Indian Bank Home Loan

Indian Bank

Features for Home Loan

Eligibility

Minimum entry age is 18 years and maximum exit age is 60 years

Amount of Loan

* 60 times of Gross Monthly Income 
* For Repair or Renovation: Rs. 10 lakhs (Max)

Margin

For Loans 
a) upto Rs. 20 lakhs : 10% 
b) above Rs. 20 lakhs upto Rs.75 lakhs : 20% 
c) above Rs.75 lakhs: 25% 
d) For repairs or renovation: 30%

Processing fee

0.23% on loan amount with a max. of Rs.20470/-

Repayment

• Loans for purchase / construction of House / Flat: 30 years (including holiday period) 
• Maximum Holiday Period of 18 months allowed for Indian Bank Home Loan for the purpose of construction of House / Flat 
• Maximum repayment period for Repairs and Renovation: 120 months

Prepayment charges

NIL

Security

Equitable Mortgage of Property purchased / constructed out of loan proceeds 
*{Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located }

Documents to be submitted for processing the application

1. Completed Application Form with 3 passport size photograph. 
2. Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s) 
3. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License. 
4. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter`s ID 
5. Proof of business address in respect of businessmen / industrialists. 
6. Proof of Employment for salaried class.
7. Salary slips generally for the last 6 months. 
8. Statement of Bank account of the applicant(s) for a reasonable period, say 6 months/12 months for verifying salary credit/other income/nature of transaction etc 
9. Proof of other income like rent, interest on investment, if any. 
10. ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self employed. 
11. Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years 
12. Agreement of Sale / Sale Deed. 
13. Approved Building Plan. 
14. Title Deed Documents for 13 years/30 years as the case may be. 
15. Proof of title in the Revenue Records. 
16. Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost) 
17. Home Loan where security value is Rs.100 lakhs and above, valuation by two independent valuers has to be obtained.

Value added

Group Insurance cover:
• At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant). 
• The Premium amount will be financed as a separate loan instead of financing as a part of the loan.

Salient Features

Home Loans can be considered 
a) to purchase / construct a new house / flat 
b) to purchase house site and construction of house thereon 
c) to purchase an existing house / flat 
d) to extend an existing house/ additional construction 
e) to repair / renovate an existing house / flat 
f) to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance
g) For reimbursement of cost incurred within a period of 6 months for purchase/construction of house/flat

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

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