How To Get An Indian Bank Home Loan
Have you been wondering how to get an Indian Bank home loan? Indian Bank offers home loans for purchase of an existing home or construction of a new home, as well as home renovations, repairs, and additions. Follow these steps to get a home loan from Indian Bank.
- First, make sure you meet Indian Bank's home loan requirements. Indian citizens who have been salaried professionals or self-employed in business for at least three years are eligible for a home loan. Non-resident Indians (NRIs) and those living on a pension may also be eligible. You may not be older than age 50 to apply, and the repayment term must not extend past your 60th birthday.
- You may borrow up to 36 times your gross monthly income or 60 times your net monthly income, whichever is higher. If your spouse is steadily employed, his or her income may be considered as well.
- The loan must be repaid within twenty years for a floating rate loan or ten years for a fixed rate loan. There are no charges for prepaying the loan.
- To apply, you must fill out the loan application, which is available on the Indian Bank website or at your local branch. You must also include a passport-sized photo, proof of identity, proof of residence, proof of employment, business address, and salary, documentation of any additional income, such as rent, balance sheets and income tax returns for the past three years, agreement of sale, approved building plan, and 30 years of title deed documents.