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Indian Bank Home Loan Interest Rate
Buying your own house might be one of the things that you’ve always wished to do. People take years to save up for buying one. This is where banks swoop in and lend a helping hand to those who are on a house hunt. Home loans are available at banks and financial institutions. You can borrow a loan from a bank as long as you fit their eligibility criteria. You can say a final goodbye to your landlord and start living a rent-free life for the rest of your days.
While availing a loan from a bank, you will be charged an interest based on factors like salary, credit score, the amount that is borrowed, type of loan availed etc. Indian Bank provides home loans at interest rates starting from 8.60% onwards. There are a few schemes like IB Home Loan, IB Home Loan Plus and IB Home Improve that are being provided by Indian Bank.
Indian Bank Home Loan Interest Rate Details
Home Loan (including HL-NRI and IB Home Advantage) Interest rates
| Sub- Category | Up to Rs. 30 lakhs | Above Rs. 30 lakhs up to Rs. 75 lakhs | Above Rs. 75 lakhs |
|---|---|---|---|
| Salaried | |||
| Women Borrowers | 8.75% | 8.85% | 9.00% |
| Others | 8.80% | 8.90% | 9.05% |
| Non-Salaried | |||
| Women Borrowers | 8.80% | 8.90% | 9.05% |
| Others | 8.85% | 9.10% | 9.10% |
Plot Loan (Resident and NRI) Interest Rates
| Sub- Category | Up to Rs. 30 lakhs | Above Rs. 30 lakhs up to Rs. 75 lakhs | Above Rs. 75 lakhs |
|---|---|---|---|
| Salaried | |||
| Women Borrowers | 9.75% | 9.85% | 10.00% |
| Others | 9.80% | 9.90% | 10.05% |
| Non-Salaried | |||
| Women Borrowers | 9.80% | 9.90% | 10.05% |
| Others | 9.85% | 10.10% | 10.10% |
Home Loan under CRE (including HL-NRI and IB Home Advantage) Interest Rates
| Sub- Category | Up to Rs. 30 lakhs | Above Rs. 30 lakhs up to Rs. 75 lakhs | Above Rs. 75 lakhs |
|---|---|---|---|
| Salaried | |||
| Women Borrowers | 9.25% | 9.35% | 9.50% |
| Others | 9.30% | 9.40% | 9.55% |
| Non-Salaried | |||
| Women Borrowers | 9.30% | 9.40% | 9.55% |
| Others | 9.35% | 9.45% | 9.60% |
Other Home Loan Interest Rates
IB Home Loan Plus
Salaried with Check-off facility
10.35% for women borrowers
10.85% for others
Non-Salaried class
10.60% for women borrowers
10.85% for others
IB Home Enrich
Salaried with Check-off facility
8.75% for women borrowers
9.25% for others
Non-Salaried class
9.00% for women borrowers
9.25% for others
IB Home Improve Loan - 10.75%
Ind Mortgage - 12.25%
IB Rent Encash - 12.00%
Features of Indian Bank Home Loans
Eligibility
- Salaried class, businessmen, professional and self-employed people, Hindu Undivided Family (HUF) and pensioners who have a steady source of income
- Minimum entry age is 18 years and the maximum exit age is 70 years
Purpose
- To purchase or construct a new flat or house
- To purchase a plot and build a house thereon
- To purchase an existing house or flat
- To extend an existing house or additional construction
- To repair or renovate an existing house or flat
- To take over home loans from other banks or financial institutions
- For reimbursement of cost incurred within a period of 6 months for purchase or construction of a flat or house met from own resources during the preceding 6 months
Quantum of Loan
- 60 times the Gross Monthly Income subject to availability of 40% Net Take Home pay on Gross Monthly Income.
If the Net Take Home Pay after deduction of EMI for the proposed loan, apart from other deductions is more than
- Rs. 20000 for loans up to Rs. 10 lakhs
- Rs. 25000 for loans above Rs. 10 lakhs for salaried class and pensioners and
- Rs. 50000 for business class borrowers
minimum Net Take Home Pay of 40% on Gross Monthly Income will not be insisted
For Repairs and Renovation: Rs. 300 lakhs (Max)
Loan margin
| Loan amount | Loan margin |
|---|---|
| Up to Rs. 30 lakhs | 10% |
| Above Rs. 30 lakhs and up to Rs. 75 lakhs | 20% |
| Above Rs. 75 lakhs | 25% |
| For repairs and renovations | 30% |
Processing fee
- 0.230% on loan amount is to be paid. Maximum amount of Rs. 20470 is charged.
Repayment options
| Type of loan | Repayment period |
|---|---|
| Purchase/construction of house/flat | 30 years including holiday period |
| Repairs and renovations | 120 months |
Documents to be submitted
- 3 passport size photographs with completed application form
- Proof of identity such as PAN card, Voter’s ID, Passport or driving license.
- Proof of residence such as recent telephone bill, Electricity Bill, Passport or Voter’s ID
- Proof of Employment for salaried class
- Salary slip generally for the last 6 months. Other documents needed can be viewed on Indian Bank official website
IB Home Loan Plus details
Eligibility
- All existing Home Loan customers who have repaid a minimum of 12 EMIs regularly
Purpose
- Any bonafide purpose other than speculative purposes
Quantum of Loan
- Minimum amount – Rs. 1 lakh. Maximum amount – Rs. 60 lakhs subject to availability of 40% Net Take Home pay on Gross Monthly Income
If the Net Take Home Pay after deduction of EMI for the proposed loan, apart from other deductions is more than
- Rs. 20000 for loans up to Rs. 10 lakhs
- Rs. 25000 for loans above Rs. 10 lakhs for salaried class and pensioners and
- Rs. 50000 for business class borrowers
minimum Net Take Home Pay of 40% on Gross Monthly Income will not be insisted
For NRIs, monthly Net Take Home Pay of 40% on Gross Monthly Income is mandatory.
Processing Fee
- 1.18% on loan amount
Loan Margin
- LTV ratio of 90%/80%/75% as the case may be maintained for home loan outstanding.
- 30% margin on the residual value of the House Property to be maintained for the top up loan.
Repayment period
- Loan is to be repaid within 120 months.
Documents to be submitted
- Request letter
- Up to date EC and tax paid receipt from the competent authority
- Valuation Report from Panel Engineer
- Letter of authorization for recovery of EMI
IB Home Improve
Eligibility
- Existing Home Loan borrowers who are both residents and non-residents or prospective home loan borrowers.
Purpose
- For purchase of household furniture, kitchen racks, cupboards, TV sets, Fridge, Computers, kitchen chimney, modern gadgets for kitchen and other material that can be viewed on the official website of Indian Bank.
Quantum of Loan
- 36 times of Gross Monthly Income subject to a maximum of Rs. 300 lakhs
- Spouse Income can be included if he or she is in a government or public sector organization or reputed private sector
- Take home Income should be at least 40% of Gross Monthly income and with a minimum of Rs. 20000 net monthly income, after recovery of proposed EMI
Loan Margin
- 15% of the cost of the material to be purchased under the loan
Repayment period
- No holiday periods. Maximum repayment period allowed: For TV, Computer & other electronic items with less lifespan: 48 months. For other material it is 60 months
Documents to be submitted
- 3 passport size photographs with completed application form
- Proof of identity such as PAN card, Voter’s ID, Passport or driving license.
- Proof of residence such as recent telephone bill, Electricity Bill, Passport or Voter’s ID
- Proof of Employment for salaried class
- Salary slip generally for the last 6 months. Other documents needed can be viewed on Indian Bank official website
FAQs: Indian Bank Home Loan Interest Rate
1. Can I get a loan for improving my house?
Yes, a loan can be availed from Indian Bank under the IB Home Improve scheme to improve your house. It can be availed for purchase of household furniture, kitchen racks, cupboards, TV sets, Fridge, Computers, kitchen chimney, modern gadgets for kitchen and other material that can be viewed on the official website of Indian Bank.
2. What is the eligibility criteria to apply for IB Home Loan Plus?
All existing Home Loan customers who have repaid a minimum of 12 EMIs regularly are applicable for IB Home Loan Plus loan.
3. How much loan can be borrowed for repairs and renovations?
Maximum of Rs. 300 lakhs can be borrowed for repairs and renovations under the IB Home Loan scheme.
4. Is there a processing fee for IB Home Loans?
Yes, 0.230% on loan amount is to be paid. Maximum amount of Rs. 20470 is charged.
5. What do plot loan interest rates start from?
Plot loan interest rates start from 9.75% and ranges to 10.10%.
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