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Get IndusInd Bank Loan Against Property: Up to ₹25 Lakh

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Mar 21, 2024

15 Mins

IndusInd Bank Launches Loan Against Property Product

IndusInd Bank has introduced a new financial assistance option to help individuals maintain their important life expenses. The Loan Against Property product offers immediate personal loans with a loan amount ranging from ₹30,000 to ₹25 lakh. The bank is offering an introductory interest rate of 10.49 percent for this product.

To apply for the Loan Against Property, interested individuals can visit IndusInd Bank's website and fill out the application form. The bank requires basic personal information such as full name, mobile number, and city of residence. By completing the application, applicants give authorization for Urban Money to receive their credit information for credit risk assessment purposes.

Key Features and Benefits of IndusInd Bank Loan Against Property

IndusInd Bank Loan Against Property offers several advantages, including:

1. Higher Loan Amount: Eligible applicants can receive a higher loan amount based on their eligibility as determined by IndusInd Bank.

2. Flexible Use of Funds: Borrowers can utilize the loan amount for personal or business needs.

3. Doorstep Services: IndusInd Bank provides doorstep services, making it more convenient for customers who do not want to visit a branch. The bank's executives will visit the customer's doorstep for loan application and document collection.

4. Fast Approval: The bank guarantees a faster approval process for immediate long-term funds.

Overview of IndusInd Bank Loan Against Property

IndusInd Bank Limited is a financial services organization catering to both corporate customers and consumers. Headquartered in Mumbai, Maharashtra, the bank has been operating since 1994 with an initial capital of ₹100 crore. Over the years, the bank has expanded its product and service offerings, with Loan Against Property being one of its popular products.

IndusInd Bank Loan Against Property is available for self-employed professionals, non-professionals, and salaried individuals. This secured loan has a repayment tenure of up to 15 years and can be used to meet various financial needs such as expanding a business or purchasing a home.

Eligibility Criteria for IndusInd Bank Loan Against Property

The eligibility criteria for IndusInd Bank Loan Against Property depend on the type of entity. Here are the specific requirements for different borrowers:

1. Individuals: Individuals who file income tax returns can apply for the loan. The minimum age for application is 21 years, and the maximum age at loan maturity should not exceed 70 years.

2. Private Limited Companies: Private limited companies are eligible for the loan.

3. Partnership Firms: Partnership firms can also apply for the loan.

4. Proprietorship Concerns: Proprietorship concerns are eligible for the loan.

5. Closely Held Public Limited Companies: Closely held public limited companies that are not listed on any stock exchange can apply for the loan.

Interest Rates for IndusInd Bank Loan Against Property

IndusInd Bank has not disclosed the specific interest rates for the loan. However, the bank determines interest rates based on the borrower's credit profile. Generally, a higher credit score results in lower interest charges.

Other Factors Affecting Interest Rates

Apart from credit score, other factors that affect the loan against property interest rates include:

1. Age of the Applicant: Younger applicants typically receive loans at lower interest rates if they have an established credit history and a good CIBIL score.

2. Type of Property: Commercial properties may have a higher sale value, while residential properties are advantageous during loan processing.

3. Loan Amount: Higher loan amounts generally come with higher interest rates due to the increased credit risk.

4. Loan Tenure: Longer loan tenures result in higher interest rates, while shorter terms save borrowers money on interest.

5. Borrower's Income: Higher-income individuals usually qualify for loans at lower interest rates due to their lower credit risk.

6. Relationship with the Lender: Existing customers with a history of timely payments may be offered loans at lower interest rates.

Fees and Charges for IndusInd Bank Loan Against Property

IndusInd Bank applies various fees and charges for its Loan Against Property product. Here are the charges borrowers should be aware of:

1. Loan Processing Charges: Up to 3% of the sanctioned loan amount.

2. Pre-Payment Charges: 4% of the outstanding principal after repayment of 12 EMIs.

3. Other Charges: Charges for late payment of EMI, cheque bounce charges, stamping charges, document copy charges, etc. (specific charges can be found on the bank's website).

Document Requirements for IndusInd Bank Loan Against Property

IndusInd Bank requires specific documents for loan processing based on the type of entity. The documents include:

1. Application Form: Loan application form with a photograph.

2. Proof of Income: Salary certificate/appointment letter, latest salary slips, ITR copy, or latest Form 16. For non-individuals, financials with schedules, audit reports, and ITRs may be required.

3. KYC Documents: Valid residence, identity, and signature proofs.

4. Bank Statements: Latest 6 months' bank statements of the main savings account, current account, cash credit, or overdraft account.

5. Property Documents: Copies of all property documents for the property to be mortgaged.

EMI Calculation for IndusInd Bank Loan Against Property

IndusInd Bank provides an online EMI calculator to help borrowers determine their monthly installments. By entering the loan amount, tenure, and interest rate into the calculator, borrowers can see an approximate EMI amount. This allows for better financial planning and loan amount decision-making.

Comparison with Other Lenders

IndusInd Bank competes with other top lenders in the market. Below is a comparison of interest rates offered by various lenders:

1. State Bank of India: 9.00% - 11.90%

2. PNB Housing Finance: 7.99% - 11.00%

3. Bank of Baroda: 10.15% - 15.80%

4. HDFC: 9.00% - 11.90%

5. IDFC First Bank: 8.40% - 15.90%

6. LIC Housing Finance: 9.10% - 12.25%

7. L&T Housing Finance: 10.30% - 10.90%

8. Kotak Mahindra Bank: 9.50% - 11.70%

9. Godrej Housing Finance: 9.75% - 14.50%

10. ICICI Bank: 9.75% - 10.90%

11. Tata Capital: 10.10% onwards

12. Axis Bank: 9.90% - 10.35%

Contacting IndusInd Bank Loan Against Property Customer Care

For any inquiries about IndusInd Bank Loan Against Property, customers can reach out to the bank's customer service through the provided contact numbers or email address:

Customer Care Numbers:

022 68577777

022 44066666

022 42207777

1860 267 7777

Email:

reachus@indusind.com