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Indian Bank Home Loan

Indian Bank Housing Loan 2021

Last Updated 03rd Jun 2021

Indian Bank is a large Public Sector Bank with the lowest home loan percent rate in India. Currently, the bank offers home loans beginning from 7.55% with quick approval and online process. Home Loan in Indian Bank is quite popular with its special features and attractive rates under various Indian Bank home loan schemes for different income and occupation groups. Some of the key features of Indian Bank housing loan are:

  • Indian Bank offers a special discount on home loan rates for women borrowers.
  • Indian Bank also offers pre-approved housing loans at low rates for existing bank customers with strong credit history.
  • Indian Bank has an online application process where the KYC, income and property documents submission can be done digitally.
  • You can easily check the status of your Indian Bank home loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
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Indian Bank Home Loan Details

Indian Bank offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan Indian Bank

Age Min 18 and Max 60 years for Salaried
Min 18 and Max 60 years for Self Employed
Repayment Tenure 20 years
Interest Rate 7.55%
Interest Rate Linked To RLLR
Processing Fee Upto 0.23%, Maximum ₹ 20,381
Lowest EMI Per Lakh ₹ 809
  • Purpose of Loan: Indian Bank house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of Indian Bank Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 18 and 60 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 20 years.
    • Interest rates in the range of 7.55% to 7.85%.
    • Indian Bank home loan EMI per lakh starts from ₹ 809. However, you can calculate your home loan EMI using Indian Bank home loan calculator 2021.
  • Special schemes: Indian Bank offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc.

Features & Benefits of Indian Bank Home Loans

Some of the features and benefits of Indian Bank Home Loans are listed as follows:-

  • Indian Bank Home Loan Interest Rate starts from 6.75%.
  • Indian Bank charges a processing fees of Upto 0.23%, Maximum ₹ 20,381.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Indian Bank is per lakh offered at the lowest interest rate of 6.75% at the longest loan tenure of 30 years.
  • Indian Bank allows prepayment of home loans with Nil charges on floating rate loans.
  • Indian Bank has an average customer rating of 3/5.0 from customers who have taken a home loan from the bank.

How to Get Easy Home Loan from Indian Bank?

Getting a home loan from Indian Bank is fairly easy with an online application process. 5 Steps for Indian Bank Home Loan Apply

  • Step 1: Visit the website, branch, or website of authorised online channel partner of Indian Bank and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
  • Step 2: An official of Indian Bank or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
  • Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a Indian Bank’s representative will visit your home or office to collect your documents.
  • Step 4: Indian Bank will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
  • Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from Indian Bank and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

Indian Bank Home Loan Documents Required

To apply for a home loan in Indian Bank, the bank asks you to submit the following Indian Bank Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or Indian Bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank accounts held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

Indian Bank Home Loan EMI Calculator

Indian Bank home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. Indian Bank Home loan calculator helps the loan borrower pre-plan their home loan in advance.

Indian Bank Home Loan Eligibility Calculator

Indian Bank Home loan eligibility calculator is an online tool that helps the Indian Bank home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Compare Indian Bank Home Loan with Other Banks

FAQs

What are the documents required for home loan Indian Bank?

To apply for Indian Bank Home Loan, you will be required to submit Indian Bank home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from Indian Bank ?

Below-mentioned is the reason why you must avail a home loan from Indian Bank

Can I apply for an Indian Bank home loan online?

Yes, you can apply for a Indian Bank home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best Indian Bank home loan scheme?

Choosing the best Indian Bank home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best Indian Bank home loan scheme is based on one’s needs.

Is Indian Bank good for a home loan?

Indian Bank is one of the best home loan lenders in the country. Currently, Indian Bank home loan interest rate 2021 starts at 6.65%.

How can I check my Indian Bank home loan status?

One can check their Indian Bank home loan status on Indian Bank’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the Indian Bank mobile app

What is the eligibility for a Home Loan of Indian Bank?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

What is Indian Bank Home Loan procedure?

There are two methods to complete the application for Indian Bank Home Loan Process online:

  • Apply online at Indian Bank official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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 loan with the benefit of paying less EMI per month.

Does Indian Bank check CIBIL for home loan?

Yes, to avail home loan from Indian Bank, you must fulfill Indian Bank Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

Can I transfer my house loan from another bank to Indian Bank?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to Indian Bank can allow you to save interest, 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 Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in Indian Bank is RLLR . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.


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Indian Bank Home Loan News - Jun 2021
  • 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.
  • 2020-06-23 : Indian bank reported an increase of 134% net profit
    Public sector lender Indian Bank reported an increase in a net loss in the 4th quarter of FY20 however, its net profit zoomed 134% for the full year on the back of the personal, home, car, two-wheeler, business, mudra, gold, education loans. The bank also reported an improvement in its asset quality.
*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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