IndusInd Bank Home Loan

At least 21 years old

Less than 60 years old

Salaried or self-employed
with regular income

Earn more than the minimum
income required

Earn more than the minimum
income required

Loan capped @ 60% to 80% of property value

EMIs of other loans lower
your eligibility

Make your spouse a co-applicant,
and her income will add
to your eligibility

Choose longer tenure loan up to 30 years

Alternatively add your parents

Overview:

IndusInd Bank was established in 1994 in Mumbai. This new generation bank provides transactional, commercial and electronic banking services and products to its customers. IndusInd offers innovations and services that are first of its kind. The bank’s motto is offering the best customer service as the bank believes in its capacity to offer needs and solutions as per customer’s requirements. IndusInd gives its customers the unforgettable experience of owning a house without any hassles.

IndusInd Bank Home Loan:

IndusInd Bank offers home loans through HDFC Ltd., which is one of the most reputed and trusted finance company in the country. The home loan’s easy documentation and transparent dealings make it an attractive offer from the bank.

IndusInd Bank provides home loans to its customers for the following purposes:

• Buying a plot or land and construction of a residential house.
• Buying an old house of flat.
• Buying a new house or flat.
• Modification or alteration or extension of an existing house.
• Loan against property, which is residential.
• Loan transfer from other banks.

Documents Required for Home Loan from IndusInd:

The following documents are required by customers planning to take a home loan from IndusInd Bank:

Salaried Applicants:

For customers earning a regular salaried income, the following documents are needed to be submitted when applying for a home loan:

• Identity proof such as PAN card, Passport copy, Voter’s ID or Driving License.
• Applicant’s as well as co-applicant’s photograph.
• Residence proof such as copy of telephone or electricity bill or Driving License, bank statement, Passport, etc.
• Most recent ITR and Form – 16.
• Applicant’s appointment letter or promotion letter with salary breakup.
• Last six month’s bank statements.
• Previous six month’s bank statements from other bank accounts, if any.
• EMI details of any other loan.
• Salary slip of the last three months.

Self-employed Applicants:

• Audit report of the company owned by applicant.
• Last three years ITR filed by the company along with a profit and loss balance sheet.
• Bank account statement from last six months.
• Proprietor’s bank account statement of last six months.
• Business profile of applicant.

Partnership and Private Firms:

• ITR filed by the company for the last three years and Profit and loss balance sheet in the name of the company or firm.
• Form-16 of individual directors, in case of a private firm.
• Three year’s ITR and partnership deed, in case of a partnership firm.
• Bank account statement of the last six months of the partner’s or directors.
• A business profile.

NRI Applicants:

• Applicant’s valid work permit.
• Appointment contract of applicant given by the employer.
• Copy of applicant’s Visa and Passport.
• Credit report of the borrower from a valid credit agency of the country, where he or she is employed.
• NRO or NRE bank account statements of borrower from the last six months.

Features of IndusInd Bank Home Loan:

IndusInd Bank Home Loan offers loans at attractive interest rates allowing its customers to avail them through easy documentation and quick processing. Following are some of the highlight features of the home loan from IndusInd Bank:

• IndusInd Bank offers a maximum loan amount of 80% of the property’s cost. The amount of the loan is also decided based on the customer’s repayment capacity.
• Home loans from the bank are provided by HDFC Ltd. and provide borrowers a maximum loan term of 20 years or retirement age of the borrower, whichever comes earlier.
• IndusInd Bank home loans are available for individual borrower’s as well joint borrowers. Co-applicants are the proposed owners of the property in question.
• The RPLR (Retail Prime Lending Rate) of HDFC is used to calculate the loan under adjustable rate at IndusInd Bank. The interest rate on the home loan changes every three months from its initial disbursement as it depends on the RPLR.
• EMI on the home loan provided by IndusInd Bank does not change with change in RPLR, however if the interest rate goes high, EM’s interest component also increases and principal component drops, leading to the loan term’s extension.

FAQs:

1. I am an NRI looking to take a home loan from IndusInd Bank, am I eligible to apply?

   Yes, IndusInd Bank provides home loan to NRI customers as well, provided all the documents required by the bank are presented.

2. What is the maximum loan term that I can avail by taking a home loan from HDFC through IndusInd?

   The maximum loan period offered by IndusInd Bank on its home loan is 20 years or your retirement age, whichever is a shorter period.

3. What is the maximum quantum of home loan that IndusInd Bank can provide?

   IndusInd Bank can provide maximum home loan of 80% of the price of the property, inclusive of land cost.

4. Does IndusInd Bank have the facility of home loan transfer from another bank?

   Yes, IndusInd Bank allows loan balance takeover from other banks or HFCs.

5. I am looking for a home loan from IndusInd for buying a residential property, does the bank provide such a product?

   Yes, IndusInd Bank offers home loans against property and you can avail the same at attractive interest rates.