IndusInd Bank Home Loan

Offering attractive financial services, IndusInd Bank is proud to have helped over 35 million customers in India through its 2606 branches. One of the popular services availed by customers is its IndusInd Bank Housing Loan, which starts at 8.50% per annum. To apply for an IndusInd Bank home loan, an applicant has to pay a processing fee of 1% of the loan amount or Rs. 10,000, whichever is higher. The maximum loan repayment tenure for an IndusInd bank home loan is up to 20 years, and during this period, the applicant can enjoy flexible EMI payments. Interested borrowers can apply for IndusInd Bank mortgage loans, home loans for the purchase or construction of a home, home renovation, balance transfer, pre-approved home loans, and top-ups at competitive interest rates.

Indusind Bank Home Loan EMI Calculator

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Total Amount Payable

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  • Total Interest

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IndusInd Bank Home Loan Key Highlights

Get the lowest interest rates with Indusind Bank

Loan Amount At the discretion of IndusInd Bank
Rate of Interest Starts at 8.50% per annum
RPLR
Processing Fee

1% of the loan amount/ Rs. 10,000, whichever is higher

Maximum Tenure for Repayment 20 years
Penal Rate of Interest
Rate Packages Floater/ Fixed
Charges for Prepayment/Foreclosure Nil

IndusInd Bank Home Loan Interest Rates in 2024

IndusInd Bank is known for its low interest rates on home loans that start at 8.50% per annum. Both salaried and self-employed applicants can enjoy multiple benefits by applying for an IndusInd Bank home loan. The table below shows the current IndusInd Bank home loan interest rate in 2023:

 

Loan Slab Interest Rate for Home Loan
Floater Plan (For Salaried) Starting at 8.50% per annum 
Floater Plan (For Self Employed) Starting at 8.50% per annum 
Fixed Plan (For Salaried) Starting at 8.50% per annum 
Fixed Plan (For Self Employed) Starting at 8.50% per annum 

Interest rates were last updated on 19th September 2023

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IndusInd Bank Home Loan Eligibility Criteria

IndusInd Bank home loan eligibility is mainly about age, nationality, employment, minimum income earned by the applicant, and work experience. The bank takes into consideration all these parameters before approving housing loans to applicants. The table below highlights all the main eligibility criteria for IndusInd Bank home loans:

Eligibility Parameters For Salaried Individuals For Self-Employed Individuals
Age Range (in years) 21 - Retirement Age 21 - 65 Years
Nationality Indian Resident/ NRIs Indian Resident/ NRIs
Minimum Income Earned Rs. 1 lakh per annum Rs. 1 lakh per annum net profit

IndusInd Bank Home Loan Processing Fee and Charges

Every day, banks and NBFCs receive several home loan applications and undergo various procedures to approve them. All this adds to the expenses of these financial organizations. IndusInd Bank home loan processing fee is 1% of the loan amount or Rs. 10,000, whichever is higher. The table below shows the processing fee and other charges levied by IndusInd Bank on home loans:

 

Processing Fee

1% of the loan amount/ Rs. 10,000, whichever is higher

Document Copy Charges

Rs. 500 for providing a copy of property documents

Charges for Providing Document List (LOD)

Nil

Swapping Charges

Rs. 500 per instance

Cheque Bounce/ Rejection of NACH Charges

Rs. 750 per instance

Repricing Charges

Up to 0.50% of the principal outstanding (Min. Rs. 5,000)

Loan Cancellation Charges

Rs. 2,000 per contract 

Non-Compliance Charges

1% incremental pricing over the existing spread

Late Payment Charges

2.00% per month on overdue amount

NOC Charges

Nil

Foreclosure/ Prepayment Charges

Nil

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IndusInd Bank Home Loan Schemes and Top Plans

IndusInd Bank offers affordable home loan schemes to salaried and self-employed people with 100% transparency and no hidden charges. Listed below are some popular home loan schemes offered by IndusInd Bank:

1. Purchase of New/ Resale Home

  • Ideal housing loan scheme to purchase a new ready-to-move-in home or resale home
  • Maximum loan repayment tenure of up to 20 years

2. Plot Plus Construction Loans

  • Best home loan scheme to get funds to build your home on a plot
  • Maximum loan repayment tenure of up to 20 years

3. Home Renovation/ Extension Loans

  • The most suitable housing loan scheme for borrowers who want to renovate their existing home by building a new floor, room, or balcony
  • Maximum loan repayment tenure of up to 20 years

4. Approved Project Home Loans

  • Extensive inventory of pre-approved projects
  • Lower rate of interest

5. NRI Home Loans

  • Special home loans for NRIs to buy a property in India
  • Higher loan tenure with special features

6. Top-up Loans

  • Ideal option for existing home loan borrowers to avail top-up loans
  • Flexible home loans with minimum documentation

7. Balance Transfer Loans

  • Flexible option for existing home loan borrowers to port to IndusInd Ban home loans
  • Lower rate of interest with additional top-up facility

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

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Documents Required For IndusInd Bank Home Loan

To smoothen your home loan procedure, we recommend you go through the list of IndusInd Bank home loan documents required and gather the same. These general KYC documents help prove your credibility to get a home loan from IndusInd Bank based on age, income, residence, and employment.

Documents Required for Salaried Applicants

Proof of Income
  • Appointment Letter
  • Salary slips for the last 3 months
  • Form 16/ Latest Income Tax Returns for the last 3 years
  • Bank Statements for the last 6 months
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of IndusInd Bank

Documents Required for Self-Employed Applicants

Proof of Income
  • Business Address Proof
  • Education Qualification Certificate
  • Profit and Loss Account Statements for the last 3 years attested by a CA
  • Balance sheet for the past 3 years
  • ITR for the last 3 years
  • Bank Statements for the last 6 months (Self and business)
Other Required Documents
  • Duly filled and signed application form with a passport-size photograph
  • A processing fee cheque in favor of IndusInd Bank

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 IndusInd Bank Home Loan?

IndusInd Bank promotes digitalization and offers a hassle-free home loan application process for eligible applicants. The procedure for IndusInd Bank home loan apply online is simple and can be done in the following way:

  • 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 IndusInd Bank Home Loan Offices Near You

If you are planning to visit one of the offices of IndusInd Bank Home Loans near you to understand the IndusInd 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 official website of IndusInd Bank.

FAQs

The current interest rate of home loans in IndusInd Bank 2023 starts at 8.50% per annum. However, we suggest you verify the same from the bank's official website.

Yes, IndusInd Bank is good for home loans. It offers affordable housing loan schemes for the purchase of a new or resale home, construction, renovation, or extension of a home, NRI home loans, balance transfers, and top-ups. The bank offers flexible repayment modes and a nominal processing fee for home loans.

IndusInd Bank is impaneled as an Agency Bank by the RBI. It is a reliable bank to get housing loans at affordable interest rates.

The favorable minimum CIBIL score for an IndusInd Bank home loan is 750. An applicant with a lower CIBIL score may have a lower chance of getting home loans approved by the IndusInd Bank.

IndusInd Bank offers home loans starting at Rs. 30 lakhs. The maximum loan amount offered is at the bank's discretion, so you are advised to verify the same from the bank officials.

The minimum salary for a home loan in IndusInd Bank is Rs. 1 lakh per annum. 

An applicant can fetch the following benefits by applying for an IndusInd Bank home loan:

Yes, IndusInd Bank offers fixed-rate home loans. However, we advise you to choose floater rate packages for a more affordable interest rate.