Indian Bank Home Loan Interest Rate
Established in 1907, the Indian Bank is a leading public sector bank catering affordable financial services to millions of customers in India. The Indian Bank home loan interest rate starts at 8.40% per annum. The bank charges a nominal processing fee of up to 1.00% of the loan amount to process each home loan application. The maximum loan repayment tenure offered by the bank is up to 30 years, during which the borrower can enjoy flexible repayment EMIs and various other benefits. The Indian Bank housing loan interest rate may vary for customers based on their profile. Besides, the Indian Bank housing loan interest may also vary depending on the credit score, employment status, and other eligibility criteria set by the bank.
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Indian Bank Home Loan Key Highlights
| Amount of Loan | Up to 90% of the property cost |
|---|---|
| Rate of Interest | 8.40% p.a. onwards |
| Processing Fees |
Up to 1.00% of the loan amount |
| Max Tenure for Loan Repayment | 30 years |
Indian Bank Home Loan Interest Rates in 2024
The Indian Bank is known for offering home loan schemes at a lucrative interest rate to Indian citizens as well as NRIs. The Indian Bank home loan interest rate starts at 8.40% p.a. The maximum tenure for loan repayment at the Indian Bank is up to 30 years. The tables given below highlight the Indian Bank home loan interest rate 2023 for different categories of loan applicants.
| Loan Category | Rate of Interest on Home Loan |
|---|---|
| Applicants with a CIBIL score of 700 or higher | 8.40% p.a. onwards |
Standard Home Loan Rates of Interest for Salaried and Self-Employed Applicants
Retail Prime Lending Rate: 13.75%
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| All Loans | 8.40% - 10.40% p.a. |
IB Home Advantage Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| IB Home Advantage | 8.45% - 8.80% p.a. (Elite Customers; Loans Up to and over Rs. 15 lakhs) | 9.20% - 9.40% p.a. (General Customers) |
Top-Up Loans Interest Rates
| Loan Category | Rate of Interest on Home Loan (p.a.) |
|---|---|
| Top-Up for Existing Bank Customers (Outstanding Home Loan + Top-Up Loan) | 8.40% p.a. onwards |
Interest rates were last updated on 23rd November 2023
Indian Bank Home Loan Interest Rates for All Schemes in India
The Indian Bank understands the different needs of different home loan borrowers, so it offers them a wide range of housing loan schemes. The table below highlights some of the key home plans offered by the bank and the standard rate of interest offered on each. The starting interest rate for the Indian Bank home loans is 8.40% p.a. onwards.
| Indian Bank Home Loan Schemes | Rates of Interest for Each Plan |
|---|---|
| IB Home Loan |
|
| IB Home Advantage |
|
| IB Plot Loan |
|
| IB Home Improve |
|
| IB Home Loan Premium |
|
| IB Home Enrich |
|
| Home Loan Plus |
|
Indian Bank Home Loan Interest Rates for Balance Transfer, Top Up and Overdraft
The Indian Bank proudly offers its customers three flexible options to enjoy more benefits on home loans. These three facilities are described below in detail:
Indian Bank Home Loan Balance Transfer
The Indian Bank facilitates the option to transfer the outstanding loan amount from another bank or NBFC at a lower interest rate. This is part of the bank's Balance Transfer Scheme. The main benefit of a Balance Transfer Home Loan is to enjoy the outstanding loan amount at a comparatively lower rate of interest and improved terms and conditions. The home loan interest rate for a balance transfer for an Indian Bank home loan starts at 8.40% per annum.
Indian Bank Home Loan Top-Up
The Indian Bank offers top-up on home loans to allow homeowners to borrow additional funds on top of their existing home loan. The maximum loan amount for a top-up is determined by the equity you have in your property, and the interest rate for top-ups is generally similar to the rates for home loans. The Indian Bank home loan top-up interest rate starts at 8.40%.
Indian Bank Home Loan Overdraft Option
The Indian Bank also offers a flexible overdraft facility to its customers that helps fetch additional funds without applying for a fresh loan from the bank. This overdraft facility offered by the bank is linked to the customer's home loan account and allows them to withdraw funds to a specified limit. Another remarkable benefit of the overdraft facility is that it helps customers enjoy flexible repayments on home loans.
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Compare Indian Bank Home Loan Interest Rate with Top Indian Banks
The Indian Bank is known for offering affordable home loan schemes to salaried and self-employed customers. However, we do suggest you do a thorough comparison with other leading banks and NBFCs before submitting a home loan application with the Indian Bank.
The table below enlists the interest rates and processing fees of other leading banks in India providing home loans to offer a comparative analysis with those offered by the Indian Bank Home Loans.
| Bank/NBFC | Rate of Interest on Home Loan | Processing Fee |
|---|---|---|
| Union Bank of India | 8.40% p.a. onwards | Up to 0.50% of the loan amount (Maximum up to Rs. 15,000 + GST) |
| HDFC Home Loan | 8.50% p.a. onwards | Up to 0.50% of the loan amount / Rs. 3,000 (whichever is higher) + applicable taxes |
| Kotak Mahindra | 8.75% - 9.60% p.a. | 0.5% - 1.0% of loan amount + taxes |
| PNB Housing | 8.75% - 11.45% p.a. | Up to 0.50% (Maximum up to Rs. 10,000) |
| Tata Capital Ltd. | 8.95% - 12.00% p.a. | Up to 0.25% (Maximum up to Rs. 3,540) |
Indian Bank Home Loan Balance Transfer Interest Rates
Avail home loans at lower interest rates and flexible EMI repayment by choosing the Indian Bank Home Loan Transfer Scheme. It helps the existing home loan borrowers to transfer their outstanding loan amount to the Indian Bank at comparatively lower interest rates.
The Indian Bank Balance Transfer interest rates for salaried and self-employed applicants start at 8.4% per annum. Mentioned below is the procedure to apply for an Indian Bank Balance Transfer Home Loan:
- Go to the Repay Right section on the BASIC Home Loan website - Repay Right
- In the section, fill out the provided form with all your key details on the current outstanding loan amount, existing rate of interest per annum, new rate of interest per annum, existing loan repayment tenure, and existing EMI paid on the loan amount.
- Click on Next once you have entered the required details on the form.
- You can see your total savings with the Indian Bank Home Loan Balance Transfer option on the next page.
- Alternatively, you can get in touch with one of the team representatives of BASIC Home Loan, who can help maximize your savings with the Indian Bank Balance Transfer on home loans.
Get Home Loan Starting at 8.5%*
How to Calculate Indian Bank Home Loan Interest Rates?
The easiest way to determine your interest rate payable on an Indian Bank home loan plan is by using the online home loan interest rate calculator available at EMI. Use this online EMI calculator to plan your monthly finances better. The table below provides a detailed estimate of the EMI payable and the interest rate on Indian Bank home loans so that you have a better picture before applying for one.
Indian Bank Home Loan EMI Calculator 2024
| Loan Amount | Rate of Interest | EMI for 10-Year Loan Tenure | EMI for 20-Year Loan Tenure | EMI for 30-Year Loan Tenure |
|---|---|---|---|---|
| Rs. 10 lakh | 8.40% p.a. | Rs. 12,345 | Rs. 8,615 | Rs. 7,618 |
| Rs. 20 lakh | 8.40% p.a. | Rs. 24,690 | Rs. 17,230 | Rs. 15,237 |
| Rs. 30 lakh | 8.40% p.a. | Rs. 37,035 | Rs. 25,845 | Rs. 22,855 |
| Rs. 40 lakh | 8.40% p.a. | Rs. 49,381 | Rs. 34,460 | Rs. 30,474 |
| Rs. 50 lakh | 8.40% p.a. | Rs. 61,726 | Rs. 43,075 | Rs. 39,092 |
| Rs. 60 lakh | 8.40% p.a. | Rs. 74,071 | Rs. 51,690 | Rs. 45,710 |
| Rs. 70 lakh | 8.40% p.a. | Rs. 86,416 | Rs. 60,305 | Rs. 53,329 |
| Rs. 80 lakh | 8.40% p.a. | Rs. 98,761 | Rs. 68,920 | Rs. 60,947 |
| Rs. 90 lakh | 8.40% p.a. | Rs. 1,11,106 | Rs. 77,535 | Rs. 68,565 |
| Rs. 1 crore | 8.40% p.a. | Rs. 1,23,452 | Rs. 86,150 | Rs. 76,184 |
The figures in the table above are based on a 9.00% p.a. interest rate offered by the Indian Bank. They may vary, however, based on the different interest rates offered by other banks, your monthly income, and other factors.
FAQ's
The minimum salary required for an Indian Bank home loan is Rs. 10,000 per month.
Indian Bank takes into account three main variables to calculate the home loan interest rate. These are the principal loan amount, interest rate, and the loan repayment tenure.
You may not negotiate for the interest rate on the fixed basis package of an Indian Bank home loan. However, there is little scope for negotiation on the floater basis package, provided you have a good business relationship with the bank or a very good credit history.
The Indian Bank home loan interest rate changes according to the change in the RBI's repo rate. This might change several times in a year, depending on the current market situation.
At present, the Indian Bank offers home loans at an interest rate starting at 8.40% per annum. However, we suggest you verify the same from the bank’s official website.
An Interest Only Period Home Loan means getting a home loan for a period of either 12, 24, or 36 months. Some banks offer this type of facility on home loans. We suggest you to check for the availability of the same from the Indian Bank officials.
Usually, banks and NBFCs charge between 1% - 2% of the EMI as a penalty for a missed or delayed EMI payment. You are advised to confirm the same by visiting the nearest branch of the Indian Bank.
Yes, you stand a good chance to get a lower interest rate on a home loan if you have a strong repayment history with the Indian Bank.