IndusInd Bank Home Loan
Offering attractive financial services, IndusInd Bank is proud to have helped over 35 million customers in India through its 2606 branches. One of the popular services availed by customers is its IndusInd Bank Housing Loan, which starts at 8.50% per annum. To apply for an IndusInd Bank home loan, an applicant has to pay a processing fee of 1% of the loan amount or Rs. 10,000, whichever is higher. The maximum loan repayment tenure for an IndusInd bank home loan is up to 20 years, and during this period, the applicant can enjoy flexible EMI payments. Interested borrowers can apply for IndusInd Bank mortgage loans, home loans for the purchase or construction of a home, home renovation, balance transfer, pre-approved home loans, and top-ups at competitive interest rates.
Indusind Bank Home Loan EMI Calculator
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IndusInd Bank Home Loan Key Highlights
Get the lowest interest rates with Indusind Bank
| Loan Amount | At the discretion of IndusInd Bank |
|---|---|
| Rate of Interest | Starts at 8.50% per annum |
| RPLR | |
| Processing Fee |
1% of the loan amount/ Rs. 10,000, whichever is higher |
| Maximum Tenure for Repayment | 20 years |
| Penal Rate of Interest | |
| Rate Packages | Floater/ Fixed |
| Charges for Prepayment/Foreclosure | Nil |
IndusInd Bank Home Loan Interest Rates in 2024
IndusInd Bank is known for its low interest rates on home loans that start at 8.50% per annum. Both salaried and self-employed applicants can enjoy multiple benefits by applying for an IndusInd Bank home loan. The table below shows the current IndusInd Bank home loan interest rate in 2023:
| Loan Slab | Interest Rate for Home Loan |
|---|---|
| Floater Plan (For Salaried) | Starting at 8.50% per annum |
| Floater Plan (For Self Employed) | Starting at 8.50% per annum |
| Fixed Plan (For Salaried) | Starting at 8.50% per annum |
| Fixed Plan (For Self Employed) | Starting at 8.50% per annum |
Interest rates were last updated on 19th September 2023
IndusInd Bank Home Loan Eligibility Criteria
IndusInd Bank home loan eligibility is mainly about age, nationality, employment, minimum income earned by the applicant, and work experience. The bank takes into consideration all these parameters before approving housing loans to applicants. The table below highlights all the main eligibility criteria for IndusInd Bank home loans:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 21 - Retirement Age | 21 - 65 Years |
| Nationality | Indian Resident/ NRIs | Indian Resident/ NRIs |
| Minimum Income Earned | Rs. 1 lakh per annum | Rs. 1 lakh per annum net profit |
IndusInd Bank Home Loan Processing Fee and Charges
Every day, banks and NBFCs receive several home loan applications and undergo various procedures to approve them. All this adds to the expenses of these financial organizations. IndusInd Bank home loan processing fee is 1% of the loan amount or Rs. 10,000, whichever is higher. The table below shows the processing fee and other charges levied by IndusInd Bank on home loans:
| Processing Fee | 1% of the loan amount/ Rs. 10,000, whichever is higher |
|---|---|
| Document Copy Charges | Rs. 500 for providing a copy of property documents |
| Charges for Providing Document List (LOD) | Nil |
| Swapping Charges | Rs. 500 per instance |
| Cheque Bounce/ Rejection of NACH Charges | Rs. 750 per instance |
| Repricing Charges | Up to 0.50% of the principal outstanding (Min. Rs. 5,000) |
| Loan Cancellation Charges | Rs. 2,000 per contract |
| Non-Compliance Charges | 1% incremental pricing over the existing spread |
| Late Payment Charges | 2.00% per month on overdue amount |
| NOC Charges | Nil |
| Foreclosure/ Prepayment Charges | Nil |
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IndusInd Bank Home Loan Schemes and Top Plans
IndusInd Bank offers affordable home loan schemes to salaried and self-employed people with 100% transparency and no hidden charges. Listed below are some popular home loan schemes offered by IndusInd Bank:
1. Purchase of New/ Resale Home
- Ideal housing loan scheme to purchase a new ready-to-move-in home or resale home
- Maximum loan repayment tenure of up to 20 years
2. Plot Plus Construction Loans
- Best home loan scheme to get funds to build your home on a plot
- Maximum loan repayment tenure of up to 20 years
3. Home Renovation/ Extension Loans
- The most suitable housing loan scheme for borrowers who want to renovate their existing home by building a new floor, room, or balcony
- Maximum loan repayment tenure of up to 20 years
4. Approved Project Home Loans
- Extensive inventory of pre-approved projects
- Lower rate of interest
5. NRI Home Loans
- Special home loans for NRIs to buy a property in India
- Higher loan tenure with special features
6. Top-up Loans
- Ideal option for existing home loan borrowers to avail top-up loans
- Flexible home loans with minimum documentation
7. Balance Transfer Loans
- Flexible option for existing home loan borrowers to port to IndusInd Ban home loans
- Lower rate of interest with additional top-up facility
Note: All of the above home loan plans are made available to applicants solely at the discretion of IndusInd Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.
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Documents Required For IndusInd Bank Home Loan
To smoothen your home loan procedure, we recommend you go through the list of IndusInd Bank home loan documents required and gather the same. These general KYC documents help prove your credibility to get a home loan from IndusInd Bank based on age, income, residence, and employment.
Documents Required for Salaried Applicants
- Appointment Letter
- Salary slips for the last 3 months
- Form 16/ Latest Income Tax Returns for the last 3 years
- Bank Statements for the last 6 months
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of IndusInd Bank
Documents Required for Self-Employed Applicants
- Business Address Proof
- Education Qualification Certificate
- Profit and Loss Account Statements for the last 3 years attested by a CA
- Balance sheet for the past 3 years
- ITR for the last 3 years
- Bank Statements for the last 6 months (Self and business)
- Duly filled and signed application form with a passport-size photograph
- A processing fee cheque in favor of IndusInd Bank
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 |
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Find IndusInd Bank Home Loan Offices Near You
If you are planning to visit one of the offices of IndusInd Bank Home Loans near you to understand the IndusInd 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
The current interest rate of home loans in IndusInd Bank 2023 starts at 8.50% per annum. However, we suggest you verify the same from the bank's official website.
Yes, IndusInd Bank is good for home loans. It offers affordable housing loan schemes for the purchase of a new or resale home, construction, renovation, or extension of a home, NRI home loans, balance transfers, and top-ups. The bank offers flexible repayment modes and a nominal processing fee for home loans.
IndusInd Bank is impaneled as an Agency Bank by the RBI. It is a reliable bank to get housing loans at affordable interest rates.
The favorable minimum CIBIL score for an IndusInd Bank home loan is 750. An applicant with a lower CIBIL score may have a lower chance of getting home loans approved by the IndusInd Bank.
IndusInd Bank offers home loans starting at Rs. 30 lakhs. The maximum loan amount offered is at the bank's discretion, so you are advised to verify the same from the bank officials.
The minimum salary for a home loan in IndusInd Bank is Rs. 1 lakh per annum.
An applicant can fetch the following benefits by applying for an IndusInd Bank home loan: