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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.

Loan AmountLoans up to Rs.20 crore
Loan EligibilitySalaried or Self-employed
Loan TenureUp to 15 years
Interest Rate8.75% - 14.58%

Apply for IDFC Loan Against Property

Features of IndusInd Bank Loan Against Property

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:

Name of the ProductPurposeQuantumInterestSecurityRepaymentProcessing Charges
IndusInd Bank Loan Against Property
  • The loan can be utilised for any personal requirement, like renovation of an existing property, for the higher education of children, for planning a wedding, for any medical emergencies, for planning a family vacation, etc.
  • It can also be used for any business requirement like a working capital requirement, for business expansion, improving the infrastructure, etc.
  • It can be used for the purchase of a commercial property as well.
The loan quantum depends on the value of the property and the repayment capacity of the borrower.The rate of interest ranges between 8.75% - 14.58%, depending on the profile of the customer.Equitable mortgage of the security against which the loan is granted.The maximum repayment is 15 years or before the retirement age in the case of salaried individuals and before the borrowing attaining the age of 70 years in the case of the self-employed, whichever is earlier.Up to 2% of the loan amount.

You can also check the step-by-step process of Mutation of Property Online

Benefits of Taking IndusInd Bank Loan Against Property

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

IndusInd Bank Loan Against Property Interest Rates

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.

IndusInd Bank Loan Against Property Fees & Charges

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

ChargesDetails
Processing chargeUp to 2% of the loan amount
Foreclosure charges
  • Foreclosure is not allowed within 12 months from the start date of the EMI.
  • For loans availed by individuals, the charges will be as per RBI guidelines.
  • For others, the charges will be 4% of the outstanding principal balance in the account.
Part prepayment charges
  • The lock-in period for part prepayment is 12 months from the EMI start date.
  • For loans availed by individuals, the part prepayment charges will be as per the RBI guidelines.
  • For others, part prepayment will be allowed up to 25% of the outstanding principal balance in the account at the beginning of the financial year at 0.5% of the pre-paid amount.
  • The part prepayment will be allowed up to 4 times in a financial year.
Cheque dishonour charges500 per instance
Delayed payment of EMIPenalty at 2% per month on the overdue amount for the overdue period.
Issuance of NOC/NDCNil
Stamp dutyAs applicable to respective State
Charges for swapping of cheque500 per swapping per instance
Issuing a duplicate repayment schedule500
Charges for issuing copies of the document500 for copies of property documents
Cheque collection charges100 per instance for local visits and 250 for an outstation visit.
Charges for substitution of property/collateral security0.1% of the loan outstanding with a minimum of 10,000 for every substitution.
Release of property during the pendency of the loan0.1% of the outstanding in the loan account with a minimum of 5,000 per instance.
For rebooking of loan accountProcessing charges as applicable will be collected
Conversion chargesUp to 0.75% of the principal outstanding in the loan account

Eligibility for IndusInd Bank Loan Against Property

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.

Documents Required for the IndusInd Bank Loan Against Property

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:

Type of DocumentSalariedSelf-employed
KYC documentsValid identity/ address/ signature proof
Income proof
  • Salary slips for the last 3 months or Salary Certificate.
  • Appointment letter
  • ITR and Form 16 of the last 2 years.
  • Bank Account Statement for the last 6 months of the salary account.
  • ITR for the last 2 years with computation of income and acknowledgement.
  • Audited balance sheet and P & L Account for the last 2 with 3CA and 3CB.
  • Bank account statement for the last 6 months of the main Current Account/ CC/ OD Account.
Processing feeA cheque for the processing fee
Property documentsAll the documents required to establish the marketable title of the property against which the loan is granted.
ApplicationApplication for the loan, duly filled and signed
Photograph2 passport size photographs

How to Use the EMI Calculator?

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.

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Pre-Approved Loan Against Property @9% p.a 

Up to Rs. 15 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applying for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holidays and much more. Higher loan amounts are available for select customers.

IndusInd Bank Loan Against Property FAQs

Why should you avail of a Loan Against Property from IndusInd Bank?

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The reasons to avail of the Loan Against Property from IndusInd Bank are:

  • The bank provides a long-term repayment period with a maximum of 15 years
  • The loan can be availed against residential/commercial property as well as flats/apartments
  • The loan can be availed for any personal or business purpose. The loan can be availed for the purchase o commercial property as well.
  • The bank provides for the takeover of loan balance from other financial institutions along with a top-up loan.
  • Documentation is simple and easy and the approval quick
  • The rate of interest is reasonable
  • The loan process is hassle-free

Who can apply for the loan?

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You can apply for the loan if:

  • You are a salaried individual permanently employed with Government Organisations/PSUs/MNCs /listed Public Limited Company/well-known Private Limited Company.
  • You own a Proprietorship/Partnership firm, Pvt Ltd. Company, closely held Public Limited Company that is not listed on the stock exchange, can apply for the loan.
  • You are a Chartered Accountant/ Doctor/ CFAs/ Engineer/Architect/ Advocate, etc.
  • You are filing returns can regularly
  • You are aged 21 years and above and your age does not exceed the retirement age at the time of maturity of the loan if you are salaried and your age does not exceed 70 years at the time of maturity of the loan, if you are self-employed.

What is the rate of interest charged for the IndusInd Bank Loan Against Property?

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The rates of interest charged are between 8.75% - 14.58%, depending on the customer's profile.

What is the processing fee collected for the IndusInd Bank Loan Against Property?

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The processing fee applicable on IndusInd Bank LAP Loan is up to 2% of the loan amount.

What are the prepayment charges levied by the bank?

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Prepayment charges at 0.5% of the part prepaid amount if the pre-payment is done after 12 months from the EMI start date. No prepayments will be allowed within 12 months from the EMI start date. The prepayment charges will be as per the RBI guidelines if the loan is availed by an individual.

For others, prepayment will be allowed to the extent of 25% of the principal balance at the beginning of the financial year. Repayments are allowed only 4 times in a financial year.

Foreclosure charges for a loan availed by individuals is as per the RBI guidelines. For others, charges will be collected at 4% of the outstanding balance in the account. A foreclosure will not be permitted with 12 months from the EMI start date.

What is the maximum repayment tenure allowed for the IndusInd Bank Loan Against Property?

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The maximum repayment period permitted for the IndusInd Bank Loan Against Property is 15 years.

How much loan is given against property?

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You can get loan up to Rs. 20 Crores against property from IndusInd Bank Property Loan.

Is it OK to take loan against property?

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Availing of a loan against property can be helpful during financial emergencies. Being a secured loan, LAP comes at affordable interest rates.