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IB Home Loan

IB Home Loan

Eligibility Resident individuals having steady source of income and a minimum period of service/experience of 3 years (including previous employment/experience and confirmed in the present employment)

  • Salaried Class
  • Businessmen
  • Professional
  • Self-employed persons
  • Pensioners
  • Indian Bank Staff & Spouse of the staff
Age Entry Age: 18 years

Exit Age: 70 years

Purpose
  • to purchase / construct a new house / flat
  • to purchase house site and construction of house thereon
  • to purchase an existing house / flat
  • to extend an existing house/ additional construction
  • to repair / renovate an existing house / flat – in such case
  • to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance
Margin For Loans

  • Up to Rs.30 lakhs: 10%
  • Above Rs.30 lakhs up to Rs.75 lakhs: 20%
  • Above Rs.75 lakhs: 25%

In case of Repairs and Renovation: 30%

Quantum of loan As on date of Application, if the Age of the Borrower/ Co-Borrower is less than 45 years

  • In case of salaried class, the loan amount will be restricted to 72 times of monthly Gross salary/income.
  • In case of others, the loan amount will be restricted to 6 times of Gross Annual income as per ITR/Audited financials

 

As on date of Application, if the Age of the Borrower/ Co-Borrower is 45 years and above

  • In case of Salaried class, the loan amount will be restricted to 60 times of monthly Gross salary/income.
  • In case of others, the loan amount will be restricted to 5 times of Gross Annual income as per ITR/Audited financials.

In case of Joint Borrower’s, the number of times of loan eligibility shall be calculated based on each Individual Applicant’s Age.

Net Take Home Pay In case Annual income of the Applicants (Individually or jointly) is up to Rs.15.00 lakhs, NTHP (after proposed loan EMI) should not be less than 40 % of the Gross Annual Income.

In case Annual income of the Applicants ( Individually or jointly) is  more than  15.00 lakhs, NTHP ( after proposed  loan EMI) should not be less than 30 % of the Gross Annual Income subject to  the minimum Annual Take Home pay of Rs.6.00 lakhs.

Repayment Period Maximum tenor of 30 years (including Holiday Period) subject to exit age criteria.

In case of Repairs & Renovation, maximum 10 years.

Holiday Period:

  • Outright purchase of house/flat – NIL
  • For construction of house on the plot already owned by the applicant – Maximum 18 months
  • Purchase of Plot and construction of house thereof / flat under construction by promoters / developers – Maximum 24 months
  • Flat under construction – in case of bigger projects – Maximum 36 months
  • Takeover accounts – NIL
Interest Rate Click here
Processing Fee Click here
Security Equitable Mortgage of Property purchased / constructed out of loan proceeds
Life Insurance Cover At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).

The Premium amount will be financed as a separate loan instead of financing as a part of the loan.

Takeover of Loans from other Banks/FIs
  • Permitted only for completed Building and Possession of the Building is taken over by the applicant.
  • Minimum 12 EMI should have been paid from the date of commencement of EMI.
  • All the Securities with the existing Bank/FI should be made available.
  • Takeover from Co-operative Societies is not permitted
  • Other Terms and Conditions apply.
Documents required
  • Completed Application Form with 3 passport size photograph.
  • Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s).
  • Proof of Identity such as PAN Card / Aadhar card /Voter’s ID/Passport/Driving License.
  • Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport /Aadhar card/ Voter`s ID.
  • Proof of business address in respect of businessmen / industrialists.
  • Proof of Employment for salaried class.
  • Salary slips generally for the last 6 months.
  • Statement of Bank account of the applicant(s) for a reasonable period, say 6 months/12 months for verifying salary credit/other income/nature of transaction etc
  • Proof of other income like rent, interest on investment, if any.
  • ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self-employed.
  • A brief note on the nature of Business/Service, year of establishments, constitution, securities charged in respect of loans availed from our Bank/other Branches /Bank.FI /other sources.
  • Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
  • Agreement of Sale / Sale Deed.
  • Approved Building Plan.
  • Title Deed Documents for 13 years/30 years as the case may be.
  • Proof of title in the Revenue Records.
  • Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost).
  • Two independent valuations and Legal Scrutiny Reports are required for Home loans exceeding Rs.1.00 Crore.

( Last modified on May 21, 2021 at 06:05:41 PM )

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