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Indian Bank Loan Against Property Eligibility

Indian Bank Loan Against Property Calculator India Jun 2021

Last Updated 03rd Jun 2021

Eligibility Criteria Salaried Self Employed
Age of Eligible Borrower 18 - 60 years 18 - 60 years
Maximum Loan Tenure 7 years 7 years
  • Indian Bank offers Loan Against Property Rates at 10.50% p.a.
  • Indian Bank loan against property is calculated based on your age, income, property value and repayment capacity.
  • Increase your Indian Bank mortgage loan eligibility by adding earning family members, business firms and companies owned by main applicant as co-applicants or by applying for a longer tenure loan
Loan Against Property Eligibility Calculator

Indian Bank Loan Against Property Eligibility Based on Age

  • Age: Indian Bank considers your age as one of the important parameters to calculate your eligibility of a mortgage loan. To be eligible for availing a loan from Indian Bank, one has to be of atleast 18 years of age. The maximum age for loan from Indian Bank can be 60 years for salaried. Indian Bank eligibility calculator takes age as an input to calculate your maximum loan tenure, loan EMI and hence, your loan amount eligibility. The maximum tenure of loan that you may be eligible based on your current age will be as follows:
Your Current Age Max tenure for salaried Max tenure for self employed
25 Years 7 Years 7 Years
30 Years 7 Years 7 Years
40 Years 7 Years 7 Years
50 Years 7 Years 7 Years
60 Years - -

Indian Bank Mortgage Loan Eligibility Based on Income

  • Net Income: The amount of loan you can avail is a function of your net income. Indian Bank typically applies a multiplier of up to 60 times on monthly net income of the borrower to calculate the mortgage loan eligibility. For example, if your net monthly income is ₹ 70,000 and you take a mortgage loan of ₹ 50 Lakh at 8.00% interest rate offered by bank, the maximum loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be as follows:
    Age Net Monthly Income (₹)
    50,000 75,000 100,000
    25 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    30 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    35 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    40 years 34.01 Lakh 51.01 Lakh 68.02 Lakh
    50 years 26.79 Lakh 40.18 Lakh 53.57 Lakh

    You may consider repaying any loans with short tenure and high EMI in order to increase your Indian Bank loan against property eligibility.

  • Nature of Employment: Indian Bank will check whether you are salaried or self employed. It also looks at your years of experience to check for job and income stability. Indian Bank requires minimum income history and job stability of more than 3 years for salaried individuals and of 3 years for self employed individuals.

Indian Bank Loan Against Property Eligibility Based on Value of Property

  • Value of Property: Indian Bank does not finance the entire property value. The maximum Loan Against Property Eligibility would depend upon the value of the property. Suppose you intend to take a loan on a property worth ₹ 20 Lakh. The amount of loan you will be eligible for will vary with the nature of property. A residential property worth ₹ 20 Lakh will fetch the highest loan amount of ₹ 10 Lakh.
    Property Type LTV Property Value Maximum Loan Amount
    Commercial Property 50% ₹ 20 Lakh ₹ 10 Lakh
    Residential Property 50% ₹ 20 Lakh ₹ 10 Lakh
  • Co-Applicant: In order to enhance the eligibility of a loan with Indian Bank, one can apply with a co-applicant such as a spouse or parents. This increases the total eligible income for availing a property loan and enhance the amount of eligible loans. As mentioned earlier, every bank has its own set of eligibility criteria. In case of NBFCs, customers can expect higher eligibility.
  • Property Documents: Your property’s legal documents should be satisfactory and be cleared by the legal team of Indian Bank.

Indian Bank Property Loan Eligibility Based on CIBIL Score

CIBIL Score: The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL for all your past and current loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. Regular payment on secured loans can also increase your CIBIL score. Indian Bank requires a minimum credit score of 650 to be eligible for a property loan.

There are few factors which affect your credit score and in turn impact your chances of getting of loan from Indian Bank.

  • Late Payments – If have delayed in repaying your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Indian Bank.
  • High Number of Unsecured Loans – Always keep a balance between secured and unsecured loans. Unsecured loans are riskier and more number of unsecured loans can adversely affect your credit score.
  • Usage of Credit Limit – Credit card bills and use of credit limit shows your credit behaviour. Frequent usage or withdrawals of large amounts up to the credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple Loan Applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Indian Bank, improve your credit worthiness to get a good score before putting in an application in another bank.

Indian Bank Mortgage Loan Eligibility Based on FOIR

Indian Bank calculates FOIR (Fixed Obligation to Income Ratio) to estimate the amount of loan against property you can avail. Indian Bank will calculate the percentage of fixed obligations (Rent and EMIs) to your net monthly income. Your fixed obligations to monthly income ratio should not be more than 65% to get a mortgage loan from Indian Bank. Always calculate your eligibility with Indian Bank mortgage loan calculator to estimate your eligible loan amount before applying for a loan to reduce the chances of getting your loan application rejected.

FAQs

What factors determine the eligibility criteria of property loan from Indian Bank?

The factors that determine the eligibility criteria of Indian Bank property loan are:-

  • Age of the applicant
  • Monthly income
  • Existing liabilities
  • CIBIL Score
  • Value of the property to be mortgaged

What should be the minimum net monthly income of the customer to get Indian Bank mortgage loan?

The minimum income for salaried employee to get loan against property should be ₹ 0 per month.

What is the minimum and maximum age required for Indian Bank loan against property?

The minimum age of the applicant should be 18 years and maximum should be 60 years for loan against property from Indian Bank.

What is the tenure of Indian Bank property loan?

Indian Bank offers property loan for a tenure upto 7 years. However, longer the loan tenure, higher will be the eligibility.

How much mortgage loan can be availed by the applicant?

An applicant can avail mortgage loan from Indian Bank up to 50% of the market value of the property.

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Indian Bank Loan Against Property 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.
  • 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.
  • 2019-08-08 : Indian Bank signs bancassurance agreement with SBI Life Insurance
    With an aim to offer proper financial planning solutions to bank customers, SBI Life Insurance and Indian Bank have entered into a bancassurance agreement. The partnership will ensure easier accessibility of life insurance products to the consumers. In addition, the lender also has plans to expand its bank branches across the nation and to achieve growth across its retail loans including home loans and loan against property.
  • 2019-05-31 : Indian Bank is looking to raise to Rs. 7,000 crore through QIP
    Indian Bank is looking forward to raising funds of up to Rs. 7,000 crore through a follow on public offer or qualified institutional placement (QIP). The raise funds would be utilized towards improving its working capital and its banking products and services, including retail loans such as housing loans and mortgage loans.
*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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