A Loan Against Property from Indian Bank to meet your financial needs
A low-interest loan against property to consolidate your debts and live a stress-free life
Indian Bank IND Mortgage Loan Scheme
This loan helps borrowers get access to funds by mortgaging their property to meet their urgent financial needs such as a wedding, foreign travel, medical treatment, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off your high-interest debts.
Features of IND Mortgage Loan
Why this Loan?
- The Indian Bank IND Mortgage Loan is meant for borrowers who want to avail financial assistance by pledging their property to the bank to meet their urgent financial needs other than for capital market or speculative purposes
- Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
- The bank also extends this loan to its corporate customers
Loan Amount
- The maximum loan amount offered under this loan scheme is up to Rs. 2 crore for salaried class, Rs. 1 crore for pensioners, Rs. 5 crore for self-employed professionals and non-professionals, Rs. 5 crore for partnership firms and LLPs, and Rs. 10 crore for firms and companies
Interest
- As of October 2020, the applicable interest rate to this loan is 10.65%
Repayment
- This loan must be repaid within 7 years. The bank does not offer a repayment holiday (moratorium) for this loan which means that the repayment of loan starts the next month from loan disbursement
Security Needed
- The bank asks for first charge of equitable mortgage of property pledged for this loan
Margin Money (Borrowers Contribution to Total Cost)
- The bank charges up to 40% of the realisable sale value of the immovable property offered as security for property located in Tier I and Tier II cities and 50% of the realisable sale value of the immovable property in other areas
Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.
Processing Charges
- The bank charges 1.18% of the loan amount for processing the loan
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan / Form 26AS / TDS Certificate, IT Assessment, etc.
- Property related documents
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Property related documents
Documents Needed for Private Limited and Public Limited Companies
- Application Form duly filled and signed
- Company ID Proof: Company’s PAN Card
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
- Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
- Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
- Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
- Property-related documents
Reference Facts
- Indian Bank Website: www.indianbank.in
- Headquarters: Chennai, Tamil Nadu
- Call Centre Toll-Free Number: 1800 425 00 000