Indian Bank provides a wide range of banking products and solutions to millions of customers across India, and also offers home loan products at attractive and affordable rates, which can be utilized for a variety of housing needs and requirements such as the purchase of a residential property, construction or renovation of a house and much more. Customers from all walks of life can apply for a home loan through Indian Bank, which can be repaid in easy instalments over a period of time.
Home Loans offered by Indian Bank come with a number of attractive features and benefits
Indian Bank offers customers home loans at attractive and affordable interest rates. The rates of interest on Indian Bank home loans are designed to meet the housing needs and requirements of its customers.
The floating interest rates on offer are as follows:
|Home Loan Amount||Rate of Interest|
|Upto Rs 75 Lakhs||9.55%|
|More Than Rs 75 Lakhs||9.75%|
Indian Bank set its Marginal Cost of Funds Based Lending Rate (MCLR) for home loans at 9.45% for a loan tenure of 1 year. The MCLR rates came into effect on April 1st 2016 and are applicable to all rupee loans that are sanctioned by the bank
The MCLR Rates set by Indian Bank are as follows:
|Loan Tenor||MCLR Rate|
Applicants are required to fulfil the following eligibility criteria in order to apply for a home loan with Indian Bank:
Customers looking to apply for a home loan with Indian Bank are required to provide the following documents:
In addition to the regular home loans offered by Indian Bank, applicants can also avail of the Home Loan Plus scheme offered by the bank.
The main features of the Indian Bank Home Loan plus Scheme are as follows:
Applicants who have availed of a home loan through Indian Bank can determine the amount as well as the number of equated monthly installments (EMIs) they would be required to make towards their loan on a regular basis. By utilizing an EMI home loan calculator online, applicants can ascertain their EMI or repayment schedule as well as details regarding their amortization. This will ultimately help applicants in planning their financial budgets in accordance with their repayments.
Customers can make use of the BankBazaar Home Loan EMI Calculator by following the steps below:
In order to increase the chances of acquiring a home loan from Indian Bank, applicants can add the income of their spouse to increase their eligibility.
Indian Bank home loans come with a group insurance cover, which can be opted for by the applicant wherein:
An applicant can insure the residential property at his or her own expense with a bank clause inserted in. This will provide protection against risk such as fire, earthquakes and other natural disasters, as well as against other risks such as public disturbances and riots.