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. Following are the key details of the Indian Bank loan against property:

You can also check Loan Against Property without Income Proof and ITR Online.

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 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-to-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 above 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, 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, 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 requisite documents required for loan against property.

The list of the same is described below:

For Salaried employees:

For Self-Employed:

You can use the Loan Against Property EMI Calculator available on our website to know your Indian Bank LAP EMI before applying for the loan. To use the tool, follow the steps given below:

• On the homepage of our website, go to the Financial Tools tab and click on the Loan Against Property EMI Calculator.
• Drag the cursor to select the required drawing amount in Indian Bank or loan amount, tenure (in years), and the applicable property loan interest rate Indian Bank charges.
• As soon as you mention the above details, the calculator will display the monthly EMI amount you have to pay on your loan along with some other important details.

Below is an example using our LAP EMI calculator:

You can also calculate your Indian Bank LAP EMI using the formula given below: 

EMI amount = [P x R x (1+R) ^N]/[(1+R) ^N-1], which uses three inputs i.e., Principal loan amount (P), tenure (N), and rate of interest (R).

You can apply for the Indian Bank loan against property online. All you need to do visit the official website of the bank, go to the ‘Ind Mortgage’ page and click on the ‘Apply For Loan’ button. Then fill out the online loan mortgage loan application form by providing some basic details about yourself, the property to be pledged, and the purpose of the loan. You can also fill out the physical form available at a nearby bank branch. Alternatively, you can also apply for the loan from our web portal for quick processing.