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IndusInd Bank Loan Against Property 

IndusInd bank loan against property brings you the wonderful opportunity to benefit from your valuable property. The bank offers loans against property in which you can give your property as collateral to the lender and avail funds to meet your financial needs. You can look forward to this loan to accentuate your business or personal needs and deal with the expenses. The loan is offered at a pocket friendly rate of interest starting from 9% per annum and ranging up to 12.50% for a repayment period of up to 15 years. Let’s dig more about the IndusInd bank mortgage loan

Indusind Bank Loan Against Property (LAP) Interest Rates

Loan Amount

As per the bank’s discretion

Interest Charges

Starts at 9% per annum 

Processing Fees

Up to 2% of the loan amount plus applicable taxes 

Tenure

Up to 15 years

Prepayment Charges

NIL for individual borrowers

Up to 4% of the outstanding principal for others

IndusInd Bank Mortgage Loan Features & benefits

Here are the speculation features of IndusInd loan against property:

  • Purpose

IndusInd bank loan against property offers financial solutions to the customers to fund your personal or business goals. This loan can be availed by offering the commercial or residential property as collateral to the bank. 

  • Loan Amount 

The loan amount for IndusInd mortgage loan depends on the important factors such as your age, monthly income, credit score, existing loans etc. 

  • Rate of Interest

IndusInd bank loan against property interest rates start from 9% per annum and range up to 12.50% per annum. The rates are determined by many factors like your credit score, repayment tenure etc.

  • Loan Repayment Tenure

IndusInd loan against property repayment tenure ranges up to the maximum of 15 years. 

  • Balance Transfer

You can go for the IndusInd bank loan against property balance transfer facility in which you get to move your existing loan from another bank to the IndusInd bank loan. This creates a room for you to save up good on interest charges, given that your current lender costs higher rates. You can reach out to the bank to know more about the IndusInd home loan balance transfer facility.

  • Prepayment

IndusInd bank enables you to make prepayment and part-prepayment of your loan against property. The prepayment and part-prepayment fees for individual borrowers are decided upon the RBI guidelines. 

The bank allows other borrowers to make prepayment of loan after completing 12 instalments. It charges a pre-closure fee of 4% of the principal outstanding on loan against property.

Part-prepayments for IndusInd Bank LAP are allowed only 4 times in a financial year and borrowers can only make part-prepayment for up to 25% of the amount. The bank charges a fee of 0.25% plus applicable taxes for part-prepayment.

Fee and Charges of Indusind Bank Loan Against Property

To apply for a loan against property you have to pay fees and charges applied by the Indusind 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

Up to 2% of loan amount

Prepayment Charges - Part or full prepayment is not allowed before 12 months from the EMI starting date.

Part Pre-payment charges

  1. Individuals : As per the RBI guidelines.

  2. For others : 4% of the principal outstanding.

  1. Individuals : As per the RBI guidelines.

  2. For others : Will be allowed for an amount upto 25% of the principal outstanding every year at a charge of 0.50% inclusive of taxes 4% of the part payment amount.

  3. For Others : In a financial year maximum part prepayments allowed is 4 times and also the total amount should not increase 25% of the loan outstanding at the beginning of the year.

Late payment of EMI

2% per month on an overdue amount.

Duplicate Repayment schedule Charges

Rs. 500/-

Duplicate No Due Certificate /No Objection Certificate.

Rs. 200/-

Cheque/ ECS/SI Dishonour Charges

Rs. 500/-

Service Tax , other government tax

As applicable.

Stamp Duty Charge per s

Based on the local rules and regulations and the type of mortgage.

SI/ ECS/PDC Swap Charge

Rs. 500/-

Personal Credit Report Issuance Charge

Rs. 50/-

Document Copy Charges

Rs. 500/-

Conversion Charges

Upto 0.75% of the principal outstanding inclusive of taxes.

Collection charges

Rs. 100/- for local visit to customer premises per instance and Rs.250/- per instance for outstation visit to customer premises whether any instalment is paid or not.

Compare other bank loan against property interest rate

BANKS

INTEREST RATE 

AXIS Bank Loan Against Property

Starts at 11.25% 

SBI Bank Loan Against Property

Starts at 10.85%

YES Bank Loan Against Property

Starts at 10.50%

IDBI Bank Loan Against Property

Starts at 11.25%

RBL Bank Loan Against Property

10.65% to 16.25%

HSBC Bank Loan Against Property

Starts at 8.60%

Eligibility for IndusInd Bank Loan Against Property (LAP)

You are required to keep up with the IndusInd bank loan against property eligibility standards that is must for you in order to qualify for this loan without any hindrance. 

Here is the IndusInd bank loan against property eligibility criteria:

  • Salaried individuals, self employed individuals, professionals can apply for this loan.
  • Private limited companies, partnership firms and public limited companies can also apply for this loan.
  • Minimum age of individuals must be 21 years at the time of loan application.
  • The individuals must not be more than 70 years at the time of loan termination.

Documents Required for IndusInd Bank Mortgage Loan

Here are the documents required for IndusInd loan against property:

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

IndusInd Bank Loan Against Property EMI Calculator 

IndusInd loan against property EMI calculator allows you to find the cost of monthly loan instalments that you will have to pay. You can go to the official website of the bank to calculate the loan EMI. You need to enter the principal amount, interest and tenure to find out the payable amount.

To know your IndusInd loan EMI quickly, it is recommended to use the BankSathi loan against property EMI calculator. You have to fill in the loan repayment tenure and rate of interest charged by the lender alongside the principal amount and hit the “Calculate” button.

How to Apply for IndusInd Bank Loan Against Property?

Here is how to apply for IndusInd loan against property:

  • Apply for IndusInd bank loan against property offline:

If you want to apply for an IndusInd loan against property offline then all that you will be required to do is visit the nearest branch of IndusInd bank. When heading to the branch, make sure you carry all the required documents that need to be submitted with the loan application.

  • Apply for IndusInd bank loan against property online:

Here are the simple steps that you need to follow in order to apply for IndusInd loan against property online: 

  • Navigate to the official website of IndusInd bank. 
  • Now, move to the “Personal” menu and then expand the “Products” menu.
  • Click on the “Loans” menu.
  • After that, find and click on the “Loan Against Property” option.
  • Hit the “Apply Now” button.
  • Fill in the details that are required in the loan application form.
  • Click the “Apply Now” button to submit your application.

Once your IndusInd bank loan application is submitted to the bank, you get a call from the representative regarding the further loan application procedure. You can also reach out to the customer service of the bank and enquire about the loan application.

IndusInd Bank Loan Customer Care Number

You can get in touch with the IndusInd bank customer support if you have any query/grievances or you need any assistance regarding the loan application.

Here is the IndusInd bank customer care number which you can dial:

18602677777

Other products Offered by Indusind Bank 

  1. Indusind Bank Home Loan
  2. Indusind Bank Personal loan
  3. Indusind Bank Gold loan
  4. Indusind Bank Car Loan
  5. Indusind Bank Credit Card

FAQs On Indusind Bank Loan Against Property

Q.1 What are the interest charges for IndusInd bank loan against property? 

The IndusInd bank loan against property interest rates start at 9% per annum.

Q.2 What is the processing fee for an IndusInd loan against property? 

The IndusInd loan against property processing fee is 2% of the loan amount plus applicable taxes.

Q.3 How do I apply for an IndusInd home loan?

You can apply for an IndusInd bank home loan on the official website of the bank or you can go to the nearest branch of the bank with all the necessary documents.

Q.4 What kind of property can I offer as a collateral for an IndusInd loan against property? 

You can offer residential or commercial property as collateral to the bank for IndusInd loan against property.

Q.6 What is the maximum IndusInd bank loan against repayment tenure?

The maximum IndusInd bank repayment tenure ranges up to 15 years.

Last Updated on : 30/Apr/2021

Know More About

Indusind Bank Loan Against Property

You're eligible for a Indusind Bank Loan Against Property 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 Loans Against Properties 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

Indusind Bank Loan Against Property Interest Rates

Updated on 25 Nov 2017

Indusind Bank Loan Against Property Details
Interest Rate (Monthly reducing balance) 9.5% - 13.5%
Processing Fees Up to 2% of loan amount
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Loans Against Properties 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