A Comprehensive Guide to the Home Loan Application Process

By obtaining a home loan from Indian Bank for a maximum of Rs. 3 -4  crores plus low interest rates starting at approximately 7.55% p.a. and a number of extra features like longer mortgage periods & customizable payback options, you can now easily realize your dreams of having a home of your own. 

Home loans from Indian Bank are available at competitive rates starting at 6.50% p.a. for both resident Indians & Non-Resident Indians. Up to 30 years may be added to an existing term. A processing charge of 0.23 percent of the borrowing amount is applied.

Home Loan – Required Documents

  • Most financial institutions take into consideration certain common factors, but they may vary from one bank from the next, including the borrower’s sources of income, financial obligations, savings, payment history, and the current price of the property being mortgaged.

The maximum age at which a borrower is considered eligible for repayments of a loan is established at 70 years for self-employed people and 60 years for salaried people (Indian retirement eligibility). That’s because lenders prefer that borrowers pay back their debts while still working.

Salaried Person
Filled Application Form with all the formalities
ID Proof : Aadhar Card, Pass Port
Form 16
Present Address (Resident)
Processing Fees Amount
Bank Statement (6 months from Bank Itself)
Filled Application Form with all the formalities
ID Proof : Aadhar Card, Passport
For Entrepreneurs: a business profile, Last three years, IT returned to the individual and the company, financial statements and balance sheets over the last three years.
Professionals: Most recent three years of their personal and business IT returns, accounting records, and statements of earnings and expenses.
Present Address (Resident)
Processing Fees Amount
Personal and Business bank Statements

Mortgage / Home Loan – Repayment

  • To better manage your finances, it is generally advisable to determine the interest rates and fulfillment charge in advance. You will then be able to evaluate the house loans rates of interest and plans provided by other financial organizations.
  •  You can utilize EMI Calculator to achieve that.  It takes very little time and is hassle-free throughout the entire procedure.
  • You only need to input the information concerning your house loan—the sum, period of time, rates of interest, as well as the processing fee—in the appropriate fields. Check the processing charge and EMI as well. An amortization table will follow, outlining your whole repayment plan in detail.

Scores and History of Credit

Checking one’s credit score is among the first and most significant things a prospective home buyer must do. There are also many websites available for building a credit profile.

  • The credit profile is a record of your credit history that, together with your credit score, monitors the health of your credit while presenting your credit eligibility and historical credit history through previous accounts and expenditures. 
  • Any bank that receives a credit card, loan, or other financial application will check the applicant’s credit reports and score from one out of the several credit bureaus in operation in the entire country.

In Short, It is the total of all your payments for loans and credit cards. It is calculated depending on how consistently you made those payments. This is the first thing Indian Bank does to review your application. The likelihood that your loan application will be denied increases if your score on the credit report is too low.

(Bonus Point: The full history of any credit cards and loans you’ve used, as well as information on how frequently you completed payments when time and any other late payments, are all included in your credit score. Any applicant who has previously settled or written off any credit account will have their request for a loan denied since doing doing shows that they have defaulted on their debt and their lender settled the account knowing that would not be able to make good on the debt they owed.)

Bottom Line

  • All people dream of purchasing a home. Everyone wants to live in their dream home, and many people have strategies or ideas for doing so. A person used to find employment and earn money in the past when the cost of land was relatively lower in order to pay the entire payment for a house out of pocket.
  • Not many people nowadays can afford to buy a home outright without taking out a mortgage loan from a financial institution like Indian Bank because housing costs are so high.
  • Additionally, the Indian government has offered tax incentives and subsidized housing through programmers like the PMAY scheme, thereby rendering housing cheap, realizing that the expense of dwellings and the loans taken out is a long-term burden.
  • Applying for a house loan has become simpler as most lenders have used digital technology over the years. With the promise that the borrower will repay the real estate loan with interest, large sums of money are invested in housing loans for long-term investments.
  • To ensure they are giving money to the correct individual and that they do not feel overwhelmed by loan interest payments and have no enough cash for their daily needs, banks have tight eligibility requirements.

(Note: We thank all the mentioned sources for valuable research materials. It is our sincere wish that you find value in this article. These articles are intended solely for informational purposes; if further clarification is required, please consult appropriate professionals. Nothing on this site is for sale or promotion.)