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IndusInd Bank Mortgage Loan in Chandigarh

Interest Rate starts from 10.25%

IndusInd Bank Mortgage Loan Interest rates in Chandigarh

Please Find the Detailed IndusInd Bank Mortgage Loan Interest Rates

2,00,00,000 Aboveupto To 2,00,00,000
Commercial Properties10.35%10.35%
Residential Properties10.25%10.25%

Loan To Value (LTV) For IndusInd Bank Mortgage Loan in Chandigarh

Please Find the Detailed Margin Money Details For IndusInd Bank Mortgage Loan
2,00,00,000 Aboveupto To 2,00,00,000
Commercial Properties55.00%60.00%
Residential Properties75.00%75.00%

Features of IndusInd Bank Mortgage Loan Chandigarh

Type Features
Processing FeeUpto 2.0%
Pre Closure ChargesNon Individual - 4.0%
Part Payment ChargesAllowed
Min Tenure5 Years
Max Tenure15 Years
Min Age21 Years
Max Age65 Years
Min Loan AmountRs.15,00,000/-
Max Loan AmountRs.10,00,00,000/-

IndusInd Bank Mortgage Loan Chandigarh Charges

Type Charges
Penal Interest@24% Per Annum
Duplicate Statement ChargesFree
Insurance CoverUpto Loan Amount
Inspection ChargesAt Actuals
Legal Opinion Valuation ChargesAt Actuals
Bounce Cheque ChargesRs.500/-
Switch Variable To FixedNot Applicable
Switch Fixed To VariableNot Applicable
Photocopy DocumentsRs.500/-
Charge For Exchanging E C S MandateRs. 500/-
Repayment Schedule ChargesRs.500/-
Loan Re Schedulement ChargesFree
N O C Issuance ChargesRs.200/-

Documentation For Mortgage Loan

  • Filled Application form
  • Identity Proof (PAN CARD)
  • Address Proof
  • Latest 3 months Payslips
  • Job Continuity Proof
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Filled Application form
  • Identity Proof
  • Address Proof
  • Last 2 years Income Tax Returns
  • Professional/Self employed existence proof for more than 3 years
  • 2 Passport Size colour Photographs
  • Co-Applicant identity proof, Address Proof
  • Co-Applicant relationship Proof and Photograph
  • 6 months Bank Statements
  • 3 Post Dated Cheques/ECS Mandate
  • Property Related documents
  • Passport
  • Driving License
  • PAN card
  • Photo credit card (with embossed Signature and last two months statement)
  • Banker's sign verification 
  • PAN Card
  • Passport
  • License
  • School leaving certificate
  • Voter card
  • Birth Certificate
  • LIC policy (only for age Proof)
  • Passport
  • Telephone bill (BSNL/MTNL)
  • Electricity bill
  • Title deed of property
  • Rental agreement
  • Driving license
  • Election ID card
  • Photo-credit card (with last two month statements) 
  • Latest salary slip
  • Current dated salary Certificate with latest form 16.
  • Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
  • Form 16
  • Relieving letter
  • Appointment Letter (for last two months)
  • Last 6 months of VAT/Service Tax returns (For Self Employed Applicants)

IndusInd Bank Mortgage Loan FAQ's

About IndusInd Bank

"Indusind Bank Limited established in 1994. It is the first among new generation private sector bank in India, headquartered in Mumbai. The bank has specialized in retail banking services and continuously upgrades its support systems by introducing newer technologies In June 2004, the bank was merged with Ashok Leyland Finance, which is among the largest leasing finance and hire purchase companies in India.

Indusind Bank has 800 branches, and 1500 ATMs as of April 2016"

IndusInd Bank Highlights

BrandZ Top 50 Most Valuable Indian Brands of 2015
‘Best Bank 2015’ by Business India.
‘Best Bank Award’ for Electronic Payment System among Mid-sized Banks by IDRBT for the year 2015-16
Excellence in Procurement Sustainability’ Runners-up Award , 2015
Golden Peacock Award for Innovation Management’ presented at the 15th London Global Convention on Corporate Governance & Sustainability
‘Best Bank Financing the Industry - Highest Finance Sanctioned (Exports)’ by India Gem & Jewellery Awards 2015 (42nd Edition).

Mortgage Loan Can Be Used For Many Purposes Like Below

For Business Expansion

Accelerate the Business Growth

For Acquiring New Technology

For Construct a New Block

for setting up a new Factory

Setting up a new branch

To Pay off the other Loans

To Procure the More Stock

Things Keep In Mind While Avail a Mortgage Loan

A mortgage is actually made up of several parts – the collateral you used to secure the loan, your principal and interest payments and insurance.

Since most mortgages last 10 to 15 years of monthly payments, you should understand the how exactly it will works for you.

Type of Collateral You Are Offering

1) Residential Properties:
Properties are used for the residence purpose usually called as residential properties. Independent houses, flats, villas are commonly considered as residential properties. Financial institutions like these properties and offer more LTV (loan to value) offer to the borrower. Since at the time of loan default, residential properties are easy to liquidate in the market and recover the loan amount.
2) Commercial Properties
Properties using for commercial purpose called as commercial properties. Shopping malls, Market area properties and other properties which is located in commercial area is considered as commercial properties. After residential properties, banks will give preference to the commercial properties for loansanction to a borrower. Compare to residential properties, commercial properties are little difficult to liquidate in the market. Hence the LTV of the commercial properties are will in the range of 50%-60% of the property value.
3) Industrial Properties
Properties are located in the govt declared industrial area like SEZ, Industrial zone etc., and a property is having huge infrastructure setup like machinery, which can be used for the business trading, manufacturing or storage of goods considered as industrial properties. Industrial properties liquidity in the market is low, hence the banks provide LTV to these properties are 40%-50% based on the property amenities.

Principal And Interest

The principal is simply the sum of money you borrowed on mortgage.

Interest is what the lender charges you to use the money you borrowed, usually expressed as a percentage called the interest rate.

Principal and interest comprise your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your monthly payments largely go toward paying off the interest in the early years, and gradually reduce the principal later on.

Factors That Affect your Loan Interest Rates

1) Type of Property offered as Mortgage:

Your property will decide the interest rate on your loan. A residential property will attract lesser rate of Interest compare to the Commercial and Industrial properties. Industrial properties will have comparatively higher rate of interest. This is due to the liquidity of the property, when default occurs.

2) Property Legal and Technical Clearance:

Banks will not finance all properties. Banks look into various aspects like locality, usage etc. Property must satisfied by the lender internal policies criteria. For example, sometimes commercial properties built by the borrower basis on the residential approvals from the govt authorities, however actual usage is for commercial purpose. This is a deviation from the lender perspective. These factors will have impact on your loan approvals.

3) Bank-Customer relationship:

If you approach the bank where you already have a bank account and you are a valued customer then banks may give you certain leeway. This mean you can negotiate with the bank for a cheaper interest rate. Most banks agree to give a concession of 0.5-1% on the interest rate.

4) Credit/CIBIL History:

If you have good credit/CIBIL record then banks will definitely award you with a better rate of interest. This means that if you have taken a loan previously and managed to pay it off without defaulting then you will have a high credit/CIBIL score. Apart from the loan the banks also take into account payment of your credit card bill record.

Expert Advice

Best Practices for Mortgage Loan

Try to get a mortgage first, if there are going to be multiple financial obligations popping up in the near future. If you are going to be applying for new credit cards, the inquiry alone can affect your credit score. This will affect your loan processing.
Search in the Market:Before applying the mortgage loan, search for the best lender as per your requirement such as low interest rate, maximum loan tenure and higher LTV etc., this can help you to avoid crucial time and money for the mortgage loan processing.
Get Clarified:Get Clarified on the all the mortgage terms and conditions before put up the application, few of the lender will provide additional option like “Nil Charges” for Pre/Part payments and few Lenders provide the top up on your existing loan based on the good loan track. Get this information clarified from your lender.
Make Timely Payments: Make timely payment on all current debt obligations, including any current mortgage, car, credit card and other bills on time, particularly around the months leading up to the time you get ready to apply for a mortgage. This will ensure that your credit score is at the best mark, scoring you an ideal loan!

Tell the Truth: It may seem unnecessary to be reminded of this, but be as thorough as possible on the loan application. An in-depth analysis of your history will take place during the loan process. Failing to report a debt or misrepresenting your income will raise red flags.
Maintain Your Credit Score: Make on-time payments and make sure your credit score is above average. For mortgage loan the optimum credit score is 720. If you doubt on your credit score, get it online and get rectified before applying for Mortgage Loan.
Be Prepare with the Property Documents: Make sure all the original documents and related link documents of the property to be available to you, this can help the loan processing faster. If anything is missing try to arrange the same before applying the loan. Since Mortgage loan process will happen only after the initial fee prescribed.

Continue to make your mortgage or rent payments on time.

Things not to do for Mortgage Loan

Don’t accept any mortgage documents until you are given a breakdown on costs associated with your mortgage and understand the terms of your loan.
Don’t assume that all mortgage products are the same.
Don’t borrow more than you can afford even if you qualify for more.
Don’t- Close or open any asset accounts or transfer funds between accounts without receiving the correct documentation required for your loan.
Don’t - Change your legal name if you are a self employed.
Don’t - Alter any documents in any way.
Don’t change the bank accounts or banks unless advised

Mortgage Loans Vs Lease Rental Discounting

Lease Rental Discounting Mortgage Loan
Lease Rental Discounting (LRD) will be based on the actual rental you are receiving on the property. Mortgage loans will be provided based on already owned property.
There is no restriction on LRD loan usage. It can be used for any purpose. There is no restriction on mortgage loan usage. It can be used for any purpose.
Lease Rental Discounting (LRD) will be provided for max of 10 years, However it depends on the rental agreement Tenure. Mortgage loans will be restricted to max of 10 years of term, which will be varying from bank to bank in India.
Interest rate will be very from 11.00% to max of 15.00% based on the bank to bank. Generally Lease Rental Discounting (LRD) will be fixed interest loans. Interest rate will be very from 10.5 % to max of 15% based on the bank to bank. Generally mortgage loans will be fixed interest loans.
The money received from the LRD will be used for any purpose. There is no end use restriction on the amount. If the money received from a mortgage loan is used for business purposes, the interest can be claimed as an expense on the balance sheet of the business.
Loan can be availed up to max of Rs. 20.0 Cr under Lease Rental Discounting (LRD). Mortgage Loans can be avail up to Rs. 30.0 Cr based on the type of property and its usage and value of property and eligibility of applicants as per banks norms.
There will be pre payment changes will be applicable for Lease Rental Discounting (LRD). This will be vary from 1% to 4% as per bank internal guidelines. There will be pre payment changes will be applicable for mortgage loans. This will be vary from 1% to 3% as per bank internal guidelines.
Part/Pre Payments will be allowed based on the internal policies of the banks for Lease Rental Discounting (LRD). Part/Prepayment will be allowed as per bank internal policies for Mortgage loans.
Lease Rental Discounting (LRD) eligibility depends on the type of tenant and credibility of tenant. Mortgage loans also avail with the joint eligibility as company and director or blood relatives.
Banks can consider 90% of the Lease Rental value as repayment for loan under the Lease Rental Discounting (LRD) . In Mortgage Loan max of 65% property value can avail as a Loan based on the type of property.
You can avail a top loan facility on your Lease Rental Discounting (LRD). Top up facility will be varying from bank to bank internal guidelines.

About Chandigarh

Chandigarh is a city and the capital of india states of Haryana and Punjab. It is situated in the foot of Shivalik hills.The city Chandigarh is located in western side of river Gaggar is one of the fastest growing city with a population decadal growth rate of 40.30%. The construction of capital city of joint Punjab was started in early 50s.

The City Chandigarh was declared a Union Territory in the year 1966 with joint capital of both the states of Punjab and Haryana. and Shimla National highway. The Chandigarh Administration has set up a Rajiv Gandhi I.T. Park nearby village Kishangarh where in many MNCs have shown interest to set up their I.T. Industries.

Other Cities Loan Offers

Places To Be Visited In Chandigarh

Rock Garden

    The name refers to a sculpture garden located near Sukhna Lake. The Rock garden is also known by the name Nek Chand’s Rock Garden after its founder. Nek Chand was a former government official who started cultivating this garden secretly in his spare time. He kept it hidden from the government authorities for 18 years, till 1975. The garden features several interlinked causeways that run along the waterfalls of the Sukhna Lake and is landscaped with pottery and sculptures of dancers, animals and musicians.

Rose Garden

    Spread over 30 acres the Zakir Hussain Rose Garden is the largest botanical garden in Asia that is dedicated to roses. The garden is named after Zakir Hussain the former President of India. Apart from roses the garden also features several verities of medicinal herbs.

ChattBir Zoo

    Also known as the Mahendra Chaudhry Zoological Park, the zoo houses a huge number of exotic and wild animals, birds and reptiles. The thing to watch out for at this zoo is the famous lion safari.

Le Corbusier Centre

    The office was named after and used by the Swiss-French architect Le Corbusier. Le Corbusier used the building as his office during the time he was commissioned to plan the city of Chandigarh. The center has now been converted into a museum dedicated to the architect and displays the life and times of Le Corbusier.

Mohali Cricket Stadium

    The home of the IPL team Kings XI Punjab, the Mohali cricket stadium is the seat of the Punjab Cricket Association. The stadium was established in 1993 and took 3 years to complete. The stadium has been a venue to many local and international matches in India and has been a favorite venue of the cricket fans in India.

International Dolls Museum

    The Dolls museum of Chandigarh contains dolls and puppets from over 25 different countries. The museum was established in 1985 and is managed by the Indian council of Child welfare. The prime attraction of the museum is the Indian section and the toy train.

Total Number Of Branches In Chandigarh (497)

STATE BANK OF INDIA (60 Branches)PUNJAB NATIONAL BANK (42 Branches)STATE BANK OF PATIALA (40 Branches)PUNJAB & SIND BANK (26 Branches)ICICI BANK LTD (24 Branches)HDFC BANK (24 Branches)CANARA BANK (21 Branches)AXIS BANK (18 Branches)UNION BANK OF INDIA (16 Branches)INDIAN OVERSEAS BANK (15 Branches)ORIENTAL BANK OF COMMERCE (15 Branches)INDUSIND BANK (13 Branches)CENTRAL BANK OF INDIA (13 Branches)BANK OF BARODA (12 Branches)BANK OF INDIA (12 Branches)UCO BANK (12 Branches)ALLAHABAD BANK (11 Branches)ANDHRA BANK (11 Branches)INDIAN BANK (9 Branches)VIJAYA BANK (8 Branches)YES BANK (8 Branches)IDBI BANK (7 Branches)CORPORATION BANK (7 Branches)STATE BANK OF INDIA (6 Branches)SYNDICATE BANK (6 Branches)BANDHAN BANK LTD (5 Branches)BANK OF MAHARASHTRA (5 Branches)KOTAK MAHINDRA BANK LTD (4 Branches)UNITED BANK OF INDIA (4 Branches)KOTAK MAHINDRA BANK LTD (3 Branches)FEDERAL BANK (3 Branches)ING VYSYA BANK (3 Branches)KARNATAKA BANK LTD (2 Branches)DENA BANK (2 Branches)STATE BANK OF INDIA (2 Branches)STATE BANK OF INDIA (2 Branches)STATE BANK OF INDIA (2 Branches)STATE BANK OF BIKANER & JAIPUR (2 Branches)STATE BANK OF HYDERABAD (1 Branches)STATE BANK OF MYSORE (1 Branches)STATE BANK OF TRAVANCORE (1 Branches)BANDHAN BANK LTD (1 Branches)STATE BANK OF INDIA (1 Branches)CANARA BANK (1 Branches)STATE BANK OF INDIA (1 Branches)STATE BANK OF INDIA (1 Branches)STATE BANK OF PATIALA (1 Branches)VIJAYA BANK (1 Branches)DHANALAXMI BANK (1 Branches)HSBC BANK (1 Branches)CITI BANK (1 Branches)CITY UNION BANK LTD (1 Branches)CATHOLIC SYRIAN BANK LTD (1 Branches)BHARATIYA MAHILA BANK LTD (1 Branches)BANDHAN BANK LTD (1 Branches)KARUR VYSYA BANK (1 Branches)RESERVE BANK OF INDIA (1 Branches)SOUTH INDIAN BANK (1 Branches)STANDARD CHARTERED BANK (1 Branches)JAMMU & KASHMIR BANK LTD (1 Branches)
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