Indian Bank Home Loan Interest Rate – IB Home Loan
What is the interest rate on an Indian Bank mortgage?
Home loans from Indian Bank are available for terms up to 30 years at 8.50% p.a. and for up to 90% of the value of the property.
Indian Bank home loan interest rates can vary based on several factors, including the loan amount, loan tenure, type of loan (floating or fixed rate), and your individual credit profile. As of my knowledge cut-off of 2021, the home loan interest rates offered by Indian Bank generally range from 7.25% to 8.50% per annum for floating rate loans, and 8.40% to 8.90% per annum for fixed rate loans.
It’s important to note that interest rates are subject to change and may fluctuate based on market conditions and other factors. I recommend contacting Indian Bank directly or visiting their website for the most up-to-date and accurate information on home loan interest rates.
| Target Group | · Salaried Class· Businessmen· Professional & Self-employed· Pensioners |
| Entry Age | 18 years |
| Purpose of Loan | · Purchase a new house/flat· Construct a new house/flat (Applicant already owns a plot/land)· Purchase of house site and construction of house thereon· Purchase of flat under construction· Purchase of semi-finished flat/house from the builder and completion of interiors· Purchase of a house/flat being resold· Additional construction in existing house· Repair/renovate an existing house/flat· Takeover of Home Loans· Reimbursement of cost incurred for Purchase/Construction of house/flat [Indian Bank Home Loan Interest Rate] |
| Employment Service/Business Experience | Salaried:· Regular employees of Central Government / State Government / Public Sector Undertakings /Government or Government aided Educational Institutions with salary statement from the existing employer for at least previous 3 months.· Regular employees of MNCs/Reputed Companies (Externally rated as BBB or above) with salary statement from the existing employer for at least previous 3-months subject to the condition that they have total experience of minimum 2 years. Non-Salaried:· In case of Businessmen, Professional and Self-employed minimum experience of 3 years Pensioner:· Having adequate income to service the loan |
| Quantum of Loan | Loan will be considered only based on NTHP criteria· If Gross Annual Income of the applicants is upto Rs.15 lakhs, take home income should not be less than 40% of the Gross Annual Income· If Gross Annual Income of the applicants is above Rs.15 lakhs, NTHP should be minimum Rs.50000 per month |
| Margin | (i) Loan upto Rs.30 lakhs: 10%(ii) Loan above Rs.30 lakhs to Rs.75 lakhs: 20%(iii) Loan above Rs.75 lakhs: 25%In case of (ii) and (iii), margin upto 10% shall be offered with additional ROI of 0.25% over and above the extant rate of interest and subject to other terms & conditions. This offer is valid upto 31.03.2023 Loan for Repairs & Renovation: 30% [Indian Bank Home Loan Interest Rate] |
| Repayment Period (inclusive of Holiday Period) | General Home Loan: Maximum 30 yearsTakeover or Balance transfer: Repayment period can be extended beyond the period sanctioned by the original lender subject to a maximum of 30 years including the period already run in the existing institutionHome Loan under Commercial Real Estate for Salaried: Maximum 30 yearsHome Loan under Commercial Real Estate for Non-salaried: Maximum 25 yearsRepairs & Renovation: 10 years |
| Holiday Period | · Outright purchase of house/flat – NIL· For construction of house on the plot already owned by the applicant – Maximum 18 months· Purchase of Plot and construction of house thereof / flat under construction by promoters / developers – Maximum 24 months· Flat under construction – in case of bigger projects – Maximum 36 months· Takeover accounts – NIL The above holiday period will be considered subject to servicing / pre-EMI interest and repayment period (inclusive of holiday period) should not exceed 360 months. |
| Repayment Type | Applicant can avail one of the following repayment options subject to T&C· Equated Monthly Installment (EMI)· Progressive Monthly Instalment (PMI)· Negotiated Repayment [Indian Bank Home Loan Interest Rate] |
| Interest Rate | Click here |
| Processing Fee | Click here |
| Security | Mortgage of Property purchased/constructed out of loan proceeds |
| Insurance | The property financed under the Home Loan should be insured at Borrower’s cost and the policy has to be kept renewed every year without any time gap. At the option of the borrower(s), loan may be covered under Group Mortgage Redemption Assurance Scheme (GMRA) |
[Indian Bank Home Loan Interest Rate]
