Indian Bank Home Loan
Make your tomorrow better with Indian Bank Home Loan at interest rates starting from just 7.55% onwards.
Interest Rate
7.55% onwards.
Processing Fee
Up to 1.18% of the loan amount
Prepayment
Charges
Zero prepayment charges
Tenure
Up to 20 Years
- Eligibility Factors
- Documents Required
- Loan Verification Process
- Rate of Interest
a. Age – For residents - 18-70 years
For non-residents – 21-70 years
b. Credit score: 750 or above
c. Employment Type: Salaried
Self-employed
d. Minimum net income (monthly): INR 15,000 (Non-metro cities)
INR 20,000 (For metro cities)
e. Work experience: For salaried- 1 year of job stability
For self-employed- 3 years of business stability
All the applicants are required to submit the below-listed documents with the bank-
● Filled up application form
● Recent Photographs
● ITR of previous 2 years
● Proof of Identity Proof
● Proof of Residency
● Proof of Signature Authenticity
Self-employed candidates are required to submit the documents listed below along with the ones mentioned above –
● Proof of business establishment
● Address proof of Business
● Income Tax Returns
● Proof of Business continuity of past 3 years
● Copy of bank statement of past 180 days
● Proof of earnings of last 6 months
Salaried applicants are required to submit a copy of the following documents besides along with the ones mentioned above -
● Last 6 months of bank statement showing your income or salary details
● Copy of salary slip of past 180 days
● Copy of all relevant documents showing ownership of property that is to be mortgaged
● Previous 2 years Form 16
● Employer’s ID
● Proof of work experience
Identity Proof (for all borrowers)
● Driving License
● Aadhar Card
● Valid Passport
● PAN Card
● Voter ID
Proof of Residential Address (for all borrowers)
● Utility Bill
● Receipt of Property Tax
● Approved Building Plan
● Valid Passport
● Voter ID
● Registered Rent Agreement
Birth Date Proof (for all borrowers)
● Driving License
● Valid Passport
● Voter ID
● Aadhar Card
Property documents (for all borrowers)
● Registered Sale Deed
● Lease Deed
● Conveyance
● Past Sale Deeds
● Receipt of House Tax Return
● Building Plan approved by Municipal Corporation
Income documents (for salaried borrowers)
● Last 6 months Pay Slip.
● Form 16 of past 2 years
● Bank statement of past 6 months showcasing EMI debit/ salary credit
All loan applicants require submitting the specified property documents:
● Copies of the sale agreement, encumbrance certificate and title deed.
● Clearance certificate and approved plan certificates from authorities.
● Allotment letter by-laws of Apartment owners Association or cooperative society.
The loan verification proceeds in the following stages:
1. Fill the application form and upload it on the official website or wherever required. Submit copies of all the relevant documents required for application verification. It can be quickly done by signing up on apnapaisa.com.
2. One of our customer care representatives will get back to you within 24 hours and schedule visits for collecting document copies (in case you chose offline submission of documents).
3. The concerned officials will verify the documents and the details there. They may visit the property if necessary.
4. Once your application is approved, the loan amount will be disbursed to your account, and you will get a copy of the duly signed loan agreement containing details of loan interest, tenure, loan amount, charges, and penalties.
Indian Bank Home Loan Interest Rate starts from 7.55% onwards.