Indian Bank has launched a new home loan product — IB Home Enrich — for repairs and renovation of houses. Customers can avail this loan up to 36 times their gross monthly income, subject to a maximum of Rs 10 lakh. There is no need for mortgage of the house property under this loan facility.
The loan can be availed against liquid securities like LIC, NSC and term deposit and income tax exemption upto Rs 30,000 under Section 24 of the IT Act will be available for the interest on this loan product.
Indian Bank posted over 3-fold jump in its net profit at Rs 319.70 crore for the quarter ended March 31, 2017 as compared to Rs 93.62 crore for the same quarter in the previous year. Total income of the Bank increased marginally by 1.75% at Rs 4601.89 crore for quarter under review as compared to Rs 4522.73 crore for the quarter ended March 31, 2016.