Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Indore
|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% – 10.35%||8.45% – 10.55%||8.45% – 10.75%|
|Kotak Mahindra Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|PNB Housing Finance||8.75% - 14.50%||8.75% - 13.00%||8.75%-11.35%|
|Punjab National Bank||8.65%-9.60%||8.60%-9.50%||8.60%-9.50%|
|Bank of Baroda||8.60% - 10.65%||8.60% - 10.65%||8.60% - 10.90%
|Union Bank of India||8.50% – 10.75%||8.50% – 10.95%||8.50% – 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||8.50% onwards||8.50% onwards||8.50% onwards|
|Tata Capital||8.60% onwards||8.60% onwards||8.60% onwards|
Note: Interest rates as of 18th May 2023
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Features of Home Loan in Indore
- Lenders usually offer home loan interest rates starting from 8% p.a.
- Home loan repayment tenures can go up to 30 years
- According to the regulatory cap set by RBI for LTV ratio for home loans, lenders can provide LTV ratio for up to 90% of property value for their home loan applicants. The LTV ratio for loan applicants is also decided based on the final home loan amounts as 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|
- Existing home loan customers of other lenders can use the home loan balance transfer facility to transfer their ongoing loan to another lender at lower interest rates.
- Lenders also offer the facility of home loan top-up to their existing housing loan customers to fulfill any additional requirements related to their personal/professional needs or for the purpose of home construction, home renovation and home extension.
- Existing housing loan borrowers can also avail the overdraft facility on their home loans.
- Home loan lenders in Indore offer pre-approved home loans to select existing customers based on factors like their income, credit scores, occupation profile, etc.
- RBI has directed banks, HFCs and NBFCs not to levy any charges of prepayment of home loans with floating interest rates. However, home loan lenders can charge prepayment fees for home loans with fixed interest rates. They also have the discretion to waive off prepayment charges, either in partial or total, for fixed interest rate home loans.
Income Requirements of Home Loan in Indore
- For salaried: Lenders offering home loans in Indore usually consider loan applications of prospective borrowers with monthly incomes of Rs 10,000 and above.
- For self-employed: Home loan applicants with annual incomes of Rs 1 lakh and above are usually considered as eligible by home loan lenders.
Eligibility Criteria of Home Loan in Indore
Although the home loan eligibility may differ from one lender to another, some of the main home loan eligibility criteria for lenders offering housing loans in Indore are as follows:
- Age: Loan applicants availing home loans in Indore should be at least 18 years old. However, lenders usually mandate that their home loan borrowers repay the loan amount by the time they are 70 years old.
- Nationality: Resident Indians, PIOs, NRIs and OCIs are eligible for availing housing loan schemes offered by home loan lenders in Indore.
- Credit score: Lenders consider prospective home loan borrowers with Credit/CIBIL score of 750 and above as creditworthy. Therefore, lenders are more likely to approve the home loans of such applicants. Home loan applicants with higher credit scores have higher chances of availing lower home loan interest rates from banks, HFCs and NBFCs.
- Work experience: Lenders offering home loans in Indore usually consider loan applications of salaried individuals with minimum 2 years of work experience. Self-employed home loan applicants with business continuity of 2 years and above are more likely to avail housing loans offered by home loan lenders in Indore.
Documents Required for Home Loan in Indore
Banks, HFCs and NBFCs offering home loans in Indore usually ask prospective borrowers to submit the following documents while applying for home loans:
For Salaried Applicants
- KYC documents including PAN card, Aadhaar card, voter ID, passport, driving license, etc.
- Income Proof including salary slips of last 3 months, last 6 month bank statements with salary credits, Form 16, ITR, etc.
- Appointment letter, letter of increment/promotion, employment contract, etc.
- Property related documents
- Bank statements showing repayment of ongoing loans (if any)
- Proof of own contribution
- Cheque for processing fee in favor of the home loan provider
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: Along with the above-mentioned home loan documents, lenders may also ask for additional documents based on the borrower’s profile.