Indian Bank Home Loan Interest Rate
A home loan is a secured loan that is used to purchase a home. It takes the property as collateral. Home loans provide high-value capital for long periods at low-interest rates. EMIs are used to pay them back. The property title is returned to the borrower after the loan is paid off.
Indian Bank is a prominent nationalized financial institution. The Ministry of Finance, Government of India, owns Indian bank. Indian Bank provides house loans to both Indian residents and non-resident Indians (NRIs). Indian Bank home loan interest rate start at 6.50 percent per annum. A processing fee of 0.23 percent of the loan amount is charged.
- Indian Bank Home Loan Schemes
- Indian Bank Home Loan
- Indian Bank home interest rate start from 6.50% p.a.
- Interest concession for women applicants
- The maximum tenure of 30 years
- Zero prepayment charges
- Indian Bank Home Loan Eligibility Criteria
- Age- 18 years to 70 years
- Type of Employment- Salaried or self-employed
- Nationality- Indian or NRI
The Indian Bank home loan EMI calculator will help prospective homeowners calculate their potential EMI payments. The payback amount can put a strain on your money if you don’t plan.
- The Advantages of Using an Indian Bank Home Loan Calculator
Individuals must return the loan in predetermined installments with Indian Bank home loan interest rate, referred to as EMIs. A home loan calculator makes calculating EMIs for your preferred term easier. The following are some of the advantages of using the Indian Bank home loan EMI calculator:
- You can experiment with different variables by changing the principal, maturity time, and Indian Bank Home Loan interest rate.
- Aspiring homeowners can use this online tool to estimate the cost of a home loan in advance.
- This EMI calculator can be used by anyone with a basic understanding of technology.
- Home Loan EMI Calculation Formula
The formula is as follows —
E = P.r. (1+r) ^n/([(1+r)^n]-1)
where P = Principal Amount
E= Future pay-outs or EMI
r = Indian Bank home loan interest rate
n = applicable tenure/Number of EMIs
- Amortization Schedule for Indian Bank Home Loans
Amortization is a technique for breaking down a loan into manageable installments. This makes it easier to pay off the loan after the repayment period. The loan amount to be paid in a monthly cycle, including the amount for the Indian bank home loan interest rate and the principle to be created by each payment, is represented by the amortization schedule.
- Salaried class people,
- Men doing business,
- professional and self-employed people,
- Hindu Undivided Family (HUF), and
- pensioners who have a steady source of income.
The minimum entry age is 18 years and the maximum exit age is 70 years
- Purpose of Indian Bank home loan-
- To purchase or construct a new flat or house
- To purchase a plot and build a house thereon
- To purchase an existing house or flat
- To extend an existing house or additional construction
- To repair or renovate an existing house or flat
- To take over home loans from other banks or financial institutions
- Documents to be submitted
- 3 passport size photographs with the completed application form
- Proof of identity such as PAN card, Voter’s ID, Passport, or driving license.
- Proof of residence such as recent telephone bill, Electricity Bill, Passport or Voter’s ID
- Proof of Employment for salaried class
- Salary slip generally for the last 6 months. Other documents needed can be viewed on Indian Bank’s official website.
These documents are taken by the banks to assure that the home loan taker can repay the whole amount of money at a specified Indian Bank Home Loan Interest rate.