Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Kannur
| 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. | Apply Now |
| HDFC Bank Limited | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Note: Interest rates as of 11th June 2024
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Features of Home Loan in Kannur
Common features of home loan in Kannur are as follows:
- The home loan interest rates offered by lenders in Kannur usually start from 8% p.a.
- The home loan tenures are flexible and can go up to 30 years.
- The LTV ratio offered by home loan lenders in Kannur usually go up to 90% of the total value of the mortgaged property. The final home loan LTV ratios set by lenders for their home loan applicants depend on the total loan amounts. The breakup of the home loan amount and LTV ratio limit is mentioned below:
| Home Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | Up to 90% of the total cost of the property |
| Above Rs 30 lakh to Up to Rs 75 lakh | Up to 80% of the total cost of the property |
| Above Rs 75 lakh | Up to 75% of the total cost of the property |
- Lenders usually offer the home loan balance transfer facility using which, the existing borrowers can move their existing home loan to other lenders at lower interest rates.
- Many lenders also offer facilities like home loan top-up to their existing borrowers for bearing expenses for personal/professional needs.
- Select premium customers of lenders offering home loans in Kannur can also avail pre-approved home loans based on their credit score, age, income, occupation profile, etc.
- According to RBI’s guidelines on home loan prepayments, lenders cannot levy prepayment fees on home loans with floating interest rates. However, lenders also have the discretion to waive off the prepayment charges, whether in full or partial, as per their discretion.
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Minimum Income Requirements for Availing Home Loans in Kannur
- For salaried applicants: Minimum monthly income of Rs 10,000
- For self-employed applicants: Minimum annual income of Rs 1 lakh
Eligibility Criteria for Home Loans in Kannur
The home loan eligibility criteria set by most lenders for availing home loan is as follows:
- Age: Minimum- 21 years; Maximum- Up to 70 years at the time of loan maturity
- Nationality: Indian Resident, NRI, PIO
- Credit Score: CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates
- Job Profile:
- Salaried applicants employed in private entities, public sector units and government bodies.
- Self-employed professionals like accountants, lawyers, doctors, engineers, CS, architects, etc. and non-professionals like contractors, commission agents, traders, etc.
- Work experience: For Salaried- At least 3 years of work experience For Self-Employed– At least 3 years of business continuity
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Documents Required for Home Loan in Kannur
Common home loan documents required for availing home loans are mentioned below:
For Salaried Applicants
- KYC documents: Driving license, passport, PAN card, voter ID, Aadhaar Card, etc.
- Proof of Employment: Appointment letter, letter of promotion/increment, employment contract, etc.
- Income proof: Form 16, Last 3 month salary certificates, last 6 months bank statement showing salary credits, etc.
- Bank statements showing repayment of any ongoing loans Property related documents
- Processing fee cheque in favor of the home loan provider
- Proof of own contribution
Additional Documents for Self-Employed Applicants
- Balance sheet and P&L account of last 3 years attested by a chartered accountant (CA)
- Last 3 years ITR with income calculation
- Savings account statement of loan applicant & current account statement of the business entity of last 6 months
- Business address proof
- Business profile of the home loan applicant
- Latest form 26AS
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Note: Along with the above-mentioned documents, lenders may also ask for additional documents based on the home loan applicants profile.