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Indusind Bank Home Loan for Self Employed

Indusind Bank Home Loan for Self Employed

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IndusInd Bank provides home loans for individuals who have a steady income or are self-employed. The loan can be repaid over a period of up to 30 years. Interested individuals can use this loan for various purposes, such as building a new home, purchasing a home from the bank's approved project list, renovating or extending an existing home, or buying a plot of land for construction. The bank promises to approve the loan within 3 days. The bank offers a variety of home loan products to meet diverse requirements, such as plot plus construction loans that allow borrowers to construct their dream homes according to their preferences. Notable benefits include convenient doorstep service, clear upfront fees, simplified paperwork, and appealing loan alternatives.

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Table of Content

1. IndusInd Bank Home Loan for Self-Employed Highlights

2. IndusInd Bank Home Loan for Self-Employed Fees and Charges

3. IndusInd Bank Home Loan for Self-Employed Documents Required

4. IndusInd Bank Home Loan for Self-Employed Eligibility Criteria

Written By

Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

Reviewed By

Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

IndusInd Bank Home Loan for Self-Employed – Highlights

Here are the highlights of the IndusInd Bank Home Loan for Self-Employed in a concise tabular format:

Feature	Description
Interest Rate	8.40% to 10.50%
Loan Tenure	Funding up to 30 years
Loan-to-Value Ratio	For loans of up to Rs 30 lakh: Up to 90% For loans between Rs 30 lakh and Rs 75 lakh: Up to 80% For loans above Rs 75 lakh: Up to 75%

IndusInd Bank Home Loan for Self-Employed – Fees and Charges

Here’s a list of fees and charges for IndusInd Bank Home Loan for Self-Employed:

Particulars	Rates
Processing Charges (non-refundable)	1% of the loan amount or Rs 10,000, whichever is higher, IMD – Rs 2,500
Foreclosure/part Prepayment Charges	Nil
Late Payment Charges	2% per month on overdue amount
Bounce charges (Cheque/ ECS/SI/ACH etc.	Rs 750 per instance
Swapping charges (Cheque/SI/ECS/ACH etc.)	Rs 500 per swap per instance
Loan Cancellation Charges	Rs 2,000 (additional franking or stamping norms as per actuals)

IndusInd Bank Home Loan for Self-Employed – Documents Required

IndusInd Bank home loan documents for self-employed are as follows:

Application form with passport-sized photographs
Valid identity, residence and signature proof.
Latest Form 16/ITR copy/Appointment letter and latest 3 months’ salary slips / Salary Certificate
Latest 6 months bank statement of the MAIN CA/SA/CC/OD account
Processing fee cheque
Property Documents: As per the empanelled lawyer’s clearance report

IndusInd Bank Home Loan for Self-Employed – Eligibility Criteria

The IndusInd Bank home loan eligibility for self-employed are mentioned below:

IndusInd Bank offers home loans to both resident Indians and NRIs.
Self-employed professionals such as doctors, engineers, and CA or CS must be between 24 and 70 and have a minimum of 3 years of experience.
Self-employed non-professionals between 24 and 65 must have filed their ITR and have a minimum of 3 years of experience to be eligible for IndusInd Bank Home Loans.

Frequently Asked Question (FAQs)

What is the repayment term for an IndusInd Bank home loan for self-employed?

IndusInd Bank offers home loans to self-employed individuals with repayment terms extending up to 30 years.

What is the minimum age for an IndusInd Bank home loan to a non-salaried person?

For non-salaried individuals applying for a home loan with IndusInd Bank, the minimum age requirement is 24 years.

What is the minimum and maximum IndusInd Bank home loan amount for non-salaried persons?

IndusInd Bank offers home loans to non-salaried individuals. Still, the specific minimum and maximum loan amounts can vary depending on the property's value, the borrower's income, and the borrower's repayment capacity.

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