Compare Home Loan Interest Rates for Top Banks & HFCs in Chandigarh
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.75% - 9.50%||8.75% - 9.40%||8.75% - 9.40%|
|HDFC||8.65% - 10.35%||8.65% - 10.60%||8.65% - 10.70%|
|LIC Housing Finance||8.65% – 10.10%||8.65% – 10.30%||8.65% – 10.50%|
|ICICI Bank||8.75% - 9.85%||8.75% - 9.85%||8.75% - 9.85%|
|Kotak Mahindra Bank||8.65% onwards||8.65% onwards||8.65% onwards|
|PNB Housing Finance||8.75% - 13.00%||8.75% - 13.00%||8.85%-10.85%|
|Punjab National Bank||8.60% - 9.35%||8.55% - 9.25%||8.55% - 9.25%|
|Bank of Baroda||8.60%-10.35%||8.60%-10.35%||8.60%-10.60%|
|Union Bank of India||8.60% – 10.50%||8.60% – 10.70%||8.60% – 10.70%|
|IDFC First Bank||8.60% onwards||8.60% onwards||8.60% onwards|
|L&T Housing Finance||8.65%-8.75%||8.65%-8.75%||8.65%-8.75%|
|Bajaj Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Godrej Housing Finance||8.39% - 10.99%||8.39% - 10.99%||8.39% - 10.99%|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Rates as of 30th December 2022
Features of Home Loans offered in Chandigarh
- The home loan interest rates offered by banks, HFCs and NBFCs usually start from 8% p.a. with loan tenures of up to 30 years.
- Home loan lenders in Chandigarh can provide home loans with loan to value (LTV) ratio of up to 90% of total property value. The final home loan LTV ratio for loan applicants depend on the total loan amount which is mentioned below:
|Home Loan Amount||LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of total property cost|
|Above Rs 30 lakh to Rs 75 lakh||Up to 80% of total property cost|
|Above Rs 75 lakh||Up to 75% of total property cost|
- Home loan lenders in Chandigarh provide the balance transfer facility on home loans option for existing borrowers who wish to move their ongoing loan to another lender at lower rates of interest. They can also avail home loan top up on their existing loan and use the proceeds to take care of their immediate and long term expenses.
- Home loan applicants in Chandigarh belonging to EWS, middle income and low income groups can avail home loans under the Pradhan Mantri Awas Yojna (PMAY). PMAY is part of the credit linked subsidy scheme (CLSS) of the Govt. of India and is designed to meet the demands of affordable housing in the country.
- Select existing customers of banks/HFCs/NBFCs offering home loans in Chandigarh can avail pre-approved for home loans depending on their credit scores, income, occupation profile, etc.
- The RBI’s guidelines on home loan prepayment states that lenders cannot charge prepayment fees on floating interest rates home loans. However, banks/HFCs/NBFCs providing home loans at fixed interest rates are permitted to levy prepayment charges. They can also waive this charge, either in partial or full, as per their discretion.
Income Requirements of Home Loans in Chandigarh
- Salaried applicants having minimum monthly incomes of Rs 10,000 are more likely to get approval on their home loan applications.
- Lenders usually offer home loans in Chandigarh to self-employed applicants with minimum annual incomes of Rs 1 lakh.
Eligibility Criteria of Home Loans in Chandigarh
The eligibility criteria for availing home loans in Chandigarh may differ from lender to lender. Some of the home loan eligibility conditions, which are similar across most lenders, are provided below:
- Salaried applicants working in private entities, public sector units and government agencies are usually eligible for availing home loans in Chandigarh.
- Home loan lenders operating in Chandigarh also consider self-employed professionals like accountants, lawyers, doctors, engineers, CS, architects, etc. and non-professionals like contractors, commission agents, traders, etc. while setting their home loan eligibility criteria.
Lenders usually offer home loans to home loan applicants aged 18 years and above. However, banks/HFCs/NBFCs also stipulate that home loan borrowers should repay the loan amount usually by the time they are 70 years old.
Home loan providers in Chandigarh usually permit Resident Indians to avail housing loans with some lenders also considering NRIs, PIOs and OCIs applicants for their home loan schemes.
Home loan providers in Chandigarh usually consider applicants having minimum CIBIL/credit scores of 750 as creditworthy and hence, such home loan applicants have higher chances of availing home loans at lower interest rates.
Salaried home loan applicants with minimum work experience of 2 years and self employed applicants with at least 2 years of business continuity are usually considered by home loan lenders in Chandigarh for availing home loans.
Documents Required for Home Loans in Chandigarh
Lenders offering home loans in Chandigarh usually ask prospective borrowers to submit the following home loan documents:
For Salaried Applicants
- KYC documents including PAN card, driving license, Aadhaar card, passport, voter ID, etc.
- Employment contract, appointment letter, letter of promotion/increment, etc.
- Last 3 month salary certificates, bank statement of last 6 months with salary credits, Form 16, ITR, etc. for income proof
- Bank statements showing repayment of ongoing loans, if any
- Property related documents
- Cheque for processing fee in favour of the home loan provider
- Proof of own contribution
Additional Documents for Self-Employed Applicants
- Last 3 years ITR with income calculation
- Balance sheet and P&L account of last 3 years attested by a chartered accountant (CA)
- Last 6 months savings bank account statement of the applicant and current account statement of the business entity
- Latest form 26AS
- Business profile
- Business address proof
Note: The final list of home loan documents required mentioned above are not exhaustive, as lenders may ask prospective borrowers to submit further documents based on their profiles.