Indian Bank Fixed Deposits: Things You Missed
Nowadays the prices of home or properties are getting high. And sometimes the prices are more than our expectation and it becomes very hard to pay. Home loan can help you by giving you financial support at these kinds of situations. You can avail Indian Bank home loan for constructing your house, extension or renovation of your house or to buy a readymade property. Indian Bank will approve your loan after some document verifications.
Indian Bank Housing Finance
You can avail your Indian Bank Housing finance from any branch of Indian Bank. Indian Bank has an enormous customer base and the bank is providing a wide range of home loan products for all the public and private builders as well as the government employees. You can avail Indian Bank housing loan by simply visiting the nearby Indian Bank branch.
Indian Bank housing loan interest rates
Every bank has different home loan interest rates. Similarly Indian Bank is offering Indian Bank home loan interest rates for housing loan for their customers. The Indian Bank home loan interest rate details are mentioned below:
|Indian Bank Home Loan Amount||Indian Bank Rate of Interest|
|Indian Bank Home Loan Upto Rs 75 Lakhs||9.55%|
|Indian Bank Home Loan More Than Rs 75 Lakhs||9.75%|
Types of Indian Bank Home Loans:
Indian Bank home loans can be classified into many different types depending on the type of property or house that you are going to purchase and the quantum of loan that you are going to avail. Generally all Indian banks and NBFCs offer home loans under any one of the following variants of housing loans that are listed below.
- Indian Bank Home Purchase Loans
The meaning of home purchase loan is in its name. Home purchase loans are specifically given to a customer when the customer is willing to purchase a flat or home. These are the most popular type of home loans. Home purchase loans are availed by most home loan borrowers. Home purchase loans are available from almost all banks and Non-Banking Financial Corporations in India.
- Indian Bank Home Loan for Construction
Home loan for construction is offered when the customer is willing to reconstruct his own house on an existing land. But there is an important point to keep in mind is that the land for construction should have been bought by the customer within a year of availing the loan. The cost of the land will be counted as part of this home loan. If you have bought the land earlier than one year then the cost of land will be excluded from the home loan amount. The document requirements and the application process are a bit different than other regular loans. The loan applicant needs to submit a lump-sum construction cost estimate to the lending bank. After submitting the document the lender evaluates and takes a decision on sanction or rejection of the loan.
- Indian Bank Plot Loans
Plot loans are offered to a customer when they are willing to buy a plot or land property. Plot Loans are offered by all Indian Bank branches.
- Indian Bank Home Extension/Renovation Loans
Home loans for extension or renovation of home are offered to those customers who have a home already and willing to renovate the home or they want to extend their home. To avail these loans, customer should have a pre existing home. As an example, if a person wants to ass an extra room in his existing house or renovating a staircase etc.
- Indian Bank NRI Home Loan
NRI Home Loans are specially designed for Non-Resident Indians (NRI). NRIs who are willing to purchase a residential property anywhere in India can go for a NRI home loan. The requirements as well as the procedure of availing NRI Home Loans are slightly different from the regular home loans.
Features of Indian Bank Housing Finance
Indian Bank housing loan comes with many exiting features. The features are listed below:
- Indian Bank has Expansive network of operational branches that are spread all over India.
- Indian Bank is offering loans for all kind of requirements such as Purchase, Construction, Extension, Improvement and Plot loans.
- Indian Bank home loan application process is hassle free, transparent and zero red-tape.
- Indian Bank is offering a quick and easy approval of loans
- Indian Bank has an efficient service delivery model.
- Robust customers are supported by highly qualified professionals.
- Indian Bank offers easy repayment options for your Home loan.
Indian Bank home loan eligibility calculator
Indian Bank home loan has certain eligibility criteria which you have to fulfill to avail an Indian Bank housing loan. The Indian Bank home loan eligibility criteria are listed below:
- The minimum age of the applicant should be 21 years at the time of application. The repayments of the whole loan amount have to be done before the age of 60 or 65.
- The loan borrower should be a salaried employees or self-employed persons
- The borrower should have been employed or have been running a business for at least 3 years of which current employment should be at least 1 year.
- The applicant should stay at least one year at the current residence. This is important to display the stability with respect to employment as well as financial.
- The borrower must be an Indian citizen or a Person of Indian Origin (PIO).
- A fully documented and authorized NRI can apply for a home loan.
Indian Bank home loan documents required:
For an Indian Bank housing loan, you need to submit certain documents along with your personal documents. The documents are listed below:
- The application form has to be signed by the applicant
- Recent passport sized color photographs should be affixed with the application form.
- You should submit your proof of identity like copy of voter card/Passport/Pan Card or Driving license.
- Applicant has to submit the Proof of address such as Copy of Telephone Bill/latest Electricity Bill/ Voter ID/Property Tax Receipt or Passport.
- You have to submit your Last 6 months’ Pass Book record or Bank Account Statement.
- Applicant has to submit the business proof documents in case of non-salaried individuals.
- Borrower has to submit statement of Personal assets and liabilities.
- Your educational qualification documents or degree documents.
- Form 16 for the last two years
- Cheque drawn in favor of “Indian Bank housing finance limited” as a processing fee.
- All the documents should be self attested by the borrower
Indian Bank Housing Home Loan EMI Calculator:
Indian Bank Housing Home Loan EMI Calculator is offered by many online portals. The online EMI calculator is an easy-to-use tool that is available online. With the help of EMI calculator you can determine the EMI amount that you need to pay every month to repay your home loan.
- There are mainly two sliders in the online home loan EMI tool – Loan Amount and Tenure.
- All you need to do is choose the desired home loan amount
- Then you need to select the tenure of the home loan on these sliders respectively.
- The minimum tenure for a home loan starts from 6 months
- The maximum home loan tenure stands up to 30 years.
- You can also choose the associated home loan rate of interest and processing fee with your home loan amount.
- There is an option for pre-payment on this online EMI calculator tool.
- You can choose ‘Yes’ or ‘No’ as per your needs.
- After filling up all the required boxes, click on calculate.
The monthly amount that you will need to pay will be displayed below the ‘Calculate’ button. A pie chart will be presented along with the EMI amount data for your better understanding.
How to Track Your Indian Bank housing loan status Online
There are many online portals which will allow you to track your home loan application easily from you home without going anywhere.
- All you need to do is go to the ‘Track Your Application Status’ page on the online portal that you have chosen.
- Now you need to enter your Application ID on the given space.
- Now simply click on the ‘Track Application’ button and know the status of your home loan application.
An individual can apply for an Indian Bank home loan from an Indian Bank for a fixed tenure if he wants to buy a house, construct a house or repair or renovate his residential property. A home loan basically serves any financial requirement that is related to your house. Indian Bank will charge you an interest rate amount depending on the loan amount you are going to borrow. The Loan amount for housing loan should be paid along with the principal amount to the bank within the given time.
Indian Bank home loan FAQs
Can I choose between base rate and MCLR for my home loan request?
Only the current home loan borrowers can choose to continue with base rate or switch to MCLR. The current home loan borrower should have a running home loan account. New home loan borrowers can avail the new MCLR rates.
Within how much time a home loan get sanctioned?
Your home loan will get sanctioned as soon as all the required documents submission and the verification process are done successfully. The whole process may take 10 to 30 days.
Will I get tax benefits on home loan?
Yes, Home loans are a great instrument to avail tax benefits.
Home loan is a smart investment move or not?
Investing for any kind of property is considered as a smart move and wise decision.
What is the meaning of EMI?
EMI means Equated Monthly Installments. An applicant has to pay EMI monthly to repay the whole loan amount.
Can I switch from fixed to floating rate of interest and vice versa during the tenure of my home loan?
Yes. Most banks allow switching between fixed and floating rates. However, customers may be charged a particular fee for the same.
How much Credit Rating is required to avail a home loan?
A good credit score that is ranging between750 to 900 is required to get a home loan. If you have a bad CIBIL score then the bank will not approve your home loan.
Can I apply for a home loan with my spouse?
You can apply jointly in your and your spouse’s name. If you make a joint home loan account then both of your incomes will be considered for determination of loan quantum.
What is the document requirement to avail home loan in India?
There are different kinds of document requirements for different banks. But the common documents that you need to submit are listed below:
2 recent color passport sized photos.
Identity and address proof.
Statement of Personal assets and liabilities.
Identification of signatures from present bankers.
Proof of business documents.
What is the minimum age to avail home loan?
The minimum age of the applicant should be 21 year to avail a home loan.