Indian Bank Home Loans are provided by keeping in mind the housing requirements of people of India. Indian Bank was established on 15th August 1907 as part of the Swadeshi movement with 1476 branches across India and consists of 22,000 staff members. It has two overseas branches one in Singapore and the other one in Colombo. There are 229 correspondent banks in 69 countries. There are three subsidiary companies of Indian Bank
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Indbank Merchant banking Services ltd.
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Indbank Housing Ltd
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Indfund Management Limited
Indian Bank Housing Loans: Basic Requirements
To avail Home Loans from Indian bank you can be either be one of these with regular income and minimum experience of 3 years:
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Salaried Class
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Professionals
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Self-Employed/Businessman
Even the Pensioners with repayment capacity and net worth can apply for home loan. But in this case guarantee or NOC from legal heir is required. While taking a home loan your age should not be more than 50 years but with the permission of circle head that can be extended to 60 years. You can take home loans for:
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Purchase of a new house/flat
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Construction of new house/flat
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Purchase of old house/new house
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Repair or renovate existing house/flat
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Refinancing for existing loans from other housing finance companies or Co-operative housing Societies
Indian Bank Home Loan Details
Rs. 5 lakhs and otherwise the amount for the home loans from India bank can be 36 times gross monthly income or 60 times net monthly income whichever is higher. The rate of interest on home loans varies according to the period for which the loan is provided. Option for fixed rate is also available with Indian bank. The home loan taken is required to be returned in 10 years if taken for repair and renovation purposes and within the period of 20 years if it is for purchase or construction. There are many documents required at the time of taking a home loan from the Indian bank the list of which is provided in their website. At present the up-front fee stands nil against the Home Loan taken from Indian bank. The official website of Indian bank gives the full detail on Home Loans. There is a facility to locate ATM nearest to you online. Besides home loan, Indian Bank also provides Deposit Scheme for Senior Citizens, Professional Loans, Trade Finance, Agriculture Loans, Crop Loans etc.