Indian Bank Home Loan Interest Rate:

Indian bank home loan rate can be variable or fixed.

 Indian bank home loan interest rate conversion from floating to fixed is not allowed. Indian bank home loan rate conversion from fixed to floating is allowed after 3 years.

Fixed Indian bank home loan interest rate is based on BPLR. Indian bank home loan rate conversion fee is not applicable if the account has run for 5 years. 

Indian bank home loan rate based on Base Rate is 9.00% p.a. This Indian bank home loan rate is effective from 13.12.2010.

Indian bank home loan interest rate based on BPLR is 13.25% p.a. BPLR Indian bank home loan interest rate is effective from 13.12.2010.

Indian Bank Home Loan Eligibility:

Indian Bank Home Loan Eligibility Criteria For Salaried People:

As per the Indian bank home loan review the maximum age at the time of applying is 50 Years. Indian bank home loan applicant should less than 60 years at the end of the loan tenure. As per the Indian bank home loan eligibility a salaried customer should have at least 3 years of service.

Indian Bank Home Loan Eligibility Criteria For Self Employed:

Indian bank home loan review shows the self employed person has to show proof of business. Indian bank home loan self employed applicant needs to show the latest IT return filed.  As per the Indian bank home loan eligibility an applicant should have 3 years of minimum work experience.

Indian Bank Home Loan Documents:

Indian bank home loan review shows that one has to submit

Identity proof

Income proof along with

Duly filled application form and

Two photographs.

Indian Bank Home Loan documents For Self employed

IT return

Bank Statements

Profit and Loss statements/ Balance Sheet

Proof of business statements

Indian Bank Home Loan Documents For Salaried

Form 16

Bank Statements

Salary slip latest

Procedure And Options To Apply For The Loan:

The customer needs to submit duly filled form and attach related documents and submit it to the bank authorities for processing. The form is available at the branches or can be downloaded from the official website of the bank.

Maximum And Minimum Tenor Of The Loan:

 As per the Indian Bank home loan review one can get a maximum repayment period of 20 years.

What would be the repayment options/facilities?

The customer can pay back his loan in equated monthly installments.

Pre Closure Process: In case a customer of Indian Bank home loan wishes to close his loan before the agreed period or term is termed as pre closure. In this case the bank charges a 2 % penalty in case if the loan is being taken over by any other financial institution or is being paid back through own resources of the customer.

Tax Benefits: One can get tax benefits on the principal and the interest paid according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.