Indian Bank Loan Against Property Interest Rate Calculator - Dec 2016

Indian Bank Loan Against Property Interest Rates

Last Updated 10th Dec 2016
7th Dec 2016 - RBI keeps interest rates unchanged. Repo rate stays at 6.25%. CRR at 4%. 100% CRR on fresh deposits withdrawn
Interest Rate 13.80% - 13.80%
Check Special Offers
Lowest EMI Rs. 1,863 per lakh
Max Tenure 7 years
Processing Fee Upto 1.17%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans to individuals
Age Min 18 and Max 60 years for Salaried
Min 18 and Max 60 years for Self Employed
Apply Loan Against Property Online
 Salaried   Self Employed - Professional   Self Employed - Business 





I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry
X

Indian Bank Loan Against Property

Indian Bank offers Loan Against Property to the customers if they need to expand their business or want money for personal use. The loan is given upto 50% of the market’s value for tenure of 18 years.

Loan Against Property Indian Bank

Loan Against Property interest rates offered by Indian Bank depends upon MCLR
  • Floating rates changes with a single change in Indian Bank 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 Property Loan based on 1 Year MCLR which is currently 9.35%
Indian Bank mortgage loan interest rate depends upon
  • Loan amount: Indian Bank mortgage loan rate 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 Loan Against Property. 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

Loan Against Property 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 loan against property with Own sources- Nil, Refinance- 2.25% prepayment charges
Processing Fee - Indian Bank asks for a processing fee of 1.17% of loan amount with applicable service tax

Indian Bank Loan Against Property EMI Calculator

Loan Against Property EMI of Indian Bank is a fixed amount that you pay each month towards the repayment of your Loan till the end of tenure
  • Indian Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on Loan Against Property
  • 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 Loan Against Property EMI?
  • Indian Bank Property Loan EMI calculator helps you to calculate your monthly EMI at different rate of interest
  • Indian Bank EMI calculator for Loan Against Property 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 Loan Against Property Eligibility Calculator

Loan Against Property eligibility criteria Indian Bank
Eligibility of Loan Against Property 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: Indian Bank offers loan against property for a maximum tenure of 18 years if the borrower’s age does not exceed above 60 years for salaried and 60 years if you are self employed. Apply for loan at smaller age, higher will be the chances of loan approval
  • Value of the property: Indian Bank decides your loan amount based on the market value of the property which you place as your collateral for the loan. Indian Bank lends less than the market value of the property. As per RBI guidelines, the borrower also has to show some contribution. Ratio of loan amount to value of home is called Loan to Value (LTV) ratio. Indian Bank gives maximum LTV of 50% for property loans depending upon market value of the property
  • Repayment capacity of the borrower: Your eligibility to take loan against property depends upon the maximum EMI that you can pay. Indian Bank checks your past CIBIL history, repayment record of credit cards and existing loans that can impact your loan against property eligibility. If you have any other loan running whose EMI you are paying currently, then you are supposed to close your loan to get higher loan against property eligibility. Indian Bank does not specify any particular CIBIL score for being eligible for a property loan. However, it is observed that a score of 700 and above is desirable
    To reduce your burden of higher EMIs, Indian Bank gives you a maximum tenure of 18 years for a maximum loan amount of Rs.20,000,000 with a minimum spread of % over 1 Year MCLR. Opt for a loan tenure that suits you and higher the loan tenure, higher will be loan amount eligibility
  • Income: Loan against property are mostly taken by the people who are self employed in order to expand their business. However, in order to increase the loan amount you may club the income of family members like your spouse, parents, children and siblings
    Business person should be in business from the past 3 years and minimum ITR of last 3years is required as proof to Indian Bank
Estimated eligibility online by using Eligibility Calculator.
Popular Products:
  • Ind Commercial Mortgage Loan
  • Loan Against Residential Property

Indian Bank Floating Rate Loan Against Property

Indian Bank Loan Against Property Floating
Upto Rs. 2,500,000 - 13.80%
Rs. 2,500,001 - 7,500,000 - 13.80%
Rs. 7,500,001 - 10,000,000 - 13.80%
Above Rs. 10,000,000 - 13.80% linked to 1 Year MCLR

Indian Bank Loan Against Property Top up, Transfer

Transfer of Loan Against Property from another bank to Indian Bank?
Indian Bank offers loan against property balance transfer from another bank. This is subject to your meeting other eligibility criteria of Indian Bank
You can avail additional top-up loan against property from SBI, subject to your eligibility

Loan Against Property Indian Bank documents required

Loan Against Property for Salaried employee Indian Bank documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 3 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

Loan Against Property 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

Property documents for Loan Against Property from Indian Bank

  • Registered Sale Deed/ Conveyance/ Lease Deed
  • Past Sale Deeds Chain (each transaction in respect of this property since first allotment
  • Latest House Tax Return/ Receipt
  • Approved Building Plan from Municipal Corporation
Past trends of MCLR of Indian Bank
Date MCLR
04th Oct 16: 0.25% repo cut by RBI
05th Apr 16: 0.25% repo cut by RBI
07th Oct 15 9.65% decreased by 0.3%
29th Sep 15: 0.5% repo cut by RBI
08th Jun 15 9.95% decreased by 0.3%
02nd Jun 15: 0.25% repo cut by RBI
04th Mar 15: 0.25% repo cut by RBI
15th Jan 15: 0.25% repo cut by RBI
01st Apr 14 10.25% increased by 0.05%
28th Jan 14: 0.25% repo hike by RBI
18th Dec 13: 0% repo none by RBI
29th Oct 13: 0.25% repo hike by RBI
20th Sep 13: 0.25% repo hike by RBI
03rd May 13: 0.25% repo cut by RBI
19th Mar 13: 0.25% repo cut by RBI
09th Feb 13 10.20% decreased by 0.3%
29th Jan 13: 0.25% repo cut by RBI
01st May 12 10.50% decreased by 0.25%
17th Apr 12: 0.5% repo cut by RBI
25th Oct 11: 0.25% repo hike by RBI
16th Sep 11: 0.25% repo hike by RBI
01st Aug 11 10.75% increased by 0.5%
26th Jul 11: 0.5% repo hike by RBI
13th Jul 11 10.25% increased by 0.25%
16th Jun 11: 0.25% repo hike by RBI
05th May 11 10.00% increased by 0.5%
03rd May 11: 0.5% repo hike by RBI
17th Mar 11: 0.25% repo hike by RBI
01st Feb 11 9.50% increased by 0.5%
25th Jan 11: 0.25% repo hike by RBI
13th Dec 10 9.00% increased by 0.5%
02nd Nov 10: 0.25% repo hike by RBI
01st Oct 10 8.50% increased by 0.5%
16th Sep 10: 0.25% repo hike by RBI
27th Jul 10: 0.25% repo hike by RBI
02nd Jul 10: 0.25% repo hike by RBI
01st Jul 10 8.00%

Indian Bank MCLR Vs. RBI Repo Rate Trend

Frequently Asked Questions

What are the five things to check before applying for loan against property in Indian Bank ?

  • Property on which you intend to take loan is not a vacant land, has an approved map plan and is in municipal area. You must attach the entire chain of title documents of the property and its approved building plan with the loan application.
  • Your existing EMI’s on all loans and credit cards (from Indian Bank and other banks) are no more than 60 - 70% of your net monthly income
  • You have not defaulted on loans or credit card dues to Indian Bank and other banks and all EMI's have been paid. Note that Indian Bank can see record or status of your EMI defaults to all banks and NBFC’s in India and not just to Indian Bank in your CIBIL report. Estimate your CIBIL score for free by using CIBIL score estimate calculator
  • If you are salaried, ensure that you attach your recent salary slips, bank statements and last 3 years' Form 16 with the loan applicantion
  • If you are self employed in your own business or practice, your business must have been in existence for at least three years and last three income tax returns with audited financials must be available

Will Indian Bank mortgage loan interest rate remain fixed or will it change in future?

  • Floating interest rate on Indian Bank property loan is linked to its 1 Year MCLR, which is currently 9.35%. So, when Indian Bank offers a loan against property at 13.80%, it applies a 4.45% premium to its MCLR to arrive at this rate
  • When market interest rates go up, the bank increases its base rate and the applicable rate for all existing loans goes up. When interest rates trend downwards, the bank has to reduce the base rate as it is not allowed to lend below the base rate. Thus, any benefit of lower rates will have to be passed to both old borrowers and new borrowers
  • Base rate benchmarked loans provide a better and more transparent interest rate transmission for the borrower compare to PLR benchmarked loans
  • Current MCLR of Indian Bank, its past trend and comparison with RBI repo rate are given here for your reference

Are prepayment or foreclosure charges applicable on Indian Bank loan against property?

    You can prepay loan against property (LAP) without any penalty or charges in case:
  • Your loan is at a floating rate of interest and not at a fixed rate. Almost all loans against property are at floating rates and it is unlikely that yours is at a fixed rate of interest
  • The loan is in the name of one or more individual borrowers and none of the applicants and co-applicants is a business entity like a company or a firm or partnership or AOP

For loans from Housing Finance Companies, refer to NHB circulars NHB(ND)-DRS-Policy-Circular-63-14-15 dated Aug 14, 2014 and NHB-ND-DRS-Policy-Circular-No-66-2014-15 dated Sep 03, 2014 for more details.

Please contact myloancare at 0124 426 4004 or care@myloancare.in in case you need any assistance or clarification on this subject.

Indian Bank Loan Against Property in India

Indian Bank Loan Against Property Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 1800-425-00-000
Ahmedabad 1800-425-00-000
Ambala 1800-425-00-000
Anand 1800-425-00-000
Aurangabad 022-28955858
Bangalore 080-22958809
Bhilai 1800-425-00-000
Bhilwara 1800-425-00-000
Bhiwadi 022-28955858
Bhopal 1800-425-00-000
Bhubaneswar Cuttack 1800-425-00-000
Bikaner 1800-425-00-000
Chandigarh 1800-425-00-000
Chennai 044-24413430
Cochin 1800-425-00-000
Coimbatore 044-24413430
Dehradun 1800-425-00-000
Delhi 011-27411133
Durg 1800-425-00-000
Faridabad 011-27411133
Gandhinagar 1800-425-00-000
Ghaziabad 011-27411133
Goa 1800-425-00-000
Greater Noida 011-27411133
Gurgaon 011-27411133
Guwahati 1800-425-00-000
Gwalior 1800-425-00-000
Hyderabad 040-23323089
Indore 1800-425-00-000
Jabalpur 1800-425-00-000
Jaipur 1800-425-00-000
Jalandhar 1800-425-00-000
Jodhpur 1800-425-00-000
Kanpur 1800-425-00-000
Karnal 1800-425-00-000
Kolhapur 022-28955858
Kolkata 033-25736571
Kota 1800-425-00-000
Kozhikode 1800-425-00-000
Lucknow 1800-425-00-000
Ludhiana 1800-425-00-000
Madurai 044-24413430
Meerut 1800-425-00-000
Mehsana 1800-425-00-000
Mohali Sas Nagar 1800-425-00-000
Mumbai 022-28955858
Mussoorie 1800-425-00-000
Nagpur 022-28955858
Nashik 022-28955858
Noida 011-27411133
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
Indian Bank Loan Against Property News - Dec 2016
16th Sep 16 Indian Bank organises loan mela, sets a target of Rs. 60 crore
Indian Bank will organise a mega loan mela at its regional office located near Arivoli Park and at five other places of the district on 17 and 18 Sept, 2016. The purpose of these camps is to disburse loans to the tune of Rs. 60 crore. The bank will give housing loan, MSME loans, vehicle loan for business projects, Pradhan Mantri Mudra Loans and loans for green field enterprise under Stand Up India scheme to SC/ST applicants.
02nd Aug 16 Indian Bank Q1 net profit zooms 43 per cent to Rs 307 crore
Indian Bank reported a 42.77 per cent increase in net profit at Rs 307.36 crore for the first quarter ended June 30 after the rise in net interest income and fall in expenses. Total income for the bank also rose to Rs 4,512.96 crore during the June quarter from Rs 4,494.53 crore in the same period during previous fiscal year. The Net NPA of the bank rose to 4.48 per cent at the end of June 2016. The bank reported higher provisioning at Rs 416 crore in the first quarter of current fiscal FY17.
02nd Aug 16 Indian Bank Q1 profit rose by 43 percent despite high tax cost
As per the results for Q1FY17, Indian Bank reported 42.8 percent increase in its Net Profit to Rs 307.4 crore. The increase on Net Profit was largely attributable to an increase in Other Income, Operating Profit and stable provisions. The growth in Net Profit was achieved despite higher tax cost. The Net Interest Income was reported at Rs 1,236.32 crore, an increase of 10.4 percent on a yoy basis. Similarly, Other Income (Non Interest Income) was reported at Rs 441.7 cror ean increase of 17.6 percent on a yoy basis.. Asset quality showed mild signs of weakening as Gross NPAs as a percentage of Gross Advances increased by 31 basis points to 6.97 percent and Net NPAs a s a % of Net Advances increased by 28 basis points to 4.48 percent when compared on a sequential basis.
09th May 16 Indian Bank revises interest rates on term deposits
Indian Bank has revised interest rates on term deposits with immediate effect. The bank announced an upward revision of interest rate on term deposits for one year by 15 basis points. It also reduced interest rates for a few other tenures by 25-50 basis points with immediate effect.
05th Jan 16 Indian Bank hikes interest rates for NRI deposits
The interest rate for Foreign Currency Non-Resident deposits in dollar terms has been fixed at 1.88 per cent for deposits of one year and above but less than two years
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.