IndusInd Bank Loan Against Property

IndusInd Bank is a new generation bank established in the year 1994 with its head office at Mumbai. The bank offers commercial, electronic, and transactional banking products and services. The retail lending products are the specialty of the bank. The bank is abreast of the changing scenario in the banking industry by continuously introducing new technologies and has been striving to offer services to every nook and corner of the country by vigorously expanding its network. At present, there are over 1500 branches of the bank across the country.

The retail products being the specialty of the bank, it is the best bank for the Loan Against Property if you intend to encash your investment in a property for immediate funds requirement. The bank offers the loan at very competitive and affordable rate of interest and other associated charges. The repayment period being flexible, you can manage your monthly budget by opting for a lower EMI.

IndusInd Bank offers Loan Against Property against residential or loan against commercial property, and against the rent receivables.

The features of the loan are mentioned below:

The following are the advantages of taking the IndusInd Bank Loan Against Property:

• Easy documentation and quick approval
• Doorstep service for the collection of documents
• Attractive rate of interest on loan against property as per market standards
• A loan will be provided against either a residential or commercial property
• A loan against rent receivables will also be provided
• A facility of takeover of loan account from other financial institutions with a top-up is also available.
• The purchase of a commercial property with the loan proceeds is permitted
• Hassle-free loan process

You can also check Mortgage Loan Interest Rate

The IndusInd bank lap loan interest rate is linked to the base rate and ranges between 8.75% - 14.58%, depending on the profile of the customer.

The loan involves the following charges as well, apart from the rate of interest:

There are certain parameters that IndusInd Bank has stipulated to be eligible for the Loan Against Property. You will have to comply with the parameters that are mentioned below to be eligible for the Loan Against Property from IndusInd Bank:

• Salaried individuals permanently employed with Government Organisations/PSUs/MNCs /listed public limited companies/well-known private limited companies are eligible for the loan.
• Proprietorship/partnership firms, Pvt Ltd. Companies, closely held Public Limited Companies that are not listed on the stock exchange, can apply for the loan.
• Chartered Accountants, Doctors, CFAs, Engineers, Architects, Advocates, etc., can also apply for the loan.
• Individuals who are filing returns can apply for the loan
• The age of the applicant should be 21 years at the time of applying for the loan and the age at the time of maturity of the loan should be less than the retirement age for salaried individuals and for the self-employed, the age should not exceed 70 years.

The loan against property documents are specified to know the whereabouts and the repayment capacity of the borrower. The following documents are required for the IndusInd Bank Loan Against Property:

EMI or Equated Monthly Instalment is the amount you will have to pay to your loan provider every month till the loan is repaid in full. It means that you will have to bear the extra burden on your monthly budget every month for the tenure you have opted for the loan. It is thus very essential to know the EMI before applying for the loan for you to decide if you can accommodate the additional burden without disturbing your monthly budget.

You can do the calculation using an Loan Against Property EMI Calculator. If you use the MyMoneyMantra EMI Calculator, you will have an added advantage of a list of best quotes with which you can choose the best deal.  You will also have a Part Prepayment EMI Calculator and Full Prepayment Calculator, with which you can understand how the EMI varies on part pre-payments and how much of saving you can make on full prepayment.

To use the MyMoneyMantra EMI Calculator, you will have to follow the steps detailed below:

• Log in to the website of MyMoneyMantra and click on the Financial Tools tab available on the home page.
• Choose the EMI Calculator from the Financial Tools tab
• Give the details of the loan amount, loan tenure, and the rate of interest
• The EMI calculation will be done and displayed immediately
• There will be a list of best quotes from various financial institutions that will also be displayed.
• You can try various combinations as per the available quotes and decide on the one that is suitable to your budget and requirement.
• You can then apply for a loan through MyMoneyMantra.

You can also check PNB Housing Loan Against Property EMI Calculator.