Indian Bank has decreased its home loan interest rates by 0.10%, or 10 basis points with effect from Monday, February 12, 2018. This interest rate cut will reduce the cost for those people who have taken their home loan advances on floating rate of interest.
Indian Bank – Current Home Loans and Housing Finance Interest Rates
New Delhi (Delhi, India), February 24, 2018
Indian Bank Cuts Home Loan Interest Rate to 8.25% Per Annum
The Indian Bank has decreased its home loan interest rates by 0.10 percent, or 10 basis points with effect from Monday, February 12, 2018.
Indian Bank has revised its minimum home loan floating interest rate from 8.35 percent to 8.25 percent per annum (MCLR-1Year + 0.00%) for salaried and self-employed female applicants (EMI Rs. 751 per lakh for a period of 30 years) for the home loan amount up to Rs. 75,00,000 and from 8.45 percent to 8.25 percent per annum (MCLR-1Year + 0.00%) for salaried and self-employed male applicants (EMI Rs. 751 per lakh for a period of 30 years) for the home loan amount above Rs. 75,00,000.
The home loan interest rate of Indian Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Indian Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.25 percent per annum with effect from Monday, February 12, 2018.
Indian Bank’s reduction in current mortgage loan interest rate will bring down the cost of funds for those people who have taken their home loan advances on floating rate of interest. However, this interest rates revision will not affect the Indian Bank’s fixed rate customers, as their contracted rates will remain unchanged.
Indian Bank Housing Finance – Current Home Loan Interest Rates for Various Category of Borrowers
Indian Bank Home Loan Interest Rate for Salaried Women:
8.25% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.25% Per Annum for Home Loan Amount above Rs. 75,00,000
Indian Bank Home Loan Interest Rate for Self-Employed Women:
8.25% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.25% Per Annum for Home Loan Amount above Rs. 75,00,000
Indian Bank Home Loan Interest Rate for Salaried Men:
8.25% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.25% Per Annum for Home Loan Amount above Rs. 75,00,000
Indian Bank Home Loan Interest Rate for Self-Employed Men:
8.25% Per Annum for Home Loan Amount up to Rs. 75,00,000
8.25% Per Annum for Home Loan Amount above Rs. 75,00,000
Indian Bank Home Loan Interest Rate for Weaker Section Borrower: 8.25% Per Annum for Home Loan Amount up to Rs. 28,00,000
Indian Bank Home Loans Minimum Borrowing Amount: Minimum Home Loan Amount is Rs. 1,00,000
Indian Bank Home Loans Rate of Interest is Floating or Fixed: Floating Rate of Interest
Indian Bank Home Loan Processing Fee and Documentation Charges: 0.23% of the Loan Amount (Maximum Rs. 20,470 plus GST)
Minimum Tenure for the Indian Bank Home Loan: Minimum Home Loan Tenure is 3 Years
Maximum Tenure for the Indian Bank Home Loan: Maximum Home Loan Tenure is 30 Years
Minimum Age Limit for Getting the Indian Bank Home Loan Sanctioned: Minimum Age 18 Years at the Time of Home Loan Commencement
Minimum and Maximum Age Limit for Getting the Indian Bank Home Loan Sanctioned: Maximum Age 60 Years for Salaried Applicants and 65 Years for Self-Employed Applicants at the Time of Home Loan Maturity
Quantum of Indian Bank Home Loan: Up to 90% of the Home Value
Different Options for Making Indian Bank Home Loan EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Indian Bank Home Loan Pre Closure Charges or Prepayment Penalty: Nil Charges or Penalty for Indian Bank Home Loans and Indian Bank Home Improvement Loans with floating rate of interest
Charges for Indian Bank Home Loan EMI Late Payment: Minimum 2% Per Month of the Indian Bank Home Loan EMI Outstanding Amount (Minimum Rs. 500 Maximum Rs. 5,000 plus GST)
Indian Bank Home Loan EMI Cheque, AD, or ECS Bounce Charges: Rs. 500 plus GST
Conversion Charges for Indian Bank Floating Rate of Interest Home Loan: 0.50% of the Indian Bank Home Loan Principal Outstanding Amount plus GST (Minimum Rs. 10,000 plus GST)
Guarantor Requirement for the Indian Bank Home Loan: No Guarantor is Required
Indian Bank Home Loan Margin Amount:
Minimum 10% of the House or Property Purchase Value up to Rs. 20,00,000
Minimum 20% of the House or Property Purchase Value from Rs. 20,00,001 to Rs. 75,00,000
Minimum 25% of the House or Property Purchase Value above Rs. 75,00,000
Indian Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Indian Bank