IndusInd Bank Home Loan

Features and Benefits of IndusInd Bank Home Loan

IndusInd Bank Limited is an Indian financial services bank that delivers transactional, commercial, and digital banking products and services. Headquartered in Mumbai, the bank was established in April 1994 and is now spread across 760 locations in India.

The bank mainly specialises in retail banking services and is working towards extending its network all across India. Among the various products offered, IndusInd Home Loan is one of the most popular ones as the demand for houses is constantly increasing.

IndusInd Bank provides home loans in alliance with HDFC Limited. The bank also offers affordable housing loans to cater to the home financing needs of low-income groups. Read further to know about how to apply for IndusInd Bank home loans.

The IndusInd Bank home loan is packed with significant features and benefits as follows:

Attractive Rate of Interest

You can obtain a home loan at the lowest interest rate of 7.05% if your credit score and history are good.

Home Loan Transfer with Ease

If you have an existing home loan, you can transfer it to IndusInd Bank without any hassle at your doorstep. 

Turnaround Time of Three Days

The loan processing time is not long. As soon as you have submitted your home loan application along with the required documents, the bank starts processing your application. It takes a quick turnaround time of only three days. 

Longer Tenure and Step-Up Repayments

Considering the fact that purchasing a home is a big investment, IndusInd Bank has made the loan repayment process easier. It offers longer tenure so that you can pay a lower EMI every month. 

No Prepayment Charges

You can pay in full at any time of the loan tenure without paying any penalties. This facility is applicable only for loans obtained at a floating interest rate.

Inventory of Pre-Approved Projects for Funding

If you have an idea in mind and want to transform it into reality, IndusInd’s extensive inventory of pre-approved projects could be helpful. 

Specialised Offerings for NRI Customers

Besides domestic customers, NRI customers can also enjoy the benefit of IndusInd home loans at attractive rates and enjoy customised solutions. 

Pre-Approved Top-Up Loans

The bank also features pre-approved top-up loans that are mainly meant for house renovations. With such a loan, you can not only renovate but also restructure your home. 

Plot Plus Construction Loan

If you want to buy a plot or want to construct a home, IndusInd Bank offers Plot Plus Construction Loan that lets you build your home the way you want it. 

Premium Credit Card

IndusInd Bank offers a premium Credit Card that holds attractive rewards for its customers. You can use it to renovate your home by buying your required essentials. 

Prompt Customer Service

If you feel any obstruction or need any support related to IndusInd Bank home loan, you can call their customer services. Also, you can write an email to them or talk to a chatbot. Soon, you will receive a call.

Eligibility Criteria for IndusInd Bank Home Loan 

The eligibility criteria for obtaining a home loan differ for different entities. They are as follows:

For Salaried Individuals

The individual applying for a home loan must meet the following criteria:

• The individual could be either working with the government or a reputed company.
• The age of the borrower must be between 24 years to 60 years.
• Three years of continuous employment is a must.

For Self-Employed Individuals

Such borrowers must fulfil the following criteria:

• The individual can either be a Doctor, Chartered Accountant, Company Secretary, or Engineer.
• The age of the borrower must be between 24 years to 70 years.
• A business experience of three years is mandatory.

For Self-Employed Non-Professionals

If you are a non-professional but a self-employed entity, you must satisfy the following conditions:

• The individual must present ITR filings
• He/she must have a minimum continuous work experience of three years
• The age of the borrower must be between 24 years and 65 years.

IndusInd Bank Fees and charges

The following fees and charges will be applicable on IndusInd Bank home loans:

Description	Charges
Loan Processing Charges	1% of the loan amount or ₹ 10000+GST whichever is higher. IMD - INR 2500
Foreclosure Charges	NIL (Floating rate)
Part Pre-payment Charges	NIL (Floating rate)
Cheque Bounce Charges including SI, ECS and ACH	₹ 75 per instance
Duplicate No Due Certificate / No Objection Certificate (NOC)/Re-issuance FCL/LOD	NIL
No Due Certificate / No Objection Certificate (NOC)	NIL
Charges for late payment of EMI	2% per month on overdue amount
Cheque swapping charges	₹ 500 per swap per instance
Stamping Charges (Non-Refundable)	As per applicable law of the state
Duplicate repayment schedule charges	NIL
Document copy charges	₹ 500 for providing a copy of property documents
Repricing Charges	Upto 0.50% of the principal outstanding (subject to min. 5000)
Release of Property / Collateral in a Live loan	NIL
Swap of Property/Collateral	NIL
Rebooking of loans (due to change in Property/Collateral, change in borrowing structure) within 6 months	NIL
Collection Charges (Local as per municipal/city limits)	NIL
Loan Cancellation Charges	₹ 2000/- (additionally franking/stamping norms as per actuals if applicable)

Note: IMD means Initial Money Deposit.

Documents Required for IndusInd Bank Home Loan

Unless you submit the documents, your application for a home loan will not be accepted or processed. Therefore, you must ensure that you have the following documents handy while applying for an IndusInd Bank home loan:

• Home loan application form along with a passport-sized photograph.
• Valid identity proof that may include PAN Card, Aadhaar Card, Driving Licence, Passport, etc.
• Address Proof that could be any of the following - Aadhaar Card, Voter ID Card, Passport, Driving License, etc.
• Bank statement of the last six months of the main savings account, current account, etc.
• Later ITR Copy/ Form 16/ Appointment Letter and latest 3 months Salary Certificate/Salary Slips (for individuals)
• Business and Individual Income Tax Returns and audited financials for the last 2 months (non-individuals).

How Does the EMI Calculation Work for IndusInd Bank Home loans?

A home loan EMI calculator helps you understand what your monthly payment may look like. IndusInd home loan EMI calculator is tailored considering your financial requirements like loan amount, tenure, and the rate of interest to determine your monthly EMI.

You have to enter these values and the calculator will return the following values:

• Principal amount
• Interest amount
• Total amount payment

Besides, you can also use the mathematical formula to calculate the EMI on the IndusInd Bank home loan, which is as follows: 

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

• P is the principal loan amount
• R is the rate of interest
• n is the loan tenure

IndusInd Bank Home Loan Customer Care Number

If you need any help pertaining to IndusInd Bank home loan, you can contact their customer representative at 022 68577777 / 022 44066666 / 022 42207777 / 1860 267 7777. 

You can also send an email to homeloan@indusind.com for verifying the status of your home loan or any other queries related to the loan.