Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Guwahati
|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 Guwahati
- Housing loan lenders offer interest rates on home loans starting from 8.35% p.a. with loan tenures of up to 30 years.
- The loan to value (LTV) ratios for home loans offered by banks, HFCs and NBFCs has been capped by the RBI at 90% for up to Rs 30 lakh home loans, at 80% for home loans above Rs 30 lakh and up to Rs 75 lakh & at 75% for home loans above Rs 75 lakh.
|Home Loan Amount||Home Loan LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of total cost of property|
|Above Rs 30 lakh and up to Rs 75 lakh||Up to 80% of total cost of property|
|Above Rs 75 lakh||Up to 75% of total cost of property|
- Home loan borrowers can exercise the home loan balance transfer facility to move their housing loan to other bank/HFC/NBFC at lower interest rates. Home loan customers can opt for the top-up facility on home loans and use the funds procured to finance their personal/professional needs.
- Home loan applicants in Guwahati belonging to low/middle income groups and economically weaker sections of the society can apply for the Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Indian Govt.
- Home loan lenders in Guwahati also provide pre-approved home loans to their select existing customers Such applicants are pre-approved by their lenders based on their income, credit scores, occupation profile, etc.
- RBI does not permit home loan lenders to levy charges for prepayment of home loans with floating interest rates. However, lenders can collect home loan prepayment charges from their borrowers for housing loans with fixed interest rate. Lenders can also waive off prepayment charges on home loans with fixed interest rates based on their discretion.
Minimum Income Requirements for availing Home Loans in Guwahati
Banks, HFCs and NBFCs offering offering home loans in Guwahati usually sanction home loans to salaried applicants earning Rs 10,000 and above every month and self-employed individuals with annual incomes of Rs 1 lakh and above.
Eligibility Criteria of Home Loans in Guwahati
The home loan eligibility criteria usually set by banks, HFCs and NBFCs offering home loans in Guwahati are as follows:
Lenders offering home loans in Guwahati usually provide loans to salaried employees of govt. Institutions, public & private sector companies and self-employed individuals like doctors, accountants, architects, contractors, traders, etc.
Banks, HFCs and NBFCs usually sanction home loans in Guwahati for individuals who are at least 18 years. Moreover, lenders also require home loan borrowers to repay their loan amount by the time they reach 70 years of age.
Home loan lenders usually prefer resident Indians as loan applicants with some lenders also offering home loans to NRIs, PIOs and OCIs.
Banks/HFCs/NBFCs usually prefer sanctioning loan applicants of individuals with credit scores of 750 and above as such applicants are considered crediworthy by most lenders. Home loan applicants with high credit scores are also more likely to get lower interest rates on their housing loans.
Lenders providing home loans in Guwahati prefer sanctioning home loans of applicants with minimum 2 years of business continuity/work experience.
Documents Required for Home Loans in Guwahati
Banks, HFCs and NBFCs offering home loans in Guwahati usually ask prospective borrowers availing home loans to submit the following list of documents for availing home loans:
For Salaried Applicants
- Identity and Age proof: Aadhaar Card, PAN card, birth certificate, bank passbook, driving licence, voter ID, etc.
- Income proof: Last 3 month salary slips, letter of promotion/increment, contract of employment, income tax returns, Last 6 month bank statements with salary credits, Form 16, etc.
- Proof of residence: Voter ID, Ration Card, Utility bills (telephone, gas, electricity), LIC policy receipt, etc., bank passbook, letter from public authority verifying the applicants’ address
- Proof of own contribution
- Cheque for home loan processing fees favouring the home loan lender
- Property related documents
- Bank statements showing ongoing loan repayments, if any
Additional Documents for Self-Employed Applicants
- ITR of last 3 years
- Last 6 months current account statement of business entity & savings account statement of the home loan applicant
- P&L account and balance sheet of last 3 years attested by the CA
- Latest form 26AS
- Address proof of the business
- Details of business licence
- Business profile of home loan applicant
Note: Loan applicants might have to submit additional home loan documents if deemed necessary by their lenders.