Indian Bank Loan Against Property

Indian Bank property loan allows customers to avail funds against residential and commercial properties for any personal or business purpose. The following are the key details of the Indian Bank loan against property:

The following are the current Indian Bank loan against property interest rates:

Looking for the best Loan Against Property (LAP) interest rates? Below is a comparison of the Indian Bank LAP interest rate with other leading banks and NBFCs in India. Compare the rates below and choose the most suitable option for your needs.

The following are the key features and benefits of mortgage loan in Indian Bank:

• The loan amount can be used for repairs or renovation of a building, education, marriage, festivals/functions celebrations, medical or any other purpose which is not speculative in nature.
• The loan amount is offered considering the age and repayment capacity of the borrower. Individuals as well as non-individuals can get anywhere between Rs. 5 Lakhs to Rs. 25 Crores.
• For an amount beyond Rs. 25 Crores, the loan will be sanctioned at the corporate office level committee, up to their delegated credit powers.
• For properties located in Tier I and II cities, a margin of 40% of the realizable sale value is required, and the requirement is 50% for properties located in other cities.
• Indian Bank mortgage loan rate of interest ranges from 10.10% to 11.75% p.a.
• A processing fee of 1% of the loan amount will be levied by the bank.
• The repayment tenure can go up to 15 years, depending on a case-by-case basis.
• Loan against property is not allowed against disputed properties, and a leased property cannot be set as collateral.
• Quick and hassle-free loan application system with less paperwork.
• Nil charges for prepayment and foreclosure.
• Transparent working and no hidden charges
• Flexible repayment option through monthly EMIs.

Indian Bank has a well-structured department dealing with Loan Against Property applications. The applicant, however, must fulfill the eligibility criteria as stated below:

• All individuals aged 18 years can apply for the loan
• The exit age is 60 years for a salaried employee and 70 years for other borrowers
• Permanent employees working in central/state government, public limited companies, quasi-government bodies, and reputed private limited companies can apply for the loan if they have a clear record of timely salary payment. They must be in service for a minimum period of 3 years.
• Employees of Indian Bank, as well as other banks (private/PSU/Co-op/foreign), can also apply.
• Professionals, self-employed, traders, and businessmen (including sole proprietary concern, HUF, firms, and limited companies) are also eligible based on their cash flow and income level.
• All central and state government pensioners, as well as family pensioners, drawing pensions through Indian Bank branches, are eligible.
• NRIs are also eligible, provided the end use of the loan is for a bankable purpose and the property is located in India.
• The property to be set as collateral can be residential or commercial
• The property must have a clear title and should be registered in the name of the individual applying for the Loan Against Property.
• Indian Bank Loan Against Property offers a maximum quantum of loan that is linked to the repayment capacity and applicant profile.
• Property-to-be-mortgaged should be insured with the bank at the borrower's cost against fire, earthquake, flood, riot, and other risks for the entire loan period.

To apply for the Indian Bank Loan Against Property, the applicant must submit a duly filled application form. The application form must be supported by the requisite documents required for a loan against property.

The list of the same is described below:

For Salaried employees:

For Self-Employed: