IndusInd Bank Loan Against Property
Last Updated : Nov. 17, 2016, 6:12 a.m.
About IndusInd Bank Loan Against Property
The loan that wins a borrower’s heart is the one which gives money without making a hole in their pockets. Everyone looks for a loan with low-interest rates for a longer tenure and low processing fee. Keeping in mind the needs of the customer and their convenience, Indusind Bank comes up with the loan against property scheme.
Indusind Bank offers LAP (both residential and commercial) for personal or business needs at one of the lowest interest rate linked to MCLR, processing fee of up to 2% and tenure of up to 15 years. Be it your residential property or a commercial one, you can easily get a loan. This customer-friendly loan fulfills all the desires of the borrower.
IndusInd Bank Loan Against Property Details
| Particulars | Details |
|---|---|
| Interest Rate | 9.50% - 13.50% |
| Loan Amount | Customized |
| Tenure | Up to 15 years |
| Processing Fees | Up to 2% of the loan amount |
| Prepayment Charges | 4% of the principal outstanding |
How to Apply
Any individual/s who wants to take a loan against his/her residential or commercial property has to have the KYCs, loan application form, property documents, photographs, etc. and submit it all at the nearest bank branch. It is important to note that all the details and documents given to the bank must be genuine.
Loan Against Property EMI Calculator
A loan EMI calculator is the tool that is used to calculate the monthly installments as per the chosen tenure and interest rate. Along with the EMI table, the amortization table tells you the detail about the EMI of the last year of the tenure.
For eg. If you are taking a loan of ₹15 lakhs at 9.85% per annum interest rate, for the repayment period of 15 years, the EMI and total repayment amount are ₹15,982 and ₹28,76,707 respectively.
For your reference about the monthly EMIs and the amortization table, here is the table:
Table Showing EMI, Interest Outgo, and Total Repayment Amount
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 46,073 | ₹ 1,45,707 | ₹ 14,53,926 |
| 2 | ₹ 50,822 | ₹ 1,40,958 | ₹ 14,03,103 |
| 3 | ₹ 56,060 | ₹ 1,35,720 | ₹ 13,47,042 |
| 4 | ₹ 61,839 | ₹ 1,29,941 | ₹ 12,85,203 |
| 5 | ₹ 68,212 | ₹ 1,23,568 | ₹ 12,16,990 |
| 6 | ₹ 75,243 | ₹ 1,16,537 | ₹ 11,41,747 |
| 7 | ₹ 82,999 | ₹ 1,08,781 | ₹ 10,58,748 |
| 8 | ₹ 91,553 | ₹ 1,00,227 | ₹ 9,67,194 |
| 9 | ₹ 1,00,990 | ₹ 90,790 | ₹ 8,66,203 |
| 10 | ₹ 1,11,399 | ₹ 80,381 | ₹ 7,54,804 |
| 11 | ₹ 1,22,881 | ₹ 68,899 | ₹ 6,31,922 |
| 12 | ₹ 1,35,547 | ₹ 56,233 | ₹ 4,96,375 |
| 13 | ₹ 1,49,518 | ₹ 42,262 | ₹ 3,46,857 |
| 14 | ₹ 1,64,929 | ₹ 26,851 | ₹ 1,81,928 |
| 15 | ₹ 1,82,058 | ₹ 9852 | ₹ 0 |
IndusInd Bank Loan Against Property Eligibility
Here is the list of the individual/s who can apply:
- Individuals/Proprietorship concerns
- Partnership firms
- Private Limited Companies
- Closely held Public Ltd Companies (not listed on any stock exchange)
Salaried Individual
- Any individual employed permanently in any Public sector Undertaking, Government undertaking, Multi National Company, Listed public limited company or well-known private limited company can apply
- Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should be lower than retirement age
Self Employed Professional/Non-Professionals
- Doctors, Charted Accountants, Cost Accountants, Architects, Engineers, Company Secretary, CFA’s can apply
- Any individual filing Income Tax returns can apply
- Minimum age at the time of loan application should be 21 years & maximum age at loan maturity should not exceed 70 years
IndusInd Bank LAP Documents Required
Here is the list of the documents that you must have at the time of applying:
| Category | Individuals | Non-Individuals |
|---|---|---|
| Application Form | Application Form with photograph | Application Form with photograph |
| KYC Documents | Valid Identity/Residence/Signature proof | Valid Identity/Residence/Signature proof |
| Proof of Income | Latest Form 16/ITR copy/Appointment letter and latest 3 months’ salary slips / Salary Certificate | Latest 2 years ITR along with Computation and Acknowledgement. 2 years financials with full schedules & audit report (Form 3CD & 3CB). Financials to be audited for T/O > 40 /60 Lacs case else shd be CA certified |
| Bank Statement | Latest 6 months bank statement of the MAIN CA/SA/CC/OD account | Latest 6 months bank statement of the MAIN CA/SA/CC/OD account |
| Property documents | Copy of all property documents of the concerned property that you wish to mortgage for loan | Copy of all property documents of the concerned property that you wish to mortgage for loan |
| Processing fee | Processing fee cheque | Processing fee cheque |
Features & Benefits of IndusInd Bank LAP
- Low-interest rate
- Maximum tenure of up to 15 years
- Maximum loan eligibility
- Easy documentation & speedy approval
- Loan for purchase of commercial property
- Loan against residential or commercial property
- Takeover of existing loan with additional finance
- Processing fee of up to 2% of the loan amount