Indian Bank established on 15 August 1907 and their headquarters in Chennai, India. The maximum tenure of indian bank home loan is 30 years. It is the most preferred bank by all kinds of people for any financial service regarding home loan.
People usually want to get the loan in case of any financial issues. Home loan is some amount of money that is taken from a bank to make a home or buying plots for making a home.. Here, we talk about all the things above that are quite normal but there is a change in it, now everyone has to get a home loan with ease..You all think that “how it is possible? To overcome this issue Indian Bank came with an exciting opportunity i.e. Indian Bank Home loan. The interest rate provided by Indian Bank for Home Loan is 7.55% to 8.40% per annum with zero prepayment charges.
Indian Bank Home Loan Purposes
Purchase or construct a new house / flat
Purchase house site and construction house
Purchase an existing house/ flat
Extend an existing house / additional construction
Repair / renovate an existing house/ flat
1. Special concessions on interest for women borrowers
2. Attractive rate of interest from 7.55% to 8.40% per annum
3. Maximum repayment tenure upto 30 years
4. Zero prepayment charges are apply
5. Low processing charges
6. Fast approval of loan
7 . Loan amount upto Rs.10 crore
To apply for a home loan you have to pay fees and charges applied by the Indian Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from Indusind Bank i.e processing fee, prepayment / foreclosure charges, etc
|
TYPE |
CHARGES |
|
Processing fee |
0.25% of the loan amount |
|
Prepayment charges |
NIL |
Before applying for a home loan from Indian bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the Indian Bank home loan application the salaried, businessmen, professionals , self employed people, pensioners are eligible to take a loan. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.
|
ELIGIBLE |
Salaried, businessmen, professional, self employed people and pensioners |
|
AGE |
18 years to 70 years |
|
MINIMUM INCOME |
Rs.10000 p.m. |
|
MINIMUM EXPERIENCE |
3 years |
|
NATIONALITY |
Indian |
Any applicant who is going to avail a home loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. Fully filled signed application form
2. Passport size photograph
3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id
4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id
5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 mnths showing that the salary has been credited
6. For Self employed individuals / professionals = 2 years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.
|
BANKS |
INTEREST RATE |
|
Starts at 10.05% onwards |
|
|
Starts at 7.75% onwards |
|
|
Starts at 7.75% onwards |
|
|
7.75% to 9.40% |
|
|
Start at 9.55% onwards |
|
|
8.15% to 8.30% |
|
|
8.90% to 9.15% |
|
|
6.95% onwards |
|
|
7.40% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
6.95% onwards |
|
|
7.65% onwards |
|
|
7.90% onwards |
|
|
9.50% to 10.50% |
|
|
6.75% onwards |
|
|
10.45% onwards |
|
|
8.05% onwards |
|
|
7.45% onwards |
|
|
6.95% to 7.50% |
|
|
7.40% to 9.70% |
|
|
9.60% to 10.55% |
|
|
7.34% to 8.29% |
|
|
6.95% to 8.05% |
|
|
Starting at 8.71% |
|
|
7.80% to 8.80% |
|
|
9.75% to 10.05% |
|
|
8.55% to 8.655 |
|
|
11.005 to 11.505 |
|
|
8.00% to 15.00% |
|
|
6.85% to 7.75% |
|
|
6.85% to 7.755 |
|
|
6.90% to 8.90% |
|
|
7.55% to 8.40% |
|
|
Starting at 7.00% |
There are two ways to apply for home loans from Indian Bank :
1. Offline method : By visiting nearest bank branch
2. Online Method :
First of all first visit to official website of Indian Bank
In retail section go to the “loans”
Now click in home loan
After that go to “Home loan”
Now click on apply now and fill application form
Indian Bank Customer Care
Contact number : 180042500000
Email id : customercomplaints@indianbank.co.in
The following formula is used to calculate EMI of Indian Bank Home Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
P stands for Loan Amount
R stands for Interest Rate
N stands for tenure in number of months
Financials products offered by Bank :
The minimum loan amount of Indian Bank Home Loan is Rs.1 lakh and maximum loan amount is Rs.10 lakh.
The minimum age of the customer is 18 years and the maximum age of the customer is 70 years is required to take a home loan from Indian bank..
There is no pre-closure and part payment charges are applied to take a home loan from Indian Bank.
The maximum tenure period provided by Indian Bank is 30 years to take a home loan.
The salaried, businessmen, professionals, self employed people and pensioners are eligible to take a home loan from Indian Bank.
The interest rate provided by Indian Bank to take a home loan starts from 7.55% to 8.40% per annum.
Last Updated on : 20/Aug/2020Know 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