Indian Bank Home Loan

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Indian Bank Home Loan EMI Calculator

It's always advised to calculate your EMI (Equated Monthly Instalment) and processing fee beforehand so that you can manage your finances in a better way. That way, you will be able to compare home loan interest rates and schemes offered by other financial institutions.

In order to that, you can use BankBazaar Indian Home Loan EMI Calculator. The entire process is quite simple and hassle-free with a quick turnaround time. All you need to do is enter your home loan details, including the amount, tenure, interest rate, and processing fee. Hit "calculate" to check the EMI and processing fee. This will be followed by an amortisation table giving you a complete breakdown of your payment schedule.

Indian Bank Home Loan Eligibility Criteria

Age	18 years to 70 years
Type of Employment	Salaried or self-employed
Nationality	Indian or NRI

Documents Required for Indian Bank Home Loan

For salaried

1. Proof of identity
2. Passport size photograph
3. Residential address proof
4. Age proof
5. Last 6 month's bank statements
6. Last 3 months' salary slips
7. Property-related documents

For self-employed

1. Proof of identity
2. Residential address proof
3. Passport size photograph
4. Age proof
5. Last 6 months' bank statements
6. Business details
7. Profit and loss account statements with computation of income plus balance sheet
8. Latest Income Tax Returns

For NRIs

1. Proof of identity
2. Passport size photograph
3. Residential address proof
4. Overseas residential address proof
5. Latest NRE account statements
6. Business details (for self-employed)
7. Work permit or employment contract letter (for salaried)
8. Valid Visa and passport copy
9. Property-related documents

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FAQs on Indian Bank Home Loan

• What is the minimum credit score required to get a home loan from Indian Bank?

  Indian Bank has not defined a minimum credit score for home loan applicants. However, Indian Bank provides reduced lending rates to candidates with higher credit scores. For example, house loan applicants with credit scores of 800 or above receive the lowest interest rates, followed by those with credit scores of 750-799, 701-750, up to 700, and so on. 

• Does Indian Bank provide a repayment holiday for conventional home loans (IB Home Loans)?

  Indian Bank provides a holiday period of up to 18 months on home loans used to build dwellings on existing sites. For flats under construction (in larger projects), a three-year holiday period is available. The bank gives a two-year holiday period for plot purchases and subsequent house construction. There is no holiday period available for takeover accounts or the outright acquisition of a property or flat. 

• Does Indian Bank provide favourable rates on house loans to female applicants?

  Women applicants who choose IND Home Enrich Home Loans receive an interest rate concession of 55 basis points (salaried with tick off facility) and 30 basis points (non-salaried). 

• What exactly is the EMI on a home loan?

  EMI, or Equated Monthly Instalment, is the amount that the applicant will pay to the bank each month until the loan is fully repaid. It consists of a principal component and an interest component, with the interest component being bigger than the main component in the first years of loan repayment. Prospective house loan applicants can utilise online home loan EMI calculators to determine their monthly payments for various home loan interest rates and tenures. 

• What is the holiday duration for repaying a home repair/renovation loan (IB Home Enrich) or a home improvement loan?

  Indian Bank does not offer holiday home improvement loans. The holiday period is allowed for home repair/renovation loans obtained through the IB Home Enrich scheme until the repair and renovation are completed. However, home loan borrowers must pay the holiday period interest each month. 

• Can I prepay my home loan from Indian Bank?

  Yes, you can make prepayments on your Indian Bank house loan. Because the home loans are given at adjustable interest rates, there are no prepayment penalties. 

• Can I pick between fixed and fluctuating interest rates on my Indian Bank home loan?

  Indian Bank solely offers floating-rate home loans. 

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