Indian Bank Home Loan

4.5

Indian Bank Home Loan is the perfect solution whether you are low on funds or want to save money when purchasing a new home. To meet each customer's specific needs, Indian Bank Home Loans offers a variety of home loan options. Customers can submit their applications more quickly because of the bank's simple documentation requirements. Indian Bank provides a variety of home loan alternatives with flexible repayment plans and low-interest rates to satisfy the various needs of its consumers.

Unlock Best Home Loan Offers From Indian Bank

Choose City

Indian bank Home Loan

  • Interest Rate

    8.4% - 9.9%

  • Loan Amount

    Up to ₹75L

  • EMI Per Lakh

    ₹2,047 - ₹2,120

  • Processing Fees

    --
  • Pre-Payment Charges

    • IB Pension Loan Scheme - Up to Rs 25,000- NIL
    • Above Rs 25,000- Rs 250
    • IB Clean Loan to Salaried - 1.00% on the loan amount
    ... more

Plan Offered

Term Loan

Showing Data for CIBIL Score 800 - 1000

Indian Bank Home Loan

  • CIBIL: 800 - 1000

  • CIBIL: 772 - 779

  • CIBIL: 751 - 771

Indian Bank Home Loan

CIBIL: 800 - 1000

View more

CIBIL Score range

  • CIBIL: 800 - 1000

  • CIBIL: 772 - 779

  • CIBIL: 751 - 771

  • CIBIL: 726 - 750

  • CIBIL: 0 - 0

Showing Data for CIBIL Score 800 - 1000

  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
Loan AmountLoan TypeMen (ROI)Women (ROI)
15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
  • Salaried
  • Self-Employed (Non-Professional)
  • Self-Employed
CityLoan AmountLoan TypeMen (ROI)Women (ROI)
All Cities15 Lacs to 1 CrNew8.70%8.70%
Above 1 CrNew8.70%8.70%
Mumbai15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
Pune15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
Kalyan-Dombivali15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
Navi Mumbai15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
Pimpri-Chinchwad15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
Thane15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%
Vasai-Virar15 Lacs to 1 CrNew8.45%8.45%
Above 1 CrNew8.45%8.45%

Last updated on: 22, Jun 2024

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.

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.

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

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.

Indian Bank's Other Products

Get your latest Credit Score, FREE

Home Loan Guide

Get in-depth knowledge about all things related to Home Loan and your finances

Top 10 Best Bank for Home Loan In India 2024
Chitra ChaudharyApr 30, 2024

Top 10 Best Bank for Home Loan In India 2024

We have compiled a list of the best banks for a home loan in India 2024 based on the home loan value it offers to the borrower. These banks offer a variety of home loan programs with numerous advantag

Shriram Finance Customer Care Number
Mansi SainiOct 05, 2023

Shriram Finance Customer Care Number

We explore all the Shriram Finance Customer Care Numbers provided by the bank. Through these channels of communication, the financier aims to provide technical support, grievance redressal, and other

RBI Home Loan Guidelines 2023
Chitra ChaudharySep 11, 2023

RBI Home Loan Guidelines 2023

The Reserve Bank of India is the highest banking and financial authority in India. Along with the Government of India, the central bank revamps and updates its policies to publish RBI guidelines for h

Urban Money