Indian Bank Home Loan Interest Rates 2022
Indian Bank Housing Loan Interest Rate -Today
- Current Indian Bank Home Loan interest rates May 2022 starts at 7.55% p.a. for a maximum tenure of 20 years.
- The processing fee on Indian Bank housing loans is Upto 0.23%, Maximum ₹ 20,381. Check Best Offers.
- Indian Bank offers a special discount of 0.05% on interest rates for women borrowers.
- Use Indian Bank home loan interest calculator to calculate EMI on lowest rates.
Interest Rate General | 7.60% - 7.85% |
Interest Rates for Women | 7.55% - 7.80% |
Benchmark rate | RLLR |
Processing Fees | NIL |
Part Payment/Foreclosure Charges | Nil for floating rate home loans |
Balance Transfer Rates | 6.50% |
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Indian Bank Home Loan Interest
Indian Bank offers home loans to both salaried individuals and self-employed at a minimum rate starting at 7.55%. Apart from the interest rate, the bank also has various other charges such as Indian Bank processing fee and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.
- Current Indian Bank Bank housing loan interest rates range between 7.60% to 7.85% for male borrowers.
- Indian Bank home loan interest for women borrowers is less than the general housing loan rates and starts at 7.60%.
- Existing customers can get the lowest Indian Bank bank home loan rate by negotiation with the bank.
Indian Bank Housing Loan Processing Fee and Other Charges
Indian Bank home loan processing charges are upto 0.23% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. Indian Bank charges the maximum processing fees at ₹ 20,381 In addition to 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.
Processing Fees | Upto 0.23% of the loan amount; maximum fee of ₹ 20,381 |
Part Prepayment Charges | Allowed |
Foreclosure Charges | Nil for floating rate home loans |
Interest Rates on Indian Bank Home Loans Schemes
Indian Bank offers a housing loan interest rate of 7.55%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, Indian Bank home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.
Below-mentioned are Indian Bank home loan rates for multiple housing schemes.
Indian Bank Home Loan Scheme | IR Salaried (Male) | IR Salaried (Female) | IR Self-employed (Male) | IR Self-employed (Female) |
---|---|---|---|---|
Indian Bank Repo Rate Home Loan | 7.60% | 7.60% | 7.65% | 7.65% |
Indian Bank Home Loan Interest Rate for Salaried and Self-Employed
The home loan interest rates in Indian Bank for salaried and self-employed is mentioned in the table below:
Home Loan Interest Rate for Salaried
Loan Amount | Rate |
---|---|
Upto ₹ 30 Lakh | 7.60% |
₹ 30 Lakh - ₹ 75 Lakh | 7.70% |
₹ 75 Lakh - 2 Cr | 7.85% |
Above ₹ 2 Cr | 7.85% |
Housing Loan Interest Rate for Self-Employed
Loan Amount | Rate |
---|---|
Upto ₹ 30 Lakh | 7.65% |
₹ 30 Lakh - ₹ 75 Lakh | 7.75% |
₹ 75 Lakh - 2 Cr | 7.90% |
Above ₹ 2 Cr | 7.90% |
Indian Bank Bank Home Loan Interest Rate For Women & Govt Employee
Loan Amount
Indian Bank Home Loan Interest For Women Indian Bank Home Loan Interest For Govt Employee
Upto ₹ 30 Lakh
7.55% 7.60%
₹ 30 Lakh - ₹ 75 Lakh
7.65% 7.70%
₹ 75 Lakh - 2 Cr
7.80% 7.85%
Above ₹ 2 Cr
7.85% 7.85%
Loan Amount | Indian Bank Home Loan Interest For Women | Indian Bank Home Loan Interest For Govt Employee |
---|---|---|
Upto ₹ 30 Lakh | 7.55% | 7.60% |
₹ 30 Lakh - ₹ 75 Lakh | 7.65% | 7.70% |
₹ 75 Lakh - 2 Cr | 7.80% | 7.85% |
Above ₹ 2 Cr | 7.85% | 7.85% |
Compare Indian Bank Home Loan Rate with Top Banks
Indian Bank offers multiple home loan schemes at affordable interest rates. However, you must compare between Indian Bank housing loan interest and other bank’s home loan rates before applying:-
Particulars | Indian Bank | SBI | HDFC |
Interest Rate | 7.55% - 7.85% | 6.65% - 7.05% | 7.00% - 7.95% |
Processing Fees | Upto 0.23% Max ₹ 20,381 |
NIL | Min ₹ 3,000 |
Loan Tenure | 20 Years | 30 Years | 30 Years |
Maximum Loan Amount | ₹ 5 Cr | ₹ 7 Cr | ₹ 5 Cr |
Age | 18 - 60 Years | 18 - 70 Years | 24 - 65 Years |
Benchmark Rate | RLLR | RLLR | PLR |
Lowest EMI Per Lakh | ₹ 809 per lakh | ₹ 642 per lakh | ₹ 665 per lakh |
Indian Bank Home Loan Balance Transfer Interest Rates
Indian Bank home loan balance transfer facility is ideal for existing home loan customers paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Indian Bank at a lower interest rete without closing the account. However, you need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, Indian Bank offers the loan balance transfer rate of 6.50%.
Maximum Annual Percentage Rate (APR) | 7.56% to 7.86% |
Representative example of the total cost of the loan, including all applicable fees | Here is an illustration of the total cost of the loan:
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Indian Bank Home Loan Rate Trends (Historical)
FAQs
✅Is Indian Bank home loan a floating rate loan or a fixed-rate loan?
Indian Bank offers home loans at both fixed and floating rates. In the case of the fixed rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.
✅What is the Indian Bank home loan interest rate for existing customers?
Existing customers of Indian Bank who have any other loan accounts or investment accounts in Indian Bank can get a discounted rate than the general Indian Bank bank home loan interest rate. The current Indian Bank home finance rate of interest is 7.55%.
✅What is the Indian Bank home loan rate today?
Indian Bank offers home loan interest rate today is in the range of 7.55% to 7.85%. The bank does not charge any processing fees on the home loan amount. You can get the lowest Indian Bank interest rate if you have a good CIBIL and existing relationship with the bank.
✅Why should I opt for balance transfer to Indian Bank?
Indian Bank offers the lowest balance transfer rates on housing loans. At the lowest rates, your housing loan EMI will be ₹ 809. If you are paying an EMI of more than ₹ 809, you should transfer your outstanding loan from the existing bank to Indian Bank. Apart from the discounted rates, you can also avail of flexible loan tenure, top-up loans and other benefits.
✅Can Indian Bank housing loan interest rate be negotiated?
Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with Indian Bank to lower the Indian Bank interest rates. Apart from the home loan rates, you can also negotiate over the processing fee.
✅Does Indian Bank offer a concessional home loan interest rate for women?
Yes, Indian Bank offers special home loan interest rates for women. As against Indian Bank home loan rates for male which is 7.60%, the home loan interest rate for women starts at 7.55%.
✅At what interest rate does an Indian Bank employee get a home loan?
Indian Bank offers concessional home loan rates of about 1% than the current home loan rates to Indian Bank employees.
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