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Indian bank Home Loan

Indian bank
4.5

Indian Bank provides house loans at competitive rates starting at 6.50 percent p.a. to both resident Indians and Non-Resident Indians (NRIs). The term may be increased to 30 years. The processing fee that applies is 0.23 percent of the loan amount.

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Home Loan Banks

Interest Rate

Processing Fee

Rating

Loan Amount/Tenure

Indian bank Home loan Interest Rate

Indian bank

6.5% - 7.4%

Up to 1%

4.5

Up to ₹75L

Tenure(Up to 30 Years)

Details

Features and Benefits of Indian Bank Home Loan

Getting a new home is a dream for many, and financing is the only obstacle that comes in the way. With financial products such as a home loans, various house hunters are in for a treat for their dreams to come true. Indian Bank being one of the early established banks in India, comes with an array of financial products and services. They have an extensive range of personal loan products, including the Home Loan scheme, which aims to fulfil customers' needs pertaining to buying or purchasing a new house, renovating an existing home, refinancing a mortgage, and so on. The Indian Bank Home Loan scheme comes with attractive interest rates and features, making it a lucrative option for many customers.

The Indian Bank Home Loan scheme comes with an array of features and benefits suited to the needs of its various customer classes. These features make the scheme a lucrative option to consider. Some of the major features and benefits of availing of the Indian Bank Home Loan scheme are as follows.

  • Attractive interest rates with relatively minimal expenses as compared to schemes offered by various other banks. 
  • Easy and transparent process of application. Customers can expect a loan sanction and disbursal within a minimal time frame. 
  • Less paperwork is involved in applying for the Indian Bank Home Loan Scheme. 
  • Attractive repayment tenure can be chosen. Customers have the provision to repay their loans in up to 30 years time frame. 
  • One can also opt for pre-closure of their loan without incurring any penalty charges. 
  • Loan takeover facility is available with the Indian Bank home loan scheme. 
  • Indian Bank home loan scheme is open to many customers. The eligibility criteria are set with minimal expectations.

Eligibility Criteria for Indian Bank Home Loan Eligibility

Applicants who are interested in applying for an Indian Bank Home Loan scheme are mandatorily required to meet certain eligibility parameters. These criteria set a standard of who can apply and who cannot. This ensures that the bank limits its credit risk by not investing in any random individual. Here are some pointers that a customer needs to adhere to.

  • The first and foremost requirement is that the customer is based in India. In the case of non-residents, there needs to be proper documentation to show their citizenship status. 
  • The customers must be employed for at least three years, including their current employment. They must be able to prove their employment with their current and past employers. 
  • The categories of employment include salaried individuals, businessmen, professionals, self-employed individuals, pensioners, individuals that are employed in a government department, and spouses of government servants can also be classified under this eligibility category. 
  • The minimum a for applying for the Indian Bank Home Loan scheme is 18. Also, individuals above the age of 70 are not eligible for applying for the scheme.

Indian Bank Home Loan Fees and Charges

There are a few charges that are associated with the Indian Bank Home Loan Interest rates. These can be seen as an added expense for the customers who are availing of the Indian Bank Home Loan scheme. Here are the Indian Bank Home Loan Charges applicable to various scenarios.

  • 1% additional interest rate will be applied in the case of plot loans. 
  • There will be a 0.5% additional interest rate when applying under the CRE format. 
  • Home renovation schemes shall be offered with a 0.5% interest rate hike. 
  • With the home loan plus plan, customers with a CIBIL score over 800 will have to pay 0.50% additional interest, and customers with a CIBIL score ranging from 751 to 799 will get an additional interest rate hike of 0.75%. 
  • With the Indian Bank Home Loan Advantage scheme, customers will have to incur an additional 1% interest rate hike.

Indian Bank Home Loan Interest Rates

Indian Bank Home Loan is being offered at affordable and attractive rates. The bank majorly resorts to offering interest rates concerning an individual or entity’s CIBIL score. It is, therefore, prudent for any interested loan applicants to improve their CIBIL score. This can be done by making timely payments, keeping no dues, having enough financial resources to pay, etc. Here is a look at the prevailing Indian Bank Homes Loan Interest rates. These rates are specifically designed for customers whose income is INR 15,00,000 or above per annum.

CIBIL Score ROI
800 & above 8.40%
772-799 8.45%
751-771 8.50%
If a customer is an Employee of Central Govt./State Govt./PSUs 8.50%

The applicable Indian Bank Home Loan interest rates for general citizens where annual income requirement is not specified.

CIBIL Score ROI
800 & above 8.60%
772-799 8.60%
751-771 8.60%
726-750 8.60%
701-725 8.65%
700 and below 8.80%
-1, 3-5 8.80%

Indian Bank Home Loan rates are also defined for premium members, which is showcased below:

CIBIL Score ROI
800 and above 8.40%
From 750 up to 799 8.55%
701-749 8.60%

The Indian Bank Home Loan rates for corporate entities are shown below. Here the entities are rated in terms of the RAM model.

Ratings ROI
AAA / AA+ / AA 7.85%
A 8.35%
BBB 9.35%

Factors Affecting Indian Bank Home Loan Interest Rates

Some of the major factors affecting the Indian Bank Home Loan Interest rates are as follows:

  • Customer profile
  • Customer’s CIBIL score
  • Prevailing market interest rates
  • Central Bank policies on home loan rates
  • Loan Tenure
  • Bank’s credit risk assessment

Documents Required for Indian Bank Home Loan

A few documents are necessary for applying for an Indian Bank Home Loan scheme. These documents necessarily need to be submitted, failing which one’s application may be rejected. This is important as the bank needs to assess the authenticity of the person applying for the loan scheme. Here is a list of documents customers should keep handy when applying for the Indian Bank Home Loan scheme.

  • Application form duly filled with correct information and three passport-sized photographs. 
  • Bank statement showing assets and liabilities of the applicant
  • Identification proofs such as an Aadhaar card, PAN card, passport, driving license, and so on. 
  • Address proof which can include a copy of a recent electricity bill, water bill, telephone bill, property tax receipt, Aadhaar card, and so on. 
  • Address proof of business site. 
  • Salary slips to show the proof of employment
  • If any alternative income sources, such as revenue from rent, interest, investment returns, etc., need to be shown as well.

How does the EMI Calculation work for Indian Bank Home Loans?

Indian Bank home loan EMI calculation is a straightforward mathematical process, but it can get complicated when doing manual calculations. One can simply resort to using an Indian Bank Home Loan EMI Calculator, an excellent AI-powered online tool that computes the outcome of a loan in terms of the structuring of EMI. This can be beneficial on various fronts, such as making financial decisions, outlining financial planning in terms of expense structuring, deciding whether or not a certain home loan scheme will be affordable, and so on. Using an Indian Bank Home Loan online calculator saves time and energy and shows users real-time outcomes.

Generally, the Indian Bank Home Loan EMI calculation uses a generic mathematical formula, as explained below.

EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N - 1 ]

Where,

  • P stands for the Principal Amount,
  • R stands for Interest Rates, 
  • N represents the number of years

The individual inclined to assess EMIs on their home loan can also take the assistance of various EMI calculators available online.

Home Loan Rate Comparison

It will benefit any Indian Bank Home Loan applicant to explore their options in terms of service providers. All banks and financial institutions in India offer home loan services at attractive interest rates, which customers can use to make a comparative analysis to narrow down the ones that best suit their needs and budget. While keeping in mind that the Indian Bank Home Loan Interest rates range from 6.50% to 7.40%, here is a table showcasing some of the top Indian banks offering a home loan product.

Banks  Interest Rates 
IDBI Bank  Starts from 7.60% 
HDFC  8.10% - 9.50% 
Karur Vysya Bank  8.05% - 10.25% 
SBI  8.05% - 9.05% 
Punjab National Bank  7.95% - 9.35% 
IDFC First Bank  Starts from 7.95% 
Bajaj Housing Finance  Starts from 7.70% 
Tata Capital  Starts from 8.10% 

Indian Bank Home Loan Customer Care Number

Customers who need to get their queries addressed regarding Indian bank home loan services can get in touch with the banking personnel directly. There are various ways in which one can get in touch. Here are a few options to avail of the Indian Bank Home Loan Customer Care services.

National Helpline Number - 1800 425 00 000.

Customers will have the provision to contact them 24 / 7. The functionality has been mentioned as open on all days throughout the year.

  • Corporate Office helpline number - 044 28134300
  • Corporate Office address - PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai – 600 014

FAQs

From refinancing to reducing your interest, we have the answers right here.

Does Indian Bank provide home loans at the best rate?

Indian Bank home loan rates offer customers an attractive solution for their financial needs. The scheme can be said to be one of the best financial products available in the market.

What is the interest rate of a home loan in Indian Bank?

The Indian Bank home loan rate of interest varies from 6.50% to 7.40%, depending on the customer’s profile, prevailing interest rates, and loan amount.

What are the benefits Indian Bank provides on home loans?

Indian Bank home loan product is one of the promising schemes that allow a customer to meet various requirements, including purchasing a new house, purchasing a plot, buying an existing home, renovating the house, and so on. The loan repayment tenure can be as long as 30 years. With attractive Indian Bank Home Loan Interest rates, customers can opt for the scheme with full faith.

Does Indian Bank have a fixed rate of interest on a home loan?

The Indian Bank home loan rate of interest varies from 6.50% to 7.40%, depending on the customer’s profile, prevailing interest rates, and loan amount.

What documents are required in Indian Bank for a home loan?

Document submission is necessary for applying for an Indian Bank home loan scheme. Customers, at the time of filling out their application form will be required to submit documents pertaining to identification, residential address, employment proof, and bank details.

Does Indian Bank check for CIBIL Score for a home loan?

Indian Bank incorporates the CIBIL score to assess the loan repayment capacity of an individual. The standard consideration has been given for a score equal to or greater than 650 points.

What is the maximum and minimum home loan amount I can get from Indian Bank?

A customer needing a home loan can expect a minimum of INR 10,000 which can go as much as INR 10 crores depending on the customer’s eligibility.

What KYC documents will I have to submit to apply for a home loan from Indian Bank?

A few documents are necessary for the Indian Bank to approve a home loan to a customer. These include identification documents such as an aadhaar card, PAN card, passport, driving license, etc.; residential documents, income proof, and bank statements.

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