Indian Bank Home Loan Plus Scheme

IB Home Loan Plus is a financial product offered by Indian Bank. It is ideally crafted to provide additional funds to existing home loan borrowers. The loan can be used for any legitimate purpose, excluding speculative activities like buying property with the primary intent to sell quickly for profit. The loan amount ranges from a minimum of ₹1 lakh to a maximum of ₹10 crore, calculated as 75% of the realisable sale value (RSV) minus the outstanding balance on your home loan.

Moreover, the scheme offers flexible repayment options with a maximum tenure of 15 years and no pre-payment charges. To help you make a more informed decision, we have compiled information on the IB home loan plus interest rate, pertinent features, eligibility criteria, required documents, and more. Let’s scroll down to learn more!  

IB Home Loan Plus – Highlights

The following are the key highlights of an IB Home Loan Plus:

IB Home Loan Plus – Features and Benefits

Here are the applicable features and benefits of an IB Home Loan Plus:

• Target Group: Existing home loan borrowers, including those with loans for home construction, renovation, or under the ‘Standard’ category.
• Eligibility: Borrowers who have paid a minimum of 12 EMIs regularly and have a CIBIL score of at least 700.
• Purpose: The loan can be used for any bonafide purpose except for speculative reasons.
• Quantum of Loan: The minimum loan amount is ₹1 lakh, and the maximum can go up to ₹10 crore. 
• Type of Facility/Repayment Period: Options include a term loan with a maximum tenure of 15 years or an overdraft facility that must be liquidated within the same period.
• Pre-payment Charges: There are no pre-payment charges. This allows you to make early payments without any additional fees or penalties.

IB Home Loan Plus Interest Rates

Here are the applicable IB home loan plus interest rates:

IB Home Loan Plus Fees and Charges

In addition to the Indian Bank housing loan interest rate, there are certain fees and charges you must be aware of, such as:

IB Home Loan Plus – Eligibility Criteria

Here are the applicable IB home loan plus eligibility criteria:

• Age Limit: Your age should fall somewhere between 18 and 70 years. 
• Employment Status: You should be salaried, professional, or self-employed.  
• Work Experience: You should have at least 3 years of experience, including current and past employment or business.
• Income Criteria: You should have a regular source of income sufficient to cover the loan EMIs. 
• Property Status: You should have possession of the house or flat and have an official mortgage agreement with the bank.
• Credit Score: You should have a good credit score, preferably 700 and above.
• Nationality: You should be an Indian citizen or non-resident of India (NRI). 

IB Home Loan Plus – Documents Required

For the IB home loan plus, apply online and submit the required documents –

• KYC Documents: Aadhaar card, PAN card, passport, or driving license. 
• Income Documents: Latest salary slips, Form 16, bank account statements, or business proof (applicable for self-employed individuals).
• Property Documents: Sale deed, agreement to sell, copy of approved plan, and property tax receipts.
• Additional Documents: Duly filled out and signed application form and two passport-size photographs of the applicant and co-applicant.

IB Home Loan Plus EMI Calculator

Follow the simple steps given below to get an estimate of your EMI for the IB home loan plus –

• Visit the official website of Urban Money.
• Click the ‘Loan’ tab at the home screen’s horizontal menu bar.
• Select the ‘Home Loan’ option, then tap ‘Home Loan Calculator.’
• You will be redirected to a new page displaying the EMI Calculator.
• Input the principal loan amount you wish to borrow.
• Select the loan tenure, which can be up to 15 years or until you reach 70 years of age.
• Enter the interest rates, ranging from 8.90% p.a. to 10.00% p.a., depending on your CIBIL score and financial profile.

The Indian Bank housing loan EMI calculator will then compute and display the monthly EMI you must pay.