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IndusInd Bank Mortgage Loan in Chennai

Interest Rate starts from 10.25%

IndusInd Bank Mortgage Loan Interest rates in Chennai

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 Chennai

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 Chennai

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 Chennai 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 Chennai

Chennai(Madras) the capital city of Tamil Nadu is sited on the Coromandel Coast of the Bay of Bengal. It has played a very crucial role in the traditional, historical and academic growth of the country, Chennai, the capital city is the 4th largest city of India and is also the leading commercial center of South India.

The credit of the booming economy of the city goes to the leading industries including automobile, software services, petrochemicals, financial services, textiles and hardware manufacturing. Also, Chennai, being an important metropolitan city is very well-connected to all the major cities of India as well as with the countries overseas. And, it is also considered as the cultural hub of South India which is famous for its affluent heritage in classical dance, music, architecture, sculpture, crafts, etc

When India got independence in 1947, the city was declared the capital of the Madras State, which was renamed as Tamil Nadu in 1969. From 1965 to 1967.powerful measures were taken against it. Consequently, till now, Chennai has not faced any big terrorist activity. In August 1996, the name of the city was changed from Madras to Chennai by the state government at the time.

Places To Be Visited In Chennai

Connemara Public Library

    Connemara Public Library was established in the year 1896. You could find many unique and rare collections in the library, which boasts of possessing wealthier information across various subjects. The library itself is intricately designed and the architecture is a blend of Southern Hindu Deccani, Gothic, Rajput and Mughal. The library houses periodic hall, a video room and a reference room. Braille library is also found here. The library is one among the four National Depository Libraries in India that receives copies of all newspapers, periodicals and books published in India.

Arignar Anna Zoological Park

    Arignar Anna Zoological Park is the first ever zoo in India. The massive 510-hectare zoo houses over 170 species of wildlife. Some of the wildlife found here includes tiger, hyena, lion, panther, elephants and many more. Elephant rides and lion safaris are available.

National Art Gallery

    National Art Gallery was established in 1907. The influence of Indo-Saracenic architecture is evident in the red sandstone construction, which has four sections namely Tanjore Painting Gallery, Ravi Varma Painting Gallery, Indian Traditional Art Gallery and Decorative Art Gallery. The Rock and Cave Art Gallery here offers interesting moments with the setting of caves looking natural and with facilities such as interactive Son-et-lumiere, Tran slides and touch screen in the caves to make the session interesting.

Marina Beach

    This is the second longest beach in the world. The large expanse of silver sand allows for a great walk along the seashore. Sunrise and sun set views are picturesque in this perfect setting. Some of the sports activities possible in Marina Beach include fishing, wind surfing and beach volley ball.

Semmozhi Poonga

    Semmozhi Poonga located at city’s center, the 20-acre park offers to view scenic landscapes and lush gardens. The well-maintained gardens have over 500 varieties of trees and plants from all parts of the world. This is apart from the trees that already exist in the area before the establishment of the park. Some of the trees are over 100 years old. The species of plants include medicinal plants and aromatic herbs. The artificial waterfall in the park looks real.

Kapaleeswarar Temple

    Kapaleeswarar Temple is one of the oldest temples in the city. It is not clear as to who built the temple. The architecture is not as old as they seem to be around 400 years old. Hence, it is considered that Portuguese destroyed the original temple mentioned in the songs of Nayanmars and the present construction belongs to the 16th century. T

Total Number Of Branches In Chennai (2002)

STATE BANK OF INDIA (264 Branches)INDIAN OVERSEAS BANK (168 Branches)INDIAN BANK (125 Branches)CANARA BANK (107 Branches)HDFC BANK (101 Branches)ICICI BANK LTD (94 Branches)AXIS BANK (68 Branches)PUNJAB NATIONAL BANK (63 Branches)SYNDICATE BANK (57 Branches)UNION BANK OF INDIA (57 Branches)KARUR VYSYA BANK (54 Branches)ANDHRA BANK (52 Branches)CITY UNION BANK LTD (51 Branches)BANK OF BARODA (47 Branches)CENTRAL BANK OF INDIA (45 Branches)VIJAYA BANK (45 Branches)BANK OF INDIA (38 Branches)CORPORATION BANK (37 Branches)LAKSHMI VILAS BANK (34 Branches)KOTAK MAHINDRA BANK LTD (32 Branches)UCO BANK (32 Branches)ALLAHABAD BANK (31 Branches)TAMILNAD MERCANTILE BANK LTD (30 Branches)IDBI BANK (29 Branches)STATE BANK OF HYDERABAD (28 Branches)ORIENTAL BANK OF COMMERCE (25 Branches)STATE BANK OF TRAVANCORE (25 Branches)KARNATAKA BANK LTD (24 Branches)STATE BANK OF MYSORE (23 Branches)ING VYSYA BANK (22 Branches)INDUSIND BANK (20 Branches)FEDERAL BANK (19 Branches)SOUTH INDIAN BANK (17 Branches)DENA BANK (15 Branches)UNITED BANK OF INDIA (13 Branches)YES BANK (12 Branches)DHANALAXMI BANK (12 Branches)BANK OF MAHARASHTRA (11 Branches)CATHOLIC SYRIAN BANK LTD (11 Branches)STATE BANK OF BIKANER & JAIPUR (7 Branches)PUNJAB & SIND BANK (7 Branches)STATE BANK OF PATIALA (6 Branches)STANDARD CHARTERED BANK (6 Branches)RBL Bank Limited (5 Branches)JAMMU & KASHMIR BANK LTD (4 Branches)BANDHAN BANK LTD (3 Branches)THE SHAMRAO VITHAL CO-OP BANK (3 Branches)BANK OF CEYLON (2 Branches)BHARATIYA MAHILA BANK LTD (2 Branches)IDFC BANK LTD (2 Branches)DCB BANK LTD (2 Branches)HSBC BANK (2 Branches)DEUSTCHE BANK (1 Branches)DEVELOPMENT BANK OF SINGAPORE (1 Branches)JP MORGAN BANK (1 Branches)BANK OF TOKYO MITSUBISHI LTD (1 Branches)CITI BANK (1 Branches)BANK OF AMERICA (1 Branches)STATE BANK OF INDIA (1 Branches)B N P PARIBAS (1 Branches)THE ROYAL BANK OF SCOTLAND N V (1 Branches)WOORI BANK (1 Branches)RESERVE BANK OF INDIA (1 Branches)MIZUHO BANK LTD (1 Branches)KEB Hana Bank (1 Branches)
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