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Indian Bank home loans make you eligible if you are 18 years old and above. NRIs are eligible to avail a home loan. Provides loan amounts up to 10 crores. Loan repayment period up to 30 years. Get great tax benefits. Check best deals now on CreditMantri.
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Indian Bank is an Indian state-owned financial services company established in 1907 and headquartered in Chennai, India. It has 20,661 employees, 2594 branches and is one of the top performing public-sector banks in India. It has overseas branches in Colombo and Jaffna in Sri Lanka, and in Singapore, and 223 correspondent banks in 71 countries. Since 1969 it has remained a nationalised bank.
Home Loan is offered to individuals who wish to construct or buy a house. The property bought or about to be constructed is mortgaged as collateral until the repayment of the loan is completed with full interest. The repayment of the loan generally depends on the capacity of the borrower. Normally, the home loan tenure ranges between 5 to 30 years. The borrower can opt for either floating type of interest of fixed interest rate. Home loan provides tax benefits to the borrowers.
Being one of the largest bank in India, Indian Bank offers a wide range of services in the personal loan segment. It is one of the most preferred bank in India by all kinds of people for any financial service. Packed with exclusive benefits, Indian Bank Home Loans are tailor made catering to the needs of various customers.
Loans for construction / acquiring of new or existing house/flat not older than 30 years or for extension in the existing house/flat
To avail the personal loan from Indian Bank, you need to have the following eligibility criteria.
Prepayment Charges: Nil
Processing fee is at a rate of 0.229% on loan amount with a maximum of Rs.20381/-
(1) For Loans up to Rs 5 Lakhs - Rs 50 + ST
(2) For Loans above Rs 5 Lakhs – Rs 100 + ST
a) Upto Rs. 20 lakhs : 10%
b) Above Rs. 20 lakhs upto Rs.75 lakhs : 20%
c) Above Rs.75 lakhs: 25%
d) For repairs or renovation: 30%
Important documents to be submitted while applying for personal loans with Indian Bank
Property (offered as security) to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
Indian bank Home Loan Plus
Any bonafide purpose other than speculative purpose
Minimum amount – Rs. 1.00 lakh. Maximum amount – Rs. 10.00 lakhs
LTV Ratio of 90% or 80% as the case may be to be maintained for home loan outstanding and 30% margin on the residual value of the House Property to be maintained for the top up loan
Processing Fee: 1.173% on loan amount
Extension of EM on the house property.
(Registration of extension of EM wherever it is mandatory)
CERSAI registration (at Applicant’s cost) to be done
0.228%% of loan amount with a max of Rs.20292/-
Prepayment charges: Nil
1. Completed Application Form with passport size photograph.
2. Salary Certificate.
3. Proof of other income like rent, interest on investment, if any.
4. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self-employed.
5. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years.
6. Agreement of Sale / Sale Deed.
7. Approved Building Plan.
8. Title Deed Documents for 30 years.
9. Proof of title in the Revenue Records. (Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost).
10. Passport copy with page containing visa stamping
11. Copy of work permit
12. Employment contract copy (an English translation duly attested by employer/consulate/embassy/our foreign branches, if it is in any other language)
13. Copy of identity card issued by the employer
14. Copy of continuous discharge certificate in respect of applicants employed in merchant navy.
15. Brief write up about employment profile for the last 3 years
16. Brief write up about the company /institution where employed i.e. constitution, activity, employee base, net profit etc.
17. Statement of overseas Bank account for the last six months which reflect salary credit, savings etc
18. Specific irrevocable Power of Attorney, if applicable, duly stamped and notarized / attested by Indian Embassy / consulate and adjudicated in India.
Additional documents for PIOs a photocopy of the PIO card or any of the under noted documents
Property (offered as security) to be insured at borrower’s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies.
Indian Bank Home Loan Interest Rate
Your Indian Bank personal loan can be repaid in following three ways.
Standing Instruction (SI):
If you are an existing account holder with Indian Bank, Standing Instruction is the best mode of repayment. Your EMI amount will be debited automatically at the end of the monthly cycle from the Indian Bank account you specify.
lectronic Clearing Service (ECS):
This mode can be used if you have a non-Indian Bank account and would like your EMIs to be debited automatically at the end of the monthly cycle from this account.
Post-Dated Cheques (PDCs):
You can submit post-dated EMI cheques from a non-Indian Bank account at your nearest Indian Bank Loan Centre. A fresh set of PDCs will have to be submitted in a timely manner. Please note Post Dated Cheques will be collected non-ECS locations only.It is recommended that you opt for either the SI or ECS mode of payment for faster and less prone to error than the use of PDCs.
You can either apply online or visit a nearby Indian Bank branch for the application. You can also download the home loan application form from the Indian Bank official website, complete the form and submit it the bank representative.
Alternatively you can also check your eligibility for a home loan through CreditMantri and apply for it.
This is probably the only bank that provides several home loan products in India. With attractive interest rates, the bank caters to the needs of various sections of people. You can also pre-close the home loan with the prepayment for which no penalty is levied. Overall, the bank offers the best deal on home loans.
1. What are processing fees on Indian Bank Home Loans?
0.50 % of the amount sanctioned with minimum of Rs.1000 and Maximum of Rs.20000
2. Is there penalty for prepaying the Indian Bank Home Loan?
No penalty is levied for prepaying the Indian Bank Home Loan?
3. Can I get Indian Bank Home Loan without a Guarantor?
Guarantor is required in some cases
4. What is the maximum loan repayment period for Indian Bank home loans?
The maximum repayment period is 30 years
5. How Can I apply for an Indian Bank home loan?
You can either apply online or visit a nearest Indian Bank branch and take the help of the bank’s representative.
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