Indian Bank Home Loan Interest Rate

Indian Bank Home Loan

Indian Bank offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Interest Rate	8.60% onwards Compare with Other Banks
Processing Fee	Upto 0.23% Maximum Rs. 20,381
Max Tenure	20 years
Lowest EMI	Rs. 874 per lakh
Prepayment Charges	Allowed with Nil charges for floating rate loans Check Prepayment Rules
Age	Min 18 and Max 60 years for Salaried Min 18 and Max 60 years for Self Employed

Home Loan Interest Rates Indian Bank

Indian Bank home loan interest rates are in the range of 8.60% to 9.70%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.60%.

Products	Interest Rates
Indian Bank Home Loan Floating	8.60% - 8.70%

Indian Bank Fixed Rate Home Loans

Home Loan Indian Bank	Interest Rates
Indian Bank Home Loan	9.60% - 9.70%
Indian Bank Home Loan Plus	10.70%

Latest Indian Bank home loan rate starts from 8.60% , as applicable based on the 1 Year MCLR, last announced on 12th Feb 19. Any change in Indian Bank benchmark 1 Year MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if Indian Bank slashes 1 Year MCLR rate by 0.15%, its current home loan rate will be cut from 8.60% to 8.45%

• Loan amount: Housing loan rate in Indian Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
• Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
• Type of loan opted for: Indian Bank also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
• Existing bank customers: Indian Bank offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

Indian Bank Home Loan Processing Fee and Other Charges

In addition to interest rates, home loan from Indian Bank also carry some other charges which include:

• Processing Fee - Indian Bank applies 0.23% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
• Technical and Legal Charges - Indian Bank also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on Indian Bank rules.
• Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to Indian Bank. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with Indian Bank at Nil charges.

Indian Bank Housing Loan: Apply

If you want to get a housing loan from Indian Bank, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and Indian Bank’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from Indian Bank.

You can also do a comparison of HDFC Bank Indian Bank’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

Indian Bank Home Loan Documents

• 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

• 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

Maximum Annual Percentage Rate (APR)

8.6% to 9.7%

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: Rs. 1 Lakh Time period: 5 years to 20 years Indian Bank Home Loan Interest Rate: 8.60% to 9.70% Processing Fee payable to Indian Bank: Upto Rs. 10,000. Current offer for processing fee is Upto 0.23% Maximum Rs. 20,381 Fee payable to MyLoanCare: NIL Total Monthly Cost – From Rs. 874 for a 20 years Rs. 1 Lakh loan at 8.60% (lowest rate, longest time period) to Rs. 2,110 for a 5 years Rs. 1 Lakh loan at 9.70% (highest rate, shortest time period). This is inclusive of principal repayment. Annual Percentage Rate (APR) of charge including all applicable fees: 8.6% to 9.7% Total cost payable over loan tenure: Rs. 36,598 for 5 years loan to Rs. 1.20 Lakh for 20 years loan Indian Bank’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 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 Indian Bank.

Frequently Asked Questions