Indian Bank has decreased its loan against property interest rates by 0.10%, or 10 basis points with effect from Monday, February 12, 2018. This interest rate cut will reduce the cost for those people who want to avail loan against mortgage of their immovable property.
Indian Bank – Current Interest Rates for Loan Against Mortgage of Immovable Property
New Delhi (Delhi, India), February 24, 2018
Indian Bank Cuts Loan Against Property Interest Rate to 11.75% Per Annum
The Indian Bank has decreased its loan against property interest rates by 0.10 percent, or 10 basis points with effect from Monday, February 12, 2018.
Indian Bank has revised its minimum interest rate for loan against property from 11.85 percent to 11.75 percent per annum (MCLR-1Year + 3.50%) for the self-occupied residential property.
The loan against property interest rate of Indian Bank is benchmarked or linked to its One-Year MCLR (Marginal Cost of Funds based Lending Rate). Indian Bank’s current One-Year MCLR, which is called MCLR-1Y, is 8.25 percent per annum with effect from Monday, February 12, 2018.
Indian Bank’s current interest rate cut will reduce the cost of funds for those people who want to avail loan against mortgage of their immovable property.
Indian Bank Property Finance – Current Loan Against Property Interest Rates for Various Category of Properties
Indian Bank Loan Against Mortgage of Self-Occupied Residential Property Interest Rate: 11.75% Per Annum
Indian Bank Loan Against Mortgage of Non Self-Occupied Residential Property Interest Rate: 11.75% Per Annum
Indian Bank Loan Against Mortgage of Commercial Property Interest Rate: 11.75% Per Annum
Indian Bank Loan Against Property for Purchase of Commercial Property Interest Rate: 11.75% Per Annum
Indian Bank Loan Against Property for Reverse Mortgage Interest Rate: 9.35% Per Annum
Indian Bank Loan Against Property for Lease Rental Discounting Interest Rate: 11.50% Per Annum
Indian Bank Loan Against Property for Overdraft Facility Against Property Interest Rate: 11.75% Per Annum
Indian Bank Loan Against Property Minimum Borrowing Amount: Minimum Loan Against Property Amount is Rs. 1,00,000
Indian Bank Loan Against Property Maximum Borrowing Amount: Maximum Loan Against Property Amount is Rs. 10,00,00,000
Indian Bank Loan Against Property Rate of Interest is Floating or Fixed: Floating Rate of Interest
Minimum Age Limit for Getting the Indian Bank Loan Against Property Sanctioned: Minimum Age 18 Years at the Time of Loan Commencement
Maximum Age Limit for Getting the Indian Bank Loan Against Property Sanctioned: Maximum Age 60 Years for Salaried Applicants and 70 Years for Self-Employed Applicants at the Time of Loan Maturity
Minimum Tenure for the Indian Bank Loan Against Property: Minimum Home Loan Tenure is 3 Years (36 Months)
Maximum Tenure for the Indian Bank Loan Against Property: Maximum Home Loan Tenure is 7 Years (84 Months)
Indian Bank Loan Against Mortgage of Immovable Property Processing Fee and Documentation Charges: 1.178% of the Loan Amount (Minimum Rs. 10,000 plus GST)
Charges for Indian Bank Loan Against Property EMI Late Payment: Minimum 2% Per Month of the Indian Bank Loan EMI Outstanding Amount (Minimum Rs. 500 plus GST)
Indian Bank Loan Against Property Pre Closure Charges or Prepayment Penalty: 2.25% of the Foreclosed Amount plus GST
Indian Bank Loan Against Property EMI Cheque, SI, or ECS Bounce Charges: Rs. 500 plus GST
Different Options for Making Indian Bank Loan Against Property EMI Payments: The three options for making EMI payments are Standing Instruction (SI), Electronic Clearing Service (ECS), or Post-Dated Cheques (PDCs)
Guarantor Requirement for the Indian Bank Loan Against Property: No Guarantor is Required
Indian Bank Loan Against Property Margin Amount:
Minimum 20% to 30% for Purchase of Commercial Property
Minimum 40% to 50% for Loan Against Residential or Commercial Property
Indian Bank – Deposits and Loans Interest Rates
Current Deposits and Loans Interest Rates of Indian Bank