Indian Bank Home Loan

Buying a house is a major milestone in life, and financial instruments offer a home loan to make it easier to get your dream home. The Indian Bank Home Loan is an attractive loan, and features among the easily accessible options that you can choose. 

In fact, the Indian Bank Home Loan interest rate is among the most competitive in the market, making it a cost-effective option. Read on to learn more about the Indian Bank Housing Loan and how you can avail of it online without any hassle.

The following table consists of the Indian Bank Home Loan interest rate and other applicable charges:

Disclaimer: The interest rate and charges mentioned in the table above are indicative and subject to change at the lender’s discretion. 

If you are thinking of availing a home loan, it is necessary to assess all aspects before zeroing in on any lender. Before you apply for the Indian Bank House Loan, compare the rates offered by other lenders too.

The following table presents the interest rates offered by different partner lenders on Bajaj Markets. You can compare these with the Indian Bank Housing Loan interest rate in order to choose the best-suited lender. 

Disclaimer: The above-mentioned interest rates are subject to change at the lender’s discretion. 

The Indian Bank Home Loan calculator is an online tool that helps you compute the monthly instalments against your home loan. With the prior knowledge of EMI that you need to pay, you can efficiently plan your monthly repayment and even foreclosure.

So, to safeguard yourself from troubles arising out of default payments and to make the most of your borrowing, use this Indian Bank Housing Loan EMI calculator. To use the calculator, all you need is the interest rate, loan amount, and repayment tenure.

Here is the list of documents you need to submit with the application form:

• ID and residential proof 

  1. Passport 

  2. Voters ID 

  3. Driving Licence 

  4. PAN Card (Only for ID proof)

  5. Aadhaar Card

• Income Proof 

  1. For Salaried- Bank statements and salary slips of the last six months

  2. For Self-employed - ITR and balance sheet of the past three years, bank account statements of last year, and Form 16 

• Two passport-size photographs

In order to apply for it, you need to fulfil the following Indian Bank home loan eligibility criteria:

• You must be an Indian citizen and at least 18 years of age 

• You must be an employee of Central or State government services for the last 3 months or an MNC/reputed company for the last two years

• You must be self-employed for the last three years 

• If you are a pensioner, you must have an adequate income to repay the loan

• The property mortgaged for a home loan must be insured

The following are the different types of home loan schemes that the Indian Bank offers:

• IB Home Loan: This is a regular home loan offered by Indian Bank that you can use to purchase a plot or home or renovate it. Its interest rate starts from 8.45% p.a., and the tenure goes up to 30 years.  

• IB Home Loan Plus: It is a top-up loan facility for various purposes, including covering the expenses of purchasing a house or renovating it. The interest rate for IB Home Loan Plus is 9.35% onwards.

• IB Home Advantage: This is an overdraft facility that you can use to purchase or build a house/flat or purchase a plot. The interest rate on this lending option starts from 8.85% p.a. 

• IB Plot Loan: As its name suggests, you can avail of this loan option to purchase a house plot. The interest rate on IB Plot Loan starts from 9.85% p.a.

• IB Home Improve: IB Home Improve offered by the Indian Bank has been specifically designed to cover the cost of remodelling current houses. The IB Home Improve interest rate is 9.35% p.a. onwards. 

• IB Home Enrich: This loan is also for the purpose of home renovation and repair. You can get this loan at an interest rate starting from 9.40%

To apply online for the Indian Bank home loan, follow these simple steps. 

• Visit the official Indian Bank Home Loan webpage

• Click on “Apply For Loan”

• Choose “No” for the question “Existing Customer?”, enter your mobile number, and click “Generate OTP”

• Input the OTP you receive and fill the application form

If you have any queries regarding the Indian Bank home loan, you can get it sorted by contacting the Indian Bank customer support authorities. You can call on the National helpline number - 1800 425 00 000 to raise your concern. You can even use the ChatBot on the official website to get your queries resolved.