IndusInd Bank Home Loan

Features and Benefits of IndusInd Bank Home Loan

The IndusInd Bank home loan is packed with significant features and benefits as follows:

Attractive Rate of Interest	The interest rate on Home loans is relatively lower as compared to other types of loans. The IndusInd Bank interest rates for home loans begin at 6.50% with a processing fee of up to 2%. Plus, in cases of low cash flow, one can also apply for a top-up loan along with the existing home loan.
Home Loan Transfer with Ease	If you have an existing home loan, you can transfer it to IndusInd Bank without any hassle at your doorstep.
Short Turnaround Time	IndusInd Bank offers a quick turnaround time of just 3 days. Yes, it’s possible with the IndusInd Bank Home Loan. Now, you don’t need to wait even a minute extra for your dream home. Start picking and choosing the furniture, upholstery, and everything in between to turn your home into a haven.
Tenure	The tenure to repay the IndusInd home loan is 1-30 years. Given this timeline, one can apply and adjust their monthly budget to effectively minimise the chances of defaulting on their loan amount. Plus, you have the flexibility to begin with lower EMIs and increase them with time as your income grows, ensuring a comfortable repayment journey.
No Prepayment Charges	You can pay in full at any time of the loan tenure without paying any penalties. This facility is applicable only for loans obtained at a floating interest rate.
Inventory of Pre-Approved Projects for Funding	If you have an idea in mind and want to transform it into reality, IndusInd’s extensive inventory of pre-approved projects could be helpful.
Specialised Offerings for NRI Customers	Besides domestic customers, NRI customers can also enjoy the benefit of IndusInd home loans at attractive rates and enjoy customised solutions.
Pre-Approved Top-Up Loans	The bank also features pre-approved top-up loans that are mainly meant for house renovations. With such a loan, you can not only renovate but also restructure your home.
Plot Plus Construction Loan	If you want to buy a plot or want to construct a home, IndusInd Bank offers Plot Plus Construction Loan that lets you build your home the way you want it.
Premium Credit Card	IndusInd Bank offers a premium Credit Card that holds attractive rewards for its customers. You can use it to renovate your home by buying your required essentials.
Prompt Customer Service	If you feel any obstruction or need any support related to IndusInd Bank home loan, you can call their customer services. Also, you can write an email to them or talk to a chatbot. Soon, you will receive a call.

IndusInd Bank Home Loan Overview

A dream home is what many of us strive for! Who wouldn’t like to have jovial family get togethers in their own house? However beautiful this may sound, the reality can be a bit overwhelming for many of us. Yes, buying one’s own home is not easy and can require years of financial planning. To make this process faster, one can rely on getting a home loan.

Today, there are many banks that offer home loans at good interest rates. IndusInd Bank is one of them. IndusInd Bank home loans are aimed at assisting homebuyers and helping them buy or construct their own home. Typically, a home loan is a secured loan. The property that is acquired via a home loan serves as collateral until the homebuyer has fully and properly repaid the loan amount.

IndusInd Bank offers competitive interest rates, flexible repayment options, and tailor made home loans that eliminate any potential hassle. Furthermore, there is minimal documentation with instant approvals. Overall, IndusInd bank would be a great choice for homeowners.

Eligibility Criteria for IndusInd Bank Home Loan 

The eligibility criteria for obtaining a home loan differ for different entities. They are as follows:

For Salaried Individuals

The individual applying for a home loan must meet the following criteria:

• The individual could be either working with the government or a reputed company.
• The age of the borrower must be between 24 years to 60 years.
• Three years of continuous employment is a must.

For Self-Employed Individuals

Such borrowers must fulfil the following criteria:

• The individual can either be a Doctor, Chartered Accountant, Company Secretary, or Engineer.
• The age of the borrower must be between 24 years to 70 years.
• A business experience of three years is mandatory.

For Self-Employed Non-Professionals

If you are a non-professional but a self-employed entity, you must satisfy the following conditions:

• The individual must present ITR filings
• He/she must have a minimum continuous work experience of three years
• The age of the borrower must be between 24 years and 65 years.

IndusInd Bank Fees and charges

Before applying for an IndusInd home loan, it is important to know about IndusInd fees and charges.

Particulars	Schedule of Charges
IndusInd Bank Home Loan Processing Charges	Up to 5% of the loan amount
Documentation Charges	Nil
Stamp Charges	As per the Stamp Act of the state
Loan Cancellation Charges	Up to Rs. 2,500 per case
Overdue Interest (per month)	Up to 24% p.a. compounded monthly
Collection Charges	For local visits, Rs. 100 per instance For outstation visit, Rs. 250 per instance
Preclosure Charges	2% to 5% of the outstanding principal amount
Repayment Dishonour Charges	Rs.500 per instance + Bank charges
Swap Charges	Up to Rs.500 per instance

Documents Required for IndusInd Bank Home Loan

Unless you submit the documents, your application for a home loan will not be accepted or processed. Therefore, you must ensure that you have the following documents handy while applying for an IndusInd Bank home loan:

The documents required for the IndusInd Home Loan are as follows:

Identity proof	Driving licence Voter ID Aadhaar Card
Residence Address Proof	Driving licence Passport Aadhaar Card Voter Id
Age Proof	PAN Card Driving licence Passport Aadhaar Card Birth Certificate 10th School Certificate Life Insurance Policy
Proof of Office Address for Self-employed	Utility bills like piped gas bill Water bill Postpaid bill (less than 2 months old) GST registration certificate Shops & establishment certificate Title documents of shops or business premises Rental agreement Lease deed along or any utility bill in the name of landlord (less than 2 months old)
Income Documents	Salary slips of last 3 months Salary certificate or contract on company’s letterhead signed by the authorised signatory.  Last 2 years Form 16/16A Bank account statement of last 3 months ITR of individual and business along with audited financials of last 2 years  Last 6 month bank statement of your business
Existing track record of loan repayment	Bank statement reflecting last 6 months EMI  Sanction letters or loan account statements
Signature Verification Proof (any one)	Passport Cheque for login fee from salary account Verification of banker’s signature PAN Card (e-filed PAN Cards not accepted as signature proof)
Additional Documents	Certificate of Incorporation (COI), Certificate of Commencement (COC), Memorandum of Association (MOA) & Article of Association (AOA) Partnership Deed Trust Deed Property Documents (if identified) Sale agreement

How Does the EMI Calculation Work for IndusInd Bank Home loans?

A home loan EMI calculator helps you understand what your monthly payment may look like. IndusInd home loan EMI calculator is tailored considering your financial requirements like loan amount, tenure, and the rate of interest to determine your monthly EMI.

You have to enter these values and the calculator will return the following values:

• Principal amount
• Interest amount
• Total amount payment

Besides, you can also use the mathematical formula to calculate the EMI on the IndusInd Bank home loan, which is as follows: 

EMI = (P × R × (1+r)^n)/((1+r)^n-1)

Where,

• P is the principal loan amount
• R is the rate of interest
• n is the loan tenure

Balance Transfer IndusInd Bank Home Loan

Before beginning this, let’s understand what is balance transfer? A balance transfer is fundamentally a process of transferring the outstanding home loan balance from one lender to another. This is done in order to avail lower interest rates, longer tenure along with additional top-up loan or better terms. Opting for Balance transfer with IndusInd Bank lets you reduce your monthly EMI amount and have substantial savings on the overall interest cost of your home loan.

The following are the steps for IndusInd Bank balance transfer process:

• Firstly, inform your current lender that you want to transfer your home loan and obtain a no objection certificate (NOC) or consent letter from them. 
• Apply for a home loan with a new lender and  then submit the required documents like KYC, property papers, loan statement, NOC, etc. 
• The new lender will verify your documents + eligibility and pay off the outstanding loan amount to your current lender.

The Urban Money Home loan balance transfer calculator to compare the benefits of transferring your home loan from one lender to another. You will need to enter the details of your existing loan along with a new loan offer. Now, the calculator will show you how much you can save by doing a balance transfer.