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    Indian Bank Plot Loan is Rated as "Great!" by 36 Users

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    Indian Bank Plot Loan

    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.

    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. 

    Indian Bank Plot Loan Reviews

    • Indian Bank Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The experience with this loan has been okay but it has taken more time in sanctioning the loan. The loan amount which they had provided has been satisfactory and the interest rate with them has been nominal. There has not been any sort of charges which have been made by them.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 30, 2018
    • Indian Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan with Indian Bank and my experience was good, the loan amount was for Rs 19 lacs with nominal interest rate when compared to others. Customer service was good and they followed up on time. Tenure period was 10 years but i prelcosed within 5 years and there were no preclosure charges.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 10, 2018
    • Indian Bank Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan from Indian Bank. The process to get the loan was delayed and the process to close the loan was also a delay. It has not been a very satisfactory experience and the process was not that smooth. I finally transferred my loan to another bank.
      Was this review helpful? 3
      , secunderabad
      Reviewed on Sep 15, 2018
    • Indian Bank Home Loan
      "good"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan with INDIAN BANK . There is no hidden charges. I use to pay EMI on time and tenure period is 20years. I am satisfied with customer service, i did not face any inconvenience at the time of documentation . Processing fee is nominal. My loan experience was good. My loan amount is up to the mark .
      Was this review helpful? 2
      , gurgaon
      Reviewed on Aug 14, 2018
    • Indian Bank Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The process in taking this Home loan from them has not been that satisfactory where the process has been slow and has taken more time than usual. The interest rate with them had been nominal when compared with the market rate, and their customer support and the staff response had been okay.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 26, 2018
    • Indian Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this Home Loan had been very smooth and easy and within 3 days i had got this loan. The interest rate which they had been charging had been 8.3% and it was convenient and normal. The loan amount had been satisfactory and there has not been any issues faced with the banking services of them.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 18, 2018
    • Indian Bank Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My housing loan experience was good with Indian bank, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Documents were collected on time and the customer service was good. The tenure for this loan is 20 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 19, 2018
    • Indian Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the housing loan with the INDIAN BANK around a month ago. The customer support service and the response is good with the Indian bank. They have disbursed the loan amount within a month time. The rate of interest an the charge are average here and I am satisfied with it.
      Was this review helpful? 2
      , chennai
      Reviewed on May 31, 2018
    • Indian Bank Home Loan
      "Be Aware of Hidden Charges"
      0.5 1.0/5 "Really Bad"
      Staff would be good throughout the processing but there are hidden charges and then Staff would show complete ignorance about these charges. I was told that no processing fee for home loan (CRE), but later they deducted saying we didn't know it was there and nothing can be done about it. Secondly, I clearly said, I am not interested in taking the home loan insurance, and if there is any mandate, I would prefer not to take it from Indian Bank. However, Post loan, they put a mandate to do Home loan insurance and saying, they will deduct it from account.
      Was this review helpful? 2
      , bhopal
      Reviewed on May 09, 2018
    • Indian Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the home loan from the INDIAN BANK around a year ago. The customer support service is good with the INDIAN BANK and they have disbursed the loan amount within10days of time. The rate of interest and the charges are low and average with the INDIAN BANK home loan services.
      Was this review helpful? 0
      , vellore
      Reviewed on Feb 12, 2018
    • Indian Bank Home Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      My housing loan experience was good with Indian Bank, I got my loan very quickly from the bank. I have taken loan amount of Rs. 25 lakhs for the tenure of 20 years. Interest rate was standard around 10% for the whole year, it was a zero processing fee. I got my loan amount single shot.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 09, 2018
    • Indian Bank Home Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I had applied for the home loan from Indian Bank, my loan application was approved and the requested amount was disbursed. The loan amount was for 16 lakhs with the rate of interest of 8.0% which is less when compared to other banks. The customer service was good, they provided door step service for the collection of documents. The process was smooth and the loan amount was approved within the given time.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 13, 2017
    • Indian Bank Home Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      My dad has taken a home loan from Indian bank and since I am also a loan officer at the same bank. I would say that the process at the bank is great and this loan was taken 3 to 4 years ago and the processing charges was overall 2200 and the rate of interest was of 8.35%.
      Was this review helpful? 0
      , saharanpur
      Reviewed on Nov 08, 2017
    • Indian Bank Home Loan
      "Very good place to go with Indian bank"
      0.5 5.0/5 "Blown Away!"
      A lot of documentation process for my home loan was done by Indian Bank, Finally they disbursed the amount. Indian Bank gave me best rate when compared to other competitor, I am making ECS Payment its convenient to use. Indian Bank gave me user id and password to check my loan transaction.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2017
    • Indian Bank Home Loan
      "Nice experience"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan from Indian Bank and the process to get this loan was not tedious. The documentation is normal and the disbursement was also on time. The interest rates and charges was a decent deal and the after loan services are also good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 30, 2017
    • 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
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