Indiabulls Home Loan Interest Rates 2020

Indiabulls offers various products on home loan. Indiabulls home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

• Indiabulls Home Loan Interest Rate starts from 9.25%.
• Indiabulls charges a processing fees of Minimum ₹ 7,500 and Maximum ₹ 10,000.
• Loan Tenure of Home Loan ranges from 1 years to 25 years.
• Lowest EMI per lakh on home Loan from Indiabulls is ₹ 856 per lakh offered at the lowest interest rate of 9.25% at the longest loan tenure of 25 years.
• Indiabulls allows prepayment of home loans with Nil charges on floating rate loans.
• Indiabulls has an average customer rating of 3.3/5.0 from customers who have taken a home loan from the bank.

Current Indiabulls home loan interest rates are in the range of 9.25% to 9.99%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 9.25%. The table below gives the interest rates on various housing finance schemes of Indiabulls.

Indiabulls Home Loan Scheme	Interest Rates
Indiabulls Home Loan Floating	9.25% - 9.99%

Latest Indiabulls home loan interest rate starts from 9.25% , as applicable based on the PLR, which is 24.00%, last announced on 01st Oct 18. Any change in repo rate will change the PLR and will translate into a similar change in the bank’s home finance rate. Indiabulls housing finance interest rate depends upon the loan amount, salary and occupation of the borrower, nature of property and type of home loan scheme.

• Loan amount: Indiabulls home loan rate depends upon the loan amount you apply for.
• Occupation: Indiabulls offers lower rate for salaried borrowers as compared to self employed borrowers.
• Salary: Income helps in identifying the amount of loan that you can be eligible for. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate as higher will be the loan amount.
• Gender: Indiabulls also offers discounted or special rates for women borrowers to ensure that women own a house and become financially independent. If you are planning to take a loan, adding a women co-applicant can help you get the lowest rates from Indiabulls.
• Type of loan: Indiabulls runs several special schemes for its borrowers. So for example if you opt for an overdraft scheme or a plot loan, you may required to pay a higher rate of interest vis-à-vis its regular home loan scheme.
• Existing customers: Indiabulls offers lower home loan rates to its existing bank account customers as compared to new bank customers, as it understands the past banking history of the customer and hence, is comfortable in sanctioning loans.

Indiabulls Home Loan Processing Fee

The bank charges a minimum processing of ₹ 7,500 and has capped the maximum processing fees at ₹ 10,000. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Indiabulls housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Indiabulls charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Indiabulls for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Indiabulls, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Indiabulls.

Documents for Salaried employees

• Filled up loan application form
• 2 Passport Size Photo
• ITR of last 2 years
• Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
• Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

• Filled up loan application form
• 2 Passport Size Photo
• Identity Proof - Passport/ Driving License/ Voter ID/ PAN
• Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
• Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
• Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Indiabulls offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

• Easy e loans for purchase of flats, row house, bungalow from developers, existing freehold properties, properties in an existing co operative housing society or apartment owner's association. Loan can also be availed for construction of house on an owned plot, home loan extension or home improvement. The loan comes with IB chat, e-sign, DigiLocker Integration and an easy loan application process which makes it a quick and convenient home loan option for borrowers.

• This scheme offer the best features and most competitive pricing to the widest range of borrowers seeking to buy their dream home.
• While every home loan is a very personalized need of borrowers and Indiabulls Home Loans makes the best effort to understand the requirement and provide them with the most customized home loans.

Key Loan Terms

• Home loan available at the age of 18 to 70 years
• Loan amount that you can borrow ranges from ₹ 2 Lakh to ₹ 3 Cr
• Option to apply for a maximum ltv of 90% of value of the property
• Housing loan for a maximum period of 25 years

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Indiabulls if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Maximum Annual Percentage Rate (APR)

9.25% to 9.99%

Representative example of the total cost of the loan, including all applicable fees

Here is an illustration of the total cost of the loan: Total amount borrowed: ₹ 1 Lakh Time period: 1 years to 25 years Indiabulls Home Loan Interest Rate: 9.25% to 9.99% Processing Fee payable to Indiabulls: Upto ₹ 10,000. Current offer for processing fee is Minimum ₹ 7,500 Fee payable to MyLoanCare: NIL Total Monthly Cost – From ₹ 856 for a 25 years ₹ 1 Lakh loan at 9.25% (lowest rate, longest time period) to ₹ 8,791 for a 1 years ₹ 1 Lakh loan at 9.99% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 9.25% to 9.99% Total cost payable over loan tenure: ₹ 15,493 for 1 years loan to ₹ 1.67 Lakh for 25 years loan Indiabulls’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 1 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Indiabulls.

✅What is Indiabulls Home Loan interest rate?

Indiabulls Home Loan interest rate ranges between 9.25% to 9.99%.

✅Why should I opt for balance transfer to Indiabulls?

Indiabulls offers competitive Home Loan rates with the best EMI of ₹ 856 per lakh availed at a low-interest rate of 9.25% for a maximum tenure of 25 years. If you are paying an EMI more than ₹ 856 per lakh, you should consider the option for a loan transfer to Indiabulls from your existing bank. EMIs can be calculated through Indiabulls Home Loan EMI calculators.

✅Do I get tax benefits on a Home Loan from Indiabulls?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

✅What is the effect of part prepayments on Indiabulls housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

✅How to increase my eligibility on Indiabulls housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

✅How will Indiabulls housing loan rate of interest change in the future?

• Floating rate on '.Indiabulls.' housing loan is linked to its '..' '.PLR.' Rate, which is currently at '.24.00.'%. When Bank offers a Home Loan at '..'%, it applies a '.discount of 24.'% to its '.PLR.' Rate to arrive at this Home Loan rate.
• When RBI increases rates, the bank may increase its '.PLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.PLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

✅What is the current Indiabulls Home Loan rate?

The current Indiabulls Home Loan rate starts from 9.25% with a processing fee of Minimum ₹ 7,500 and Maximum ₹ 10,000