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IndusInd Bank Home Loan is the perfect solution to buy your dream home if you are low on funds. To meet the various demands of its clients, IndusInd Bank offers a variety of home loan options. The bank’s precise documentation requirements make it simpler for consumers to complete their applications. Customers who choose IndusInd Bank’s home loan alternatives can realise their ambitions of becoming homeowners thanks to flexible repayment options, low-interest rates and customised loan packages.
A dream home is what many of us strive for! Who wouldn’t like to have jovial family get togethers in their own house? However beautiful this may sound, the reality can be a bit overwhelming for many of us. Yes, buying one’s own home is not easy and can require years of financial planning. To make this process faster, one can rely on getting a home loan.
Today, there are many banks that offer home loans at good interest rates. IndusInd Bank is one of them. IndusInd Bank home loans are aimed at assisting homebuyers and helping them buy or construct their own home. Typically, a home loan is a secured loan. The property that is acquired via a home loan serves as collateral until the homebuyer has fully and properly repaid the loan amount.
IndusInd Bank offers competitive interest rates, flexible repayment options, and tailor made home loans that eliminate any potential hassle. Furthermore, there is minimal documentation with instant approvals. Overall, IndusInd bank would be a great choice for homeowners.
The IndusInd Bank home loan is packed with significant features and benefits as follows:
| Attractive Rate of Interest | The interest rate on Home loans is relatively lower as compared to other types of loans. The IndusInd Bank interest rates for home loans begin at 6.50% with a processing fee of up to 2%. Plus, in cases of low cash flow, one can also apply for a top-up loan along with the existing home loan. |
| Home Loan Transfer with Ease | If you have an existing home loan, you can transfer it to IndusInd Bank without any hassle at your doorstep. |
| Short Turnaround Time | IndusInd Bank offers a quick turnaround time of just 3 days. Yes, it’s possible with the IndusInd Bank Home Loan. Now, you don’t need to wait even a minute extra for your dream home. Start picking and choosing the furniture, upholstery, and everything in between to turn your home into a haven. |
| Tenure | The tenure to repay the IndusInd home loan is 1-30 years. Given this timeline, one can apply and adjust their monthly budget to effectively minimise the chances of defaulting on their loan amount. Plus, you have the flexibility to begin with lower EMIs and increase them with time as your income grows, ensuring a comfortable repayment journey. |
| No Prepayment Charges | You can pay in full at any time of the loan tenure without paying any penalties. This facility is applicable only for loans obtained at a floating interest rate. |
| Inventory of Pre-Approved Projects for Funding | If you have an idea in mind and want to transform it into reality, IndusInd’s extensive inventory of pre-approved projects could be helpful. |
| Specialised Offerings for NRI Customers | Besides domestic customers, NRI customers can also enjoy the benefit of IndusInd home loans at attractive rates and enjoy customised solutions. |
| Pre-Approved Top-Up Loans | The bank also features pre-approved top-up loans that are mainly meant for house renovations. With such a loan, you can not only renovate but also restructure your home. |
| Plot Plus Construction Loan | If you want to buy a plot or want to construct a home, IndusInd Bank offers Plot Plus Construction Loan that lets you build your home the way you want it. |
| Premium Credit Card | IndusInd Bank offers a premium Credit Card that holds attractive rewards for its customers. You can use it to renovate your home by buying your required essentials. |
| Prompt Customer Service | If you feel any obstruction or need any support related to IndusInd Bank home loan, you can call their customer services. Also, you can write an email to them or talk to a chatbot. Soon, you will receive a call. |
The eligibility criteria for obtaining a home loan differ for different entities. They are as follows:
The individual applying for a home loan must meet the following criteria:
Such borrowers must fulfil the following criteria:
If you are a non-professional but a self-employed entity, you must satisfy the following conditions:
Before applying for an IndusInd home loan, it is important to know about IndusInd fees and charges.
| Particulars | Schedule of Charges |
| IndusInd Bank Home Loan Processing Charges | Up to 5% of the loan amount |
| Documentation Charges | Nil |
| Stamp Charges | As per the Stamp Act of the state |
| Loan Cancellation Charges | Up to Rs. 2,500 per case |
| Overdue Interest (per month) | Up to 24% p.a. compounded monthly |
| Collection Charges | For local visits, Rs. 100 per instance For outstation visit, Rs. 250 per instance |
| Preclosure Charges | 2% to 5% of the outstanding principal amount |
| Repayment Dishonour Charges | Rs.500 per instance + Bank charges |
| Swap Charges | Up to Rs.500 per instance |
Unless you submit the documents, your application for a home loan will not be accepted or processed. Therefore, you must ensure that you have the following documents handy while applying for an IndusInd Bank home loan:
The documents required for the IndusInd Home Loan are as follows:
| Identity proof |
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| Residence Address Proof |
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| Age Proof |
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| Proof of Office Address for Self-employed |
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| Income Documents |
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| Existing track record of loan repayment |
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| Signature Verification Proof (any one) |
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| Additional Documents |
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A home loan EMI calculator helps you understand what your monthly payment may look like. IndusInd home loan EMI calculator is tailored considering your financial requirements like loan amount, tenure, and the rate of interest to determine your monthly EMI.
You have to enter these values and the calculator will return the following values:
Besides, you can also use the mathematical formula to calculate the EMI on the IndusInd Bank home loan, which is as follows:
EMI = (P × R × (1+r)^n)/((1+r)^n-1)
Where,
Before beginning this, let’s understand what is balance transfer? A balance transfer is fundamentally a process of transferring the outstanding home loan balance from one lender to another. This is done in order to avail lower interest rates, longer tenure along with additional top-up loan or better terms. Opting for Balance transfer with IndusInd Bank lets you reduce your monthly EMI amount and have substantial savings on the overall interest cost of your home loan.
The following are the steps for IndusInd Bank balance transfer process:
The Pluto Money Home loan balance transfer calculator to compare the benefits of transferring your home loan from one lender to another. You will need to enter the details of your existing loan along with a new loan offer. Now, the calculator will show you how much you can save by doing a balance transfer.
It offers a plethora of benefits ranging from attractive interest rates, flexible tenures, a turnaround time of three days, prompt customer service, specialised offerings to NRI customers, and no prepayment penalty.
No, it is not fixed, the interest rate on an IndusInd home loan ranges between 7.90% to 9.00%.
You will need to submit identity proof, address proof, contact details, along with the home loan application form, salary slips and account statements, and ITR filing statement (in case of non-professional individuals).
Yes, IndusInd Bank checks for CIBIL score for a home loan. In fact, every lender views the customer's credit score before sanctioning their loans.
The IndusInd bank offers a maximum loan amount of more than ₹ 50 lakhs, based on your requirements and credit profile. You can inquire about the minimum loan amount by calling IndusInd customer services.
KYC (Know Your Customer) requires your identity and address proof.
Yes, if you fail to pay EMIs on time, it will attract certain penalties, which will eventually increase your loan repayment amount.
The processing fee on a home loan is 1% of the loan amount or ₹ 10,000 + GST whichever is higher.