Indian Mortgage Loans

I want to know about the Indian Bank Mortgage Loan so can you please tell me about the eligibility required for this?

[Shaleen]

Here are the following details of the Indian Bank Mortgage loan which you want to know

Eligibility
Salaried class:
Permanent Employees of Central / State Govt./Quasi Government Bodies/Public Limited companies/ Reputed Private Limited companies

Have clear record of paying timely salaries.

Completed minimum 3 years of service

Should have regular minimum monthly income of Rs.15,000/- & take home pay should be more than 40% of gross income after deduction of EMI

Self employed / Professionals / Businessmen:
Based on their average income earned in the last 3 years

Minimum net annual income has to be Rs.1,50,000/- after deduction of proposed EMI.

Firms and companies:
Based on cash flow

Age criteria for individuals:
Minimum entry level age: 18 years.

Salaried Class individuals:
Exit Level age :
60 years (or date of retirement)

Other individuals:
Exit Level age : 60 years

Amount of Loan
Maximum: Rs. 200 lakhs.

Margin 50% of Realisable sale value of property offered as security
Processing fee 1.167% on loan amount.
Indian Bank Mortgage loan