Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Malappuram
|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
Features of Home Loan in Malappuram
Common features of home loan are mentioned below:
- The home loan interest rates usually start at 8% p.a.
- The repayment tenures of home loans offered by most lenders are flexible and range up to 30 years
- Lenders usually set the LTV ratio of their housing loans for up to 90% of the mortgaged property’s value. The final LTV ratio set by lenders for their home loan applicants depends on the loan amounts. The home loan amounts and their corresponding LTV ratio are as follows:
|Home Loan Amount||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|
- The banks/NBFCs also offer home loan balance transfer of existing home loans from other banks/NBFCs to some other bank at lower interest rates.
- Overdraft facility is available for existing home loan borrowers.
- Home loan lenders also offer the facility of home loan top-up to their existing home loan borrowers. Home loan borrowers can use the top-up amount to take care of their personal and professional needs (except for speculative purposes).
- Banks/NBFCs also offer pre-approved home loans to select customers based on various factors like credit score, income, occupation profile, etc of the customers.
Income Requirements of Home Loan in Malappuram
- For Salaried Applicants: At least Rs 15,000 p.m.
- For self-employed individuals with annual income starting from Rs 1 lakh.
Eligibility of Home Loan in Malappuram
Although the home loan eligibility conditions 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 Malappuram 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 Malappuram.
- 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 Malappuram 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 Malappuram.
Documents Required for Home Loan in Malappuram
Common home loan documents required for availing home loan in Malappuram 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
Note: Along with the above-mentioned documents, lenders may also ask for additional documents based on the home loan applicants profile.