45 Lakh Indian Bank Home Loan

The Indian Bank's 45 Lakh Home Loan is a handy financing choice for buying, building or remodelling a home. This loan is designed to meet various demands with flexible repayment options, including a 30-year payback time and competitive interest rates ranging from 8.40% to 9.80%. A broad spectrum of candidates, including pensioners, self-employed people, business owners, and salaried staff, can apply for it. This home loan facilitates homeownership by offering flexible repayment alternatives, low processing costs, and straightforward qualifying requirements.

₹45 Lakh Home Loan Indian Bank – Highlights

Here are Indian Bank’s home loan interest rates for ₹45 Lakhs, along with highlights:

₹45 Lakh Home Loan EMI for 5 Years Indian Bank 

Indian Bank’s housing loan EMI for ₹45 Lakhs is mentioned below in detail:

₹45 Lakh Home Loan EMI for 10 Years Indian Bank 

Here are the ₹45 Lakhs home loan EMI for 10 years from the Indian Bank:

₹45 Lakh Home Loan EMI for 15 Years Indian Bank

For an amount of ₹45 Lakhs, the EMI for 15 years is as follows:

₹45 Lakh Home Loan EMI for 20 Years Indian Bank

₹45 Lakh home loan EMI for 20 years from the Indian Bank is as follows:

₹45 Lakh Home Loan EMI for 25 Years Indian Bank 

Indian Bank’s home loan of ₹45 Lakhs EMI for 25 years is as follows:

₹45 Lakh Indian Bank Home Loan – Fees and Charges 

The fees and charges for a ₹45 Lakh Indian Bank Home Loan are designed to be customer-friendly. There is no processing fee for this loan, making it more affordable. The margin for loans up to ₹30 Lakhs is set at 10%, which means the borrower needs to contribute 10% of the property’s value. The property financed through the loan must be insured at the borrower’s cost to protect against unforeseen events. The security for the loan is the mortgage of the property being purchased. Additionally, floating-rate loans have no prepayment charges, allowing borrowers to repay their loans early without incurring extra costs.

₹45 Lakh Indian Bank Home Loan – Documents Required

To apply for a ₹45 Lakh Indian Bank Home Loan, the applicant must provide several key documents. Identity proof, including documents like an Aadhaar Card, Passport, Voter ID, or Driving Licence, is required. Utility bills, an Aadhaar Card, a Passport, or Voter ID are acceptable for address proof. Income proof varies based on the applicant’s employment status; salaried individuals must submit their latest salary slips for the past 3 months, Form 16, and bank statements. Self-employed individuals must provide their Income Tax Returns (ITR) for the past 3 years, bank statements and proof of their business. Property-related documents, such as the sale deed, allotment letter, and NOC from the builder or society, are also required. Employment proof, like an employment certificate or appointment letter, is necessary for salaried applicants. Additionally, age-proof documents, such as a birth certificate, Aadhaar Card, or Passport, and recent passport-size photographs, are required to complete the application process.

₹45 Lakh Indian Bank Home Loan – Eligibility Criteria

For a ₹45 Lakh Indian Bank Home Loan, applicants must meet specific eligibility criteria. The minimum age requirement is 18 years, ensuring that the applicant can legally enter into a loan agreement. The loan is available to various individuals, including salaried employees, self-employed professionals, businessmen, and pensioners. Salaried applicants should be employed by the Central or State Government, public sector undertakings, or reputed private companies, with at least 2 years of work experience and salary slips for the last 3 months. Self-employed individuals, including businessmen and professionals, must demonstrate at least 3 years of business or professional experience. Pensioners must have sufficient income to service the loan. Income criteria state that for those with a gross annual income of up to ₹15 lakhs, the net take-home pay (NTHP) should be at least 40% of their income. For those earning above ₹15 lakhs, the NTHP must be a minimum of ₹50,000 per month. The property being financed must be a residential house or flat intended for purchase, construction, or renovation.