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Indian Bank Home Loan

Indian Bank Home Loan is one of the most convenient loan programs that one can avail to finance the home of his dream. Home loan offered by Indian Bank can be used for a range of purposes that include construction of a house or a flat, renovation, repairs or alteration of an existing house or flat. On the other hand, Indian Bank offers several other home loans term such as Plot Loan, Home Improve Loan and NRI Home Loan for eligible home buyers. These home loans will have certain purpose and eligibility conditions which the borrowers are required to fulfill in order to obtain the home loan amount.

Indian Bank Home Loan Eligibility

Indian Bank Home Loans are made available to applicants who are under the age of 50 years at the time of application. On the other hand, the permissible age at the completion of the repayment period is 60 years. Salaried individuals who have been working for at least three years are eligible to apply for home loans. Pensioners who have the repaying ability can also apply for these loan terms. Moreover, businessmen, self-employed and professionals with minimum 3 years experience can obtain this loan option.

Indian Bank Home Loan Details

Eligible home buyers can get up to 36 times their gross monthly income or 60 times the net monthly income. The income of the spouse can also be included while calculating the overall eligible amount if he/she has stable income. As per the bank's regulation, the take home amount should exceed 40% of the gross income of the borrower after deduction of Emi and various other deductions.

Indian Bank Home Loan Rate of Interest

Indian Bank offers competitive home loan rates depending on the range of loan terms. The bank offers floating as well as fixed rate loans on several types of loan programs. Find the prevailing home loan interest rates on various loan options.

Sanctioned Limits upto Rs. 20 lakhs
Period of Loan Interest Rate w.e.f. 01.07.2009
(for both existing & fresh accounts)
Up to 5 years 9.00 %
> 5 years up to 10 years 9.25 %
> 10 years up to 15 years 9.50 %
> 15 years up to 20 years 9.75 %

Sanctioned Limits above Rs. 20 lakhs & upto Rs. 30 lakhs
Period of Loan Interest Rate w.e.f. 01.07.2009
(for both existing & fresh accounts)
Up to 5 years 9.25 %
> 5 years up to 10 years 9.50 %
> 10 years up to 15 years 9.75 %
> 15 years up to 20 years 10.00 %

Sanctioned Limits above Rs. 30 lakhs & upto Rs. 2 Crore
Period of Loan Interest Rate w.e.f. 01.07.2009
(for both existing & fresh accounts)
Up to 5 years 9.75 %
> 5 years up to 10 years 10.00 %
> 10 years up to 15 years 10.25 %
> 15 years up to 20 years 10.50 %

Sanctioned Limits above Rs. 2 Crore
Period of Loan Interest Rate w.e.f. 01.07.2009
(for both existing & fresh accounts)
Period upto 20 years 13.50 %

* Home Loan Fixed Rate (for residents only)

Sanctioned Limits upto Rs. 20 lakhs
Period of Loan Interest Rate w.e.f. 01.07.2009
(for fresh accounts only)
Up to 5 years 10.50 %
> 5years up to 10 years 11.00 %


Indian Bank home loan application forms can be had from the nearest branches of the bank. One can also use the branch locator to find the best available loan term with the bank. For more information, visit the official website of the bank.
 
Indian Bank brings a wide variety of loan options including home loans with affordable rates. Check the features of the loan terms.

Website:http://www.indian-bank.com/
 

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