Loan Details
Bank Name
Indian Bank
Maximum Loan Tenure
Up to 15 years.
Maximum Loan Amount
Up to 25,00,00,000.
Interest Rate
10.10% to 11.75% per annum.
Type
Floating
Down Payment
40% of the Realisable sale value of the immovable property offered as security in Tier-I & II cities.
50% in the case of properties situated in other places.
Fees and Charges
Processing fees- 1% of the loan amount.
Pre-payment charges: NIL for floating interest rate.
Late payment charges: 2% per annum for the default/overdue period.
Legal charges: At actuals.
Stamp Duty and registration charges: At actuals.
Minimum CIBIL Score
Not specified by the bank.
Down Payment and Fees
IND Mortgage
Special Features
Maximum loan amount of 25 crores.
Eligibility Criteria
Salaried class:
Permanent Employees of Central/State govt./Quasi govt. bodies/Public Limited Companies/ reputed Private Limited companies with a clear record of paying timely salaries.
Applicant should have a minimum completed service of 3 years.
Employees of Indian Bank and other Banks (PSU/Private/Foreign/Co-op) are also eligible.P & SE, Other Individuals, Sole-proprietor & other Business Class:* Self-employed/Professionals/ Traders/Businessmen including, Sole Proprietary concern, Firms and Limited companies are eligible based on their income level and cash flow.
Pensioners: All Central / State Govt. Pensioners, Family Pensioners, Re-employed pensioners who are drawing their pension through our branches are eligible
NRI customers are also included subject to the condition that the end use is for bankable purposes, as RBI permitted.
Age criteria: For individuals: Minimum entry-level age: 18 years.
Salaried Class individuals: Exit Level age: 60 years (or date of retirement whichever is earlier)
Other individuals: Exit Level age: 70 years
Special Concession
No
Home Saver Option
No
Features, Eligibility and Concession
Pros
Minimal processing fee.
Maximum loan amount of 25 crores.
Cons
The loan-to-value (LTV) ratio is very low.
Loan tenure of up to 15 years.
No Home Saver option
Pros & Cons
Application Procedure
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