross Income	Rs 25,000

 

Indian Bank Loan Against Property Interest Rates

IND Mortgage:

Product	Interest Rate (p.a.)
IND Mortgage (Term Loan)	10.10% to 11.60%
IND Mortgage (Overdraft)	11.10%-12.60%

 

Loan Against Rent Receivables:

Product	Interest Rate (p.a.)
IB Rental Encash	10.00%-11.50%
IB Rental	9.70%-11.20%

 

Note: If the lessee is Indian Bank / PSB / Private Sector Bank / Reputed Financial Institution / Government Organization / PSU / Company & Firm

(Externally rated “A” / equivalent and above), concession of 0.50% is applicable on effective ROI

 

Indian Bank Loan against Property

Apply:

If you want to get a loan against property from Indian Bank, the process to get the loan is fairly easy.

All you need to do is to apply for a home loan at Apnarupee.com.

We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, ICICI, etc.

Your loan application will be processed and Indian Bank (Loan against Property) Loans representatives will get in touch to begin the process of getting a home loan.

You will also be assisted by Apnarupee.com housing loan advisor to ensure that all the lending process is smooth, quick and you get the best loan against property from Indian Bank.

You can also do a comparison of Indian Bank Loan against property rates and other charges using the Apnarupee.com comparison tool.

Once you apply online, you can check the real-time status of your loan against property in your customer account section of Apnarupee.com.

 

Factors Affecting Indian Bank Loan against Property Interest Rates:

Loan amount: 

Property loan rates in Indian Bank depend upon the loan amount you apply.

 

Your Net Monthly Income: 

Income helps you in identifying your rate of interest.

Higher the income, higher will be your repayment capacity increasing your eligibility for higher loan amount.

 

Type of loan opted for: 

Indian Bank offers differential rates for customer’s different profiles and also fixed and floating rate schemes.

Loan against property interest rates may be higher or lower for special loan products.

 

Type of property: 

Typically, loans against prime residential properties are easier to get and can be availed at the lowest rates compared to loans against commercial and industry properties.

 

Your profession: 

Indian Bank may charge a higher interest rate on a mortgage loan to a salaried person than a self-employed professional or a businessman.

A self-employed professional or businessman is expected to deploy loan proceeds for productive purposes in his occupation or

business compared to salaried people who will most likely take a mortgage loan for his personal purposes.

 

Indian Bank Loan Against Property Documents Required:

For Self-Employed:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 3 years

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

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

6. 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

 

For Salaried employee:

1. Filled up loan application form

2. 2 Passport Size Photo

3. ITR of last 2 years

4. Identity Proof - Passport/ Driving License/ 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’ pay slip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

 

Property documents:

1. Registered Sale Deed/ Conveyance/ Lease Deed

2. Past Sale Deeds Chain (each transaction in respect of this property since first allotment

3. Latest House Tax Return/ Receipt

4. Approved Building Plan from Municipal Corporation

 

Indian Bank Loan against Property: Offers & Schemes:

1.IND Mortgage:

Purpose: 

Any personal purpose including repair/renovation of buildings, marriage, festivals, functions, education, medical or any other purpose, except for speculation

Security: Equitable mortgage of property

 

2.IB Rent Encash:

Purpose:

For Repair/renovation/marriage/education/household festivals/medical/bankable purpose

Assignment of the rent received

Equitable mortgage of freehold/leasehold property

 

3.IB Rental

Purpose: To meet the financial requirements of the owners of residential and commercial properties who have let their property on lease

Loan Amount: Rs 5 crore and above

LTV Ratio: 80%-90% of net present value of rent

 

Tenure:

Up to 12 years

Up to 15 years on select basis

 

Security:

Lease rental escrow

Property mortgage with value to cover 125% of loan amount

Tri-partite agreement between lender, borrower and lessee

 

Frequently Asked Questions:

 

Q. How to increase my eligibility on Indian Bank Mortgage loan?

Ans. If your spouse or family member is earning well you can make your spouse or family members the co applicants for tour loan.

The combination of both your income will help you in increasing your eligibility to get a loan.

 

Q. can I foreclose my mortgage loan? What are the charges applicable?

Ans. Yes, you can foreclose your Indian Bank loan against property anytime you want with own sources – Nil, Refinance – 2.25% foreclosure charges.

 

Q. What is the maximum loan tenure I can opt under Indian Bank property loan?

Ans. Indian Bank offers a maximum tenure of 7 years to repay your loan.

You can choose the tenure for your LAP loan as per your convenience and repayment ability.

 

Indian Bank Loan against Property News - March 2023:

 

2022-02-08: Indian Bank Net up 34 per cent on increased and higher cash recovery.

Indian Bank has reported a 34% jump in its net profit to Rs. 690 crore for the third quarter.

The bank earned a profit of Rs. 514 crore in the corresponding quarter of a last fiscal.

In addition, the total income also increased 3% to Rs.11, 482 crore from RS. 11,168 crore.

 

2022-01-15: Indian Bank fraud of over Rs 33 crores to RBI.

Indian Bank has reported a fraud of Rs. 33 crores regarding the two of its accounts that turned into the Non-Performing assets.