Indian Bank Home Loan

Features and Benefits of Indian Bank Home Loan

Getting a new home is a dream for many, and financing is the only obstacle that comes in the way. With financial products such as a home loans, various house hunters are in for a treat for their dreams to come true. Indian Bank being one of the early established banks in India, comes with an array of financial products and services. They have an extensive range of personal loan products, including the Home Loan scheme, which aims to fulfil customers’ needs pertaining to buying or purchasing a new house, renovating an existing home, refinancing a mortgage, and so on. The Indian Bank Home Loan scheme comes with attractive interest rates and features, making it a lucrative option for many customers.

The Indian Bank Home Loan scheme comes with an array of features and benefits suited to the needs of its various customer classes. These features make the scheme a lucrative option to consider. Some of the major features and benefits of availing of the Indian Bank Home Loan scheme are as follows.

• Attractive interest rates with relatively minimal expenses as compared to schemes offered by various other banks. 
• Easy and transparent process of application. Customers can expect a loan sanction and disbursal within a minimal time frame. 
• Less paperwork is involved in applying for the Indian Bank Home Loan Scheme. 
• Attractive repayment tenure can be chosen. Customers have the provision to repay their loans in up to 30 years time frame. 
• One can also opt for pre-closure of their loan without incurring any penalty charges. 
• Loan takeover facility is available with the Indian Bank home loan scheme. 
• Indian Bank home loan scheme is open to many customers. The eligibility criteria are set with minimal expectations.

Eligibility Criteria for Indian Bank Home Loan Eligibility

Applicants who are interested in applying for an Indian Bank Home Loan scheme are mandatorily required to meet certain eligibility parameters. These criteria set a standard of who can apply and who cannot. This ensures that the bank limits its credit risk by not investing in any random individual. Here are some pointers that a customer needs to adhere to.

• The first and foremost requirement is that the customer is based in India. In the case of non-residents, there needs to be proper documentation to show their citizenship status. 
• The customers must be employed for at least three years, including their current employment. They must be able to prove their employment with their current and past employers. 
• The categories of employment include salaried individuals, businessmen, professionals, self-employed individuals, pensioners, individuals that are employed in a government department, and spouses of government servants can also be classified under this eligibility category. 
• The minimum a for applying for the Indian Bank Home Loan scheme is 18. Also, individuals above the age of 70 are not eligible for applying for the scheme.

Indian Bank Home Loan Fees and Charges

There are a few charges that are associated with the Indian Bank Home Loan Interest rates. These can be seen as an added expense for the customers who are availing of the Indian Bank Home Loan scheme. Here are the Indian Bank Home Loan Charges applicable to various scenarios.

• 1% additional interest rate will be applied in the case of plot loans. 
• There will be a 0.5% additional interest rate when applying under the CRE format. 
• Home renovation schemes shall be offered with a 0.5% interest rate hike. 
• With the home loan plus plan, customers with a CIBIL score over 800 will have to pay 0.50% additional interest, and customers with a CIBIL score ranging from 751 to 799 will get an additional interest rate hike of 0.75%. 
• With the Indian Bank Home Loan Advantage scheme, customers will have to incur an additional 1% interest rate hike.

Documents Required for Indian Bank Home Loan

A few documents are necessary for applying for an Indian Bank Home Loan scheme. These documents necessarily need to be submitted, failing which one’s application may be rejected. This is important as the bank needs to assess the authenticity of the person applying for the loan scheme. Here is a list of documents customers should keep handy when applying for the Indian Bank Home Loan scheme.

• Application form duly filled with correct information and three passport-sized photographs. 
• Bank statement showing assets and liabilities of the applicant
• Identification proofs such as an Aadhaar card, PAN card, passport, driving license, and so on. 
• Address proof which can include a copy of a recent electricity bill, water bill, telephone bill, property tax receipt, Aadhaar card, and so on. 
• Address proof of business site. 
• Salary slips to show the proof of employment
• If any alternative income sources, such as revenue from rent, interest, investment returns, etc., need to be shown as well.

How does the EMI Calculation work for Indian Bank Home Loans?

Indian Bank home loan EMI calculation is a straightforward mathematical process, but it can get complicated when doing manual calculations. One can simply resort to using an Indian Bank Home Loan EMI Calculator, an excellent AI-powered online tool that computes the outcome of a loan in terms of the structuring of EMI. This can be beneficial on various fronts, such as making financial decisions, outlining financial planning in terms of expense structuring, deciding whether or not a certain home loan scheme will be affordable, and so on. Using an Indian Bank Home Loan online calculator saves time and energy and shows users real-time outcomes.

Generally, the Indian Bank Home Loan EMI calculation uses a generic mathematical formula, as explained below.

EMI = [ P x R x ( 1 + R ) ^ N ] / [ ( 1 + R ) ^ N – 1 ]

Where,

• P stands for the Principal Amount,
• R stands for Interest Rates, 
• N represents the number of years