What is the Home Loan Eligibility in Indian Bank?

These days, as you know, home loans from banks like Indian Bank are necessary to cover the entire cost of a house because they are so expensive. Housing loans are a long-term investment in which a significant sum of money is placed in an individual’s account with the assurance that the loan would be repaid with interest. This is the reason, like other banks, IDBI Bank also set the eligibility requirements. Let’s check out the latest home loan eligibility Indian Bank.

Indian Bank Housing Loan Eligibility Criteria

Indian Bank offers home loans to eligible individuals to purchase, construct, or renovate residential properties. Here are the eligibility requirements of the Indian Bank for a home loan. 

• Minimum age should be 18 years and maximum of 60 years for salaried individuals.

• For salaried employees, a stable income source is required, with proof of salary slips or Form 16.

• For self-employed individuals, income proof like ITR (Income Tax Returns) for the last 2 to 3 years is needed. The minimum income requirement depends on the loan amount and tenure.

• Salaried individuals with at least one year of continuous employment.

• Self-employed individuals with a stable business track record of 2 to 3 years.

• A good credit score (preferably 700 and above) enhances eligibility. It reflects the borrower’s creditworthiness.

Indian Bank evaluates the borrower’s income, expenses, and existing liabilities. The EMI should not exceed 50 to 60% of monthly income. This is all about home loan eligibility in Indian Bank.

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Like every other bank, Indian Bank also has a set of rules for the applicant to apply for a home loan. I came to know about the Indian Bank home loan eligibility criteria from a bank official only so I can help you out. The foremost criteria to apply for a home loan here is that you need to be 18 years of age or above. The other set of eligibility criteria is as follows.

What is the Indian Bank Housing Loan Eligibility?

The home loan eligibility in Indian Bank are:

• The applicant must be 18 years of age or older

• Both salaried and non-salaried persons can apply for this loan

• A pensioner with adequate income can also apply for it

These are the main housing loan eligibility Indian Bank. However, there are more aspects to the Indian Bank home loan and they are:

You can visit your nearest Indian Bank branch and ask the official about the home loan eligibility in detail.

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