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Indian Bank Home Loan Interest Rates 2021

Indian Bank Housing Loan Interest Rate -Today

Last Updated 15th Jul 2021

Current Indian Bank Home Loan interest rates Jul 2021 starts at 7.55% p.a. for a maximum tenure of 20 years. The processing fee on its housing loans is Upto 0.23%, Maximum ₹ 20,381. Indian Bank offers a special discount of 0.05% on interest rates for women borrowers.

Loan AmountIndian Bank Repo Rate Home Loan RateRate for Female Borrower
Upto ₹ 30 Lakh7.60%7.55%
₹ 30 Lakh - ₹ 75 Lakh7.70%7.65%
₹ 75 Lakh - ₹ 2 Cr7.85%7.80%
Above ₹ 2 Cr7.85%7.80%
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

Current Indian Bank Home Loan Rate

Today Indian Bank home loan interest rates are in the range of 7.55% to 7.85%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 7.55%.

Below-mentioned are Indian Bank home loan rates for multiple housing schemes.

Indian Bank Home Loan Scheme Interest Rates
Indian Bank Repo Rate Home Loan7.55% - 7.85%

Indian Bank Home Loan Interest Rates for Salaried and Self Employed

The home loan interest rates in Indian Bank for salaried & non-salaried employee is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate Rate for women Borrowers
Upto ₹ 30 Lakh 7.60% 7.55%
₹ 30 Lakh - ₹ 75 Lakh 7.70% 7.65%
₹ 75 Lakh - 2 Cr 7.85% 7.80%
Above ₹ 2 Cr 7.85% 7.85%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate Rate for women Borrowers
Upto ₹ 30 Lakh 7.65% 7.60%
₹ 30 Lakh - ₹ 75 Lakh 7.75% 7.70%
₹ 75 Lakh - 2 Cr 7.90% 7.85%
Above ₹ 2 Cr 7.90% 7.90%

Indian Bank Home 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 on home loan which is typically non-refundable and has to be paid at the time of loan application. 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
Foreclosure Charges Nil for floating rate home loans

Indian Bank Home Loan Balance Transfer Interest Rates

Indian Bank home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to Indian Bank at a lower rate of interest, without closing the account. However, you do 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 lowest home loan balance transfer rate of 7.55%.

Illustration on Home Loan Interest Rate Indian Bank
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:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 20 Years
  • Indian Bank Home Loan Interest Rate: 7.55% to 7.85%
  • Processing Fee payable to: Upto ₹ 230
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 809 for 20 Years ₹ 1,00,000 loan at 7.55% (lowest rate, longest time period) to ₹ 2,020 for 5 Years ₹ 1,00,000 loan at 7.85% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 7.56% to 7.86%
  • Total cost payable over loan tenure: ₹ 1,20,600 for 5 Years loan to ₹ 1,94,306 for 20 Years loan

FAQs

What is Indian Bank Home Loan Interest Rate?

Indian Bank Home Loan interest rate ranges between 7.55% to 7.85%. The salaried borrowers with high credit score and income are eligible to get lower interest rates.

Has Indian Bank reduced home loan rates?

Presently, Indian Bank offers personal loans at an interest rate starting at 7.55%. There has been no change in personal loan rates of Indian Bank for a long time and continue to stand at 7.55%.

Why should I opt for balance transfer to Indian Bank?

Indian Bank offers lowest Home Loan EMI of ₹ 809 per lakh availed at the lowest interest rate 7.55% for a maximum tenure of 20 years. you are paying an EMI more than ₹ 809 per lakh, you should consider the option for a loan transfer to Indian Bank from your existing bank.

  • Indian Bank offers RBI Repo Rate linked Home Loan which starts at 7.55%. Current Repo Rate of RBI is 4.00%. The Bank adds a mark up on RBI’s repo rate which is called Indian Bank Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 3.55% to the Repo Rate to arrive at this rate.
  • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the Indian Bank Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from the 1st day of the following month.
  • For instance, if RBI slashes Repo Rate by 0.15%, then Indian Bank Repo Rate linked Home Loan rate will cut from 7.55% to 7.4%.

What is the current Indian Bank Home Loan rate?

The current Indian Bank Home Loan rate starts from 7.55% with a processing fee of Upto 0.23%, and Maximum ₹ 20,381.Indian Bank housing loan rate varies across the applicant’s eligibility and the scheme they opt for. Indian Bank offers different home loan rates for different home loan products.

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 home loan rates.

What are the interest rates of home improvement loans in Indian Bank?

You can avail of Indian Bank home loans for home improvement at regular home loan rates starting at 6.65%.

Can Indian Bank revise the home loan interest rates for their existing customers?

Indian Bank home loan rates change for the existing customers if they have availed home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

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%.

What is the Indian Bank home loan rate of ₹ 25 Lakh for 15 years?

Indian Bank home loan varies as per the loan amount. For home loan upto ₹ 25 Lakh, Indian Bank provides home loan interest rate starting at 6.65%.

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.

Is Indian Bank home loan a floating rate loan or fixed-rate loan?

Indian Bank home loan is offered at both fixed and floating rate. In the case of the fixed rate, the interest remains the same whereas in the case of the floating rate the home loan rates keep varying according to the market.


Indian Bank Home Loan Reviews 3/5  by 1 customers
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Reviewed on 17th Mar 2015
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Indian Bank Home Loan Availed in Feb-17

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Indian Bank Home Loan News - Jul 2021
  • 2021-07-15 : Indian Bank merger with Allahabad Bank - Change in IFSC
    The Indian Bank, which has merged with the Allahabad Bank, carried out a software migration over the weekend. As the merger got completed, new rules had been issued by the bank with regard to its services. Existing customers were asked on July 1 to get a new IFSC code to carry out online transactions smoothly.
  • 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.
*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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