Indian Bank Home Loans ✔ Interest Rates ✔ Eligibility ✔ Documents ✔ loan Emi of Indian Bank Home Loan 2015 ✔ Calculate loan eligibility with calculator.
Salient Features – For purchase or to construct a house / flat / renovate / repair or alter an existing house / flat
Eligibility Indian Bank Home Loan-
✔ Minimum entry age is 18 years and maximum exit age is 60 years
✔ Salaried Class with minimum service of three years.
✔ Businessmen, Professionals and Self-employed with minimum experience of three years.
✔ Pensioners with repayment capacity.
Quantum of Loan: -
- 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
- Spouse Income can be included for calculating eligible amount if he / she has steady income.
- Take home Income should be more than 40% of gross income after deduction of EMI for the proposed home loan, apart from other deductions
Floating Interest Rates-
|Upto 75 Lacs
||Above 75 Lacs|
- For Loans
- a) upto Rs. 20 lakhs : 10%
- b) above Rs. 20 lakhs upto Rs.75 lakhs : 20%
- c) above Rs.75 lakhs: 25%
Processing fees of Indian bank home loan: 0.225% of loan amount with a maximum of Rs.20,000/-
Prepayment charges: – NIL
Documents to be submitted for processing the application: -
1. Completed Application Form with passport size photograph.
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter’s ID
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate.
7. Proof of other income like rent, interest on investment, if any.
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed.
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
10. Agreement of Sale / Sale Deed.
11. Approved Building Plan.
12. Title Deed Documents for 30 years.
13. Proof of title in the Revenue Records.(Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant’s cost)
Insurance: Property (offered as security) to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies
Source: Indian Bank Website
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