IndusInd Bank Loan Against Property

Induslnd Bank gives utmost importance to its customer services. The bank aims to be a leader in the market place in terms of productivity, profitability, and efficiency. A loan against property from IndusInd Bank helps customers in meeting all financial needs and allows an individual to take care of personal or business expenses.

Features

• Competitive interest rates with maximum loan approval
• A hassle-free and easy documentation process
• Fast approvals
• Balance transfer at a lower interest rate
• Multiple assessment criteria
  

Co-applicants

• For expanding the eligibility criteria, one can include co-applicants in the loan application.
  

Interest rate

• The minimum and maximum interest rate for an IndusInd loan against property also depends on the tenure, which is a maximum of 10 years.
  

Bank ROI

• The minimum rate is 9.95%
• The maximum rate is 15%
• The average is 11.32%
  

Annual Percentage Rate (APR)

• The minimum rate is 10.05%
• The maximum rate is 15.10%
  

IndusInd Bank Loan Against Property Schemes

• Loan Against Home: Residential properties can be mortgaged to get a loan against property.
• Loan Against Commercial Property: Commercial properties can also be put under collateral to avail a loan.
• Loan for Commercial Property Purchase: By keeping one commercial property as collateral, an individual can buy another one with the help of the loan availed.
• Funding Against Rentals from the Commercial Property: If a person has rented out a commercial property, then he can take a loan against property against the rented income as well.
• Balance Transfer: The borrower can also transfer a home loan from another bank to IndusInd in order to avail the advantage of a low rate of interest.
• Top-Up Loans: Here, the borrower can take additional credit on an existing Loan.

Eligibility Criteria

Salaried Employees

• Individuals who are employed permanently with PSUs, Government undertakings, MNCs, listed public limited companies, or any renowned private limited companies are eligible to apply for IndusInd loan against property.
• Minimum age of applicant: 21 years
• Maximum age of the applicant: Should be lower than the retirement age during the maturity of the loan.
• Minimum income: Rs. 30,000 per month (gross income).
• The minimum experience required is three years.
  

Self-Employed Professionals

• Chartered accountants, doctors, cost accountants, engineers, architects, company secretaries, and chartered financial analysts are eligible to apply for IndusInd loan against property.
• Minimum age of the borrower: 21 Years
• Maximum age of the borrower: Should be lower than 70 years.
  

Documents Required for IndusInd Loan Against Property

For Self-Employed

• A filled in loan application form
• Two passport size photographs
• ITR for the last two years
• Identity proof(any of the following IDs): Passport/ driving license/ voter ID/ PAN
• Residence proof: Leave and license/registered rent agreement/ utility bill (up to three months old), passport.
• Business proofs: VAT/ service tax registration, incorporation details, company address proof, P & L (Profit and Loss) account, balance sheets certified by CA, copy of partnership deed, and proof of business existence.
  

For Salaried Employees

• A filled in loan application form
• Two passport size photos
• ITR of the last one year
• Identity proof: Passport/driving license/voter ID/PAN
• Residential address proof: Leave and license/registered rent agreement/utility bill (up to three months old)/passport.
• Income documents: Six months’ payslips, two years’ Form-16, 6 months’ bank statements reflecting monthly salary credit (and EMI debit if any).
  

Property Documents

• Registered sale deed/lease deed
• Past sale deed records (each transaction with respect to this property since the first allotment)
• Latest house tax payment receipts
• Approved building plan from a Municipal Corporation
  

IndusInd Bank Mortgage Loan EMI and Interest Calculator

• The EMI calculator present on the IndusInd Bank website can be used to calculate loan EMIs. EMI is a fixed amount that a customer has to pay each month towards the repayment of the loan.
• Monthly EMIs at various rates of interest can be calculated and compared to the lowest EMI per lakh on loan.
• Loan tenure is of considerable significance, as a higher loan tenure reduces the EMI amount.
• Another factor that affects EMI is the interest rate on the loan. Higher the interest rate; higher will be the EMI. However, the cumulative interest charged will be significantly more in a longer tenure loan as compared to a short tenure loan.
• The interest rate comparison of different banks helps the customer in finding the cheapest loan.