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Indian Bank Home Loan

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.

Indian Bank Home Loan Interest Rates

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

Tenure

Up to 30 years

Prepayment/ Foreclosure 

Up to 2% of principal outstanding 

Indian Bank Housing Loan Features & Benefits

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:

  • Purchase of a new house or flat
  • Construction of a new house or flat
  • Purchase of a new site and construction of house 
  • Purchase of a built house or flat
  • Extension of an existing house 
  • Repairs or renovation of an existing house or flat 

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.

PrepaymentYou can prepay your IB housing loan and save up on interest. However, the bank charges a prepayment fee of 2% of the outstanding principal. 

Eligibility for Indian Bank Home Loan

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:

  • This loan is offered to the self employed individuals, professionals, salaried individuals and pensioners.
  • Applicants should be at least 18 years of age to be eligible for the loan.
  • Applicants should not exceed 70 years of age during the loan tenure termination.
  • Applicants should have a stable source of income.
  • Applicants must have a minimum work experience of 3 years.

Documents Required for Indian Bank Home Loan

Here are the required IB home loan documents that you need to submit at the time of loan application:

Documents 

Salaried Applicants

Self Employed Applicants

Identity Proof

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

Aadhar Card, Voter’s ID Card, Passport, Driving Licence

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

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

Compare other bank home loan interest rates

BANKS 

INTEREST RATE

AXIS Bank Home Loan

7.75% to 9.40%

SBI Home Loan

6.95% onwards 

HDFC Bank Home Loan

6.95% to 7.50%

Kotak Mahindra Bank Home Loan

7.40% to 9.70%

Yes Bank Home Loan

9.60% to 10.55%

Citi Bank Home Loan

7.34% to 8.29%

ICICI Bank Home Loan

6.95% to 8.05%

Standard Chartered Bank Home Loan

Starting at 8.71%

IDBI Bank Home Loan

7.80% to 8.80%

RBL Bank Home Loan

9.75% to 10.05%

HSBC Bank Home Loan

8.55% to 8.655

IndusInd Bank Home Loan

8.00% to 15.00%

Bank of Baroda Home Loan

6.85% to 7.75%

Bank of India Home Loan

6.85% to 7.755

Canara Bank Home Loan

6.90% to 8.90%

Indian Bank Home Loan

7.55% to 8.40%

Punjab National Bank Home Loan

Starting at 7.00%

Indian Bank Home Loan EMI Calculator 

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. 

How to Apply for Indian Bank 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.

Indian Bank Home Loan Customer Care Number 

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

Other products of Indian Bank

FAQs On Indian Bank Home Loan

Q.1 What are the interest charges on Indian Bank home loans? 

The Indian bank home loan interest rates start at 7.55% per annum.

Q.2 What is the Indian bank home loan prepayment fee? 

The bank charges a prepayment fee of 2% of the principal outstanding on making prepayment/ foreclosure of the loan amount.

Q.3 What is the Indian bank home loan processing fee? 

The bank charges a processing fee of 0.25% of the loan amount.

Q.4 What is the quantum of loan for Indian bank home loans? 

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.

Q.5 What is the margin for Indian bank home loan?

Here is the Indian bank home loan margin offered by the bank:

  • 10% for the loan amount up to 30 lacs 
  • 20% for the loan amount up from 30 lacs to 75 lacs
  • 25% for the loan amount above to 75 lacs 
Last Updated on : 30/Apr/2021

Know More About

Indian Bank Home Loan

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

Indian Bank Home Loan Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959