A "low interest" loan shouldn't mean you have very little interest in paying it back!
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  • Indian Bank Home Loan Reviews

    • 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
    • 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
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    Indian Bank Home Loan is Rated as "Great!" by 22 Users

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    Home Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 22 users

    Indian Bank Home Loan

    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.

    Perfect Home Loan Deals for you

    Features and Benefits of Indian Bank Home Loan:

    Home Loans offered by Indian Bank come with a number of attractive features and benefits

    • Applicants can apply for home loans for the following:
      • Purchase or construction of a new house or flat
      • Purchase of a plot as well as the construction of a house on the same plot
      • Purchase of an already existing residential property
      • Extension of an already existing residential property
      • Repairs or renovations on an already existing residential property
      • To pay out home loans availed from other banks or financial institutions
      • To cover costs that have been incurred over a duration of six months during the purchase or construction of a new house or flat
    • The amount of home loan that a customer can apply for can be the higher of the following two up to a maximum of Rs 10 crore:
      • 36 times his or her Gross Monthly Income
      • 60 times his or her Net Monthly Income
    • Applicants can avail of home loans up to a maximum of Rs 5 lakhs for repairs or renovations
    • The margins offered on Indian Bank home loans are as follows:
      • 10% for loan applications of up to Rs 20 lakhs
      • 20% for loan applications more than Rs 20 lakhs and up to Rs 75 lakhs
      • 25% for loan applications of more than Rs 75 lakhs
      • 30% for loan applications for the purpose of repairs or renovation
    • A processing fee of Rs 0.229% of the home loan amount is charged, up to a maximum of Rs 20,381
    • Applicants can apply for home loans with the following repayment tenures:
      • A minimum of 5 years and a maximum of 20 years for the purchase or construction of a house or a flat with a holiday period of a maximum duration of 18 months
      • 120 months for repairs or renovations
    • Attractive interest rates ranging from 9.55% to 9.75%
    • Zero prepayment and foreclosure charges
    • Repayments can be made towards the loan at low equated monthly installments (EMIs)

    Indian Bank Home Loan Interest Rate:

    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 Home Loan MCLR Rates:

    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
    Overnight 9.20%
    1 Month 9.25%
    3 Months 9.30%
    6 Months 9.35%
    1 Year 9.45%
    3 Years 9.55%
    5 Years 9.70%

    Eligibility Criteria for Indian Bank Home Loan:

    Applicants are required to fulfil the following eligibility criteria in order to apply for a home loan with Indian Bank:

    • The minimum age of entry of the applicant is 18 years
    • The maximum age of entry of the applicant is 60 years
    • Salaried applicants are required to have a minimum work experience of three years
    • Applicants who are professionals, businessmen or self-employed individuals are also required to have a minimum work experience of three years
    • Applicants who are pensioners can also apply providing they have the ability make repayments towards the loan

    Documentation Required 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:

    • The application form duly filled in along with three passport sized photographs
    • A statement showing all assets as well as liabilities of the applicant, co-applicant, and the guarantor, in the format prescribed by the bank
    • Any proof of identity such as:
      • PAN Card
      • Valid Passport
      • Voter ID Card
      • Driving License
    • Any proof of residence such as:
      • Electricity Bill
      • Valid Passport
      • Latest Telephone Bill
      • Voter ID Card
      • Receipt of Property Tax
    • In case the applicant is a businessman or industrialist, address proof of the business is also required
    • For salaried employees, proof of employment will be required
    • Last six months’ salary slips
    • The last 6 months bank statement of the applicant
    • Any other proof of income such as rent or interest earned through investments
    • Income Tax Returns, Form 16 and balance sheets for the previous 3 financial years for the following applicants:
      • Professionals
      • Self-Employed Individuals
      • Businessmen
    • Deed of sale or sales agreement
    • Building plan that has been approved and authorised
    • Documents relating to the applicant’s title deed for the period ranging from 13 to 30 years, if required
    • Proof of the applicant’s title in the Revenue Records
    • If applicable, the applicant’s latest receipts with regards to property tax
    • A valuation by two independent and individual valuers if the home loan applied for has a security value of Rs 50,000,00 or more.

    Indian Bank Home Loan Plus:

    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:

    • Loans obtained under this scheme can be utilised for any valid or legitimate purpose that does not involve any speculation
    • The scheme can be applied for by the following individuals:
      • Any existing Indian Bank customer who has already availed of a home loan, and who have already made a minimum of 36 repayments towards the loan
      • Non Resident Indians
      • Indian Bank staff members, whether current or retired
    • The minimum home loan amount that can be availed under this scheme is Rs 1 lakh
    • The maximum home loan amount that can be availed under this scheme is Rs 10 lakhs
    • A processing fee of 1.173% of the home loan amount will be charged
    • Attractive interest rates of up to 9.55% with a repayment period of up to 120 months
    • Zero prepayment or foreclosure charges
    • Minimal documentation required such as:
      • Valuation Report from the Panel Engineer
      • A request letter
      • EMI recovery authorisation letter
      • Latest tax receipts

    Indian Bank Home Loan EMI Calculator:

    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:

    • Visit the BankBazaar.com website and head to the ‘Finance Tools’ drop down menu at the top of the screen
    • Choose the ‘Home Loan EMI Calculator’ option
    • Enter the following details by making use of the slider provided:
      • Loan Amount
      • Tenure of Loan
      • Rate of Interest
      • Processing Fee
    • Pre-payments can also be made by choosing ‘Yes’ before entering the following details:
      • Frequency of pre-payment
      • Amount of pre-payment
      • Pre-payment fee
    • After all relevant details have been entered, the EMI Calculator will determine the following:
      • The applicant’s monthly EMI
      • The total amount of interest due
      • A detailed schedule of amortization
    • The data obtained can be utilised to determine whether the home loan availed at that particular interest rate is feasible from a financial budget standpoint. Customers can keep changing the loan tenure as well as the loan amount until they are satisfied.

    FAQs:

    1. Can applicants show any other form of income in order to increase their eligibility for a home loan from Indian Bank?

      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.

    2. What are the value added options on offer with Indian Bank home loans?

      Indian Bank home loans come with a group insurance cover, which can be opted for by the applicant wherein:

      1. The Group Insurance Life Cover is attained at a discounted premium amount, which will be paid by the applicant
      2. The amount of premium will be considered as a distinct loan on its own rather than a method of financing of the existing loan
    3. What are the terms and conditions with regards to insurance that are applicable as part of Indian Bank home loans?

      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.

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