15 Lakh Indian Bank Home Loan

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Indian Bank offers a 15 lakh home loan scheme to help you purchase, construct, or renovate a house or flat. You can apply for this housing loan if you are a salaried employee, self-employed, a businessperson, or even a pensioner. The minimum age to apply is 18 years, and you can use the loan to buy a new or under-construction property or even for repairs and renovations. Indian Bank provides flexible repayment options with a maximum period of 30 years. The property you buy with the loan will be used as security and must be insured. With various repayment options, Indian Bank's 15 lakh home loan is specifically designed to meet your financial needs.

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Table of Content

1. Key Highlights 15 Bank Indian Bank Home Loan

2. 5 Years EMI 15 Lakh Indian Bank Home Loan

3. 10 Years EMI 15 Lakh Indian Bank Home Loan

4. 15 Years EMI 15 Lakh Indian Bank Home Loan

5. 20 Years EMI 15 Lakh Indian Bank Home Loan

6. 25 Years EMI 15 Lakh Indian Bank Home Loan

7. 15 Lakh Indian Bank Home Loan Fees & Charges

8. Documents Required for a 15 Lakh Indian Bank Home Loan

9. Eligibility Criteria 15 Lakh Indian Bank Home Loan

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Written By
Satyam Sachdeva
Satyam Sachdeva
Satyam has always been interested in saving money and realising its worth. He created a Demat account when he turned 18 and has been a keen equity and mutual fund investor. Currently, a writer for Urban Money, he uses his skills to guide his readers in the right direction. Satyam strives to make financial complexities easy for everyone to understand with a pinch of creative salt.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Key Highlights – 15 Bank Indian Bank Home Loan

Discover how Indian Bank can help you secure a home loan tailored to your needs with attractive interest rates and personalised service.

Feature Details
Interest Rate Starting from 8.40% per annum
Target Group Salaried, Businessmen, Self-employed, Pensioners
Loan Amount Up to 90% of the property’s value
Purpose of Loan Purchase, construct, renovate, resale, takeover
Quantum of Loan Based on NTHP (Net Take Home Pay)
Repayment Period Up to 30 years (varies for repairs & non-salaried applicants)
Repayment Type EMI, PMI, Negotiated Repayment
Security Mortgage of purchased/constructed property

5 Years EMI – 15 Lakh Indian Bank Home Loan

At an interest rate of 9% per annum, the applicable EMI on a 15 lakh Indian Bank home loan for a repayment period of 5 years is as follows:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total amount Payment
Rs 15 lakhs 9% 5 years ₹31,138 ₹3,68,252 ₹18,68,252

10 Years EMI – 15 Lakh Indian Bank Home Loan

The table below encapsulates the EMI for a 15 lakh Indian Bank home loan with a 9% annual interest rate and a repayment term of 10 years:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total amount Payment
Rs 15 lakhs 9% 10 years ₹19,001 ₹7,80,164 ₹22,80,164

15 Years EMI – 15 Lakh Indian Bank Home Loan

At a yearly interest rate of 9%, the table below displays the EMI for a 15 lakh Indian Bank home loan over a 15-year repayment period:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total amount Payment
Rs 15 lakhs 9% 15 years ₹15,214 ₹12,38,520 ₹27,38,520

20 Years EMI – 15 Lakh Indian Bank Home Loan

For a 15 lakh home loan from Indian Bank, the EMI for 20 years at a 9% interest rate per annum is listed in the table below:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total amount Payment
Rs 15 lakhs 9% 20 years ₹13,496 ₹17,39,013 ₹32,39,013

25 Years EMI – 15 Lakh Indian Bank Home Loan

The table below provides the EMI details for a 15 lakh Indian Bank home loan, calculated at a 9% interest rate per year for a repayment period of 25 years:

Loan Amount Interest Rate Loan Tenure EMI Amount Total Interest Payable Total amount Payment
Rs 15 lakhs 9% 25 years ₹12,588 ₹22,76,384 ₹37,76,384

15 Lakh Indian Bank Home Loan – Fees & Charges

The processing charges of a 15 lakh Indian Bank home loan are given below:

Product Name Processing Charges
IB Home Loan to Residents Nil
Home Loan to NRI Nil
IB Plot Loan to NRI Nil
IBHL-CRE Nil
IB Home Improve Nil
IB Home Loan Plus Nil
IB Home Enrich Nil
Plot Loan to Residents Nil
Repair and Renovation Nil
Home Loan to Corporate Entity 0.25% of the loan amount (Min: ₹25,000, Max: ₹5 lakhs)

Documents Required for a 15 Lakh Indian Bank Home Loan

Ensure a hassle-free application process by having the following documents ready:

  • Identification proof
  • Proof of address
  • Proof of income
  • Income tax returns (ITR)
  • Business registration/ownership proof
  • Property-related documents

Eligibility Criteria – 15 Lakh Indian Bank Home Loan

To be eligible for a 15 lakh Indian Bank home loan, an individual needs to meet the following criteria:

Criteria Details
Entry Age 18 years
Employment Experience Salaried: 3 months salary slip, 2 years total experience (MNCs/reputed companies)

Non-salaried: Minimum 3 years of experience

Pensioner: Adequate income to service loan
Income Requirement Gross Annual Income ≤ ₹15 lakhs: Take home should be ≥ 40% of gross income

Gross Annual Income > ₹15 lakhs: NTHP should be at least ₹50,000/month

Frequently Asked Questions (FAQs)

What is the EMI for a 15 lakh Indian Bank home loan for a tenure of 20 years?

If a 15 lakh Indian Bank home loan is taken out for a repayment period of 20 years at an interest rate of 9% per annum, the EMI will be ₹13,496.

Who is eligible for a 15 lakh Indian Bank home loan?

To be eligible for a 15 lakh Indian Bank home loan, applicants must be at least 18 years old. They can either be salaried with 3 months of salary slips or self-employed with a minimum of 3 years of business experience.

What is the monthly interest rate of a 15 lakh Indian Bank home loan?

An Indian Bank home loan's monthly interest rate starts at 0.70%.

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