IndusInd Bank Home Loan Interest Rate
IndusInd Bank Home Loan Interest Rates 2024 are affordable and vary between 8.35% -9.45% p.a. Getting a home loan at a low-interest rate means lower Equated Monthly Instalments (EMIs). IndusInd home loan EMI starts from just Rs. 762 per lakh for a tenure of 30 years. IndusInd Bank provides multiple home loan schemes such as a regular home loan, plot plus construction loan, NRI home loan, home renovation/extension loan, approved project home loan, home loan balance transfer, and top-up loan. All you need to do is meet the IndusInd Bank home loan eligibility criteria and apply for the loan.
Current IndusInd Bank Home Loan Interest Rates
Currently, IndusInd Bank home loan interest rates range from 8.35% -9.45%
p.a. The Annual Percentage Rate (APR) varies between 8.50% and 9.85%. Home loan APR is based on the minimum and maximum interest rate for a tenure of 30 years. Actual APR varies based on actual interest rate and tenure.
Following are the details of home loan interest rates for different housing loan schemes at IndusInd Bank:
| Home Loan Type | Minimum Rate of Interest | Maximum Rate of Interest |
|---|---|---|
| Home Loan | 8.35% p.a. | 9.45% p.a. |
| Balance Transfer | 8.35% p.a. | 9.45% p.a. |
| Top-Up Loan | 8.35% p.a. | 9.45% p.a. |
| Plot Plus Construction Loan | 8.35% p.a. | 9.45% p.a. |
| Home Loans to NRI | 8.35% p.a. | 9.45% p.a. |
| Home Renovation/Extension Loan | 8.35% p.a. | 9.45% p.a. |
| Approved Project Home Loan | 8.35% p.a. | 9.45% p.a. |
Compare IndusInd Bank Home Loan Interest Rate with Top Banks
Home Loan is a long-term financial responsibility. Hence, it is crucial to compare home loan interest rates offered by top lenders before applying for a home loan.
| Bank/NBFC | Interest Rate | Processing Fee |
|---|---|---|
| IndusInd Bank Home Loan | 8.35% -9.45% | 1% or Rs. 10,000 whichever is higher. |
| Bank of Maharashtra Home Loan | 8.35% - 8.90% | Nil |
| HDFC Bank Home Loan | 8.75% - 9.65% | Up to 0.50% or Rs. 3,000 whichever is higher + applicable taxes/ statutory levies |
| SBI Home Loan | 8.50% - 10.05% | 0.35% or Rs. 10,000 whichever is higher + applicable taxes |
| ICICI Bank Home Loan | 8.75% | 0.50% - 2% + GST or Rs. 3,000 whichever is higher + applicable taxes & other statutory levies |
| Axis Bank Home Loan | 8.75% - 9.10% | Up to 1% +GST |
| Kotak Home Loan | 8.75% | 0.50% to 1% + GST |
Factors Affecting IndusInd Bank Home Loan Interest Rates
The rate of interest on your IndusInd Bank home loans can be influenced by any of the following factors:
- Loan quantum: The interest rate may vary as per the amount of the loan.
- Borrower’s category: Usually women applicants get concession in home loan interest rates.
- Type of scheme: The rate of interest also fluctuates according to the product type availed of by you. For example, interest rates for regular home loans may differ from NRI home loans.
IndusInd Bank Home Loan Charges
| Charges | Description |
|---|---|
| Processing fees (non-refundable) | 1% of the loan amount or Rs. 10,000, whichever is higher. IMD Rs. 2,500 |
| Late payment charges | 2% per month on overdue amount |
| Stamping charges | As per applicable law of the state |
| Swapping charges (Cheque/ SI/ ECS/ ACH etc.) | Rs. 500 per instance |
| Bounce charges | Rs. 750 per instance |
| Foreclosure & part prepayment charges | Nil for floating rate loans |
| Document copy charges | Rs 500 for copy of property documents |
| Repricing charges | Up to 0.50% of the principal outstanding (minimum Rs. 5,000) |
| Loan cancellation charges | Rs. 1,000 (additionally franking/ stamping norms as per actuals if applicable) |
| Non-compliance charges | 1% incremental pricing over & above existing spread + taxes & any other applicable statutory dues |
| Legal/ repossession/ incidental charges | As actuals |
How to get the Lowest Rate of Interest on an IndusInd Bank Home Loan?
Following are some tips that can get you a lower interest rate home loan:
- Building and maintaining a good credit score
- Having a higher monthly income
- Making a higher down payment
- Opting for a low loan amount
- Having a long-standing relationship with the lender
FAQs
The interest rate for IndusInd Bank home loan is between 8.40% and 9.75% p.a.
IndusInd Bank offers floating rates of interest on Home Loans.
No, the interest rate for an individual loan depends on other factors such as credit rating and repaying capacity. The nature of the property and the loan amount are also crucial aspects. Therefore, all salaried persons do not get the same rate of interest.
It is possible to switch from a fixed rate of interest to a floating rate on the payment of a conversion fee.
No, individuals opting for the floating rate of interest on IndusInd home loans can foreclose their home loans without incurring any penalty.