Indian Bank Home Loan - Interest Rate 2024, Eligibility, EMI Calculator

Indian Bank Home Loan

About Indian Bank Home Loan

Have you enough money to buy your dream home? Are you going to buy an under-construction flat or ready-to-move-in property? Have you selected your future home? If you have selected your future home and you know how much amount you need to shed to buy your dream property. Once you finalize your dream property, you should know the value of the same. If you are buying an under-construction property, you need to pay the amount in phases. But if you are going for ready-to-move-in, you are supposed to make payment in two installments. You need to pay the token money as your first installment, followed by the full payment of the remaining amount. In that scenario, you are supposed to make the full payment within a month or two. In the present market situation, the rates of any property, be it a flat, apartment or villa are going skywards and so you need to borrow the loan to buy the same. Either you are taking a loan for the maximum value or proportionate to your savings. Ideally, you would like to borrow the loan up to an amount that can help you buy the home along with the savings you may have.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    Indian Bank offers home loan to customers for buying a new property, renovation/reconstruction of home, for loan top-up and buying a plot. The bank can offer you a home loan for an amount of INR 75 lakhs. The maximum tenure for the loan is 20 years. The bank charges a different rate of interest for a different amount. You can choose between the fixed and floating rate of interest. Floating and fixed rate of interest are different in nature and you pay a different amount according to your tenure and the availed loan amount. Let’s take a detailed view of Indian Bank home loan.

    Indian Bank Home Loan Interest Rates February 2024

    When it comes to a home loan, India bank offers you a rate of 8.75% to 10.40% p.a., which is a floating rate of interest. In fact, this bank also charges you a fixed rate of interest on home loan.

    Processing fee & charges

    The bank charges 0.229% on loan amount with a max. of INR 20,381 as processing fee. There is no pre-payment charges levied on the amount for pre-closure of the loan.

    Loan repayment period for Indian Bank Home Loan

    • Maximum repayment period for purchase/construction of property: 20 years
    • Maximum Holiday Period of construction of House/Flat: 18 months
    • Maximum repayment period for repair and renovation: 120 months

    Documents required for home loan

    CategoryName Of Document
    Application formDuly filled application form with 3 recent passport size photographs
    Identity proofPAN Card / Voter’s ID/Passport/Driving License
    Residence proofTelephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter`s ID
    Business address proofFor businessman/industrialist need to submit business address proof
    Empolyment proofFor salaried individuals
    Salary proofSalaried individuals need to submit salary slip of last 6 months

    Bank state of last 6 months/12 month for verifying salary credit in account
    Income proofFor businessmen/professionals and self-employed customers need to submit ITR and balance sheet of last three financial years
    Income Tax proofForm 16/ Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
    Property documents & proofAgreement of Sale/Sale Deed
    Approved building plan
    Title Deed Documents for 13 years/30 years as the case may be
    Revenue Records
    Property Tax receipts wherever applicable
    Home Loan where security value is Rs.50 lakhs and above, valuation by two independent valuers has to be obtained

    Indian Bank Home Loan EMI Calculator

    Suppose, you are interested in availing a loan of INR 30,00,000 from Indian Bank for 20 years at the rate of 9% per annum than what would be your EMI? Are you interested in knowing that? If yes, you can easily calculate the same with the help of an EMI calculator. Yes, this calculator allows you to know your EMI by doing all the calculations for you. This tool takes into the account, your loan amount, interest rate, and tenure, and gives you the results in return. You just need to enter these fields into a calculator, it will give you the results instantly. Well, to make you understand below is the calculation done by the calculator for your home loan:

    Table Showing EMI, Interest Outgo, and Total Repayment Amount

    Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
    ₹ 30,00,0009%1₹ 2,62,354₹ 1,48,253₹ 31,48,253
    ₹ 30,00,0009%2₹ 1,37,054₹ 2,89,301₹ 32,89,301
    ₹ 30,00,0009%3₹ 95,399₹ 4,34,371₹ 34,34,371
    ₹ 30,00,0009%4₹ 74,655₹ 5,83,446₹ 35,83,446
    ₹ 30,00,0009%5₹ 62,275₹ 7,36,504₹ 37,36,504
    ₹ 30,00,0009%6₹ 54,077₹ 8,93,516₹ 38,93,516
    ₹ 30,00,0009%7₹ 48,267₹ 10,54,448₹ 40,54,448
    ₹ 30,00,0009%8₹ 43,951₹ 12,19,259₹ 42,19,259
    ₹ 30,00,0009%9₹ 40,629₹ 13,87,902₹ 43,87,902
    ₹ 30,00,0009%10₹ 38,003₹ 15,60,328₹ 45,60,328
    ₹ 30,00,0009%11₹ 35,882₹ 17,36,478₹ 47,36,478
    ₹ 30,00,0009%12₹ 34,141₹ 19,16,293₹ 49,16,293
    ₹ 30,00,0009%13₹ 32,690₹ 20,99,705₹ 50,99,705
    ₹ 30,00,0009%14₹ 31,468₹ 22,86,645₹ 52,86,645
    ₹ 30,00,0009%15₹ 30,428₹ 24,77,040₹ 54,77,040
    ₹ 30,00,0009%16₹ 29,535₹ 26,70,811₹ 56,70,811
    ₹ 30,00,0009%17₹ 28,764₹ 28,67,880₹ 58,67,880
    ₹ 30,00,0009%18₹ 28,093₹ 30,68,163₹ 60,68,163
    ₹ 30,00,0009%19₹ 27,507₹ 32,71,574₹ 62,71,574
    ₹ 30,00,0009%20₹ 26,992₹ 34,78,027₹ 64,78,027

    EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

    YearPrincipalInterestBalance Amount
    1₹ 56,181₹ 2,67,720₹ 29,43,818
    2₹ 61,451₹ 2,62,450₹ 28,82,367
    3₹ 67,216₹ 2,56,685₹ 28,15,151
    4₹ 73,521₹ 2,50,380₹ 27,41,629
    5₹ 80,418₹ 2,43,483₹ 26,61,211
    6₹ 87,962₹ 2,35,939₹ 25,73,249
    7₹ 96,213₹ 2,27,688₹ 24,77,035
    8₹ 1,05,238₹ 2,18,662₹ 23,71,797
    9₹ 1,15,111₹ 2,08,790₹ 22,56,685
    10₹ 1,25,909₹ 1,97,992₹ 21,30,776
    11₹ 1,37,720₹ 1,86,181₹ 19,93,056
    12₹ 1,50,639₹ 1,73,262₹ 18,42,416
    13₹ 1,64,770₹ 1,59,131₹ 16,77,645
    14₹ 1,80,227₹ 1,43,674₹ 14,97,418
    15₹ 1,97,133₹ 1,26,768₹ 13,00,284
    16₹ 2,15,626₹ 1,08,275₹ 10,84,658
    17₹ 2,35,853₹ 88,048₹ 8,48,805
    18₹ 2,57,978₹ 65,923₹ 5,90,826
    19₹ 2,82,178₹ 41,723₹ 3,08,648
    20₹ 3,08,849₹ 15,253₹ 0

    Indian Bank Home Loan Application Form

    In order to avail the home loan from India Bank, firstly you need to fulfill the application form provided by the bank. Filling an application form is the first step to get the home loan from any lender. The best thing is that you can either fill this form online or visit your nearest branch for the same. Through these two ways, you can easily fill in the form and apply for a home loan in India Bank.

    Indian Bank Home Loan Eligibility Calculator

    Before availing you the loan amount, the bank calculates your eligibility i.e. how much loan amount you are eligible for. There are various parameters depending upon which your loan amount eligibility gets calculated. Once you put all the required details in the calculator, it will tell you the exact loan amount for which you are eligible.

    Benefits & features of Indian Bank home loan

    • You can borrow the home loan to purchase/construct a new flat
    • Home loan can be borrowed to purchase plot of property
    • The bank also offers loan to purchase under-construction property
    • You can take a loan to extend an existing house/flat
    • The loan can be availed to repair/renovate an existing house/flat
    • You can also use take over home loan facility to transfer your higher rate of loan to lower rate of interest loan with the bank
    • Loan can also be taken for reimbursement of cost incurred within a period of 6 months for purchase/construction of house/flat

    How much home loan can you get?

    Maximum Loan- 36 times of gross monthly income or 60 times of net monthly salary whichever is higher.

    Loan amount can also be set from 60% of future rental income from the home to be purchased/constructed. The company’s panel manager will certify the amount of rent receivable from the house property.

  • Home Loan Interest Rates February 2024
    Axis Bank8.75% - 9.15%
    Bank of Baroda8.50% - 10.60%
    Citibank8.75% - 9.15%
    HDFC8.50% - 9.40%
    ICICI Bank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank8.70%
    LIC Housing8.50% - 10.50%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance8.50% - 10.95%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI9.10% - 9.65%
    Tata Capital8.95% - 12.00%