Indian Bank offers numerous types of loans. Home loan is a predominant one among them. Home loans are provided both for Indians and Non-Residential Indians. They provide loan for purchasing plots, flats and construction purpose. They provide two different types of interest. They are floating and fixed rate. Usually, fixed rate is the better choice. Since it does not change, they are reliable. The rate of interest depends on various factors. Some of them are term period and loan type. Each type of loan has different rates. 8.00% is the base rate. 12.50% is the Benchmark Prime Lending rate. Rates for different ranges of loan amount are listed below here. The below mentioned rates are recent ones. It was announced on 1.07.2010 only.
The rate of interest for amount less than 20 lakhs is mentioned below:
Term Period - Interest
0-5 yrs - 9.00%
5- 10 yrs - 9.25%
10-15 yrs - 9.50%
15-20 yrs - 9.75%
The interest for loan money in range of 20 lakhs to 30 lakhs is listed below here.
Period - Interest
0-5 years - 9.25%
5- 10 years - 9.50%
10-15 years - 9.75%
15-20 years - 10.00%
The rate of interest for amount in range of 30 lakhs to 2 crores is listed below here.
Tenure - Interest
0-5 years - 9.75%
5- 10 years - 10.00%
10-15 yrs - 10.25%
15-20 yrs - 10.50%
The interest for loan money above 2 crores is 13.50%.
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