Indian Bank Limited is an Indian new generation bank in Pune, established in 1994. The Bank offers commercial, transactional and electronic banking products and services. Indusind Bank inaugurates its first solar powered ATM in Mumbai.
A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be paid back with easy monthly installments. From this loan, you can buy any property or can make your own home or residence.The main objective of IndusInd Bank loan against property is to provide finance to individuals who have various financial goals and requirements. Both residential and commercial properties are accepted by the bank as collateral.
1. Attractive interest rate starts at 9.50% upto 13.50% per annum
2. Funding against rentals from commercial property
3. Loan for purchase of commercial property
4. Easy and quick processing
5. Doorstep service provided
6. Faster approval within 3 days
7. You can avail overdraft facility against property
8. Tenure period upto 15 years
9. It provides loan amount upto Rs.20 crore
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 |
|
|
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. |
Before applying for a loan against property from Indusind Bank, you should fulfil all basic eligibility criteria as prescribed by the bank. For the Indusind Bank loan against property application the salaried and self employed individuals / professionals 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.
Salaried Individual
Any individual employed permanently in any Public sector Undertaking, Government undertaking, Multi National Company, Listed public limited company or well-known private limited company can apply
Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should be lower than retirement age
Self Employed Professional / Non Professionals
Doctors, Chartered Accountants, Cost Accountants, Architects, Engineers, Company Secretary, CFA's can apply
Any individual filing Income Tax returns can apply
Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should not exceed of 70 years
Any applicant who is going to avail for loan against property from Indusind Bank, must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.
1. Filled Application Form
2. PAN Card
3. Proof of Identity : Passport, Aadhaar Card, Driving License, Voter ID, Government Employee ID
4. Proof of Address : Aadhaar Card, Driving License, Voter ID, Government Employee ID, Electricity bill, Gas bill, Telephone bill, Property tax receipt
5. Date of Birth Proof : Passport, Driving License, PAN Card, Birth Certificate, Aadhaar Card with DOB, SSC Marksheet
6. Signature Proof : Passport, PAN Card, Bankers verification or Notarized affidavit with ID & Address Proof)
Proof of Income for Salaried:
3 months’ pay slip or 6 months’ pay slip/2 yrs. bonus proof)
6 months bank statement showing salary credits
2 yrs. Form 16 or Employment Continuity Proof
Proof of Income for Salaried NRIs:
3 month pay slip
Appointment letter/contract letter
Continuous Discharge Certificate for Shipping cases
6 month Domestic NRE/NRO a/c statement
6 month international salary a/c statement
Overseas credit report
Valid visa copy/OCI card
Passport copy
POA details
Proof of Income for Self Employed:
2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
For Asha HL – 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
6 months bank statements of personal and business accounts
If ITR is filed without digital sign – CPC and tax paid challan
Business continuity proof (3 yrs for HL / 5 yrs for LAP)
Other Important Documents & Checks:
Aadhaar card is mandatory for Credit Linked Subsidy Scheme (PMAY) applicants
PAN card is mandatory for all financial applicants
Processing Fee and CERSEI cheques
Self-attestation of borrowers on all documents submitted
Various types of property loan from IndusInd Bank
Loan against home
Loan against commercial property
Loan for commercial property purchase
Funding against rentals from commercial property
Balance Transfer
Top up loans
Existing loans can be further enhanced as well.
|
BANKS |
INTEREST RATE |
|
Starts at 11.25% |
|
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Starts at 11% |
|
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Starts at 11% |
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Starts at 11% |
|
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Starts at 10.85% |
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Starts at 10.50% |
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Starts at 11.25% |
|
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10.65% to 16.25% |
|
|
Starts at 8.60% |
|
|
Starts at 8.75% |
|
|
9.50% to 13.50% |
2. Indusind Bank Personal loan
There are two ways to apply for loans against property from Indusind Bank :
1. Offline Method : By visiting nearest bank branch
2. Online Method :
Firstly visit lenders website from which you want to get a loan
Fill the application form and read all the term and conditions
Attach all required documents with an application form
After submitting form lenders will let you know that you eligible or not for the loan
Indusind Bank Loan Against Property Customer Care
Contact number : 18605005004
Email id : premium.care@indusind.com
The following mathematical formula is used to calculate EMI of Indusind Bank Loan Against Property is :
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
EMI - Equated Monthly Instalment
P - Principal amount (amount borrowed as loan)
R – Applicable rate of interest (interest rate should be on a monthly basis)
N - Loan tenure or the number of EMIs to be paid (tenure should be in months
Financials products offered by Bank
The maximum loan amount is upto Rs.20 crore provided by Indusind Bank loan against property.
The following mathematical formula is used to calculate EMI of Indusind Bank Loan Against Property is :EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
In this formula,
EMI - Equated Monthly Instalment
P - Principal amount (amount borrowed as loan)
R – Applicable rate of interest (interest rate should be on a monthly basis)
N - Loan tenure or the number of EMIs to be paid (tenure should be in months
You can apply offline by visiting the nearest bank branch or through online for loan against property from Indusind Bank.
A Loan against Property is a type of secured loan availed against a residential or commercial property kept as collateral with the lender. In this loan, you get as much amount you want and can be paid back with easy monthly installments. From this loan, you can buy any property or can make your own home or residence.
Yes, there is up to 2% of loan amount processing fee is provided in Indusind Bank loan against property.
2% per month on an overdue amount charges are provided for late payment of EMI by Indusind Bank loan against property.
Last Updated on : 30/Aug/2020Know More About
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
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