Indian Bank Home Loan
Headquartered in Chennai, Indian Bank is a public sector bank with over 5,814 branches PAN-India. Indian Bank offers home loan schemes at competitive interest rates with flexible repayment options to make your dream of owning a home come true. Indian Bank home loan starts at an interest rate of 8.60% per annum. The bank charges a nominal processing fee of 0.25% of the loan amount from each applicant. The maximum loan repayment tenure for an IB home loan is up to 30 years. There are unlimited options for interested applicants who want an Indian Bank housing loan, and some of these are IB Home Loan, IB Home Loan Advantage, IB Home Loan Plus, IB Home Improve Loan, and IB Home Enrich Loan. Both Indian Residents and NRIs can easily avail affordable home loans from the Indian Bank.
Indian Bank Home Loan EMI Calculator
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Principal Amount
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Indian Bank Home Loan Key Highlights
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| Loan Amount | Up to 90% of the property value |
|---|---|
| Rate of Interest | Starts at 8.60% per annum |
| RPLR | |
| Processing Fee |
0.25% of the loan amount |
| Maximum Tenure for Repayment | 30 years |
| Penal Rate of Interest | |
| Rate Packages | Floater/ Fixed |
| Charges for Prepayment/Foreclosure | Nil |
Indian Bank Home Loan Interest Rates in 2024
Indian Bank, like any other bank or NBFC, earns its share of profit by offering home loans to eligible applicants by charging an interest rate on the loan amount. The table below highlights the current Housing Loan Indian Bank Interest Rates 2024:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater/ Fixed Plans (For Salaried) | Starts at 8.60% per annum |
| Floater/ Fixed Plans (For Self Employed) | Starts at 8.60% per annum |
Interest rates were last updated on 1st December 2024
Indian Bank Home Loan Eligibility Criteria
Indian Bank housing loan eligibility is based on age, nationality, employment status, and work experience. Apart from salaried and self-employed Indian Residents, the Indian Bank also offers excellent home loan schemes to NRIs. The table below enlists Indian Bank home loan eligibility criteria for your reference:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 - 70 Years | 18 - 70 Years |
| Nationality | Indian Resident/ NRIs | Indian Resident/ NRIs |
| Minimum Income Earned | Minimum NTHP should be Rs. 50,000 per month for a home loan amount of Rs. 15 lakhs | Minimum NTHP should be Rs. 50,000 per month for a home loan amount of Rs. 15 lakhs |
Indian Bank Home Loan Processing Fee and Charges
Indian Bank home loan processing fee is 0.25% of the loan amount sanctioned by the bank to the applicant. Through this processing fee, the bank recovers its cost for processing its home loan application. Besides the processing fee, the bank levies other charges on home loan applications. The table below enlists other fees and charges levied by the Indian Bank to those applying for home loans:
| Processing Fee |
|
|---|---|
| Charges of Cheque/ EMI Dishonour |
|
| Prepayment/ Foreclosure Charges | Nil |
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Indian Bank Home Loan Schemes and Top Plans
Indian Bank offers a variety of home loans to interested applicants. One can choose an IB home loan to buy, renovate, improve, or extend a home. Listed below are some popular offerings of Indian Bank Home Loans:
1. IB Home Loan
- Best home loan scheme to buy a home under construction, already built home, repairing or renovating an existing home, or improving it
- Loan amount to be based on the NTHP (Net Take Home Pay) criteria of the applicant
- Special concession on rate of interest for women applicants
- Maximum loan repayment tenure of up to 30 years
2. IB Plot Loan
- Ideal for applicants who wish to buy a plot for constructing a home
- Permitted up to 36 times the gross monthly income
- Maximum EMIs up to 180
3. IB Home Loan Combo
- Available to individuals as well as joint borrowers
- Flexible combo loan options such as personal loan, vehicle loan, pension loan along with home loan
- Low interest rates on home loans
4. IB Home Advantage Loan
- Ideal home loan scheme to buy a home, plot, extend an existing home, or repair or renovate an existing home
- Maximum loan amount exceeding Rs. 75 lakhs
- Maximum loan repayment tenure of up to 30 years
5. IB Home Loan Plus
- Ideal for those who want additional financial help to meet their personal needs
- Minimum loan amount starting at Rs. 1 lakh
- Maximum loan repayment tenure of up to 15 years
6. IB Home Enrich Loan
- Ideal home loan scheme for resident Indians and NRI individuals keen to buy a home
- Loan amount ranging between Rs. 1 lakh to 10 lakhs
- Maximum loan repayment tenure of up to 10 years
7. IB Home Improve Loan
- Best home loan scheme for those interested in improving their existing home with services like painting, carpentry, adding a solar panel, lighting fixtures, etc
- Available for existing home loan borrowers (Indian Residents/ NRIs)
- Maximum loan repayment period of up to 10 years
Note: All of the above home loan plans are made available to applicants solely at the discretion of Indian Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For Indian Bank Home Loan
You are advised to review the Indian Bank home loan documents required before applying for a home loan scheme. Both salaried and self-employed applicants need to submit certain KYC documents in general, and some documents vary in terms of their income and employment status.
Documents Required for Salaried Applicants
- Appointment Letter
- Salary Slips for the last 3 months
- Certified Letter from the employer
- Bank Account Statements for last 6 months
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Indian Bank Home Loans
Documents Required for Self-Employed Applicants
- Business License
- Business Address Proof
- Profit and Loss Account Statements and Balance Sheet attested by a CA for the last 3 years
- Partnership Deed, if the business is in partnership
- Certificate of Practice (Doctors, Lawyers, etc.)
- Bank Statements for the last 6 months showing repayment of the loan
- Latest ITR
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of Indian Bank Home Loans
Common Documents Required from Both Salaried and Self-Employed Applicants
| Type of Document | Documents Required |
|---|---|
| Identity & Address Proof | Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card |
| Documents Related to Property |
|
Find Indian Bank Home Loan Offices Near You
If you are planning to visit one of the offices of Indian Bank Home Loan near you to understand the Indian Bank Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.
Interest rates and fees on home loans vary based on eligibility and lender criteria. All applicable fees and charges are subject to relevant taxes and can change at the lender’s discretion. For the most current information on home loan interest rates, processing fees, other applicable charges, and updates on eligibility criteria and loan offers, please visit the official website of the bank.
FAQs
At present, the home loan interest rate in the Indian Bank starts at 8.60% per annum. However, we suggest you verify the same by visiting the bank's official website.
The minimum CIBIL Score of a home loan borrower keen to get a housing loan from Indian Bank should be 700.
No, you can not get a 100% home loan from the Indian Bank. However, you can expect a loan amount of up to 90% of the property value from this public sector bank of India.
Indian Bank follows NTHP or Net Take Home Pay criteria to offer loan amounts. The minimum NTHP should be Rs. 50,000 per month for a home loan amount of Rs. 15 lakhs.
Yes, Indian Bank is a Government Bank that came into existence in 1907. Its ownership was taken over by the Government of India in 1978, after 71 years of its foundation in 1907.
Some IB home loans have a maximum repayment period of up to 30 years. Make sure to check the same while applying for a home loan from Indian Bank.
The Indian Bank home loan is offered at a fixed and floater rate basis. However, to reduce your loan interest, go for a floater rate basis.
To check your Indian Bank home loan eligibility, you must visit the official website of the bank and go to the 'Tools and 'Calculator' section. There you will find a 'Home Loan EMI Calculator' option. Fill in your monthly income and the purpose of the home loan to check your eligibility. Alternatively, you can seek assistance from the BASIChomeloan team for the same.