IndusInd Bank Home Loan Interest Rates

4.5

IndusInd Bank Home Loan is a well-designed home loan scheme with various products and features appropriate for multiple customers. Eligible borrowers can unlock the full range of loan attributes, including reasonable interest rates, lower EMI payment options, and much more. Moreover, NRIs have the provision to get customised loan plans.

  • Home Loan offer for You

  • 8.5% - 10.57%

    Interest Rate (p.a.)
  • Up to ₹75L

    Tenure(1 - 30 Years)
  • ₹2,052 - ₹2,153

    EMI Per Lakh
  • 8.5% - 10.57%

    Interest Rate (p.a.)
  • Up to ₹75L

    Tenure(1 - 30 Years)
  • --

    Processing Fee

Compare IndusInd Bank Home Loan Interest Rates with Other Lenders

One of the best ways to get the right home loan product is to explore one’s options of lenders. By comparing the interest rates across banks, one will have an acquaintance of how the rates are prevailing in the market. One can discover lenders that offer improved interest rates in many instances. Here is a table that lists some top banks and their interest rates.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

IndusInd Bank Home Loan Interest Rates 2024

IndusInd Bank home loans interest rates prevailing for the year 2023 are as given below:

Bank’s Rate of Interest

Minimum Interest Rate offered 8.50% 
Maximum Interest Rate offered  9.75% 
Average Interest Rate  8.60%
Annual Percentage Rate
Minimum Interest Rate offered  8.50% 
Maximum Interest Rate offered 9.85% 

IndusInd Bank Home Loan Highlights

One opting for IndusInd Bank Home Loan will have the provision to access the full range of features and benefits which makes the scheme lucrative. IndusInd Bank home loan caters to assist a wide range of customers with their services. Some of the best features of the home loan scheme by IndusInd Bank are highlighted below:

  • Affordable and attractive interest rates.  
  • Get a doorstep facility for balance transfer provision.
  • Fast disbursement of loan amount with a turnaround time of 3 working days. 
  • Lower EMI payment options and flexible tenures of up to 30 years. 
  • Get faster loans on approved housing projects. 
  • Customisable loan scheme for Non-resident Indians. 
  • Facility of top-up loans with affordable loan interest rates. 
  • Access to premium credit cards for financing home-related monetary needs. 

IndusInd Bank Home Interest Rates on Loan Schemes

IndusInd Bank home loan comes with various schemes catering for the financial need of an array of borrowers. The interest rates and other features of home loan schemes by IndusInd are as listed below:

  • Balance Transfer - Avail of the balance transfer facility with a hassle-free process and quick loan transition. The interest rates range from 8.50% to 9.85%. 
  • Top-Up Loan - Customers can get top-up loans for urgent financial needs. The interest rates range from 8.50% to 9.85%.
  • Plot plus Construction Loan - IndusInd Bank home loan comes with a plot plus construction loan with an interest rate ranging from 8.50% to 9.85%. 
  • Home Loans to NRIs - NRIs can get a home loan sanctioned with longer tenures and reasonable interest rates. 
  • Home Renovation/Extension Loan - Get loans for home space renovation and extension with a starting interest rate of 8.50%. 
  • Approved Project Home Loan - In case one has an approved home project that needs financial aid, an IndusInd Bank home loan can be available with an interest rate of 8.50% to 9.85%. 

IndusInd Bank Home Interest for Salaried and Self-Employed

Salaried and self-employed customers with a stable income can apply for an IndusInd Bank home loan scheme. They can access the entire product range with various features and benefits, including fast process, transparent operation, hassle-free application submission, doorstep delivery of services, and much more. However, to avail of the scheme, there are specific requirements that they must adhere to, which is as explained below:

  • Salaried Individuals can work in a government or a reputed organisation with an age bracket of 24 to 60 years with three years of experience. 
  • Self-employed professionals can be doctors or engineers or CA or CS coming in an age bracket of 24 to 70 years with three years of experience. 
  • Self-employed non-professionals can be individuals filing ITR in an age bracket of 24 to 65 years with a minimum of 3 years of experience.

The interest rates range from 8.50% to 9.85%.

IndusInd Bank Home Loan Interest Rate For NRIs

Non-resident Indians can apply for IndusInd Bank Home Loan with lucrative loan features and attractive interest rates. NRI applicants can enjoy customisable home loan plans with transparent banking operations, a wide range of home loan products, an easy application process, simplified documentation, a balance transfer facility, and a flexible tenure of up to 30 years.

IndusInd Bank Home Loan Fees and Charges

Customers applying for the IndusInd Bank home loan will be required to pay off some additional fees and charges, which are non-refundable and some of them being a time-time payment. The details of these IndusInd Bank Home Loan fees and charges are as follows:

Particulars  Applicable Charges
Processing Fees 1% of the loan amount or INR 10,000
Cheque Bounce Penalty  INR 750 per cheque
Late EMI payment 2% per month on outstanding payment
Swapping charges INR 500 per swap
Document copy charges INR 500
Cancellation charges INR 2000

How to Calculate IndusInd Bank Home Loan Interest Rate?

Using an EMI calculator can produce favourable results for a customer. The calculator tool can estimate how the interest payment expenses will look in the future. Consequently, customers can create an appropriate financial plan during their loan repayment tenure, easing costs.

The easiest way to calculate the IndusInd Bank loan EMIs is to use an online calculator tool. Anyone who needs to calculate manually can use the following mathematical formula.

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

Here,

  • ‘P’ stands for the Principal amount
  • ‘R’ stands for the interest rate
  • ‘N’ stands for tenure

Why Are IndusInd Bank Home Loan Interest Rates the Best for Customers?

There are many reasons why one should choose the IndusInd Home Loan product. These reasons include the following:

  • Attractive and competitive interest rates.
  • Easy and hassle-free documentation process. 
  • Provision to avail of the balance transfer facility. 
  • Processing of loans in a transparent manner.
  • Absence of any kind of hidden charges. 
  • Easy application submission process and doorstep delivery of services. 

IndusInd Bank Home Loan Interest Rates for Existing Customers

Customers holding accounts with the IndusInd Bank have the advantage of being a trusted account holder. Consequently, customers have a higher chance of getting their loans sanctioned.

Moreover, this can also help the customers get a pre-approved loan quote. The interest rates for existing customers also start at 8.50 %. 

Factors Affecting IndusInd Bank Home Loan Interest Rate and EMI

There are a few factors that affect the IndusInd Bank home loan interest rates and EMIs. Knowing these factors can help a customer opt for the right home loan policy with a suitable repayment tenure, get a loan amount within the repayment capacity, and so on. These factors can also help customers negotiate for a lower interest rate. The factors that affect the IndusInd Bank home loan interest rate are explored below:

  • Having a good credit score goes a long way. A creditworthy borrower is positioned to negotiate their interest rates for the better as these customers have responsible behaviour of repayment. 
  • With a property located in a suitable locale or in good condition can help a bank assign a lower interest rate to the customer. 
  • A customer with a stable income can also let banks assign a lower interest rate to them. 
  • Interest rates differ when it comes to being fixed, floating, or mixed rates. 
  • Lastly, a longer loan repayment duration can increase the interest rate.

Frequently Asked Questions (FAQs)

What's the interest rate for IndusInd Bank?

IndusInd Bank home loan interest rates range from 8.50 % to 9.85 % per annum.

What is the current interest rate on an IndusInd Bank home loan?

Currently, the prevailing IndusInd Bank interest rates range from 8.50% to 9.85% per annum.

Does IndusInd Bank provide a 90% home loan?

Customers can get a maximum of 85%-90% of the construction cost for a new home, depending on the borrower’s creditworthiness and the property’s location.

What is the EMI for a 30 lakhs home loan for 20 years?

With interest rates ranging from 8.50% to 9.85%, the EMI for a home loan of INR 30 Lakhs for 20 years will range from INR 26,035 to INR 28,653.

How can I reduce my IndusInd Bank home loan interest rate?

One can work on reducing their IndusInd Bank home loan interest rate by being a creditworthy candidate. Moreover, being on point in repayment, having a stable income, and improving the credit score can also majorly impact interest rates. Lastly, keeping an eye out for special discount rates will also assist in procuring an affordable interest rate.

What is the average interest rate for a home loan in IndusInd Bank?

On average, IndusInd Bank’s interest rate for the third quarter of the financial year 2022-23 was 8.60% per annum.

Urban Money