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Indian Bank Home Loan Eligibility Calculator

Home Loan Eligibility Calculator Indian Bank 2021

Last Updated 15th Nov 2021

Eligibility CriteriaIndian Bank Home Loan
Eligible Age of Borrower18 - 60 years
Home Loan Eligibility Calculator

What is 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 home loan eligibility is defined as a set of parameters that determines the creditworthiness of the borrowers based on factors like age, salary, occupation, property type and credit score. You can get details about the eligibility for a Indian Bank home loan using the Indian Bank home loan eligibility calculator. It is an online tool that uses mathematical algorithms to check if you are eligible for a home loan or not. In addition, you can know about the amount that you are eligible for.

How is Home Loan Eligibility Calculated by Indian Bank?

Indian Bank Housing loan eligibility is primarily dependent on income and repayment capacity. Other factors that may impact the eligibility of home loans are age, financial position, credit history, credit score, other financial obligations etc.

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 Indian Bank home loan age limit to get a 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

  • 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 an interest rate of 6.70% 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, you 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 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.

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. The minimum FOIR required to be eligible for an Indian Bank home loan is 0.65. Calculate your eligibility with the Indian Bank home loan calculator and apply for the eligible loan amount hassle-free.

Indian Bank Home Loan Eligibility for Women

In the case of a sole woman applicant, Indian Bank offers a concessional home loan rate of 7.55% for women borrowers, although the eligibility criteria are the same for them. In the 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.

Minimum CIBIL Score for Indian Bank Home Loan

Indian Bank considers credit score as a barometer to gauge your past credit behaviour, and hence, CIBIL score becomes the most important factor in defining your eligibility to get a home loan. A higher credit score increases your chances to get loan approval from Indian Bank. However, a 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.

How to Enhance Indian Bank Home Loan Eligibility?

You can enhance the Indian Bank home loan eligibility using the tips mentioned below:

  • Add an earning family member as a co-applicant.
  • Ensure a steady income flow, regular savings and investments.
  • Provide details of your regular additional income sources.
  • Track your variable salary components.
  • Take actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short term debts.

How to Use Indian Bank’s Home Loan Eligibility Calculator?

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.

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 - Nov 2021
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    Indian Bank has launched a Video KYC (Know Your Customer) facility. This facility allows customers to open accounts or avail any other services sitting at home. The VKYC is enabled with VCIP technology developed in conjunction with Gieom Business Solutions.
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
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  • 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.
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    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.
*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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