Indian Bank Home Loan Interest Rate Calculator - Jun 2017
Indian Bank Home Loan Interest Rates
| Interest Rate | 9.65% - 9.90% Check Best Offers |
| Lowest EMI | Rs. 942 per lakh |
| Max Tenure | 20 years |
| Processing Fee | Upto 0.23% |
| Prepayment, Foreclosure Charges | Allowed with nil charges for floating rate loans |
| Age | Min 18 and Max 60 years for Salaried Min 18 and Max 60 years for Self Employed |
Indian Bank Home Loan
Indian Bank offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.
Home Loan Indian Bank
Home loan interest rates offered by Indian Bank depends upon MCLR.
- Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
- Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
Indian Bank offers home loan based on 1 Year MCLR rates which is currently 8.50%.
Indian Bank home loan interest rate depends upon
- Loan amount: Home loan rate in Indian Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
- Company where you work: Indian Bank has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
- Your Salary: Income helps you in identifying your rate of interest. Indian Bank interest rate varies with your monthly income. Higher the income, less will the rate of interest
Home Loan Charges
- Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. Indian Bank allows prepayment of home loan with Nil prepayment charges
- Processing Fee - Indian Bank asks for a processing fee of 0.23% of loan amount with applicable service tax
Indian Bank Home Loan EMI Calculator
Home Loan EMI of Indian Bank is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
- Home Loan EMI calculator of Indian Bank helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
- You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
- Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
- Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Indian Bank Home Loan EMI?
- EMI calculator of Indian Bank helps you to calculate your monthly EMI at different rate of interest
- Indian Bank Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
- You get a rough idea about your monthly EMI and can plan your monthly budget accordingly
Indian Bank Home Loan Eligibility Calculator
Home Loan eligibility criteria Indian BankEligibility of House loan in Indian Bank relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
- Age: Age plays an important role to know your eligibility and repayment capacity. Indian Bank offers Home loan to salaried at the age of 18 to 60 years and self employed individuals at 18 to 60 years
- Income: In case of salaried person, Indian Bank Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
- Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from Indian Bank. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your Indian Bank eligibility. If you are working with a reputed company, probability of getting home loan from Indian Bank increases as the income is considered to be more stable
- CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
- Loan Amount: Indian Bank gives you Home loan depending upon your income. Indian Bank gives you an amount ranging from Rs. 1,500,000 to Rs. 50,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
Indian Bank Floating Rate Home Loans
Upto Rs. 2,500,000 - 9.65%
Rs. 2,500,001 - 7,500,000 - 9.65%
Rs. 7,500,001 - 20,000,000 - 9.90%
Above Rs. 20,000,000 - 9.90% linked to 1 Year MCLR
Indian Bank Fixed Rate Home Loans
Upto Rs. 2,500,000 - 10.65%
Rs. 2,500,001 - 7,500,000 - 10.65%
Rs. 7,500,001 - 20,000,000 - 10.90%
Above Rs. 20,000,000 - 10.90% linked to 1 Year MCLR
Upto Rs. 250,000 - 11.05%
Rs. 250,001 - 500,000 - 11.05%
Rs. 500,001 - 750,000 - 11.05%
Above Rs. 750,000 - 11.05% linked to 1 Year MCLR
Indian Bank Home Loan Top up, Transfer
Transfer of Home Loan from another bank to Indian Bank?Indian Bank offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of Indian Bank
You can avail additional top-up home loan from Indian Bank, subject to your eligibility
Housing Loan Indian Bank documents required
Home Loan for Salaried employee Indian Bank documents required
- Filled up loan application form
- 2 Passport Size Photo
- 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
Home Loan for Self-Employed Indian Bank documents required
- Filled up loan application form
- 2 Passport Size Photo
- Identity Proof - Passport/ Driving License/ Voter ID/ PAN
- ITR of last 3 years
- 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
Frequently Asked Questions
Indian Bank offers home loan at lower rate of interest i.e. at 9.65% with the lowest EMI of Rs. 942 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to Indian Bank.
What is the maximum loan tenure I can opt under Indian Bank house loan?Indian Bank offers you a longer tenure of 20 years to repay your home loan with a benefit of paying less EMI per month.
Do I get tax benefit on home loan from Indian Bank?As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
Can I foreclosure my home loan? What are the charges applicable?Yes, you can foreclose your home loan with Nil charges.
Can I transfer my home loan from another bank to Indian Bank?Yes, Indian Bank gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to Indian Bank offers you to pay lower EMIs and save money.
Can I club the income of my spouse with mine and apply for joint home loan?You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
What is the benchmark applicable for home loan in Indian Bank?The benchmark applicable for home loan in Indian Bank is 1 Year MCLR.
What is the effect of part payments on Indian Bank housing loan EMI ?Part payments 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 EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
How to increase my eligibility on Indian Bank 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 loan.
How will interest rate on Indian Bank housing loan change in future?- Floating interest rate on Indian Bank housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.50%. So, when Indian Bank offers a home loan at 9.65%, it applies a premium of 1.15% to its MCLR Rate to arrive at this home loan interest rate.
- When RBI increases interest rates, the bank may increase its MCLR 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 MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
Indian Bank Home Loan in India
Indian Bank Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches
| City | Customer Care Number |
|---|---|
| Noida | 011-27411133 |
| Nashik | 022-28955858 |
| Mumbai | 022-28955858 |
| Mussoorie | 1800-425-00-000 |
| Nagpur | 022-28955858 |
| Meerut | 1800-425-00-000 |
| Mehsana | 1800-425-00-000 |
| Mohali Sas Nagar | 1800-425-00-000 |
| Ludhiana | 1800-425-00-000 |
| Kozhikode | 1800-425-00-000 |
| Madurai | 044-24413430 |
| Lucknow | 1800-425-00-000 |
| Kolhapur | 022-28955858 |
| Kolkata | 033-25736571 |
| Kota | 1800-425-00-000 |
| Jalandhar | 1800-425-00-000 |
| Jodhpur | 1800-425-00-000 |
| Karnal | 1800-425-00-000 |
| Jaipur | 1800-425-00-000 |
| Kanpur | 1800-425-00-000 |
| Indore | 1800-425-00-000 |
| Jabalpur | 1800-425-00-000 |
| Hyderabad | 040-23323089 |
| Gurgaon | 011-27411133 |
| Guwahati | 1800-425-00-000 |
| Gwalior | 1800-425-00-000 |
| Gandhinagar | 1800-425-00-000 |
| Greater Noida | 011-27411133 |
| Goa | 1800-425-00-000 |
| Ghaziabad | 011-27411133 |
| Dehradun | 1800-425-00-000 |
| Delhi | 011-27411133 |
| Durg | 1800-425-00-000 |
| Faridabad | 011-27411133 |
| Chandigarh | 1800-425-00-000 |
| Coimbatore | 044-24413430 |
| Cochin | 1800-425-00-000 |
| Chennai | 044-24413430 |
| Bhopal | 1800-425-00-000 |
| Bhubaneswar Cuttack | 1800-425-00-000 |
| Bikaner | 1800-425-00-000 |
| Bangalore | 080-22958809 |
| Bhilai | 1800-425-00-000 |
| Bhilwara | 1800-425-00-000 |
| Bhiwadi | 022-28955858 |
| Ambala | 1800-425-00-000 |
| Aurangabad | 022-28955858 |
| Anand | 1800-425-00-000 |
| Ahmedabad | 1800-425-00-000 |
| Agra | 1800-425-00-000 |
| Noida Extn | 011-27411133 |
| Panipat | 1800-425-00-000 |
| Patna | 1800-425-00-000 |
| Pondicherry | 1800-425-00-000 |
| Pune | 022-28955858 |
| Raipur | 1800-425-00-000 |
| Rajkot | 1800-425-00-000 |
| Ranchi | 1800-425-00-000 |
| Rohtak | 1800-425-00-000 |
| Roorkee | 1800-425-00-000 |
| Salem | 044-24413430 |
| Shimla | 1800-425-00-000 |
| Sonepat | 1800-425-00-000 |
| Surat | 1800-425-00-000 |
| Trichy | 044-24413430 |
| Udaipur | 1800-425-00-000 |
| Vadodara | 1800-425-00-000 |
| Varanasi | 1800-425-00-000 |
| Vijaywada | 040-23323089 |
| Vizag | 040-23323089 |
