Home Loan in Gwalior

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%-9.85% p.a.	8.50%-9.85% p.a.	8.50%-9.85% p.a.	Check Eligibility
HDFC Bank Limited	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
LIC Housing Finance	8.50% - 10.35% p.a.	8.50% - 10.55% p.a.	8.50% - 10.75% p.a.	Check Eligibility
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
PNB Housing Finance	8.50% - 14.50% p.a.	8.50% - 14.50% p.a.	8.50%-11.45% p.a.	Check Eligibility
Punjab National Bank	8.45% - 10.25% p.a.	8.40% - 10.15% p.a.	8.40% - 10.15% p.a.	Check Eligibility
Bank of Baroda	8.40% - 10.65% p.a.	8.40% - 10.65% p.a.	8.40% - 10.90% p.a.	Check Eligibility
IDFC First Bank	8.85% p.a. onwards	8.85% p.a. onwards	8.85% p.a. onwards	Check Eligibility
L&T Finance Limited	8.65% p.a. onwards	8.65% p.a. onwards	8.65% p.a. onwards	Check Eligibility
Tata Capital Housing Finance	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
Federal Bank	8.80% p.a. onwards	8.80% p.a. onwards	8.80% p.a. onwards	Check Eligibility
Axis Bank	8.75%-13.30% p.a.	8.75%-13.30% p.a.	8.75%-9.65% p.a.	Check Eligibility
Godrej Housing Finance	8.55% p.a. onwards	8.55% p.a. onwards	8.55% p.a. onwards	Check Eligibility

Note: Interest rates as of 11th June 2024

Home Loan in Gwalior: Features

• The home loan interest rates offered by banks, HFCs or NBFCs in Gwalior usually start from 8.40% p.a. (for new home loan customers).
• Most home loan lenders can offer repayment tenures of up to 30 years.
• The Reserve Bank of India (RBI) has formulated guidelines related to the loan to value (LTV) ratio for housing loans, wherein they state that the maximum LTV ratio offered to home loan customers can go up to 90% of the property cost. The updated list of LTV ratios for different home loan amounts are mentioned below:

Home Loan Amount	Home Loan LTV Ratio
Up to Rs 30 lakh	Up to 90% of property cost
Above Rs 30 lakh and up to Rs 75 lakh	Up to 80% of property cost
Above Rs 75 lakh	Up to 75% of property cost

• Many banks/HFCs/NBFCs offering home loans in Gwalior may provide the balance transfer facility for existing customers who want to transfer their home loans to other lenders at lower rates of interest.
• Some lenders may also provide the home loan top-up facility to their existing home loan customers. Under this facility, existing borrowers can avail additional finance, on top of their existing home loans, to manage their personal, professional and business related expenses.
• Lenders providing home loans in Gwalior may also sanction pre-approved home loans to their select group of customers based on several factors including their monthly or annual incomes, credit scores and other aspects of their credit profile.
• According to the RBI’s rules on prepayment of home loans, no bank, HFC or NBFC can levy prepayment fees on home loans availed at floating interest rates. However, lenders offering home loans at fixed interest rates can ask their borrowers to incur prepayment charges. Such lenders also have the discretion to grant partial or total exemption on prepayment charges for home loans availed at fixed interest rates.

Home Loan in Gwalior: Eligibility Criteria

Banks, HFCs and NBFCs offering home loans in Gwalior usually set multiple criteria to evaluate the home loan eligibility of their loan applicants. The main factors to assess the eligibility for home loan applicants are mentioned below:

Job Profile

Home loan lenders in Gwalior consider both salaried employees (working in private entities, public sector companies and govt. institutions) and self-employed applicants (like accountants, doctors, lawyers, architects, contractors, traders, etc) as eligible for the purpose of availing housing loans.

Age

Banks/HFCs/NBFCs usually consider loan applications of individuals aged 18 years and above while offering home loans in Gwalior. However, lenders require their loan applicants to repay the entire loan amount by the time they are 70 years old.

Nationality

Most lenders offering home loans in Gwalior prefer resident Indians as their loan applicants. However, some lenders also provide home loans to other categories of prospective borrowers like NRIs, PIOs and OCIs.

Credit Score

Home loan lenders in Gwalior usually prefer loan applicants with credit scores of 750 and above as they are considered creditworthy by most lenders. Hence, such applicants are more likely to get approval on their loan applications. Home loan applicants with higher credit scores also have better chances of availing home loans at lower interest rates.

Income

Home loan lenders in Gwalior usually prefer salaried loan applicants having minimum monthly income of Rs 10,000 and self-employed applicants with annual incomes starting from Rs 1 lakh.

Work Experience

Lenders offering home loans in Gwalior usually consider loan applications of salaried applicants with minimum work experience of 2 years and self-employed applicants with at least 2 years of business continuity.

Home Loan in Gwalior: Documents Required

Most lenders ask prospective home loan borrowers to submit the below mentioned documents for availing home loans:

For salaried applicants

• Proof of identity/age: PAN card, Aadhaar Card, birth certificate, Voter ID, Driving Licence, etc.
• Proof of Income: Income tax returns, Form 16, salary certificates of last 3 months, promotion letter, employment contract, increment letter, etc.
• Address Proof: Ration Card, Voter ID, utility bills (electricity, telephone, gas), LIC policy receipt, etc.
• Bank statements of home loan applicants reflecting repayment of any existing loans
• Cheque for home loan processing fees
• Property related documents

Additional documents required by self-employed applicants

• Form 26AS (updated)
• Last 3 years ITR
• Last 3 years financial statements (balance sheet and P&L account) duly attested by a CA
• Savings account statement of loan applicants and current account statement of their business entity of last 6 months
• Business licence, business profile and proof of business address of loan applicants

Note: Home loan applicants in Gwalior may need to submit additional documents, apart from the ones mentioned above, in case their lenders need any further information.