What is the maximum tenure offered by the Indian Bank on home loans?

The maximum tenure for Indian Bank home loan is 30 years. However, the tenure can also change based on the scheme.

How is the interest rate determined for Indian Bank housing loans?

Indian Bank determines the interest rate based on factors like the loan amount, loan tenure, CIBIL Score, and the type of home loan chosen by the borrower.

How can I know the Indian Bank home loan EMI amount?

You can calculate the EMI amount for an Indian home loan using an online Indian Bank home loan EMI calculator .

What is the maximum home loan amount offered by the Indian Bank?

The maximum loan amount offered by Indian Bank on home loans is Rs.10 crores. However, this loan amount can vary depending on your CIBIL score and monthly income.

What is the minimum interest rate on Indian Bank home loans?

The minimum interest rate levied by Indian Bank on their home loan schemes starts from as low as 8.40% per annum.

Indian Bank Home Loan Interest Rates

Indian Bank offers various types of home loans to its customers to help them fulfill their dream of buying a home. The Indian Bank home loan interest rates charged on the borrowed amount can start from as low as 8.40%. These rates depend on certain factors such as loan amount, tenure and the applicant’s CIBIL Score.

This page covers information on different types of Indian Bank home loans, their interest rates, application process, and eligibility criteria.

Indian Bank Home Loan - Important Details

The table below includes essential details related to Indian Bank home loans, such as maximum loan amount, processing fees, tenure and foreclosure charges.

Indian Bank Home Loan - Highlights
Indian Bank Home Loan Amount	Minimum amount: Rs. 1 lakh Maximum amount: Rs. 10 crores
Indian Bank Home Loan Interest Rate	8.40% p.a. - 10.30% p.a.
Loan Tenure	Upto 30 years
Foreclosure Fees	Nil

Last modified on 16 July, 2024. Source: Indian Bank website

Indian Bank Home Loan Interest Rates 2024

Given below are the different interest rates levied by the Indian Bank on different types of home loans:

Types of Indian Bank Home Loans	Indian Bank Housing Loan Interest Rates
IB Home Loan	8.40% p.a. to 9.80% p.a.
IB Plot Loan	9.40% p.a. to 10.80% p.a.
NRI Home Loan	8.40% p.a. to 9.80% p.a.
NRI Plot Loan	9.40% p.a. to 10.80% p.a.
Home Loan to Corporate Entity	8.85% p.a. to 10.35% p.a.
IB Home Loan Plus	8.90% p.a. to 10.00% p.a.
IB Home Improve	8.90% p.a. to 10.30% p.a.
IB Home Enrich	9.40% p.a. to 9.95% p.a.

Last modified on 16 July, 2024. Source: Indian Bank website

Eligibility for Indian Bank Home Loans

Here are the eligibility criteria for different types of Indian Bank Housing Loans. One can apply for a home loan in Indian Bank if they fulfill the following eligibility criteria:

1. Eligibility for IB Home Loans

Refer to the following table to know who is eligible to apply for IB Home Loans, including IB Home Loan Plus, IB Home Improve and IB Home Enrich:

IB Home Loans Eligibility
Target Group	Businessmen, Salaried Class, Pensioners, Professional and Self-employed.
Minimum Entry Age	18 years
Maximum age for loan application	65 years
Maximum Exit Age	70 years
Eligibility for Salaried	Salaried individuals employed with Central Government/State Government/Public Sector Undertakings/MNCs/Reputed Companies/Government educational institutions with an experience of at least 2 years.
Eligibility for Non-Salaried	Minimum Experience of 3 years (in the case of businessmen, Professional and Self-employed)
Eligibility for Pensioners	Having adequate income to service the loan

2. Eligibility for IB Plot Loan

Refer to the following table to know who is eligible to apply for IB Plot Loan:

IB Plot Loan Eligibility
Minimum Age	18 years
Nationality	Must be an Indian Resident
Eligibility for Salaried	Salaried individuals employed with Central Government/State Government/Public Sector Undertakings/MNCs/Reputed Companies/Government educational institutions with an experience of at least 2 years.
Eligibility for Non-Salaried	Minimum Experience of 3 years (in the case of businessmen, Professional and Self-employed)
Eligibility for Pensioners	Having adequate income to service the loan

3. Eligibility for NRI Home Loan

The table below shows the eligibility criteria for Indian Bank NRI home loan:

IB NRI Home Loan Eligibility
Who Can Apply?	NRIs who are employed with a residual contract period/service of at least 3 more years to run. NRI professionals with a regular monthly income.
Maximum Age for Application	50 years
Maximum Exit Age	60 years
Other Criteria	The layout of the house site should have been approved by the appropriate authorities, such as CMDA, BDA, DDA, Town Planning Authorities, etc.

4. Eligibility for NRI Plot Loan

The table below shows the eligibility criteria for the Indian Bank NRI plot loan:

IB NRI Home Loan Eligibility
Who Can Apply?	NRIs who are employed with a residual contract period/service of at least 3 more years to run. NRI professionals with a regular monthly income.
Maximum Age for Application	50 years
Maximum Exit Age	60 years
Other Criteria	The layout of the house site should have been approved by the appropriate authorities, such as CMDA, BDA, DDA, Town Planning Authorities, etc.

5. Eligibility for Home Loan to Corporate Entity

Given below are the eligibility criteria for Indian Bank home loans for corporate entities:

Eligibility for IB Home Loan to Corporate Entity
Who Can Apply?	Corporate entities such as public limited companies, private limited companies, and partnership firms, including LLPs, MNCs, and SPV/subsidiaries of corporate entities, are eligible to apply under this scheme.
Experience Required	The corporate entity should be in the line of business for at least 3 years.
Other Criteria	It should have an uninterrupted Net Profit in the last 3 FYs and should have a positive net worth. It should have an External Credit Rating of BBB & above. If an external rating is not mandatory, it should have an internal rating of A or above. CMR Ranking should be between 1 and 4.

How to Apply for Indian Bank Home Loans?

One can apply for a home loan under the Indian Bank either offline or online. Given below are the detailed instructions:

1) Steps to Apply for Indian Bank Home Loan Offline

Given below are the steps to apply for Indian Bank housing loan offline:

Visit any nearest Indian Bank branch.
Consult the bank representative about the different types of IB Home Loan Schemes.
Check their eligibility criteria and fill out the application form for the preferred home loan.
Submit all the necessary documents for background and income verification.

2) Steps to Apply for Indian Bank Home Loan Online

Given below are the steps to apply for Indian Bank housing loan online:

Go to the Indian Bank home loan website.
Check the eligibility criteria for all the home loans offered by the Indian Bank.
Fill out the application form.
After submitting the application form and documents, one of the representatives will contact you to proceed with the application process.

Before applying for a home loan, it is advisable to check the monthly instalments or EMI for the loan amount using the Indian Bank Home Loan EMI Calculator.

Documents Required for Indian Bank Housing Loan Application

Given below is the list of documents required to apply for a home loan under the Indian Bank:

ID card issued by your current employer (for salaried individuals)
Duly filled application form
3 passport sized photographs
ID Proof: PAN/Voter ID/Passport/Driving License
Address Proof: Telephone bill/electricity bill/water bill/piped gas bill/passport /Aadhar card

Supporting Documents for Property Papers

Permission for construction
Allotment letter
Stamped Sale Agreement
Occupancy certificate
Maintenance bill/electricity bill/property tax receipt
Copy of plan approved
Registered Development Agreement of the builder
Conveyance Deed
Bank account details or payment receipts

Supporting Documents for Account Statement Verification

Bank account statement for the last 6 months.
Loan account statement (for the last 1 year) for previous loans taken from other banks or financial institutions.

Supporting Documents for Income Proof (For Salaried Individuals)

Last 3 months' salary slip
Copy of ITR/Form 16

Supporting Documents for Income Proof (For Non-Salaried Individuals)

ITR for the last 3 years
Business Address Proof
Balance sheet for last 3 years
TDS Certificate (Form 16)
Business License Details

Comparison Between Top Bank's Home Loan Interest Rates 2024

Here is a comparative analysis of the home loan interest rates provided by the top banks in India:

List of Banks/ Housing Finances	Home Loan Interest Rates 2024 (per annum)
List of Banks/ Housing Finances	Above 75 lakhs	Above 30 lakhs to 75 lakhs	Up to 30 lakhs
Indian Bank	8.40% onwards	8.40% onwards	8.40% onwards
State Bank of India	8.50%-9.85%	8.50%-9.85%	8.50%-9.85%
LIC Housing Finance	8.50% - 10.75%	8.50% - 10.55%	8.50% - 10.35%
HDFC Bank Limited	8.70% onwards	8.70% onwards	8.70% onwards
Kotak Mahindra Bank	8.70% onwards	8.70% onwards	8.70% onwards
ICICI Bank	8.75% onwards	8.75% onwards	8.75% onwards
PNB Housing Finance	8.50%-11.45%	8.50% - 14.50%	8.50% - 14.50%
Punjab National Bank	8.40% - 10.15%	8.40% - 10.15%	8.45% - 10.15%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Finance Limited	8.65% onwards	8.65% onwards	8.65% onwards
Tata Capital Housing Finance	8.75% onwards	8.75% onwards	8.75% onwards
Federal Bank	8.80% onwards	8.80% onwards	8.80% onwards

Sr. No.	Related Topics
1.	Indian Bank Car Loan Interest Rates
2.	Indian Bank Personal Loan Interest Rates
3.	Indian Bank Gold Loan Interest Rates