Ind Bank Housing was incorporated on February 05, 1991 and commenced business with the objective of providing long-term finance to individuals and companies to construct or purchase residential premises in India. It has been promoted together by Indian Bank (with a 51% equity participation) and HUDCO (with a 25% equity participation).
The company has stopped fresh lending due to liquidity problems and to conform with National Housing Bank regulations. The company is focusing on recovery of housing loans and other assets. It has been notified as a financial institution under the Securitisation Act on March 16, 2006. This has helped in the speedy recovery of non performing assets (NPAs). Various branches have been established in major cities like Madras, Coimbatore, Madurai, Thanjavur, Pondicherry, Hyderabad, Mangalore, Bangalore, and Vishakapatnam.
Business areas of the company:
Ind Bank Housing, an arm of Indian Bank, is one of the prominent names in the housing finance market of India. It provides housing loans for purchase or construction of house/flat, as well as, for the up gradation, repairs or additional construction on the existing building.
Ind Bank Housing provides housing loan up to 25 lacs for the purpose of purchase/construction of house/flat. For renovation / repair / up gradation, it sanctions loan up to 5 lacs. The borrower has to pay minimum 15% of the total project cost.