Indian Bank Home Loan Interest Rate

Last Updated : Feb. 3, 2025, 3:12 p.m.
Indian Bank offers various home loan products with both floating and fixed interest rates ranging from 8.40% p.a to 9.80% p.a. Indian Bank offers a range of home loan products customised to meet the diverse needs of its customers, including salaried individuals, self-employed professionals, and NRIs. The Indian Bank Home Loan interest rates for these loans vary based on the loan product and customer category.
Indian Bank Home Loan Interest Rates 2025
Here are the latest Home Loan interest rates of 2025, read the table carefully.
Interest Rates | 8.40% to 9.80% p.a. |
Age | The applicant should be 18 years of age. |
Tenure | General: 30 years Repairs & Renovation: 10 years |
Loan Amount | 25 Lakhs |
Processing Fee | Rs.1,500 + GST |
Prepayment Charges | Zero |
Purpose of Indian Bank Home Loan
Here are the purposes of an Indian Bank Home Loan . Learn more about it -
- Purchase a new house/flat – Avail financing to buy a ready-to-move-in house or flat in your preferred location.
- Construction of a new house/flat (if the applicant already owns a plot/land) – Get financial assistance for building a house or flat on a self-owned plot or land.
- Purchase of house site and construction of house thereon – Secure funds for both purchasing a plot and constructing a house on it within a specified period.
- Purchase of a flat under construction – Finance the purchase of a flat from a builder that is currently under development.
- Purchase of a semi-finished flat/house from the builder and completion of interiors – Buy a partially completed house or flat and use the funds to complete the necessary finishing and interiors.
- Purchase of a house/flat being resold – Avail a home loan to buy a previously owned (resale) house or flat from an individual seller.
- Additional construction in an existing house – Get funding for extending your existing home by adding new rooms or extra space.
- Repair/renovation of an existing house/flat – Use the loan amount for structural repairs, painting, remodelling, or upgrading of the house/flat.
- Takeover of home loans – Transfer an existing home loan from another bank or financial institution to an Indian Bank for better terms and interest rates.
- Reimbursement of cost incurred for purchase/construction of house/flat – Claim reimbursement of expenses already incurred for buying or constructing a house or flat within a specified timeframe.
Eligibility Criteria For Indian Bank Home Loan
In this section, you will learn, who all are eligible for the Indian Bank Home Loan-
Target Group |
|
Age | Minimum 18 years |
Nationality | Indian or NRI |
Documents Required for Indian Bank Home Loan
Here is the list of documents required by the salaried, self-employed, or NRIs. Read properly to understand the requirements -
For Salaried Individuals:
- Proof of identity (Aadhaar, PAN, Voter ID, etc.)
- Passport-size photograph
- Residential address proof (Aadhaar, utility bills, rental agreement, etc.)
- Age proof (Birth certificate, Aadhaar, etc.)
- The last 6 months' bank statements
- Last 3 months' salary slips
- Property-related documents (Sale agreement, title deed, etc.)
For Self-Employed Individuals:
- Proof of identity (Aadhaar, PAN, Voter ID, etc.)
- Residential address proof (Aadhaar, utility bills, rental agreement, etc.)
- Passport-size photograph
- Age proof (Birth certificate, Aadhaar, etc.)
- The last 6 months' bank statements
- Business details (Registration certificate, GST certificate, etc.)
- Profit and loss account statements with computation of income and balance sheet
- Latest Income Tax Returns (ITR)
For Non-Resident Indians (NRIs):
- Proof of identity (Aadhaar, PAN, Passport, etc.)
- Passport-size photograph
- Residential address proof (Aadhaar, utility bills, rental agreement, etc.)
- Overseas residential address proof
- Latest NRE/NRO account statements
- Business details (for self-employed NRIs)
- Work permit or employment contract letter (for salaried NRIs)
- Valid visa and passport copy
- Property-related documents (Sale agreement, title deed, etc.)
Calculate Indian Bank Home Loan Monthly EMIs
Here is an example of a different EMI with a loan tenure of up to 30 years with a home loan of Rs. 20,00,000 and interest rates ranging from 8.40% p.a to 9.80% p.a. You can easily calculate with the Wishfin Indian Bank Home Loan EMI Calculator.
You need to put three elements -
- Loan Amount
- Tenure
- Interest Rate
Tenure (In Years) | EMI (at 8.40% interest rate) | EMI (at 9.80% interest rate) |
---|---|---|
5 | Rs. 40,936.74 | Rs. 42,298 |
10 | Rs. 24,690.30 | Rs. 26,209 |
15 | Rs. 19,577.73 | Rs. 21,248 |
20 | Rs. 17,230.09 | Rs. 19,036 |
25 | Rs. 15,969.99 | Rs. 17,893 |
30 | Rs. 15,237.00 | Rs. 17,257 |
Summarising!
Indian Bank home loan interest rate comes in two categories, floating and fixed interest rate options. The rates differ based on factors like the loan amount, customer category, and type of home loan. Indian Bank provides reduced interest rates for applicants with higher credit scores, with the lowest rates available for those with scores above 800. Additionally, the bank offers flexibility in terms of prepayment, with no penalties for repaying the loan early.
Frequently Asked Questions (FAQs)
What is the minimum credit score one should have to get the best home loan interest rates from Indian Bank?
What are the current Indian Bank Home Loan interest rates?
What type of interest rates have been offered by Indian Bank?
Is there any option for prepaying my home loan from Indian Bank?
What is the holiday duration for repaying a home renovation or repair loan (IB Home Enrich) or a home improvement loan?
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