Indian Bank home loans come in the picture when the lack of finances is holding you back from manifesting your dream house. The IB home loans help you finance the purchase of a new house or flat, purchase of a site, construction of a new house, or the extension/renovation of the house. The loan is provided at highly competitive interest rates and for a long repayment tenure of up to 30 years. If you are in the search of a perfect home loan solution to make your dream come true, then Indian bank housing loan is the one you can consider.
|
Loan Amount |
As per the bank’s discretion |
|
Interest Charges |
Starts at 7.55 % per annum |
|
Processing Fees |
Up to 0.25 % of the loan amount plus applicable taxes |
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Tenure |
Up to 30 years |
|
Prepayment/ Foreclosure |
Up to 2% of principal outstanding |
Here are the important features of IB home loans:
Purpose : IB housing finance is offered to fulfill the financial requirements related to your dream house. Here are the different types of purposes for which you can apply for Indian bank home loan:
Loan Amount : The lender takes a number of factors into consideration before deciding the loan amount. These factors include your income, repayment history and existing debts.
If you are a salaried borrower, the loan amount you can avail is up to 72 times of your gross monthly income. The loan amount will be 6 times of the gross annual income in case of other borrowers.
Rate of Interest : Indian bank home loan interest rates start 7.55% per annum. The rate of interest is subject to many factors including your credit history and income.
Loan Repayment Tenure : IB home loan repayment tenure ranges up to the flexible time of 30 years.
Prepayment : You can prepay your IB housing loan and save up on interest. However, the bank charges a prepayment fee of 2% of the outstanding principal.
There are various factors such as your employment status, age etc. that help the lender see whether you qualify for the home loan or not. Therefore, you must ensure that you match the Indian Bank home loan eligibility requirements.
Here is the Indian Bank home loan eligibility criteria:
Here are the required IB home loan documents that you need to submit at the time of loan application:
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Documents |
Salaried Applicants |
Self Employed Applicants |
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Identity Proof |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
Aadhar Card, Voter’s ID Card, Passport, Driving Licence |
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Address Proof |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
PAN Card, Voter’s ID Card, Passport, Driving Licence, Utility Bills such as Electricity, Telephone, Water Bills |
|
Income Proof |
Salary Slips, Bank Statements, Form 16 |
Balance sheet and profit and loss account, IT Returns, Business Proof |
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Other Documents |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
Passport-size Photographs, Duly Filled Application Form, Any Other Documents Required by the Bank |
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BANKS |
INTEREST RATE |
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7.75% to 9.40% |
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6.95% onwards |
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6.95% to 7.50% |
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7.40% to 9.70% |
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9.60% to 10.55% |
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7.34% to 8.29% |
|
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6.95% to 8.05% |
|
|
Starting at 8.71% |
|
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7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
8.00% to 15.00% |
|
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6.85% to 7.75% |
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6.85% to 7.755 |
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6.90% to 8.90% |
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7.55% to 8.40% |
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Starting at 7.00% |
You can use the BankSathi home loan EMI calculator to calculate the amount of your IB home loan EMI that has to be paid by you. It is a simple calculator which shows you the monthly as well yearly calculation of home loan instalments.
All you have to do is enter the Indian bank home loan amount, rate of interest that is applicable and loan repayment tenure. Then click the “Calculate” button. You will now be able see the payable EMI amount for your home loan.
You can visit the nearest branch of Indian Bank to apply for Indian bank home loan. When heading to the bank branch, make sure you take all the required documents that are required for the loan application. You can also contact the bank for assistance regarding the home loan.
You can reach out to the Indian bank customer service via their customer support number in case of further help or any grievances related to the IB housing loan.
Here is the Indian bank home loan customer care number:
Toll-free number - 1800425000000, 18004254422
The Indian bank home loan interest rates start at 7.55% per annum.
The bank charges a prepayment fee of 2% of the principal outstanding on making prepayment/ foreclosure of the loan amount.
The bank charges a processing fee of 0.25% of the loan amount.
The bank offers salaried borrowers up to 72 times of the gross monthly income. When it comes to the other types of loan borrowers, the bank offers up to 6 times of the gross annual income.
Here is the Indian bank home loan margin offered by the bank:
Know More About
You're eligible for a Indian Bank Home Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Indian Bank Home Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 7.55% - 8.4% |
| Processing Fees | 0.25% of the loan amount |
| Loan Tenure | 1 year to 30 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Home Loans EMI Calculator