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Indian Bank Home Loan Eligibility Calculator

Indian Bank Home Loan Eligibility in India 2021

Last Updated 03rd Jun 2021

Eligibility CriteriaIndian Bank Home Loan
Eligible Age of Borrower18 - 60 years
  • Indian Bank home loan eligibility is dependent on factors like your age, income, property value and repayment capacity.
  • Indian Bank calculates the amount of home loan you are eligible for using a formula that includes your net take home salary, the EMIs you have to pay and the value of property.
  • You can increase your eligibility to get a housing loan from Indian Bank by adding earning family members as co-applicants or by applying for a longer tenure loan.
Home Loan Eligibility Calculator

Indian Bank Home Loan Eligibility

Indian Bank offers various home loan schemes and offers at affordable rates to eligible customers whether salaried or self-employed. Indian Bank housing loan eligibility is based on factors like age, salary, occupation, property type and credit score. Detailed information on these factors is mentioned in the further sections.

Indian Bank Home Loan Eligibility based on Age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. The minimum age limit to get Indian Bank home loan is 18 years at the time of loan commencement and maximum age limit is 60 years. Indian Bank offers home loans for a maximum period of 30 Years subject to the condition that the borrower’s age at the end of the tenure must not exceed 60 of tenure.

Indian Bank Home Loan Eligibility based on Salary

Indian Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Indian Bank:

  • Net income: Your net monthly income determines how much Indian Bank home loan EMI you are capable of paying after meeting all the living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 6.75% offered by Indian Bank, the loan amount that you will be eligible for would be ₹ 27,31,944 to ₹ 40,19,028 depending on your age. Similarly, if your salary is ₹ 75,000, ou might get eligible for a loan amount of ₹ 54,63,889 to ₹ 80,38,056 for the same property at the same rate depending on your age at the time of loan application. However, Indian Bank asks for a net monthly income of ₹ 0 to avail a home loan.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years40.19 Lakh60.29 Lakh80.38 Lakh
30 years40.19 Lakh60.29 Lakh80.38 Lakh
35 years40.19 Lakh60.29 Lakh80.38 Lakh
40 years40.19 Lakh60.29 Lakh80.38 Lakh
45 years34.95 Lakh52.43 Lakh69.90 Lakh
50 years27.32 Lakh40.98 Lakh54.64 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Indian Bank home loan eligibility.

  • Nature of employment: Indian Bank will check whether you are salaried or self-employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Indian Bank requires minimum income history and job stability of more than 0 years for salaried individuals and of 0 years for self-employed individuals.

Home Loan Eligibility Indian Bank based on Value of Property

  • Value of property: Indian Bank does not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 Lakh90%
Between 30 Lakh and 75 Lakh80%
Above 75 Lakh75%
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the Indian Bank's legal team.

The housing loan eligibility calculator of Indian Bank can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Indian Bank Home Loan

  • CIBIL Score: Indian Bank considers credit score as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. Higher credit score increases your chances to get loan approval from Indian Bank However, low CIBIL score reduces your chances to get a home loan. Indian Bank requires a minimum credit score of 650 to be eligible for a home loan.

Indian Bank Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter used by Indian Bank to determine your home loan eligibility. Indian Bank considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for Indian Bank home loan is 0.65. Calculate your eligibility with Indian Bank home loan calculator and apply for eligible loan amount hassle free.

Indian Bank Home Loan for Women Eligibility

In the case of sole woman applicant, Indian Bank offers a concessional home loan rate of 7.55% for women borrowers, although the eligibility criteria is the same for them. In case of a joint home loan, the woman borrower also needs to be the co-owner of the property and should have a good credit history to get the joint home loan application passed for concessional rates.

How can I Check my Indian BankHome Loan Eligibility ?

To check Indian Bank home loan eligibility perform the following steps:-

  • Go to the Indian Bank website
  • Now navigate to the option Indian Bank home loan
  • To check eligibility criteria use a home loan eligibility calculator.
  • Fill the required details like loan amount required, salary, age etc.

Also you can contact the bank by calling on their customer care number 1800-4250-0000.

Other Loan Calculators

FAQs

What is the criteria to get Indian Bank home loan?

The basic criteria to get a home loan from Indian Bank are as following:

Age18 - 60 years
Income ₹ 0
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Indian Bank?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Indian Bank?

The minimum salary required to avail home loan from Indian Bank is ₹ 0.for salaried borrowers. The income criteria for self employed professionals or businessmen may vary in Indian Bank.

Is Indian Bank good for home loan?

The lowest interest rate provided by Indian Bank is 7.55% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Does adding a co-applicant increase housing loan eligibility?

Yes, adding a co-applicant with an independent income source increases housing loan eligibility significantly. By doing so you will be able to get a higher loan amount and also both of you can save on taxes under Income Tax Act.

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Indian Bank Home Loan News - Jun 2021
  • 2021-06-01 : Indian Bank reported a Q4 profit of 1,709-cr
    Indian Bank reported a net profit of Rs 1,708.85 crore in the March-ended quarter. Total income during the January-March quarter of 2020-21 increased to Rs 10,647.87 crore. It was Rs 6,334.37 crore in the same period of 2019-20. The net profit of the bank backed by retail loan like home, LAP, personal, two-wheeler, car education and doctor loan along business and mudra loan was recorded at Rs 3,004.68 crore.
  • 2021-01-25 : Indian Bank posted Q3FY21 net profit at Rs. 526.31 crore
    Indian Bank reported a total income of Rs.11571.33 crores backed by home, personal,education, gold, car and two wheeler loans along with business and mudra loans during the period ended December 31, 2020. Further, it posted net profit of Rs.526.31 crores for the period ended December 31, 2020 as against net profit of Rs.424.14 crores for the period ended September 30, 2020.
  • 2020-10-16 : Indian Bank sets up a portal to restructure retail loans
    Indian Bank launched a digital platform for restructuring all retail loan including home, personal, car, two-wheeler, and gold loans. The portal will allow the borrowers to submit recast requests on the portal and check eligibility criteria.
  • 2020-08-17 : Indian Bank Q1FY21 PAT at Rs. 369.26 crore
    Indian Bank has posted a net profit of Rs.369.26 crores for the period ended June 30, 2020, as against a net profit of Rs. 217.73 crores for the period ended March 31, 2020. In addition to this, the Bank reported a total income of Rs.11446.71 crores aided by retail loans like home, personal, car, two-wheeler.
  • 2020-06-23 : Indian bank reported an increase of 134% net profit
    Public sector lender Indian Bank reported an increase in a net loss in the 4th quarter of FY20 however, its net profit zoomed 134% for the full year on the back of the personal, home, car, two-wheeler, business, mudra, gold, education loans. The bank also reported an improvement in its asset quality.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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