Product Details
Bank Name
IndusInd Bank
Maximum Loan Tenure
30 years.
Maximum Loan Amount
No upper limit.
Interest Rate
Ranges from 8.50% to 10.5% per annum, depending on the loan amount, tenure, and credit profile of the borrower.
Type
Floating
Down Payment
Downpayment: 25% if the loan is above INR 25 lakh. 20 % if the loan is between INR 30 lakh to INR 5 lakh. 10% if the loan is upto INR 30 Lakh.
Fees and Charges
Prepayment fee: No prepayment charges for loans availed at floating rate of interest.
Processing fee: Upto 1% of the loan amount or INR 10,000, whichever is higher.
Late payment fee: 2% per month on overdue amount.
Legal Charges: At actuals.
Stamping and Registration: At actuals.
Minimum CIBIL Score
Not specified on the website.
Down Payment and Fees
Approved Project Home Loan
Special Features
No prepayment penalty in case of floating rate interest loan.
Eligibility Criteria
The eligibility criteria for IndusInd Bank Home Loan are:
The applicant should be an Indian resident or NRI The applicant should be at least 21 years old at the time of application and not more than 65 years at the time of loan maturity.
The applicant should have a regular source of income from employment or business.
The applicant should have a good credit history and repayment track record
Special Concession
No special concession.
Home Saver Option
Features, Eligibility and Concession
Pros
Attractive interest rate.
Balance transfer facility.
No prepayment or foreclosure charges for floating rate loans.
Processing fee is capped at 1%.
Cons
Interest rate higher than that of PSU banks.
No home saver option available.
Pros & Cons
IndusInd Bank Approved Project Home Loan
The IndusInd Bank Approved Project Home Loan offers several advantages, such as lower interest rates due to pre-approved projects which reduce the lender's risk. This can be particularly beneficial for borrowers as it may result in cost savings over the loan's tenure. Additionally, the absence of prepayment or foreclosure charges provides flexibility for borrowers to pay off their loans ahead of schedule without incurring extra costs.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai