40 Lakh Indian Bank Home Loan

A perfect home may start with the right home loan. For those who seek a home loan with better rates and terms, the Indian Bank’s 40 lakhs home loan can be ideal. It features competitive interest rates, personalised repayment plans, transparent processes, and quick fund disbursement. However, before initialising your loan application, it is advisable to understand the expected 40 lakhs home loan EMI in Indian Bank. This empowers you to determine whether you can manage the monthly repayment, especially for such a substantial amount as 40 lakhs. To help you make a more informed decision, Urban Money provides a comprehensive overview of a 40 lakh home loan from the Indian Bank. Let’s get started!

40 Lakh Home Loan Indian Bank – Highlights

The Indian Bank’s home loan interest rate for 40 lakhs and other key parameters are given below:

40 Lakh Home Loan EMI for 5 Years 

Have a close look at the 40 lakhs home loan EMI in Indian Bank with a tenure of 5 years:

40 Lakh Home Loan EMI for 10 Years Indian Bank 

Following are the 40 lakhs home loan EMI for 10 years from the Indian Bank:

40 Lakh Home Loan EMI for 15 Years Indian Bank

Let’s examine the Indian Bank’s home loan EMI for 40 lakhs with a tenure of 15 years:

40 Lakh Home Loan EMI for 20 Years Indian Bank

Below are the 40 lakhs home loan EMI for 20 years from the Indian Bank:

40 Lakh Home Loan EMI for 25 Years Indian Bank 

Here are the 40 lakhs home loan EMI in the Indian Bank for a tenure of 25 years:

40 Lakh Indian Bank Home Loan – Fees and Charges 

Let’s examine the fees and charges in addition to the Indian Bank home loan interest rate of 40 lakhs:

40 Lakh Indian Bank Home Loan – Documents Required

Here are the required documents for the Indian Bank’s 40 lakhs home loan:

• KYC Documents: Passport, Aadhaar card, PAN card, Voter ID, etc. 
• Residential Documents: Utility Bills, Property Tax Receipt, Passport, Voter’s ID, etc.
• Salary Documents: 3-month Salary Slips, 6-month Bank Statement, 1-year ITR, Form 16, etc. 
• Business Documents: 3-year ITR, Balance Sheet, and other financial statements to prove your business existence. 
• Additional Documents: Processing fee cheque, latest passport size coloured photos, and duly filled application form. 

40 Lakh Indian Bank Home Loan – Eligibility Criteria 

Following are the 40 lakhs home loan eligibility criteria in Indian Bank:

• Age Requirement: Borrowers must be aged a minimum of 18 years.
• Employment Status: Borrowers must be salaried, self-employed, or pensioners. 
• Work Experience: Salaried borrowers need 2 years of experience, while self-employed require 3 years.
• Income Criteria: Borrowers must have earned income sufficient to pay the loan EMI. 
• Credit Score: Borrowers must have a good credit score, preferably 700 or higher.
• Nationality: Borrowers must be Indian citizens, which applies to NRIs.