- Check home loan rates and apply online.
- IndusInd Bank home loans are available at low-interest rates.
A home loan is generally taken for the tenure of 15 to 20 years depending on the borrower’s choice. At IndusInd Bank, the maximum time period for home loans is 30 years which is available with flexible tenure option. Thus, you can choose the tenure for which you can pay the EMI easily. The monthly installment depends on the rate of interest, tenure and the loan amount. As mentioned above, you can choose the tenure but the loan amount and rate of interest you get on a home loan depends on the property type and factors such as your repayment capacity which includes your income, age, credit history, etc. Below is an example wherein you can compare home loan rates at different banks.
Interest Rate Comparison Tool
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IndusInd Bank Home Loan Interest Rates February 2023
Below is the table showing the rate of interest, tenure, loan amount on a IndusInd Bank home loan.
|Home Loan Interest Rate||6.70% - 8.00%|
|Loan Amount||INR 3 Lakh - INR 75 Lakh|
|Processing Fee||0.50% of the loan amount|
How can you get the lowest rate of interest?
As you know, home loans are big-ticket purchases and run for about 15 to 20 years on average. Hence, it is necessary to choose lower IndusInd Home Loan Interest Rates so that the EMI amount and overall interest outgo reduce. We are telling you some factors by which you can get a lower interest rate. Have a look!
Good Credit Score
A credit score is one of those factors that determine how an individual handles his debt. Simply put, a credit score helps IndusInd Bank assess the creditworthiness of an individual. As you know, IndusInd Bank Home Loan Interest Rates usually range from 6.70% - 8.00% per annum. Credit scores affect your interest rates on home loans. If you have a high credit score (750 or above), the chances of getting a lower interest rate are quite high as compared to an individual who has a poor credit score (below 650).
Credit Score plays a crucial role in the case of Balance Transfer too. If you have a good credit score and transfer your outstanding principal balance to IndusInd Bank, you can also get lower rates.
Higher Monthly Income
Apart from the Credit Score, monthly income is also a factor that can get you lower IndusInd Home Loan Interest Rates. Let us make you understand this. When you have a higher monthly income and fewer existing obligations (Loan or Credit Card EMIs), you can have a higher disposable income towards the repayment of the loan. Simply put, a higher monthly income means a higher repayment potential that makes the bank trust such individuals.
Make a Higher Down Payment
As you know, IndusInd Bank provides a loan amount of 75% to 90% of the overall price of your property. You will need to fund the remaining amount (10% to 25% of the overall property value) from your sources. This amount is known as the Down Payment amount. So, if you want to choose lower IndusInd Bank Home Loan Interest Rates, you can do it by making a higher down payment amount. When you do this, your loan amount will be lower, and because of this, the bank can provide you lower interest rates.