Indian Bank Home Loan Interest Rate at 8.40%-10.40%
| INTEREST RATE | 8.40%-10.40% |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | 0.23% on Loan Amount subject to maximum of Rs 20,381 |
| GUARANTOR REQUIRED | Please Contact Bank Branch |
| PRE CLOSURE CHARGES | Nil |
Calculate Indian Bank Home Loan EMI Calculate EMI Now
About Indian Bank
Indian Bank is a public sector bank in india. Indian Bank was founded on Aug 15, 1907. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Find details about Indian Bank which includes Indian Bank Official Website, Indian Bank ATMs accross the India, Indian Bank Branches accross the India, Indian Bank Contact Numbers, Indian Bank official EmailID, Indian Bank Headquarter and Indian Bank Headquarter Address. Find Indian Bank Home loan purpose, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Indian Bank Home Loan?
- Indian Bank provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of Indian Bank offers timely assistance to the customers
Indian Bank Home Loan Purpose
a) To purchase | construct a new house | flatb) to purchase house site and construction of house thereon
c) to purchase an existing house | flat
d) to extend an existing house|additional construction
e) to repair | renovate an existing house | flat
f) to take over Home Loans from other Banks | Housing Finance Institutions approved by National Housing Bank for Housing Finance.
g) For reimbursement of cost incurred within a period of 6 months for purchase|construction of house|flat.
Indian Bank Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
Indian Bank Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing Indian Bank Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
Indian Bank Home Loan Amount
60 times of Gross Monthly IncomeFor Repair or Renovation: Rs. 10 lakhs (Max)
Margin
- Upto Rs 20 lakhs: 10%
- Above Rs 20 lakhs upto Rs 75 lakhs: 20%
- Above Rs 75 lakhs: 25%
- For repairs or renovation: 30%
Indian Bank Home Loan Repayment
Maximum of 30 YearsSecurity
Equitable Mortgage of Property purchased | constructed out of loan proceedsIn Case of Prepayment of Indian Bank Home Loan, will EMI change?
One can pre-pay Indian Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Contact details of Indian Bank, Indian Bank SMS balance check number SMS banking, Indian Bank mobile banking, Indian Bank toll free number,Indian Bank toll free number 24*7, Indian Bank miss call number.
- MISSED CALL NUMBERS - 8108781085, 9289592895
- CUSTOMER CARE NUMBERS - 18004250000, 044 28134300
- CONTACT NUMBERS - 18004250000, 044 28134300
Indian Bank Contact Details
- BANK OFFICIAL WEBSITE - https://indianbank.in/
- CONTACT NUMBERS - 18004250000, 044 28134300
- EMAIL ID - [email protected], [email protected], [email protected]
- MISSED CALL NO. - 8108781085, 9289592895
- CUSTOMER CARE NO. - 18004250000, 044 28134300
- TOTAL BRANCHES - 2409
- TOTAL ATMS - 2344
- HEADQUARTER - Chennai
- BANK ADDRESS - PB No: 5555, 254-260, Avvai Shanmugam Salai, Royapettah, Chennai - 600014
Indian Bank Home Loan FAQs Home Loan Document Required
