IndusInd Bank Home Loan - Eligibility Criteria of IndusInd Bank Home Loan

IndusInd Bank is one of the prominent private sector banking entities in India, renowned for offering a wide array of products to its customers ranging from credit cards to housing loans.

IndusInd Bank understands the desire and requirement of its customers to own a house. Like various other products that are offered by the bank, home loans are designed to suit the needs of numerous modern-day banking customers.

Features of IndusInd Bank Home Loan

Security/Collateral:

• The security or collateral in the home loan is the title deed of the property which the customer wants to get financed. Apart from the title deed, there can be few additional requirements on a case-to-case basis.
  
  
• Provision for co-applicant in the home loan: Co-applicants are always advisable in home loans to ensure higher eligibility for the loan amount and risk mitigation for any default in payments. The income of the co-applicant is summed up along with the primary applicant.
  
  
• The borrower can include their spouse/parents/children as a co-applicant, where their income will also be considered to enhance the loan amount. If there is any other co-owner of the property, he/she has to become a co-applicant mandatorily. Here the point to be noted is that the co-applicant need not be a co-owner, but a co-owner will always be a co-applicant.
  
  
• Equated Monthly Installment (EMI): The loan amount is repaid in the form of EMI or 'Equated Monthly Installment.' The EMI is predetermined, and the customer is informed about it during the time of loan sanction. The amount of EMI is proportional to the principal amount, loan tenure, and the interest rate offered. In other words, EMI is the sum of interest amount and a part of the principal amount, which the customer needs to pay monthly.
  
  
• Home loan processing: Prospective customers who have finally decided on availing the home loan from IndusInd Bank can check their eligibility online and even apply before deciding on the property. A lump sum amount as per the ability of the customer to repay is sanctioned on the records. After deciding on the property and its related value, the customer has to submit the property-related documents. The swift processing method of home loan in IndusInd Bank brings delight to those customers who don't want to lose on time once they decide to purchase a property.
  
  
• Co-applicant: The potential buyers who have decided on borrowing the home loan from IndusInd Bank may also include the co-applicants in the loan. Including co-applicants ensures that the risk is duly shared between two individuals and also brings higher eligibility amount. The income of co-applicants is clubbed together to derive the final eligibility amount.
  

Home Loan Process

Apply IndusInd Bank Home Loan Online

• The customer may apply online for a home loan through mymoneykarma website.
• The prospective applicant needs to provide some critical details to receive a comprehensive list of home loan offers as applicable to the situation.
• The customer may choose the home loan offer provided by IndusInd Bank and can apply online without providing any documentation at this stage.
• If the loan applicant fits into the eligibility criteria of the bank, a bank representative will contact the applicant to complete the rest of the formalities.
  

How to Get IndusInd Bank Home Loan Offline

Visit the nearest IndusInd Bank branch and meet the home loan officer to start the process.

Types of Home Loan Products

IndusInd Bank offers attractive interest rates and a multitude of products under its home loan category to cater to the needs of numerous customer segments:

Home Purchase Loans

This loan is provided for purchasing houses or apartments. The banks usually offer a loan at 80%-85% of the market value of a property. They are available for various tenures and at fixed and floating interest rates.

Land Purchase Loans

This loan is offered for the purchase of land for any residential activity, construction, or investment purposes. It cannot be used for buying any agricultural land. Unlike home loans where the loan is provided at 80%-85% of the property value, land purchase loans are offered at 70% of the value of the land.

Home Construction Loan

Home construction loans are offered for constructing a home on an existing land of the borrower. The plot can be empty or created by demolishing the already existing house and building a new one in its place. The loan amount given by the bank for this purpose is usually at 85%-90% of the construction cost.

Home Improvement Loans

These loans help the borrower in all types of a home renovation or improvement works which include paint job, new flooring work, plumbing, and exterior elevation works, etc.

Home expansion loans

These loans are provided to the borrowers for expanding their existing homes. The expansion of home may include the construction of a single room or multiple rooms to build a new floor above the existing house. In these projects, the loan amount could vary from Rs. 20,000 to Rs. 10 lakhs based on the project.

Eligibility Criteria of IndusInd Bank Home Loan

IndusInd Home Loan is offered to all applicants who are either salaried or self-employed or independent professionals. The home loan products have been designed to meet the expectation of a more extensive section of Indian Economy, specifically the middle-class Indian families. The home loan eligibility is determined in a very transparent manner wherein various factors such as age, salary, number of dependents of the individual comes into consideration.

Home Loan Eligibility Based on Salary

Minimum salary to avail this loan should be Rs. 25000