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:

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.

Types of IndusInd Bank Home Loans

IndusInd Bank offers various home loans to meet varied needs. These include loans for buying a home, constructing a house, renovating or extending a property, and even loans for NRIs. Each loan type comes with flexible terms and competitive rates. Here is a breakdown of IndusInd housing loans.

Top Up Home Loan

IndusInd Bank offers Top-Up Home Loans to existing home loan borrowers seeking additional funds for home renovation, education, or personal expenses. Here is a detailed overview:

Plot Plus Construction Loan

One of the IndusInd home loans, Plot Plus Construction Loan, is designed to help individuals purchase a plot of land and finance the construction of a home on it. Here is a detailed overview:

Home Loans to NRI

IndusInd Bank offers specialised home loan solutions designed for NRIs and Persons of Indian Origin, enabling them to easily purchase, construct, or renovate properties in India. Here is a detailed overview:

Home Renovation/Extension Loan

IndusInd Bank offers Home Renovation/Extension Loans to help you upgrade your existing home into a more comfortable and modern living space. Here is a detailed overview:

IndusInd Bank Fees and charges

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

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:

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.