Indusind Bank

Indusind Bank Home Loan

Apply Indusind Bank Home Loan

About Indusind Bank Home Loan

Accessible funds can be the tipping factor towards owning and living in your dream home. As your family and its needs grow, you might find that your current living situation is not ideal. Or, you might want a home that is reflective of your advancement in your career.

With most of the country enjoying a real estate boom, Indusind offers attractive Home Loans to fulfill your cherished dream. These loans can be secured to buy a new house, to construct a home, and for even renovations and modifications of your existing home.

Indusind Bank is a new generation bank that was established in Mumbai in 1994. It is well known for its commercial, transactional, electronic banking products and services. It has also gained a positive reputation for personal banking services such as deposits, cards, insurance, and most importantly, loans.

The bank provides a range of housing loans that includes buying or constructing a new home, making improvements or renovations to their existing home, an extension of the current home, and Home Loan Balance Transfer from other approved lenders. The loans can be taken by a single borrower or by multiple co-owners.

Indusind Bank Home Loan

Interest rate

9.75%

Loan tenure

30 Years

Loan turnaround period

8 - 15 days

Loan to value (LTV)

Get loan up to 85% of project cost

Who can apply?

  • Self-employed professionals
  • Salaried individuals
  • Indian residents

Co-applicants

Up to 4 applicants are allowed as co-applicants

Lowest EMI

859 Per Lakh

Why Indusind Bank Home Loan?

A Home Loan lets you meet your financial requirements for acquiring a new home. Be it to buy a new home, constructing a new house, modify or upgrade an existing home, or even add space or expand upon your home, a Home Loan helps you with establishing living conditions that suit your desires and needs. With real estate markets booming across the country, it is difficult to have liquid wealth ready in time for buying a home. This is where an Indusind Bank Home Loan comes in.

Indusind Bank offers a unique Credit Counseling service to all of its customers. This service aims to educate the customers about the lesser known aspects of credit service. Customers are counseled at every stage of the loan procedure and the bank even provides guidance and options based on the financial strength of the borrower and co-borrower.

The bank is also proud to offer the most competitive pricing to a wide range of borrowers in their quest for owning their dream home. They also provide approval of loans even prior to the selection of property which allows borrowers to be able to move quickly once they do find their ideal home. The loan account can be accessed online and is a great way for customers to keep tabs on their payments. The bank employs experienced staff that provides doorstep services for the ease of the customers. Indusind Bank does not ask for extensive amounts of documentation when applying for a Home Loan. They ask for basic personal documents such as identity proof and financial documents along with documents pertaining to the property that requires financing.

Indusind provides reliable Home Loans in partnership with HDFC ltd., which is a well-established name in the personal Home Loan sphere.

Features and Benefits of Indusind Bank Home Loans

Here are a few features of Indusind Bank Home Loans that make them such a viable option for many people in the country:

  • The bank offers a wide range of attractive housing loan products for the purchase or construction of a new house, modification/upgradation of existing amenities, expansion/addition of extra space to an existing house.
  • Doorstep service
  • Transparent dealing and no hidden charges
  • The repayment tenure can be up to 30 years
  • Top up housing loan lets you borrow funds against an existing property to fund higher education, medical expense, marriage, and other immediate financial needs.
  • Collateral: Indusind Bank uses the title deed of the property that needs financing as the collateral or security for the loan they provide you.
  • Provision for co-applicant: The bank allows you to opt for a co-applicant on your Home Loan. This allows for a higher eligibility amount and it also reduces the risk. The co-applicant can be a spouse, parent, or child.
  • Quick processing: Indusind Bank prides on the quick processing of Home Loans for customers who are in a hurry to close on a property. The customers can check their eligibility for a Home Loan online and can even apply well ahead of finalising on a property.
  • Minimal and simple documentation: The bank asks for basic and few documents in order to get a Home Loan. These documents are well defined online which means that you can arrange for them quickly and without any loss of time in procuring the property of your dreams.
  • Loan transfer: Indusind Bank allows you to transfer Home Loans that you may have availed from other authorised lenders in order to enjoy better rates and services.

Indusind Bank Home Loan Interest Rates

The interest rates of Indusind Bank Home Loans are linked to its 1 year MCLR or Marginal Cost of Funds based Lending Rate, which is 9.75% as updated on 22.06.2019. The current interest rates applicable on Home Loans are:

  • Home Loan: 9.75% to 15%
  • Home Loan Top Up: 9.75% to 17%  

Types of Home Loans Offered by Indusind Bank

Indusind offers a range of Home Loans that will suit all your home needs. Primarily, there are five types of Home Loans that Indusind Bank offers.

  • Home Loan: This type of loan can be secured when you are looking to buy or construct a house or apartment. You can either buy a newly constructed house or flat or procure a property through resale from the original owners. You can take this loan out under a single name or under two or more joint owners.
  • Home Improvement Loan: If you are already the owner of a house but wish to implement some home improvements such as painting or decorations in order to upgrade your living, Indusind Bank offers you Home Improvement Loans.
  • Home Extension Loan: As your needs increase with time, you might want to expand the space in your house. This could include enclosing a balcony, building a room on the terrace, or even adding an extra room. Indusind Bank provides Home Extension Loans for this purpose. This type of loan is different from the Home Improvement Loan as you are seeking to increase the space in your house and requires a different set of documents.
  • Top Up Housing Loan: If you already are the owner of a home, you can take a Top Up Loan in order to secure finances for sudden expenses such as higher education, wedding, or medical expenses. The appreciated value of your property is a safe source for securing additional financing.
  • Home Loan Balance Transfer: This facility lets you to easily transfer the outstanding balance of your existing Home Loan from another lender to Indusind Bank.

Indusind Bank Home Loan Eligibility

Indusind Home Loan eligibility criteria must be met before loan application approvals and disbursals. Home Loans are provided to salaried employees and self-employed individuals. However, the borrower cannot be below the age of 21 years at the time of applying for the loan. They must also be less than 65 years old by the time the loan matures.

Documents Required for Indusind Home Loans

You have to submit the following documents in order to get a Home Loan from Indusind Bank.

Salaried Self-Employed Professionals Self-Employed Businessman

Application form

Application form

Application form

Recent passport sized photograph

Recent passport sized photograph

Recent passport sized photograph

Identity proof

Identity proof

Identity proof

Residence proof

Residence proof

Residence proof

Signature proof

Signature proof

Signature proof

Income documents:

  • Salary slips of last 3 months
  • Form 16/ITR of last 3 years

Income documents:

  • Certificate for Education Qualifications
  • Proof of business existence
  • ITR (for self and business), Profit & Loss, and Balance Sheet for last 3 years

Income documents:

  • Certificate for Education Qualifications
  • Proof of business existence
  • Business profile/ ITR ( for self and business) for last 3 years/ Profit & Loss and Balance Sheet for last 3 years

Bank statements of last 6 months

Bank statements of last 6 months

Bank statements of last 6 months

Processing fee cheque

Processing fee cheque

Processing fee cheque

Property documents:

  • Agreement of Sale or the Sale Deed
  • Building plan approved by the local governing body
  • Title deed documents
  • Proof of Title from the Revenue Records
  • Property Tax receipts wherever applicable
  • Valuation of property from a Chartered/panel Engineer

Property documents:

  • Agreement of Sale or the Sale Deed
  • Building plan approved by the local governing body
  • Title deed documents
  • Proof of Title from the Revenue Records
  • Property Tax receipts wherever applicable
  • Valuation of property from a Chartered/panel Engineer

Property documents:

  • Agreement of Sale or the Sale Deed
  • Building plan approved by the local governing body
  • Title deed documents
  • Proof of Title from the Revenue Records
  • Property Tax receipts wherever applicable
  • Valuation of property from a Chartered/panel Engineer

Why Apply for Indusind Bank Home Loan on MyMoneyMantra?

Indusind prides itself with having a unique and fast-tracked approach towards approving Home Loans. If you are an existing Indusind Bank customer, the entire process can be initiated online and you will get pre-approved offers on Home Loans with attractive interest rates. The loan amount will be directly credited to your account instantly.

With MyMoneyMantra, you can apply for a Home Loan from Indusind in a convenient and hassle-free manner. Not only our experienced loan representatives will guide you to the loan best suited to your requirements, but they will also provide assistance in the application process. MyMoneyMantra will help complete the documentation and will also collect the documents and deposit it to the bank.

How to Apply for Indusind Bank Home Loan on MyMoneyMantra?

It is easy to apply for a Home Loan with Indusind Bank through MyMoneyMantra. You  just need to follow the steps mentioned below:

  • Visit MyMoneyMantra and then go to the Home Loan section under Loans tab
  • Select your gender
  • Choose your place of residence
  • Choose the purpose for the loan
  • Select the city where you want to purchase the property
  • Enter the approximate value of the property
  • Input your employment type
  • Enter your annual income
  • Enter the loan amount you require
  • Enter the personal details as asked
  • Type in your email address and phone number
  • Accept the conditions & proceed further
  • You will be sent an OTP to your mobile number
  • Enter the OTP

You will be contacted for further verifications until the loan is disbursed.

Other Products by Indusind Bank

Apart from housing loan and its variants, Indusind Bank also offers the following products:

Indus Online Savings Account

Current Account

Individual Savings Account

Defence Salary Accounts

Corporate Salary Account

Fixed Deposit

Regular Recurring Deposit

Sweep In/Out Deposit

Deposit Plus

Senior Citizen Scheme

Young Saver Deposit

Value Added Recurring Deposit

Personal Loan

Loan Against Property

Gold Loan

Car Loan

Two Wheeler Loan

Loan on Credit Card

Loan Against Securities

Health Insurance

Life Insurance

General Insurance

Card Protection Plan

FasTag

Debit Cards

Credit Cards

Commercial Cards

Forex Cards

Duo Cards

Indus Home Secure

Indus Health Assure

Indus Securit

Indus Little Investor

Indus Easy Plus

Indus Elevate

Demat Account

Mutual Funds

NPS

Alternate Investment

Sovereign Gold Bond

PMJDY

Bank Mitra / CSP

Social Security Insurance Schemes

Aadhaar and DBTL Seeding

How to Calculate Indusind Bank Home Loan EMI?

You can easily calculate the EMI for Indusind Bank Home Loan using the MyMoneyMantra EMI Calculator. Just open the EMI Calculator given under the Financial Tools tab, enter a few details like loan amount, tenure, and interest rate, and click on the Calculate button to get the result.

Indusind Bank Home Loan Processing Fees, Other Charges

Indusind Bank Home Loans come with the following charges:

Type of Charges Quantum

Processing fee

2% of the loan amount (minimum 5,000)

Documentation and loan handling charges

NA

Stamping charges

As per State Stamp Act

Charges for loan cancellation

1,500 per case

Monthly overdue interest

Up to 24% p.a., compounded monthly

Collection charges - cheque

100 per instance: Local visit to the customer's premises

250 per instance: Outstation visit to the customer's premises

Collection charges - No PDC/ Part PDC/ Outstation PDC/ Collection/ Pull out/ Bank Account Closure, etc.

300 per instance for visit to the customer's premises

Charges for repayment dishonour

500 per instance plus bank charges

Repayment swap charges

Up to 500 for each swap per instance

Foreclosure charges

  • 2-5% of the outstanding principal for fixed interest rate loans
  • Nil for floating interest rate loans

Charges for issuance of duplicate NOC

500 per NOC per instance

Statement charges

  • For statement of account: 200 per statement
  • For prepayment statement: 100 per statement

Indusind Bank Home Loan - Customer Care

You can contact Indusind Bank on the following numbers:

  • 1860-500-5004
  • 022-44066666

The address of the head office of Indusind is:

8th Floor, Tower 1, One Indiabulls Centre,

841, S. B. Marg, Elphinstone Road, Mumbai - 400 013

Indusind Bank also offers phone banking services via IVR and phone banking representatives. You can also contact the bank via email and Video Banking.

FAQs - Indusind Bank Home Loan

For what purpose can I use this Home Loan for?

You can avail this loan for:

  • Purchase of new home/ property
  • Construction of a house
  • Home improvement/ renovation
  • Home extension

What is the amount of processing charges?

Processing charges can amount up to 2% of the loan amount, minimum 5,000.

What are the charges for prepayment?

The prepayment charges are:  

  • 2-5% of the outstanding principal for fixed interest rate loans
  • Nil for floating interest rate loans

What are my options to repay the loan?

The Home Loan can be repaid through the methods of Electronic Clearing System (ECS) and Post-Dated Cheques.

What should be my salary to be eligible for this loan?

Minimum salary required for availing an Indusind Bank Home Loan is 25,000.

What are the property documents that are required for the application?

After property identification the following documents will be required:

  • Agreement of Sale or the Sale Deed
  • Building plan approved by the local governing body
  • Title deed documents
  • Proof of Title from the Revenue Records
  • Property Tax receipts wherever applicable
  • Valuation of property from a Chartered/panel Engineer

What are the benefits of having a co-applicant?

Co-applicants are always benefiting in Home Loans as they ensure a higher eligibility amount along with risk mitigation for any default in payments.

Who can be my co-applicant?

Co-applicants can include spouse, parents or children but most definitely the co-owners. Their income can supplement the total income for the loan application.

What is the maximum repayment tenure available for the loan?

The maximum repayment tenure is up to 30 years.

Latest News Snippets

Indusind Bank backs athletes

Indusind adopted the entire blind Indian cricket team which then went on to win the Blind Twenty20 Cricket World Cup. This move comes after they backed eleven athletes for the Rio Paralympics Games in partnership with GoSports Foundation. Three of the eleven came back home with medals. The bank has established non-banking sports vertical Indusind For Sports.

Digitisation cuts down middle men

B2C deals gain traction in banking due to cut down of middlemen with digitisation. The bank has partnered with Fintech companies for B2C solutions ranging from wallets, digital lending, payment gateways, micro ATMs and so on.

Indusind Bank set to merge with BFIL

Private sector lender Indusind Bank has received a 'No-Objection' from the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) for its proposed merger with Bharat Financial Inclusion (BFIL). Indusnd Bank is planning to acquire BFIL, the country's leading microfinance company, which was previously known as SKS Microfinance.

Indusind Bank to acquire IL&FS arm

Indusind bank signed an agreement with Infrastructure Leasing & Financial Services, the promoter shareholder of IL&FS Securities Services Ltd (ISSL), to acquire 100% stake in ISSL which is an Indian infrastructure development and finance company.

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