Indian Bank Home Loan Interest Rate

Indian Bank offers house loans starting at 7.90% p.a. for terms up to 30 years and loan amounts up to 90% of the property's value. The bank also provides an overdraft facility through its 'IB Home Advantage' scheme, a balance transfer facility, and 'IND AWAS,' a unique home loan facility for PMAY-CLSS interest subsidy applicants.

Characteristics of the Indian Bank Home Loan

  • Available for a new home purchase or construction, land acquisition, house construction, existing home purchase, home expansion, repairs and renovation, and balance transfer.
  • Rates begin at only 7.90% per annum.
  • There is no processing fee for PMAY-eligible house loans.

Indian Bank Home Loan Interest Rate 2022

Here are the Indian Bank Home Loan Interest Rate for 2022-

1) Indian Bank Home Loan Interest Rate for IB Home Loan Premium

CIBIL Score

Interest Rate

750-799

8.05%

800 and above

7.90%

2) Indian Bank Housing Loan Interest Rate for Plot Loan

CIBIL Score

Interest Rate

Up to 700

9.40%

701-750

9.25%

Above 750

9.20%

3) Indian Bank Home Loan Interest Rate for Home Loan Floating

CIBIL Score

Interest Rate

Up to 700

8.40%

701-750

8.25%

Above 750

8.20%

4) Indian Bank Housing Loan Interest Rate for Home Improvement Loan

CIBIL Score

Interest Rate

Up to 700

8.90%

701-750

8.75%

Above 750

8.70%

5) Indian Bank IB Home Loans Plus Interest Rates

CIBIL Score

Interest Rate

Up to 700

9.30%

701-750

9.25%

751-800

8.90%

Above 800

8.80%

6) Indian Bank IB Home Enrich Interest Rate

Type

Interest Rate

General

8.95%

Women (Salaried with check-off facility)

8.40%

Women (Non-Salaried)

8.65%

Who is Eligible to Apply for a Home Loan from Indian Bank?

To apply for this loan, you must meet the following requirements:

  • Indians and Non-Resident Indians are the two types of residents (NRIs)
  • The age range of applicants is 18 to 70 years.
  • The principal applicant's monthly salary must be at least Rs 25,000.

Documents Needed to Apply for a Home Loan from the Indian Bank

  • Latest photos
  • KYC associated documents
  • Copy of PAN, Aadhar Card & Voter Card of both applicant and guarantor
  • Other documents to be submitted according to the profile

Different Types of Indian Bank Home Loans

Here are the different types of Indian Bank home loans available-

1) IB Home Loans Scheme

The aim of this scheme is to buy/build a new house/flat, to buy a plot/existing house or flat, to repair/renovate/extend an existing house/flat, and to use the balance transfer facility.

2) Plot Loan from Indian Bank

The aim of this scheme is to buy a plot duly approved by the competent authority.

3) NRI Home Loan from Indian Bank

This scheme is For the acquisition or building of a flat/home, as well as the repair/renovation/alteration of an existing house for NRIs and PIOs.

4) Indian Bank NRI Plot Loan

This is for NRI purchases plots in non-rural areas with layouts approved by government authorities.

5) Indian Bank IB Home Improvement

This scheme is for the purchase of household furniture, TV sets, fridge, kitchen racks, and more.

6) Indian Bank Home Loans Plus

This is a scheme for any bonafide purpose other than speculative purposes. 

7) Indian Bank Enrich

This scheme is for the repair and renovation of residential houses or flats.

8) IND Awas-Home Loan under PMAY CLSS

It is affordable housing for the urban poor with credit-linked subsidies on home loans taken out by the urban poor (EWS/LIG) for house purchase/construction.

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