Comparison table for Home Loan Interest Rates offered by Top Banks/HFCs
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.50% - 10.15%||8.50% - 10.05%||8.50% - 10.05%|
|HDFC||8.50% - 10.35%||8.50% - 10.60%||8.50% - 10.70%|
|LIC Housing Finance||8.45% – 10.10%||8.45% – 10.30%||8.45% – 10.50%|
|Kotak Mahindra Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|PNB Housing Finance||8.50% - 14.50%||8.50% - 13.00%||8.50%-10.85%|
|Punjab National Bank||8.65%-9.60%||8.60%-9.50%||8.60%-9.50%|
|Bank of Baroda||8.50% - 10.65%||8.50% - 10.65%||8.50% - 10.90%|
|Union Bank of India||8.75% – 10.75%||8.75% – 10.95%||8.75% – 10.95%|
|IDFC First Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|L&T Housing Finance||8.60% onwards||8.60% onwards||8.60% onwards|
|Bajaj Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Rates as of 31st March 2023
Features of Home Loans offered in Ahmedabad
- Lenders offering home loans in Ahmedabad usually provide home loan interest rates starting from 8.45% p.a.
- Home loan lenders in Ahmedabad may offer repayment tenures extending up to 30 years.
- The home loan loan to value (LTV) ratio, based on the regulatory conditions set by RBI, cannot go beyond 90% of property value. The LTV ratio for home loans, depending on the home loan amount, are mentioned below:
|Home Loan Amount||LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of the property’s cost|
|Above Rs 30 lakh to Rs 75 lakh||Up to 80% of the property’s cost|
|Above Rs 75 lakh||Up to 75% of the property’s cost|
- Lenders also offer the home loan balance transfer facility to existing home loan customers of other banks, HFCs or NBFCs, thus allowing existing borrowers to transfer their ongoing loan to another lender at lower interest rates.
- Existing housing loan borrowers can also avail the home loan top up facility to meet additional needs related to home construction, home renovation, home extension or for other personal/professional requirements.
- Home loan lenders also provide the overdraft facility for their existing borrowers of housing loans.
- Select customers of a bank/HFC/NBFC are eligible for availing pre-approved home loans based on their income, credit scores, occupation profile etc.
- Home loan applicants looking for affordable housing can opt for Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Govt. of India.
- RBI has mandated that home loan lenders cannot levy any fees on prepayment of home loans with floating interest rates. However, lenders can charge prepayment fees on home loans with fixed interest rates. They also have the discretion to waive off home loan prepayment charges, either in partial or total.
Income Requirements of Home Loan in Ahmedabad
- For salaried: Lenders usually offer home loans to prospective borrowers with monthly income of Rs 10,000 and above.
- For self-employed: Banks, HFCs or NBFCs usually provide home loans to self-employed individuals with annual income of Rs 1 lakh and above
Eligibility Criteria of Home Loan in Ahmedabad
The home loan eligibility criteria for top lenders offering home loans in Ahmedabad may differ from one lender to another. However, the main eligibility conditions for availing home loans in Ahmedabad are as follows:
- Salaried: Government employees and corporate professionals
- Self-Employed professional: Doctors, CA, CS, lawyers, architects, engineers, etc.
- Self-Employed non-professional: Contractors, commission agents, traders, etc.
- Minimum: 18 years
- Maximum: Up to 70 years at the time of loan maturity
Resident Indians. Lenders also offer NRI Home Loans to NRI, PIO and OCI applicants.
Home loan applicants with CIBIL/Credit score of 750 and above are more likely to avail home loans in Ahmedabad and at lower interest rates.
- For Salaried: Lenders usually provide home loans to loan applicants with work experience of at least 2 years.
- For Self-Employed: Home loan lenders usually offer loans to self-employed applicants with business continuity of at least 2 years.
Documents Required for Home Loan in Ahmedabad
Although the home loan documents may differ from one lender to another, prospective borrowers usually need to submit the following documents while applying for home loans in Ahmedabad:
For Salaried Applicants
- KYC documents: PAN card, Aadhaar card, voter ID, passport, driving license
- Income Proof: Last 3 month salary slips, bank statements of last 6 months (with salary credits), ITR, Form 16, etc.
- Joining letter,letter of increment/promotion, employment contract, etc.
- Property related documents
- Bank statement to show repayments of ongoing loans (if any)
- Processing fee cheque
- Proof of own contribution
Additional Documents for Self-Employed Applicants
- Income Proof: ITR of last 3 years with income calculation
- Balance sheet and profit & loss account statement of last 3 years duly attested by CA
- Last 6 months savings account statement of the individual and current account statement of business entity
- Latest Form 26AS
- Proof of address of business
- Business profile
- Memorandum of Association (MOA) and Articles of Association (AOA) of the company
Note: The list of home loan documents mentioned above is indicative in nature as lenders may ask for additional housing loan related documents based on the profile of their home loan applicants.