IB Home Loan Flexi
IB Home Loan Flexi
| Category of Borrowers |
Average balance of Rs. 25000/- to be maintained in Savings/ Current account |
| Loan Amount | Minimum: Rs. 25.00 Lakhs;
Maximum: No upper limit |
| Facility | Overdraft, with the following facilities:
Ø Customers will have to pay the Equated Monthly Instalments (EMIs) as in the case of usual Home Loans Ø Drawing Power to be reduced on monthly basis to the extent of principal component of repayment in EMI. Ø Interest portion of the EMI will serve the interest obligations. Ø After full disbursement of Loan limit, customers will be allowed to operate the OD account. For the said purpose, the excess fund deposited by the customer may be utilized by them upto the level of D.P., whenever they require. Ø The account will be provided with Internet Banking, Mobile Banking, Cheque Book facility etc as per normal OD accounts. |
| Rate of Interest | 0.40% p.a. over the applicable ROI under respective IBHL schemes, based on current CIBIL / CIC score of borrower(s) as per extant guidelines. |
| Disbursal & Drawing Power | New loans under IB Home Loan Flexi should be opened in specific Product Codes created for this scheme.
Loan amount to be disbursed as per the agreed disbursement schedule. After full disbursement of Loan amount, customers will be allowed to operate the OD account and can deposit surplus funds in the account. The funds available upto the DP may be withdrawn by the Borrower as and when required. However, at any point of time, loan outstanding should not exceed the DP. · Drawing Power (DP) is to be reduced by Principal component of EMI every month. Interest portion of the EMI will serve the interest obligations. · No over drawings are to be permitted in the a/c in excess of the Drawing Power. |
| Conversion of Existing Home Loan (Term Loans) to IB HOME LOAN FLEXI Account (OD) | This facility will be extended to all Home Loan borrowers except Staff Housing Loan borrowers, fulfilling under noted criteria:
a.Fully disbursed accounts with limit of Rs.25 Lakhs and above and having outstanding balance of Rs. 10 lakhs & more. b.The accounts should not be under moratorium and regular repayment should have started. c.IRAC status of the account should be Standard and not in SMA status on the date of conversion. d.Security creation/perfection should have been completed |
Frequently Asked Questions (FAQs)
Find answers to commonly asked questions about Indian Bank Home Loans.
1. What is a Home Loan?
A Home Loan is a secured loan provided by Indian Bank to help customers purchase, construct, renovate, or extend a residential property.
2. Who is eligible to apply for an Indian Bank Home Loan?
Salaried individuals, self-employed professionals, business owners, NRIs (where applicable), and other eligible applicants who satisfy the bank's lending criteria can apply.
3. What types of properties can be financed?
Home Loans are available for purchasing new or resale houses, construction of houses, home renovation, extension, and other eligible residential properties.
4. What is the current Home Loan interest rate?
Home Loan interest rates are subject to change based on RBI guidelines, applicant profile, credit score, and prevailing bank policies. Please refer to the Interest Rates section for the latest applicable rates.
5. What documents are required?
Applicants generally need identity proof, address proof, income proof, bank statements, property documents, passport-size photographs, and any additional documents requested by the bank.
6. How much Home Loan can I get?
The eligible loan amount depends on your income, repayment capacity, property value, credit history, and the bank's lending norms.
7. How can I calculate my Home Loan EMI?
You can use the Indian Bank Home Loan EMI Calculator available on our website to estimate your monthly EMI based on the loan amount, interest rate, and repayment tenure.
8. What is the maximum repayment tenure?
The repayment tenure depends on the applicable Home Loan scheme and the borrower's eligibility, as per the bank's prevailing guidelines.
9. Can I prepay or foreclose my Home Loan?
Yes. Home Loan prepayment and foreclosure are permitted subject to the applicable terms and conditions of the bank.
10. Are there any processing charges?
Processing charges, if applicable, are levied as per the bank's prevailing schedule of charges.
11. Can I apply for a Home Loan online?
Yes. You can apply online through the Indian Bank website or visit your nearest Indian Bank branch for assistance.
12. Are there any tax benefits?
Eligible borrowers may claim tax benefits on principal repayment and interest paid under the applicable provisions of the Income Tax Act.
13. How long does Home Loan approval take?
Loan approval depends on timely submission of documents, eligibility verification, legal scrutiny, technical evaluation, and property assessment.
14. Can I transfer my existing Home Loan from another bank?
Yes. Subject to eligibility and the bank's prevailing guidelines, customers may transfer their existing Home Loan to Indian Bank.
15. Whom should I contact for further assistance?
You may visit your nearest Indian Bank branch or contact our customer support for assistance regarding Home Loans.
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