हिंदी में पढ़े
Disclaimer: Indian Bank is not a Paisabazaar partner and all content herein is strictly informative in nature. Paisabazaar is not affiliated with, sponsored by or in any way connected to Indian Bank for home loans. No offers/services from Indian Bank are being provided by Paisabazaar for home loans. For further information about Indian Bank for home loans, users are required to reach out directly to Indian Bank.
Indian Bank Home Loan Highlights
| Particulars | Details |
| Indian Bank Home Loan Interest Rate | 8.40%-10.30% p.a. |
| Loan Tenure | Up to 30 years |
| Loan Amount | Up to 90% of the property value |
| Processing Charges | NIL |
Note: Rates as of 6th November 2024
| On this Page: |
Indian Bank Home Loan Interest Rates
Following are the floating and fixed interest rates offered by Indian Bank for different schemes.
Indian Bank Home Loan Floating Interest Rates
Indian Bank Home Loan
| Products | Interest Rates (p.a.) |
| IB Home Loan | 8.40% to 9.80% |
| IB Home Loan to NRI | 8.40% to 9.80% |
| IB Takeover Home Loan | 8.40% to 9.80% |
Indian Bank Plot Loan
| Products | Interest Rates (p.a.) |
| Plot Loan | 9.40% to 10.80% |
| Plot Loan to NRI | 9.40% to 10.80% |
Other Products
| Products | Interest Rates (p.a.) |
| IB Home Improve | 8.90% to 10.30% |
| IB Home Enrich | 9.40% to 9.95% |
| IB Home Loan Plus | 8.90%-10.00% |
Also Read: Indian Bank Loan Against Property
Indian Bank Home Loan Fixed Rate of Interest
Indian Bank Home Loan
| Products | Interest Rates (p.a.) |
| Indian Bank Home Loan Elite | 8.85% to 8.90% |
| Indian Bank Home Loan General | 9.30% to 9.50% |
Indian Bank Plot Loan
| Products | Interest Rates (p.a.) |
| Indian Bank Plot Loan Elite | 9.85% to 9.90% |
| Indian Bank Plot Loan General | 10.30% to 10.50% |
Indian Bank Home Improve
| Products | Interest Rates (p.a.) |
| Indian Bank Home Improve Elite | 9.30% to 9.35% |
| Indian Bank Home Improve General | 9.75% to 9.95% |
Indian Bank Home Enrich
| Products | Interest Rates (p.a.) |
| Indian Bank Home Enrich | 9.45%-10.00% |
Indian Bank Home Loan Plus
| Products | Interest Rates (p.a.) |
| Indian Bank Home Loan Plus Elite | 9.30% to 9.55% |
| Indian Bank Home Loan Plus General | 9.75% to 10.50% |
Also Read: Which bank or HFC’s offers best home loan?
Compare Interest Rates on Home Loans for Top Banks & HFCs
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
| SBI | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | 8.50%-9.85% p.a. | Apply Now |
| HDFC Bank Limited | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Apply for Indian Bank Home Loan at Attractive Interest Rates Click Here
Indian Bank Home Loan Apply Online
Individuals can apply Home Loan either through the official website of Indian Bank or through Indian Bank app, IndSMART. You can also visit the Indian Bank branch to apply for Indian Bank Home Loan. Applicants should also visit online financial marketplaces to compare the interest rates and other features offered by various lenders and apply accordingly.
Indian Bank Home Loan Processing Fees
| Loan Product | Processing Charges |
| Indian Bank Home Loan to Residents/NRI Home Loan/IB Home Advantage/NRI Plot Loan | NIL |
| Indian Bank Home Improve/IB Home Loan Plus/IB Home Enrich/Resident Plot Loan/Repair and Renovation | NIL |
Also Read: Processing Fee for Home Loans
Documents Required for Indian Bank Home Loan
Indian Bank has not mentioned the documents required for home loan. However, applicants may consider the following documents while applying for Indian Bank Home Loan.
- ID Proof
- Address Proof
- Income Proof
- ITR
- Business proof
- Property documents
Eligibility Criteria for Indian Bank Home Loan
Below-mentioned are the eligibility criteria for Indian bank home loan.
For Indian Bank Home Loan
- Resident Indians with regular source of income and total experience of at least 3 years
- Salaried individuals employed with Central Government/State Government/Public Sector Undertakings/MNCs/Reputed Companies/Government aided educational institutions having an experience of at least 2 years are eligible for IB Home Loan.
- Businessmen, professional and self-employed individuals having a minimum experience of 3 years can also avail IB Home Loan
- Indian Bank Home Loan is also offered to pensioners having adequate money for loan repayments
- Minimum age: 18 years
- Maximum age: 70 years
For Indian Bank Home Improve Loan
- Existing home loan borrowers (both Indian residents and NRIs) are eligible for Indian Bank Home Improve Loan scheme
- Prospective home loan borrowers who belong to salaried, professional and business class can avail Indian Bank Home Improve Loan
For NRI Plot/Home Loan
- NRIs with regular monthly income
- NRIs employed with a residual contract period with service of at least 3 more years
- Maximum age for applying: Up to 50 years
- Age at the end of repayment period: 60 years
Indian Bank Home Advantage Loan
- Resident Indians with regular source of income and total experience of at least 3 years can avail Indian Bank Home Advantage
- The applicant should be salaried, businessman, professional, self-employed and pensioners
- Non Residents can also avail Indian Bank Home Advantage scheme
- Resident’s Age: 18-70 years
- Non-Resident’s Age: 21-60 years
For IB Home Enrich
- Resident individuals and NRIs having residential property in their name supported by copy of latest Tax Paid Certificate/Gift Deed/Sale Deed/Mutation Certificate/Partition Deed
- Salaried individuals, self-employed, businessmen, professionals and pensioners having a steady source of income and a minimum experience of 3 years
- Existing home loan borrowers can also avail Indian Bank Home Enrich
- Minimum age at the time of loan application: 18 years
- Maximum age at the time of loan application: 65 years
- Maximum age at the time of loan maturity: 70 years
Indian Bank may also check credit score and monthly income of its applicants, just like other lenders do while evaluating their home loan eligibility criteria.
Indian Bank Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Indian Bank Home Loan Customer Care
Below-mentioned is the customer care number for Indian Bank home loan.
- All India Toll-free number – 1800 233 4526, 1800 102 2636
- Head Office Telephone Numbers – 020 25514501/05, 020 25514510, 020 25513781
Types of Indian Bank Home Loan
Indian Bank Home Loan
Purpose: Indian Bank offers regular home loans to finance the purchase/construction of a new house/flat, plot purchase and home construction thereon, purchase of flat under-construction, purchase of flat/house being resold and repair/renovation/extension of existing house. Existing home loan borrowers of other banks and HFCs can also avail this scheme to transfer their existing home loans to Indian Bank at low interest rates.
Loan Amount: The loan amount is considered based on the Net Take Home Pay criteria.
- If the gross annual income of the applicant is up to Rs 15 lakh, the take home income should not be less than 40% of gross annual income.
- If the gross annual income of the applicant is above Rs 15 lakh, the Net Take Home Pay should be at least Rs 50,000 per month.
LTV Ratio:
| Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | 90% |
| Rs 30 lakh-Rs 75 lakh | 80% |
| Above Rs 75 lakh | 75% |
| For Repair/Renovation | 70% |
Tenure:
- Regular Home Loan: Up to 30 years
- For Repair and Renovation: Up to 10 years
Indian Bank Home Advantage Loan
Purpose: IB Home Advantage Home Loan is an overdraft facility wherein the existing home loan borrowers can deposit surplus amount in the linked overdraft account and withdraw money as per their requirements within the pre-determined limit.
Loan Amount: If the borrower is less than 45 years old:
- For Salaried: 72 times monthly gross salary
- For others: Up to 6 times gross annual income
If the age of the borrower is 45 years and above:
- For Salaried: 60 times monthly gross salary
- For others: Up to 5 times gross annual income
LTV Ratio:
| Particulars | Details |
| Loan amount up to Rs 30 lakh | Up to 90% |
| Loan amount Rs 30 lakh-Rs 75 lakh | Up to 80% |
| Loan amount above Rs 75 lakh | Up to 75% |
| Repair/Renovation | Up to 70% |
Tenure: Up to 30 years or 70 years of age
Indian Bank NRI Home Loan
Purpose: NRIs and Person of Indian Origin can avail NRI Home Loans from Indian Bank to raise funds for purchase/construction of flat/house and repair/renovation/alteration of existing house.
Loan Amount:
- 60 times Gross monthly income subject to availability of 40% Net Take Home Pay after deducting EMIs (including that of proposed home loan)
- For Repair/renovation: Up to Rs 3 crore
LTV Ratio:
| Particulars | Details |
| Loan amount up to Rs 30 lakh | Up to 90% |
| Loan amount Rs 30 lakh-Rs 75 lakh | Up to 80% |
| Loan amount above Rs 75 lakh | Up to 75% |
| Repair/Renovation | Up to 70% |
Tenure: Up to 20 years
Indian Bank NRI Plot Loan
Purpose: Indian Bank offers NRI Plot Loan to NRI applicants for purchase of house site located in layouts approved by Government authorities. NRI applicants cannot avail this scheme to purchase house sites in rural areas.
Loan Amount: 36 times Gross monthly income subject to availability of 40% Net Take Home Pay after deducting EMIs (including that of the proposed plot loan) Cap on plot loan:
- For property purchase in urban area: Up to Rs 2 crore
- For property purchase in semi-urban area: Up to Rs 1 crore
- For property purchase in metro: Up to Rs 3 crore
LTV Ratio: Up to 75% on cost of plot
Tenure: Up to 15 years
Indian Bank Home Improvement
Purpose: Indian Bank offers Home Improvement Loan to finance the purchase of household furniture, kitchen racks, TV sets, cupboards, fridge, computers, wallpapers, interior decorations, lighting, air conditioners, kitchen chimneys, etc.
Loan Amount: 36 times of gross monthly income (Up to Rs 3 crore)
LTV Ratio: Up to 85% of cost of articles purchased
Tenure: Up to 10 years
Indian Bank Home Enrich
Purpose: Consumers can avail IB Home Enrich Home Loans for carrying out repair/renovation of existing houses/flats.
Loan Amount: Rs 1 lakh-Rs 10 lakh
LTV Ratio: Up to 70%
Tenure: Up to 10 years or 70 years of age
FAQs on Indian Bank Home Loan
What is the current home loan interest rate of Indian Bank?
Indian Bank offers home loan interest rates starting from 8.40% p.a. onwards depending on the credit profile of the applicant.
What is the eligibility criteria for Indian Bank Home Loan?
Salaried individuals, businessmen, self-employed and pensioners are eligible for Indian Bank Home Loans.
What are the documents required for Indian Bank Home Loan?
Indian Bank has not mentioned any documents required for availing home loans. However, lenders usually consider ID proof, address proof, bank statements, ITR, business proof, asset proof for processing home loans.
What is the processing time for Indian Bank Home Loan?
Indian Bank has not specified the processing time for its home loan. However, lenders usually take 2-3 weeks or even more for processing home loan applications depending on the loan applicant, property features, etc.
Can I choose between fixed and floating rates of interest from Indian Bank home loan?
Indian Bank offers home loans at floating rates only.
Can I prepay my home loan availed from Indian Bank?
Yes, you can prepay your home loan availed from Indian Bank. No prepayment charges are levied as the home loans are offered at floating rates.
What is the minimum credit score required to avail home loans from Indian Bank?
Indian Bank has not specified the cut-off credit score for home loan applicants. However, Indian Bank offers lower interest rates to applicants having higher credit score. For example, applicants with credit scores of 800 and above are offered the lowest home loan interest rates followed by those with credit scores of 750-799, 701-750, up to 700, and so on.
Does Indian Bank offer holiday period on the repayment of regular home loan (IB Home Loans)?
Indian Bank offers holiday period of up to 18 months on home loans availed for constructing houses on already existing plots. For flats under construction (in case of bigger projects), the holiday period of up to 3 years is offered. The bank offers holiday period of up to 2 years for plot purchase and house construction, thereon. No holiday period is offered in case of takeover accounts and outright purchase of house/flat.
What does an home loan EMI mean?
EMI or Equated Monthly Instalment is the amount the applicant will pay to the bank every month till the loan is repaid completely. It comprises of the principal component and the interest component in a way that the interest component is greater than the principal component in the initial years of loan repayment.
Prospective home loan applicants can use online home loan EMI calculators to calculate the home loan EMIs for various home loan interest rates and tenures.
Does Indian Bank offer preferential rates on home loans to women applicants?
Indian Bank offers interest rate concession of 55 bps (salaried with check off facility) and 30 bps (non-salaried) to women applicants opting for IND Home Enrich Home Loans.
What is the holiday period offered on the repayment of home repair/renovation loan and home improvement loan by Indian Bank?
Indian Bank does not offer any holiday period home improvement loans. For home repair/renovation loan availed under its IB Home Enrich scheme, the holiday period is allowed till the completion of repair and renovation. However, it is necessary for the home loan borrowers to service the holiday period interest every month.