A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 0 Indian Bank Plot Loan

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    Indian Bank Plot Loan is Rated as "Great!" by 21 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Overview:

    The ever-growing populace in the country may have given birth to apartment complexes. Nobody these days have the time or energy (or money) to purchase a plot first and then construct a house on it except, of course, the privileged and/ or old-fashioned few. Yet those who cherish the notion of building a dream home exactly as he/ she envisioned find the concept of land loans as attractive as home loans. Indian Bank’s land loan is customized for people from diverse backgrounds.

    Please check out the features and benefits of this product below.

    Features of Indian Bank Land Loan:

    SL No Particulars In Detail
    1 Purpose/ aim of the Indian Bank Land Loan To buy a piece of land for the purpose of constructing a house. The blue print of the land must be authorized by a Competent Authority
    2 Eligibility Criteria The applicant needs to be of age 18 and above and must not be above age 60 at the time of maturity.
    3 Amount of Loan You can apply for a sum 30 times of Gross Monthly Income. Indian bank has fixed the cap on Land Loan based on several factors: To buy a property in Rural Locations: INR 50.00 lacs To buy a plot in Semi-urban Places: INR 1 Cr To buy land in Urban/ metro cities: INR 2 Cr to INR 3 Cr
    4 Margin 25 percent on plot cost
    5 Processing charges 1.173 percent on loan sum
    6 Rate of Interest The customer should start constructing the house in two years from the day he/ she availed the loan. They can also start the construction from the day possession is handed over by the Government Housing Development Agency. In case of non-compliance with the above, a higher interest rate could be levied for the late period.
    7 Repayment Maximum EMIs allowed is 180, without any Holiday Period
    8 Prepayment charges No fee levied
    9 Security Equitable Mortgage of Property bought out of loan money. This has to be registered (Applicant should bear the expenses) if there is a provision for the same in the State where plot is.

    Documents required for Indian Bank Land Loan:

    Indian Bank do not compromise where documentation is concerned as it is a government bank. Their rules and guidelines are inflexible. Given below are the paperwork required if you are planning to apply for a plot loan from them.

    • A duly filled application form affixed with 3 most recent passport sized photos.
    • Declaration of assets and obligations of the applicant (co-applicant and guarantor, it applicable) in the Indian Bank’s authorized format.
    • ID-proof: Aadhaar Card, PAN Card, Driving License, Passport, Election ID
    • Address proof: latest utility bill, tax receipt, rental/lease agreement, Voter’s ID or Passport.
    • Income proof: Salary slips, bank statements, business-proof papers, ITR, Balance Sheet, Form16 etc.
    • Sale agreement
    • Approved Building Plan
    • Title Deed Documents for 13 years/ 30 years as per the case.
    • Title-proof in the Revenue Records.
    • Property tax receipts wherever applicable

    FAQs (Frequently Asked Questions):

    1. When can I take disbursement of the loan?

      You will avail loan after your property is assessed legally and technically and whether you have financed your Own Contribution completely.

    2. In how many installments will Oriental Bank of Commerce distribute the loan?

      After getting your request for payment, the bank will pay out the loan completely or in installments, which is customarily not more than three.

    3. Can I pay towards my land loan repayment in bulk before schedule?

      Yes, Oriental Bank of Commerce offers its customers the option to prepay (partially or fully) without any added charges. You can also put in a request to reduce your tenure.

    4. Should the land has to be insured?

      You can enquire about this directly at the bank. But most banks insist on insuring all properties they finance. 

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  • Indian Bank Plot Loan Reviews

    • Indian Bank Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      It was a excellent process for the home loan with Indian Bank. The services was very good from them. The response was good. They also offered me a good rate of interest its floating Initially it was 10% and now it is 9.65% Documentation process was also no issues it was totally a hassle free experience.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 09, 2017
    • Indian Bank Home Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      Indian Bank has done a very good job for the home loan. Though they being a public sector bank, the process was fast and the documentation was normal. I did not have to submit a lot of paper work. The rate of interest and charges was also affordable. The after loan services has also been hassle free.
      Was this review helpful? 1
      , pondicherry
      Reviewed on Feb 07, 2017
    • Indian Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Home loan available at 9.55% after introduction of MCLR system (1/4/16). Less processing fee. No hidden charges. Application simple enough and should be accompanied by legal report and valuation. Tenure 30 years. Eligibility 60 times of gross monthly salary. Additional home improve if loan running good. Concession in interest rate for additional loan (vehicle/education/etc). And good service mostly. At most places, even better overall than private sector.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Aug 24, 2016
    • Indian Bank Home Loan
      "Easy process for loan"
      0.5 5.0/5 "Blown Away!"
      It was worth taking a housing loan from Indian Bank. I am listing down the benefits of availing the housing loan from Indian bank. Firstly, they were in need of lot of documents to process the housing loan. They have offered me a loan amount of ten lakhs. The loan process was carried out at the said time. Lastly,the rate of interest was normal for me. Like wise the processing charges too.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 18, 2016
    • Indian Bank Home Loan
      "Simpler process"
      0.5 4.0/5 "Great!"
      Indian bank took only 25 days to disburse the home loan after submitting all the documents. Interest rate charged was 8.5% before eight years. There was no processing fee charges.It was a smooth process without any hassle because bank was taking care.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 27, 2016
    • Indian Bank Home Loan
      "Good..."
      0.5 2.0/5 "Expected more"
      Earlier I had a home loan and rate was 11.25% as I don't have good experience at Indian bank. If we need anything we have to stand in a long queue. Indian Bank is not user friendly. Since I work in corporate so felt discomfort in dealing with them so I done balance transfer.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 27, 2016
    • Indian Bank Home Loan
      "Very good..."
      0.5 5.0/5 "Blown Away!"
      Indian bank is very good and they gave the home loan for the interest rate of 9%. And I availed the loan amount of 75 lakhs. My friend gave reference of Indian bank for the home loan and accordingly I got the loan in a short turn around time. The bank immediately accepted my request.
      Was this review helpful? 1
      , chennai
      Reviewed on Jan 13, 2016
    • Indian Bank Home Loan
      "They are friendly"
      0.5 5.0/5 "Blown Away!"
      I would say that I had taken a home loan from INDIAN Bank. When ever I approach them they provide very good response. They care of their customers a lot. They provide timely feedback. What problem I faced I used to share with them they will resolve it quickly . I am very much happy with them. Interest rate offered by them for the housing loan was 9.25% and it was a floating rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2015
    • Indian Bank Home Loan
      "Dissatisfied!"
      0.5 2.0/5 "Expected more"
      My home loan process with Indian bank is really a head ache for me. It took around 6 months for the approval. As soon as they disbursed the loan amount, they started the EMI amount. When I was paying my first EMI amount, my house was still under construction. I am really dissatisfied with the services offered by them.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 02, 2015
    • Indian Bank Home Loan
      "Has to be more friendly"
      0.5 2.5/5 "Just OK"
      Lot of documentation and lot of hidden charges were there with INDIAN Bank housing loan. I m holding this housing loan for a period of 5 years. EMI amount is 50k and I am searching for a better rate and if I get a better option and I will certainly switch over. The total term is 15 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 19, 2015
    • Indian Bank Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I got my home loan from Indian Bank within 15 days of time. The process was quick. They offered good services. The response was very good too. The offered the same rate of interest like other banks. It is a flat rate. They processing charges was very reasonbale. It was a low processing fee.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 24, 2015
    • Indian Bank Home Loan
      "Customer service has to be improved!!"
      0.5 3.0/5 "Satisfactory"
      Indian bank is a Government bank hence it is normal. Their customer support is very low hence more improvement is required for their service. Recently I took home loan from Indian bank I am fine with the interest rate, charges are normal in a month they have processed my loan.
      Was this review helpful? 0
      , tirunelveli
      Reviewed on Sep 22, 2015
    • Indian Bank Home Loan
      "Must have online services"
      0.5 2.0/5 "Expected more"
      I took Home Loan from Indian Bank 2 years back. My builder had tie up with Indian Bank, they helped in processing the loan pretty fast. They offered me loan at floating interest rate for 20 years. Banks keeps up informed about the revised interest rate of Home Loans. I expect bank to improvise online services; access to loan account online, repayment schedule should be available online and so on.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 21, 2015
    • Indian Bank Home Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      I am holding a housing loan with INDIAN Bank. The service depends on the staff and the staff there offered exemplary service. they have offered a top up loan as well with a very low interest rate when compared with HDFC Bank. Even if we miss the payment they will not charge any penalty .
      Was this review helpful? 0
      , hubli
      Reviewed on Jun 27, 2015
    • Indian Bank Home Loan
      "Fabulous"
      0.5 5.0/5 "Blown Away!"
      Indian Bank housing loan process is really good. No issues with that loan as such. I have cleared the loan completely. I have got the property deeds as well. I have paid it till my last installment and I have closed it. Interest rate offered by them was very good and processing fee as well is good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2015
    • Indian Bank Home Loan
      "So far so good"
      0.5 4.0/5 "Great!"
      So far so good experience with Indian bank for home loan. Since the builder had a contract with Indian bank, it was quite easier for documentation as well. Interest rate is 10.25% with 0% pre closure charges. As per my point of view, I felt the rates is been higher compared with others.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 18, 2015
    • Indian Bank Home Loan
      "Excellent support"
      0.5 4.0/5 "Great!"
      Indian bank services in terms of home loan is overall excellent. The terms and conditions of INdian bank is similar to my needs so I did further move with Indian bank. I didnâ??t find any issues while processing. Personally i have touch with the higher management I did directly communicated with them, I had much more comfortabality and confident being with them, They assured me the same whatever they promised initially.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 03, 2014
    • Indian Bank Home Loan
      "Experience with Indian Bank"
      0.5 3.0/5 "Satisfactory"
      I have applied for home loan with Indian bank and I am awaiting loan from the bank. I probably get my loan amount credited to my account in the next couple of days. Very easy documentation and everything was fine. Only the processing time was quite longer as they took almost a month time. Rate of interest is moderate. I would suggest the bank to speed up the process and can centralize the documentation process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 11, 2014
    • Indian Bank Home Loan
      "Pretty good"
      0.5 3.0/5 "Satisfactory"
      It was pretty good to bank with Indian bank in regards with Home loan. I feel the response from Indian bank is far more quicker and prompt compared with most of the banks.All the documents, processing of the loan all took within 3 days of time. EMI date is also comfortable.
      Was this review helpful? 2
      , new delhi
      Reviewed on May 19, 2014
    • Indian Bank Home Loan
      "Overall Satisfactory Service"
      0.5 3.0/5 "Satisfactory"
      Indian Bank HL overall process took only 20 days to approve my loan overall satisfied. I was having good relationship with manager and staffs being 7 years of customer in the bank with having perfect account I got the loan easily. interest rate was good. Overall satisfied good response given disadvantage is professionalism is less in bank. No proper response with lower position staff. Overall its good service.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 09, 2014
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