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IndusInd Bank Home Loan Interest Rate

IndusInd Bank Home Loan Interest Rates 2024 are affordable and vary between 8.40% -9.80% p.a. Getting a home loan at a low-interest rate means lower Equated Monthly Instalments (EMIs). IndusInd home loan EMI starts from just Rs. 762 per lakh for a tenure of 30 years. IndusInd Bank provides multiple home loan schemes such as a regular home loan, plot plus construction loan, NRI home loan, home renovation/extension loan, approved project home loan, home loan balance transfer, and top-up loan. All you need to do is meet the IndusInd Bank home loan eligibility criteria and apply for the loan. 

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Current IndusInd Bank Home Loan Interest Rates

Currently, IndusInd Bank home loan interest rates range from 8.40% to 9.75% p.a. The Annual Percentage Rate (APR) varies between 8.50% and 9.85%. Home loan APR is based on the minimum and maximum interest rate for a tenure of 30 years. Actual APR varies based on actual interest rate and tenure.

Following are the details of home loan interest rates for different housing loan schemes at IndusInd Bank:

Home Loan TypeMinimum Rate of InterestMaximum Rate of Interest
Home Loan 8.40% p.a.9.75% p.a.
Balance Transfer8.40% p.a.9.75% p.a.
Top-Up Loan8.40% p.a.9.75% p.a.
Plot Plus Construction Loan8.40% p.a.9.75% p.a.
Home Loans to NRI8.40% p.a.9.75% p.a.
Home Renovation/Extension Loan8.40% p.a.9.75% p.a.
Approved Project Home Loan 8.40% p.a.9.75% p.a.

Compare IndusInd Bank Home Loan Interest Rate with Top Banks

Home Loan is a long-term financial responsibility. Hence, it is crucial to compare home loan interest rates offered by top lenders before applying for a home loan.

Bank/NBFCInterest RateProcessing Fee
IndusInd Bank home 8.40% -9.80%1% or Rs. 10,000 whichever is higher. 
Bank of Maharashtra Home Loan8.35% - 8.90%Nil
HDFC Bank Home Loan9.40% - 9.95%Up to 0.50% or Rs. 3,000 whichever is higher + applicable taxes/ statutory levies
SBI Home Loan8.40% - 10.05%0.35% or Rs. 10,000 whichever is higher + applicable taxes
ICICI Bank Home Loan9.00% - 10.05%0.50% - 2% + GST or Rs. 3,000 whichever is higher + applicable taxes & other statutory levies
Axis Bank Home Loan8.75% - 9.10%Up to 1% +GST
Kotak Home Loan8.70%0.50% to 1% + GST

Factors Affecting IndusInd Bank Home Loan Interest Rates

The rate of interest on your IndusInd Bank home loans can get influenced by any of the following factors:

  • Loan quantum: The interest rate may vary as per the amount of the loan. 
  • Borrower’s category: Usually women applicants get concession in home loan interest rates. 
  • Type of scheme: The rate of interest also fluctuates according to the product type availed of by you. For example, interest rates for regular home loans may differ from NRI home loans.

IndusInd Bank Home Loan Charges

Charges

Description

Processing fees (non-refundable)1% of the loan amount or Rs. 10,000, whichever is higher. IMD Rs. 2,500
Late payment charges2% per month on overdue amount
Stamping charges As per applicable law of the state
Swapping charges (Cheque/ SI/ ECS/ ACH etc.)Rs. 500 per instance
Bounce chargesRs. 750 per instance 
Foreclosure & part prepayment chargesNil for floating rate loans
Document copy chargesRs 500 for copy of property documents
Repricing chargesUp to 0.50% of the principal outstanding (minimum Rs. 5,000)
Loan cancellation charges Rs. 2,000 (additionally franking/ stamping norms as per actuals if applicable)
Non-compliance charges 1% incremental pricing over & above existing spread + taxes & any other applicable statutory dues
Legal/ repossession/ incidental chargesAs actuals

How to get the Lowest Rate of Interest on an IndusInd Bank Home Loan?

Following are some tips which can get you a lower interest rate home loan:

  • Building and maintaining a good credit score
  • Having a higher monthly income
  • Making a higher down payment
  • Opting for a low loan amount
  • Having a long-standing relationship with the lender

IndusInd Bank Home Loan Interest Rates FAQs

What is the interest rate for an IndusInd Bank home loan?

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The interest rate for IndusInd Bank home loan is between 8.40% and 9.75% p.a.

Does IndusInd Bank offer a fixed or floating rate of interest on home loans?

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IndusInd Bank offers floating rates of interest on Home Loans. 

Do all salaried persons have the same rate of interest?

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No, the interest rate for an individual loan depends on other factors such as credit rating and repaying capacity. The nature of the property and the loan amount is also crucial aspect. Therefore, all salaried persons do not get the same rate of interest.

Is it possible to switch over from a fixed rate of interest to a floating rate and vice versa?

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It is possible to switch from a fixed rate of interest to a floating rate on the payment of a conversion fee. 

Is there any penalty for foreclosure of my home loan with IndusInd Bank?

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No, individuals opting for the floating rate of interest on IndusInd home loans can foreclose their home loans without incurring any penalty.