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An In-Depth Guide on IndusInd Bank Home Loans: All the Essential Information you Need
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Discover IndusInd Bank Home Loan, a reputable financial institution renowned for its dependable services. Whether you're a salaried employee, self-employed, or an NRI, they present a wide range of Indusind Bank home loan solutions designed to cater to your unique needs. Within this segment, you will gain understanding of IndusInd Bank home loan specifics, interest rates, eligibility prerequisites, the application process, and supplementary offerings.
IndusInd Bank Home Loan Details
IndusInd Bank home loan solutions have attractive features and flexible options, streamlining a smooth and cost-effective journey towards realizing your dream of homeownership. Let's explore further into the crucial details that define IndusInd home loan:
- Interest Rate The interest rate for IndusInd Bank home loan starts at 10.49% p.a. and goes up to 19.99% p.a., depending on the borrower's credit score and other factors.
- Loan Amount The maximum loan amount that IndusInd Bank home loan offers is Rs. 50 lakhs. However, the actual loan amount that you will be eligible for will depend on your income, expenses, and other factors.
- Processing Fees The processing fees for IndusInd Bank home loans are up to 3% of the sanctioned loan amount.
- Prepayment/Foreclosure Charges There are no prepayment or foreclosure charges on IndusInd home loans.
- Maximum Tenure The maximum tenure for IndusInd home loans is 60 months.
- Rate Packages Available IndusInd Bank offers a variety of rate packages for its loans, including:
- Regular Rate Package:This is the standard rate package for IndusInd home loans. The interest rate under this package is fixed for the entire tenure of the loan.
- Floating Rate Package:The interest rate under this package is linked to the MCLR (Marginal Cost of Funds based Lending Rate) of IndusInd Bank. The MCLR is reviewed every month, and the interest rate on your loan will also change accordingly.
- Fixed for 3 Years Rate Package:The interest rate under this package is fixed for the first 3 years of the loan tenure. After 3 years, the interest rate will be linked to the MCLR.
IndusInd Bank Home Loan Interest Rates
| Scheme | Interest Rate Range |
| Plot plus Construction Loan | 8.90% to 9.85% |
| Approved Project Home Loan | 7.90% to 9.85% |
| Home Renovation/Extension Loan | 8.40% to 9.85% |
| Home Loans to NRI | 9.25% to 9.85% |
| Balance Transfer Home Loan | 8.40% to 9.85% |
IndusInd Home Loan EMI Calculator
The EMI calculator operates by computing the monthly sum you are required to remit for your IndusInd home loan, encompassing both the principal amount and the interest accrued. This formula considers factors such as the interest rate and the repayment duration to precisely determine your monthly installment.
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
• P = Loan amount
• R = Interest rate
• N = Repayment period in months
IndusInd bank Home Loan Schemes
The Bank extends competitive interest rates across IndusInd home loan schemes. Interest rates may fluctuate according to the distinct loan scheme and repayment period. Below is an overview of the various IndusInd Home Loan Schemes:
Plot plus Construction Loan:
The interest rate for the Plot plus Construction Loan is higher than the interest rate for other home loan schemes because it is a riskier loan. The bank has to lend money for both the land and the construction, and there is a risk that the borrower may not be able to repay the loan.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 30,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 10 Crores
Interest Rate:
- 8.90% to 9.85%.
Processing Fees:
- 2.0% of the loan amount + GST
Approved Project Home Loan:
The interest rate for the Approved Project Home Loan is lower than the interest rate of the regular home loan. The bank has lent money for a property that has already been approved by a builder, so there is less risk.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 30,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 10 crores
Interest Rate:
- 7.90% to 9.85%
Processing Fees:
- 1.0% of the loan amount + GST
Home Renovation/Extension Loan:
The interest rate for the Home Renovation/Extension Loan is the same as the interest rate for the regular home loan scheme. This is because the risk of default is the same for both types of loans.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 30,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 15 years
Maximum Loan Amount:
- Up to 5 lakhs
Interest Rate:
- 8.40% to 9.85%
Processing Fees:
- 1.0% of the loan amount + GST
Home Loans to NRI:
The interest rate for Home Loans to NRI is higher than the interest rate for the regular home loan scheme because NRIs are considered to be a higher risk than domestic borrowers. This is because NRIs may not be able to repay the loan if they lose their job.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 100,000 - INR 200,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 10 Crores
Interest Rate:
- 9.25% to 9.85%
Processing Fees:
- 2.0% of the loan amount + GST
Balance Transfer Home Loan:
The interest rate for the Balance Transfer Home Loan is the same as the interest rate for the regular home loan scheme. This is because the risk of default is the same for both types of loans.
Applicant Type:
- Salaried and self-employed borrowers
Eligibility:
- Age: 21 years - 65 years
- Monthly income: INR 30,000 - INR 50,000.
- Employment Type: Salaried or self-employed.
Loan Tenure:
- Up to 30 years
Maximum Loan Amount:
- Up to 85% of the existing home loan outstanding
Interest Rate:
- 8.40% to 9.85%
Processing Fees:
- 1.0% of the loan amount + GST
IndusInd Bank Home Loan Eligibility
In order to be eligible for an IndusInd Bank Home Loan, specific prerequisites must be met. The eligibility criteria may vary based on the particular loan scheme and the applicant's classification. Below are key factors assessed by IndusInd Bank when establishing eligibility for a home loan:
- Age
- The minimum age for an IndusInd Bank home loan applicant is 21 years.
- The maximum age is 60 for salaried employees and 65 for self-employed individuals at the time of loan maturity.
- Income
- The minimum monthly income requirement for an IndusInd Bank home loan is Rs. 180,000 for both salaried employees and self-employed professionals.
- Employment type
- IndusInd Bank home loan is offered to salaried employees and self-employed professionals.
- Salaried employees must have a minimum of 2 years of continuous employment with the same employer.
- Self-employed professionals must have a minimum of 3 years of experience in their business.
- Credit Score
- IndusInd Bank home loan requires a minimum credit score of 750.
- You can check your credit score for free on the website of the Credit Information Bureau (India) Limited (CIBIL).
- Property Documents
- Sale deed of the property
- Property tax receipts for the last 3 years
- Encumbrance certificate
- Title report
- No objection certificate from the society (if applicable)
In addition to the above eligibility criteria, IndusInd Bank may also consider other factors such as your debt-to-income ratio, your savings, and your overall financial stability.
Documents Required for IndusInd Bank Home Loan Application
When applying for an IndusInd Bank home loan, it is vital to provide certain documents. The documentation requirements may vary based on the applicant's category and the chosen loan scheme. Here is a compilation of standard documents requested by IndusInd Bank during the home loan application process:
Documents Based on Loan Purpose
1. Identity Proof
- PAN Card
- Aadhaar Card
- Passport
- Voter ID
- Driving License
2. Address Proof
- Aadhaar Card
- Passport
- Voter ID
- Utility Bills
- Rental Agreement
3. Income Proof
- Salary slips
- Bank statements
- Income tax returns
- Audited financial statements for self-employed individuals
4. Property Documents
- Sale agreement
- Property title deed
- Approved building plan
- Property tax receipts
5. Other Documents
- Passport-size photographs
- Bank statements
- Employment proof
How to Apply for IndusInd Bank Home Loan
Initiating an application for an IndusInd Bank Home Loan is a straightforward procedure, made convenient through the provision of online application options. Below is a detailed, step-by-step manual to guide you through the process of applying for an IndusInd Bank Home Loan:
1. Research:
Understand the various IndusInd Bank Home Loan schemes and choose the one that suits your needs.
2. Check Eligibility:
Use IndusInd Bank’s online eligibility calculator to determine your loan eligibility.
3. Gather Documents:
Collect all the necessary documents as per the loan scheme and applicant type.
4. Online Application:
Visit the IndusInd Bank’s official website or use reliable platforms like NoBroker to apply online. You can also check your IndusInd Bank home loan status online via the official website.
5. Fill Application Form:
Provide accurate details and upload the required documents.
6. Application Review:
IndusInd Bank will review your application and may request additional documents if necessary. Then you have to wait for the IndusInd Bank home loan status.
7. Loan Approval and Disbursement:
Once the application is approved, the loan amount will be disbursed to your bank account. By following these steps, you can complete the IndusInd Bank Home Loan application process conveniently and efficiently.
By following these steps, you can complete the IndusInd Bank Home Loan application process conveniently and efficiently.
IndusInd Bank Home Loan Customer Care
Should you have any inquiries or need support concerning an IndusInd Bank Home Loan, you can easily get in touch with their dedicated customer care team. Below are the contact particulars for IndusInd Bank Home Loan Customer Care:
| Toll-Free Number (India) | 1860 267 7777 or 022 4220 7777 |
| Email (Abroad) | premium.care@indusind.com |
| Address | IndusInd Bank Ltd. (Credit Cards division) PO Box 9421, Chakala, MIDC, Andheri (E), Mumbai – 400 093. |
Conclusion
IndusInd Bank home loan provides an exceptional opportunity for individuals who realized their aspiration to own a home. Boasting competitive interest rates, flexible loan options, and a diverse range of schemes, IndusInd Bank effectively caters to the diverse needs of borrowers. By engaging with this article, you've gained a comprehensive grasp of IndusInd Bank home loan details, including interest rates, eligibility criteria, the application process, and avenues for customer assistance.
