Ind Bank Housing Ltd, an arm of Indian Bank, is one of the prominent names in the housing finance market of India. Ind Bank Housing Ltd provides housing loans for both the purposes ? for purchase or construction of house/flat, as well as, for the up gradation, repairs or additional construction on the existing building.
Ind Bank Housing Ltd provides housing loan up to 25 lacs for the purpose of purchase/construction of house/flat. For renovation / repair / up gradation, it sanctions loan up to 5 lacs. The borrower has to pay minimum 15% of the total project cost. It you are taking loans for buying a house, the house must not be more than 20 years old.
If you are going for a home loan from Ind Bank Housing Ltd, you have to repay the amount within 20 years. You can’t also repay it before 5 years also. Repayment period should not extend beyond the retirement, in the case of salaried class and beyond 65 years in case of others. For taking loans from Ind Bank Housing Ltd, you need to have equitable mortgage of the property or registered mortgage wherever necessary and also guarantees from two suitable persons.
Ind Bank Housing Ltd has got different interest rates for different amount of loans. The loans for construction/purchase attract interest rates between 12 to 15 percent, while the up gradation/repair loans have got interest rates from 13.5 to 14.5 percent.
Besides the interest, if you take a housing loan from Ind Bank Housing Ltd, you have to pay a Processing Fee of 0.75% if your loan amount is up to 5 lacs. If the amount is over 5 lacs, the processing fee would be 1%. There is also an Administration Fee of 1%. There is no Prepayment Charges applicable on any housing loans from Ind Bank Housing Ltd. Also the Ind Bank Housing Ltd would arrange for adequate insurance of the property at the cost of the borrowers.