Ind Bank Housing Limited (IBHL)
Ind Bank Housing Ltd was initiated in the year 1991 and began its commercial activities with an aim of offering enduring monetary assistance to individuals and firms for the purpose of constructing or buying realty in India. It was jointly endorsed by Indian Bank and HUDCO.
At present the bank is concentrating on the revival of home loans and other properties. Previously it had put a halt to its credit services due to liquidity issues and to match its operations with National Housing Bank norms. The firm has been certified as the fiscal organization under the Act of Securitization in the year 2006. This has assisted the rapid revival of the non performing assets (NPAs) in the market. Several sub-divisions of the bank has been inaugurated in chief cities like Mangalore, Coimbatore, Thanjavur, Bangalore, Hyderabad, Vishakapatnam, etc.
Home Loan FacilitiesInd Bank Housing Ltd is an extension of the Indian Bank and is the most renowned banks in Indian housing finance sector. The bank offers home loans for building or obtainment of a home or flat, along with the promotion, restoration or extra creation on the existing edifice.
Ind Bank Housing Ltd offers home loans of up to ` 25 lakhs for buying or creation of a house or apartment. For the purpose of reconstruction, refurbishing or improvement of the same, the bank approves the credit of up to ` 5 Lakhs. The loan seeker has to forfeit at least 15% of the entire value of the project. The property which the loan seeker is purchasing must not be more than 20 years old. The total loan amount is to be reimbursed within the tenure of 20 years. The loan seeker is not allowed to reimburse the amount even before 5 years. Refund tenure should not go beyond the retirement of the salaried individual and for self employed the age limit is 65 years.
To seek home loans from Ind Bank Housing Ltd the borrower must possess reasonable mortgage of the assets or recorded credit wherever required and also collaterals from minimum two appropriate individuals. The bank has allocated its own rate of interest on home loans. The credit for buying or creation of the house draws rates of interest from 12% to 15%, while its renovation or restoration rate of interest is allocated between 13.5 to 14.5%.
Besides its rate of interest, home loans from Ind Bank Housing Ltd charge a dispensation cost of 0.75% on loan sum of up to ` 5 Lakhs. If the loan sum is above ` 5 Lakhs, the dispensation cost is estimated at 1%. The bank also charges admin Fee of up to 1% besides no forestallment costs employed on the home credits.
Contact DetailsInd Bank Housing Ltd.
64 D, Nellai Plaza
Phone: 0462 - 2331838
Official Website :www.indbankhousing.com
Last Updated on May 2, 2015