• Indian Bank Loan Against Property

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    Loan schemes against property from Indian Bank allow interested customers to use the market value of their owned property as a security and avail financing options. Indian Bank loan against property offers attractive interest rates on a secure loan. The loan amount can be used for business purpose, education needs and virtually any other expenditure that is not covered under other specific purpose loans. These loans do not have any restraints on their usage excepting expenditure for any speculative purpose. It is possible for salaried, professional and non-professional individuals as well as organisations to avail any of the different schemes under this type of loan.

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    Features of Indian Bank Loan against Property

    The important features of Indian Bank mortgage loan are mentioned below

    1. Loan sanctioned against existing property owned by applicant
    2. No limitation on the use of availed loan
    3. Attractive interest rates when compared to traditional personal loans
    4. Loan amount is added to the savings or current account maintained by the applicant at the bank and can be managed in a centralised manner
    5. Loan tenure can be as high as 7 years and has no minimum limit
    6. The margin of the loan would be 50% of the fair market value of the property
    7. Repayment of the loan can be done through EMIs

    Eligibility Criteria for Indian Bank Loan against Property

    This loan is a secured loan that allows individuals to avail financing through the aid of their owned property. The eligibility of the applicant for this loan can be mentioned in the following points

    1. Loan is available on property that is legally owned by the applicant
    2. Loan is available only for salaried, self-employed/professionals/businessmen and firms based on the following criteria
      1. Salaried Individuals
        1. Permanent employees of Central/State Government/Quasi Government bodies/Public Limited companies/Reputed Private Limited companies with a clear record of timely salary disbursement
        2. Must have completed minimum 3 years of service
        3. Must have minimum monthly income of INR 15000 and the take home amount should be more than 40% of gross income after deduction of EMI of proposed loan and other deductions, if any

      2. Self-employed/Professionals/Businessmen

        1. Loan eligibility based on average income of immediately preceding 3 years
        2. Minimum net annual income to be INR 150000 after deduction of proposed EMI
      3. Firms and companies – Eligibility based on cash flow and discretion of the bank
    3. As of November 2015, the loan is available and applicable in and around the city limits of branches of the bank in India
    4. Individuals within 18 years to 60 years are eligible for applying for this loan. In case of salaried individuals, the retirement age is considered as the maximum age limit

    Details about Indian Bank Loan against Property

    Loan Facilities

    No minimum repayment time, maximum repayment period is 84 months, subject to the discretion of the bank

    Loan Amount

    Minimum amount to be decided as per eligibility criteria and maximum amount is INR 200 lakhs subject to the discretion of the bank

    Loan Security

    Equitable Mortgage of property offered as security

    Equitable Mortgage to be registered (at the applicant’s cost) if there is a provision for the same in the state where property is located

    Interest rates

    Base Rate + 3.50% + 0.75%

    Processing Fees

    1.167% of the approved loan amount

    Prepayment Fees

    Prepayment amount is 2.25% of the outstanding amount in case the loan is being taken over by another bank. If the loan is closed through the borrower’s own funds, there are no prepayment charges

    All the rates mentioned above are as per November, 2015 and are subject to change as per the discretion of the bank.

    Benefits of Indian Bank Loan against Property

    Listed below are the benefits of Indian Bank loan against property -

    1. High loan amount – A maximum amount of up to INR 200 lakh can be availed as financing through this loan
    2. Flexible tenure – Repayment of the loan can be done across 7 years and it can even be closed as soon as the borrower wishes to do so
    3. Versatility – This secured loan can be utilised for any practical purpose and the restrictions imposed on it is limited to non-expenditure on speculative purposes and the eligibility factors only

    How to avail Loan against Property from Indian Bank?

    Applying for Indian Bank loan against property is quite easy. Places where the bank has its operational branches are the effective limits within which any borrower can apply for the loan. A borrower can download the necessary forms for Indian Bank Loan against property and approach any authorised branch with the duly filled paper and other requisite documents to initiate the process for availing the loan. The loan can also be applied for in person at any of the bank’s branches.

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    A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.

        

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