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Key Features of Indian Bank Mortgage Loans

  • Purpose and Usage: - The loan can be used for personal expenses such as marriage, medical treatment, education, or business needs like working capital or expansion.
  • Loan Amount: - Minimum: ₹1 lakh
    - Maximum: Up to ₹25 crore, based on applicant profile and repayment capacity.
    - Salaried: Up to 36 times the net monthly salary.
    - Self-employed/Business owners: Up to 3 times the average annual net income or cash profit.
  • Eligibility: - Individuals aged 18 to 65 years.
    - Salaried employees, self-employed professionals, business owners, or those with regular income.
    - Must own residential, commercial, or industrial property to pledge.
    - Co-applicants (spouse, parents, or children) may be required for higher loan amounts.
  • Collateral: - The loan is secured against residential, commercial, or industrial property, including vacant sites (subject to conditions).
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    • Loan-to-Value (LTV) Ratio: Up to 75-90% of the property’s market value for home loans, depending on loan amount and RBI guidelines. Up to 50-65% for loans against commercial or residential properties under mortgage schemes.
    • Repayment Options: Equated Monthly Installments (EMIs). Overdraft facility available under certain schemes like IB My Own Space. Moratorium period may be offered for specific cases (e.g., business needs).
    • Processing Fees: Typically 0.5%–1% of the loan amount, subject to a cap (varies by scheme). Additional charges like legal and valuation fees may apply.
    • Special Features:
      • IB My Own Space: A dedicated mortgage loan scheme with overdraft facility for personal or business use.
      • Top-up Loans: Available for existing borrowers with good repayment history, up to 10%–20% of the original loan or outstanding balance.
    • Flexible Usage: Funds can be used for any legitimate purpose, unlike home loans restricted to property purchase.
    • Security: Mortgage of the financed or owned property (residential/commercial). Clear title and valuation by BOI-approved professionals required.
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Benefits of Indian Bank Mortgage Loans

    • Competitive Interest Rates: Starting from 8.45% p.a. for home loans and 10% p.a. for loans against property, linked to the Repo Linked Lending Rate (RLLR), ensuring transparency and affordability. Floating-rate loans benefit from potential rate reductions during RBI policy changes.
    • Attractive Option for Salaried and Business Owners: Salaried individuals can avail up to 36 times their net monthly salary, while business owners can access up to ₹25 crore with extended repayment tenures of up to 10 years, making it ideal for both personal and business needs.
    • Lower Interest Rates Compared to Unsecured Loans: Since the loan is backed by property, it comes with lower interest rates than unsecured personal loans —ideal for reducing borrowing costs while funding major personal or business expenses.
    • Flexible Usage for Investment and Insurance: The loan’s proceeds can be directed toward investment avenues like mutual funds or share banking, helping borrowers diversify their portfolios.
    • Higher Loan Amounts Than Personal loans: Compared to personal loans, which often have lower caps, Indian Bank’s mortgage loan offers substantial funding based on property value and repayment capacity
    • Processing Time: 5–10 business days depending on document completeness and verification.
    • Processing Fees: 0.50% for home loans (max ₹15,000), 0.75% for mortgage loans (max ₹50,000), additional charges for legal and property valuation fees may apply.
    • LTV Ratio: Up to 90% for home loans (₹30 lakh), 80% for higher amounts, 60% for residential LAP, 50% for commercial LAP.
    • Prepayment Options: No penalty for floating-rate loans, with flexible repayment options for both salaried and business borrowers.
    • Customer Support: Dedicated support at every stage of the loan process, including assistance with documentation, loan approval, and disbursement.
    • Customized for Diverse Profiles:Whether you’re a salaried employee needing funds for personal loans -style expenses or a business owner aiming to invest in mutual funds or share banking strategies.
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How to Apply for Indian Bank Mortgage Loans

  • 1. Check Eligibility:
    • Ensure you meet Indian Bank’s criteria: Age (18–65 years), regular income (salaried, self-employed, or business owner), and ownership of a residential/commercial/industrial property.
    • Maintain a healthy credit score for better approval chances and competitive interest rates.
  • 2. Gather Required Documents:
    • Identity Proof: Aadhaar, PAN card, passport, or voter ID.
    • Address Proof: Utility bills, Aadhaar, or rental agreement.
    • Income Proof:
      • Salaried: Last 3 months’ salary slips, Form 16, 6 months’ bank statements.
      • Self-employed/Business owners: Last 2 years’ ITR, profit & loss statement, balance sheet, and business registration proof.
    • Property Documents: Title deed, encumbrance certificate, property tax receipts, approved building plan, possession certificate.
    • Others: Passport-size photographs, loan application form, and business profile (if applicable).
  • 3. Choose the Loan Scheme:
    • Select from Indian Bank’s mortgage loan products like IB My Own Space (with overdraft) or standard Loan Against Property.
    • Compare features, tenure (up to 7 years for salaried, 10 years for business owners), and repayment flexibility.
  • 4. Visit the Branch or Apply Online:
    • Offline: Locate the nearest branch via www.indianbank.in or call 8885545255. Meet a loan officer, discuss options, and submit your documents.
    • Online: Go to Indian Bank’s website, navigate to “Loans” → “Loan Against Property”, fill the application form, and upload required documents.
  • 5. Property Valuation and Verification:
    • Indian Bank will carry out legal and technical valuation via approved professionals.
    • Ensure all documents are dispute-free. Loan amount typically up to 60% of property value.
  • 6. Loan Approval and Sanction:
    • The bank evaluates your documents, credit score, and repayment capacity.
    • Once approved, a sanction letter is issued mentioning loan amount, interest rate, tenure, and EMI schedule.
  • 7. Sign the Loan Agreement:
    • Visit the branch to sign the agreement and mortgage deed.
    • Pay processing fees (0.5%–1% of loan amount) and legal/valuation charges.
    • Complete mortgage registration at sub-registrar’s office.
  • 8. Loan Disbursement:
    • After completion of all formalities, the loan amount is credited to your account or disbursed as per agreement.

Eligibility Criteria for Indian Bank Mortgage Loans

  • Age:
    • Minimum: 18 years at the time of application.
    • Maximum: 65 years at the time of loan maturity (including repayment tenure).
  • Applicant Type:
    • Salaried Individuals: Employees with regular income in government, public sector, private sector, or reputed organizations.
    • Self-Employed Professionals: Doctors, engineers, CAs, lawyers, etc., with a stable income.
    • Business Owners: Proprietors, partners, or directors of registered businesses with consistent cash flow.
    • Non-Resident Indians (NRIs): May be eligible under specific schemes, subject to additional conditions.
  • Income Criteria:
    • Salaried: Must have regular income as per bank norms (loan amount up to 36 times net monthly salary).
    • Self-Employed/Business Owners: Should demonstrate stable income through ITRs, P&L statements, or cash flow. Loan eligibility up to 3 times average annual net income.
    • Bank will assess repayment ability considering income, liabilities, and credit score.
  • Property Ownership:
    • The applicant or co-applicant must own a residential, commercial, or industrial property to be pledged.
    • Vacant land may be accepted under specific conditions.
    • The property must have a clear title, be legally dispute-free, and comply with bank’s valuation standards.
  • Credit Score: A good credit score (700+) is preferred. Lower scores might still be accepted with stricter terms or higher interest rates.
  • Co-Applicant Requirement: May be required for higher loan amounts or to enhance eligibility. Co-applicant should meet income and age criteria and may need to be a co-owner of the pledged property.
  • Loan Purpose: The loan must be for legitimate purposes like personal needs (marriage, education, medical expenses), business expansion, or working capital. Must comply with Indian Bank's lending norms.
  • Residency: Indian residents are eligible. NRIs can apply under specific schemes with valid passport, visa, and proof of foreign income.
  • Minimum Work/Business Experience:
    • Salaried: At least 1–2 years of stable employment.
    • Self-Employed/Business Owners: At least 2–3 years of continuous practice/business operations.
  • Loan Amount and Property Value: Based on the market value of the property (up to 60% Loan-to-Value). Loan range: ₹1 lakh to ₹25 crore (depending on applicant profile and property value).
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Documents Required Indian Bank Mortgage Loan

  • Application Form: Duly filled and signed mortgage loan application form (available at the branch or online at www.indianbank.in). Include recent passport-size photographs of the applicant and co-applicant (if applicable).
  • Identity Proof (Any one): PAN card (mandatory), Aadhaar card, Voter ID, Passport, or Driving license — for both applicant and co-applicant.
  • Address Proof (Any one): Aadhaar card, recent utility bills (electricity, water, or gas – not older than 3 months), Passport, Voter ID, Rental agreement, or Property tax receipt.
  • Income Proof:
    Salaried Individuals: Last 3 months' salary slips, Form 16/ITR (last 2 years), Bank statements showing salary credit (last 6 months), Appointment letter or employer’s certificate (if required).
    Self-Employed/Business Owners: ITR with income computation (last 2–3 years), Profit & Loss statement and balance sheet (CA certified, last 2 years), Business/personal bank statements (6–12 months), Proof of business existence (GST registration, shop license, partnership deed, etc.).
  • Property Documents (for pledged property): Title deed (sale/gift/partition deed), Encumbrance certificate (13–30 years), Latest property tax receipts, Approved building plan/layout, Possession certificate or allotment letter (if applicable), Patta/Khata certificate, NOC from society/authority, Parent documents (15–30 years), and Valuation report (arranged by bank).
  • Business Documents (for self-employed applicants): Business registration certificate (proprietorship/partnership/incorporation), GST certificate, MSME/Udyog Aadhaar registration (if applicable), Memorandum and Articles of Association (for companies), and Professional license (if applicable).
  • Other Documents: Loan statements or repayment track record (if any existing loans), Declaration of end-use of funds, Identity/address/income proof of co-applicant, KYC documents of guarantor (if required), Proof of residence ownership (if different from pledged property).
  • For NRIs (if applicable): Valid passport and visa, Work permit/employment contract, Overseas address proof, NRE/NRO account statement, and Power of Attorney (if an Indian representative is handling the process).

Factors of India Bank Mortgage Loan

  • Credit Score: A strong credit score (typically 700 or above) enhances approval chances and secures lower interest rates. Lower scores may lead to higher rates or rejection.
  • Income and Repayment Capacity:
    - Salaried: Up to 36 times net monthly salary; EMI must not exceed 50%–60% of income (FOIR).
    - Self-Employed: Up to 3 times average annual net income, based on ITR, profit/loss statements, or bank records.
  • Property Value and Type: Loans are typically up to 60% of the property’s market value (LTV ratio). Residential, commercial, or industrial units with clear titles are eligible. Vacant sites may qualify in special cases.
  • Property Documentation: Title deed, encumbrance certificate, tax receipts, and approved plans must be clear and complete. Any disputes or legal issues can delay approval.
  • Age of Applicant: Applicant must be between 18–65 years (at loan maturity). Younger applicants may get longer tenures (up to 10 years), while older applicants may face shorter repayment terms.
  • Employment/Business Stability:
    - Salaried: Minimum 1–2 years of stable employment.
    - Self-Employed: 2–3 years of continuous business or professional practice with strong financial records.
  • Debt-to-Income Ratio: Existing EMIs and liabilities should not exceed 40%–50% of net monthly income for better eligibility.
  • Loan Purpose: Loans must be used for genuine needs like education, marriage, business expansion, etc. Speculative purposes such as gambling or stock trading are not allowed.
  • Co-Applicant Profile: Adding a financially stable co-applicant can improve eligibility. Their income and credit score are also assessed.
  • Interest Rate and Loan Tenure: Floating rates are linked to RLLR. Longer tenures reduce EMI but increase total interest. Women and MSME borrowers may receive concessions.

Frequently Asked Questions (FAQs)

What is a mortgage loan from Indian Bank?
A mortgage loan, or Loan Against Property (LAP), is a secured loan where you pledge a residential, commercial, or industrial property to borrow funds. It can be used for personal needs (e.g., marriage, education) or business purposes (e.g., expansion, working capital).
Who is eligible for a mortgage loan from Indian Bank?
Eligible applicants include:
- Salaried individuals, self-employed professionals, or business owners.
- Age: 18–65 years (at loan maturity).
- Property owners with clear titles.
- Individuals with stable income and a good credit score (preferably 700+).
- Co-applicants (spouse, parents, or children) may be required for higher loan amounts.
What is the maximum loan amount I can get?
- Minimum: ₹1 lakh.
- Maximum: Up to ₹25 crore, depending on:
    - Property’s market value (up to 60% Loan-to-Value ratio).
    - Repayment capacity (e.g., 36 times net monthly salary for salaried, 3 times annual net income for self-employed).
What types of properties can I pledge?
- Residential (house, flat), commercial (shop, office), or industrial properties.
- Vacant sites may be considered under specific conditions.
- The property must have a clear title, no legal disputes, and meet bank valuation standards.
What is the loan tenure?
- Up to 7 years for salaried individuals.
- Up to 10 years for self-employed or business owners, subject to repayment capacity and age.
What are the interest rates for Indian Bank’s mortgage loan?
- Rates are floating, linked to the Repo Linked Lending Rate (RLLR).
- They vary based on credit score, loan amount, and applicant type (salaried vs. self-employed).
- Concessions may apply for women borrowers or priority sector categories (e.g., MSMEs).
- Check www.indianbank.in or contact a branch for current rates.
What documents are required to apply?
Identity/Address Proof: PAN, Aadhaar, passport, or voter ID.
Income Proof:
- Salaried: Salary slips (3 months), Form 16, bank statements (6 months).
- Self-employed: ITR, profit/loss statement, balance sheet (2–3 years).
Property Documents: Title deed, tax receipts, approved plan, etc.
How can I apply for a mortgage loan?
- Online: Visit www.indianbank.in, fill the loan application form, and upload documents.
- Offline: Visit a branch, consult a loan officer, and submit the form and documents.
- The bank will verify details, evaluate the property, and disburse the loan upon approval.
What is the processing time for a mortgage loan?
Typically 7–15 working days, depending on:
- Completeness of documents.
- Property valuation and legal verification.
What are the fees and charges involved?
- Processing Fees: 0.5%–1% of the loan amount (subject to a cap).
- Other Charges: Legal fees, property valuation fees, and mortgage registration costs.
- Prepayment Charges: Minimal or none for floating-rate loans (check with the bank).
Can I use the loan for any purpose?
Yes, for legitimate purposes like:
- Personal needs (education, marriage, medical expenses).
- Business needs (working capital, expansion, equipment purchase).
Is there an overdraft facility available?
Yes, under schemes like IB My Own Space, you can avail an overdraft facility, ideal for business owners or those needing flexible fund access.
Interest is charged only on the utilized amount.

List of Bank of India Mortgage Loans

  • Star Home Loan
  • Star Diamond Home Loan
  • Star Smart Home Loan
  • Star Home Loan - Furnishing
  • IB Home Loan
  • IB Plot Loan
  • NRI Home Loan
  • NRI Plot Loan
  • Home Loan to Corporate Entity
  • IB Home Loan Plus
  • IB Home Improve
  • IB Home Enrich
  • Star Pravasi Home Loan
  • Star Top Up Loan