Indusind Bank

INDUSIND BANK LOAN AGAINST PROPERTY

Apply Indusind Bank Loan Against Property @ 10.5%

Interest Rate

10.5%-11%

Processing fee

Upto 0.5%

Loan Tenure upto

15 years

LTV (Loan to value)

75% to 90% of property value

About 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.

Features of IndusInd Bank Loan Against Property

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

The features of the loan are mentioned below:

Name of the Product Purpose Quantum Interest Security Repayment Processing 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 9.95% p.a. to 15% p.a., 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.

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 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

IndusInd Bank Loan Against Property Interest Rates

The rates of interest are linked to base rate and range between 9.95% p.a. to 15% p.a., depending on the profile of the customer.

IndusInd Bank Loan Against Property - Processing Fees & Other Charges

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

Charges Details

Processing charge

Up 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 charges

500 per instance

Delayed payment of EMI

Penalty at 2% per month on the overdue amount for the overdue period.

Issuance of NOC/NDC

Nil

Stamp duty

As applicable to respective State

Charges for swapping of cheque

500 per swapping per instance

Issuing a duplicate repayment schedule

500

Charges for issuing copies of the document

500 for copies of property documents

Cheque collection charges

100 per instance for local visits and 250 for an outstation visit.

Charges for substitution of property/collateral security

0.1% of the loan outstanding with a minimum of 10,000 for every substitution.

Release of property during the pendency of the loan

0.1% of the outstanding in the loan account with a minimum of 5,000 per instance.

For rebooking of loan account

Processing charges as applicable will be collected

Conversion charges

Up 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 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 Document Salaried Self-employed

KYC documents

Valid 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 fee

A cheque for the processing fee

Property documents

All the documents required to establish the marketable title of the property against which the loan is granted.

Application

Application for the loan, duly filled and signed

Photograph

2 passport size photographs

Why Apply for the IndusInd Bank Loan Against Property through MyMoneyMantra?

If you are not very sure of applying for a loan because you are not aware of the loan procedure and consider the whole ordeal very confusing and strenuous, you will be happy to know that the process of availing of a loan is no longer a tiresome ordeal with online lending marketplaces like MyMoneyMantra. We will be doing all the hard work for you and without any charges for the services offered.

MyMoneyMantra has over 30 years of experience and is partnered with over 100 leading financial institutions. The objective is to provide various choices for the customers and help them to get the best deal.

The loan experts at MyMoneyMantra will make all the data comparison for you and will help you choose the best deal as per your income and requirements. You can also have a conversation with them regarding all your queries and get their assistance throughout. They will help you fill the application, collect the documents from your doorstep, hand it over the respective loan provider, and co-ordinate with the loan providers for quick documentation and disbursement of the loan.

Your role in the whole process is to just log in to the website of MyMoneyMantra, have a look at the various products and deals, provide the personal details required, and fill the application. The rest will be taken care of by the MyMoneyMantra team.

How to Use the MyMoneyMantra 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 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

Why Use the IndusInd Bank Loan Against Property EMI Calculator?

EMI has to be calculated before applying for a loan to understand the repercussions on your monthly budget with the new commitment. If you proceed with the loan process without understanding the EMI and without comparing the different rates and charges offered by different institutions, you may be in for a shock in terms of the EMI stipulated and the rate at which you have been offered the loan. The rate might be much higher than what is available in the market.

In order to avoid all the above confusion, it is necessary to calculate the EMI and compare the various prevailing rates and charges in the market before applying for a loan in order to settle for the best deal.  To do this, you will have to use the EMI Calculator, which can be scheme specific.

Calculating the EMI manually by applying the formula is also possible, but there are chances of erroneous results while doing the calculations multiple times. With the MyMoneyMantra EMI Calculator you can have the following benefits:

  • Accuracy: You can avoid errors that occur with the manual calculation by doing the calculation using an EMI calculator. You can totally rely on the result with the calculator as 100% accuracy is assured.
  • Speed: All you need to do is provide the input, i.e., the loan amount, loan tenure, and the rate of interest, and the EMI is calculated and displayed immediately. You can do the calculation multiple times with different combinations as per the quotes available, within no time.
  • Budget planning: With the EMI value available beforehand, you will be able to plan your monthly expenses to accommodate the additional financial commitment by way of the proposed EMI.
  • Access: The EMI Calculator can be accessed at the comfort of your home or workplace or any other place at any time.

FAQs - Loan Against Property from IndusInd Bank

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

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?

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?

The rates of interest charged are between 9.65% and 15%, depending on the customer's profile.

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

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

What are the prepayment charges levied by the bank?

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?

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

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