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    Indian Bank Home Loan Reviews

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    Indian Bank Home Loan Overview:

    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.

    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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