Indian Bank Home Loan

Headquartered in Chennai, Indian Bank is a public sector bank with over 5,814 branches PAN-India. Indian Bank offers home loan schemes at competitive interest rates with flexible repayment options to make your dream of owning a home come true. Indian Bank home loan starts at an interest rate of 8.60% per annum. The bank charges a nominal processing fee of 0.25% of the loan amount from each applicant. The maximum loan repayment tenure for an IB home loan is up to 30 years. There are unlimited options for interested applicants who want an Indian Bank housing loan, and some of these are IB Home Loan, IB Home Loan Advantage, IB Home Loan Plus, IB Home Improve Loan, and IB Home Enrich Loan. Both Indian Residents and NRIs can easily avail affordable home loans from the Indian Bank.

Indian Bank Home Loan EMI Calculator

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Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

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Indian Bank Home Loan Key Highlights

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Loan Amount Up to 90% of the property value
Rate of Interest Starts at 8.60% per annum
RPLR
Processing Fee

0.25% of the loan amount

Maximum Tenure for Repayment 30 years
Penal Rate of Interest
Rate Packages Floater/ Fixed
Charges for Prepayment/Foreclosure Nil

Indian Bank Home Loan Interest Rates in 2024

Indian Bank, like any other bank or NBFC, earns its share of profit by offering home loans to eligible applicants by charging an interest rate on the loan amount. The table below highlights the current Housing Loan Indian Bank Interest Rates 2023:

Loan Slab Interest Rate for Home Loan
Floater/ Fixed Plans (For Salaried) Starts at 8.60% per annum 
Floater/ Fixed Plans (For Self Employed) Starts at 8.60% per annum 

Interest rates were last updated on 18th September 2023

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Indian Bank Home Loan Eligibility Criteria

Indian Bank housing loan eligibility is based on age, nationality, employment status, and work experience. Apart from salaried and self-employed Indian Residents, the Indian Bank also offers excellent home loan schemes to NRIs. The table below enlists Indian Bank home loan eligibility criteria for your reference:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 18 - 70 Years 18 - 70 Years
Nationality Indian Resident/ NRIs Indian Resident/ NRIs
Minimum Income Earned Minimum NTHP should be Rs. 50,000 per month for a home loan amount of Rs. 15 lakhs Minimum NTHP should be Rs. 50,000 per month for a home loan amount of Rs. 15 lakhs

Indian Bank Home Loan Processing Fee and Charges

Indian Bank home loan processing fee is 0.25% of the loan amount sanctioned by the bank to the applicant. Through this processing fee, the bank recovers its cost for processing its home loan application. Besides the processing fee, the bank levies other charges on home loan applications. The table below enlists other fees and charges levied by the Indian Bank to those applying for home loans:

Processing Fee
  • 0.25% of the loan amount
  • Minimum: Rs. 25,000
  • Maximum: Rs. 5 lakhs
Charges of Cheque/ EMI Dishonour
  • Rs. 250 - Cheque amount of up to Rs. 1 lakh
  • Rs. 500 - Cheque amount of Rs. 1 lakh - 1 crore
  • Rs. 750 - Cheque amount > Rs. 1 crore
Prepayment/ Foreclosure Charges

Nil

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Indian Bank Home Loan Schemes and Top Plans

Indian Bank offers a variety of home loans to interested applicants. One can choose an IB home loan to buy, renovate, improve, or extend a home. Listed below are some popular offerings of Indian Bank Home Loans:

1. IB Home Loan

  • Best home loan scheme to buy a home under construction, already built home, repairing or renovating an existing home, or improving it
  • Loan amount to be based on the NTHP (Net Take Home Pay) criteria of the applicant
  • Special concession on rate of interest for women applicants
  • Maximum loan repayment tenure of up to 30 years

2. IB Plot Loan

  • Ideal for applicants who wish to buy a plot for constructing a home
  • Permitted up to 36 times the gross monthly income
  • Maximum EMIs up to 180

3. IB Home Loan Combo

  • Available to individuals as well as joint borrowers
  • Flexible combo loan options such as personal loan, vehicle loan, pension loan along with home loan
  • Low interest rates on home loans

4. IB Home Advantage Loan

  • Ideal home loan scheme to buy a home, plot, extend an existing home, or repair or renovate an existing home
  • Maximum loan amount exceeding Rs. 75 lakhs
  • Maximum loan repayment tenure of up to 30 years

5. IB Home Loan Plus

  • Ideal for those who want additional financial help to meet their personal needs
  • Minimum loan amount starting at Rs. 1 lakh
  • Maximum loan repayment tenure of up to 15 years

6. IB Home Enrich Loan

  • Ideal home loan scheme for resident Indians and NRI individuals keen to buy a home
  • Loan amount ranging between Rs. 1 lakh to 10 lakhs
  • Maximum loan repayment tenure of up to 10 years

7. IB Home Improve Loan

  • Best home loan scheme for those interested in improving their existing home with services like painting, carpentry, adding a solar panel, lighting fixtures, etc
  • Available for existing home loan borrowers (Indian Residents/ NRIs)
  • Maximum loan repayment period of up to 10 years

Note: All of the above home loan plans are made available to applicants solely at the discretion of Indian Bank Home Loan, taking into consideration the earning and repayment capacity of the applicant.

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Documents Required For Indian Bank Home Loan

You are advised to review the Indian Bank home loan documents required before applying for a home loan scheme. Both salaried and self-employed applicants need to submit certain KYC documents in general, and some documents vary in terms of their income and employment status.

Documents Required for Salaried Applicants

Proof of Income
  • Appointment Letter
  • Salary Slips for the last 3 months
  • Certified Letter from the employer
  • Bank Account Statements for last 6 months
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Indian Bank Home Loans

Documents Required for Self-Employed Applicants

Proof of Income
  • Business License
  • Business Address Proof
  • Profit and Loss Account Statements and Balance Sheet attested by a CA for the last 3 years
  • Partnership Deed, if the business is in partnership
  • Certificate of Practice (Doctors, Lawyers, etc.)
  • Bank Statements for the last 6 months showing repayment of the loan
  • Latest ITR
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of Indian Bank Home Loans

Common Documents Required from Both Salaried and Self-Employed Applicants

Type of Document Documents Required
Identity & Address Proof

Voter ID, Driving License, Aadhaar Card, Copy of Passport, PAN Card

Documents Related to Property
  • Sale Deed, Allotment Letter
  • Certificate of Occupancy
  • Payment receipts for payments made to the builder
  • Permission to construct
  • Copy of approved plan
  • Registered Development Agreement of the builder
  • NOC (No Object Certificate from the builder or the housing society)

Interest rates were last updated on 15 July 2023

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How to Apply for the Indian Bank Home Loan?

The procedure for Indian Bank home loan online apply is simple and can be done in the following manner:

  • Proceed to the APPLY NOW section on the website - BASIC Home Loan
  • Fill in the form by entering your Name and contact details and submit the form
  • The team from BASIC Home Loan will reach out to you to initiate a hassle-free Home Loan application process

Find Indian Bank Home Loan Offices Near You

If you are planning to visit one of the offices of Indian Bank Home Loan near you to understand the Indian Bank Home Loan Offer in detail and apply for the Home Loan, you can simply fill in the Free Consultation form, and the team of BASIC Home Loan will reach out to you for needful assistance in the process.

Disclaimer:

For the latest Home Loan Interest rates and updates in Eligibility criteria, Home Loan offers, Home Loan application Fee and Charges, Required Documents, and other FAQs related to Home Loans, please refer to the Indian Bank home loan website.

FAQs

At present, the home loan interest rate in the Indian Bank starts at 8.60% per annum. However, we suggest you verify the same by visiting the bank's official website.

The minimum CIBIL Score of a home loan borrower keen to get a housing loan from Indian Bank should be 700.

No, you can not get a 100% home loan from the Indian Bank. However, you can expect a loan amount of up to 90% of the property value from this public sector bank of India.

Indian Bank follows NTHP or Net Take Home Pay criteria to offer loan amounts. The minimum NTHP should be Rs. 50,000 per month for a home loan amount of Rs. 15 lakhs.

Yes, Indian Bank is a Government Bank that came into existence in 1907. Its ownership was taken over by the Government of India in 1978, after 71 years of its foundation in 1907.

Some IB home loans have a maximum repayment period of up to 30 years. Make sure to check the same while applying for a home loan from Indian Bank.

The Indian Bank home loan is offered at a fixed and floater rate basis. However, to reduce your loan interest, go for a floater rate basis.

To check your Indian Bank home loan eligibility, you must visit the official website of the bank and go to the 'Tools and 'Calculator' section. There you will find a 'Home Loan EMI Calculator' option. Fill in your monthly income and the purpose of the home loan to check your eligibility. Alternatively, you can seek assistance from the BASIChomeloan team for the same.