Nagpur is the third largest city of the Indian state of Maharashtra after Mumbai and Pune; and is the 13th largest urban agglomeration in India. It is emerging as a metropolis and was ranked the fastest-growing city in India in 2004. Since Nagpur is rich in natural resources, mining here is a major activity.
Moreover, Nagpur boasts of huge forests and tiger sanctuaries within a few hundred kilometres. This is the reason why Nagpur has been declared as Tiger Capital of the country.
Not just this, Nagpur is a major educational hub in Central India with some of India’s prominent education and research institutes, such as IIM, AIIMS, NIT, NCDC, etc. Nagpur is said to provide country’s best health care services and is thus referred to as the health hub for Central India. Additionally, it is a prime location for the Indian armed forces as Maintenance Command of Indian Air Force is headquartered at Vayusena Nagar in Nagpur.
Nagpur has been identified as the best city in India in regards to the liveability, greenery, transportation, and healthcare. Apart from that, it constitutes of temples, forts, lakes, research centres, and government organizations which makes it an ideal place to visit and stay.
Home loan is a secured loan opted for buying a house, commercial property or home renovation. It helps to keep your finances in place even after such a huge purchase by dividing the loan amount into smaller EMIs with longer repayment tenure. Home loan in Nagpur is approved on the basis of your credit score and repayment ability. The loans are offered against 70% to 85% of the property value. If not repaid on time, the lender can take away your property, being deposited as collateral.
Home Loan Eligibility
Borrower needs to meet the following eligibility criteria to get the loan approved.
- Age of the borrower (21–65 years)
- Educational qualification
- Job stability and income
- Credit history and score ranging between 300 and 900
- Co-applicant’s details, if any
- Assets and liabilities
Home Loan Documentation
- Filled and signed application form with photograph
- Processing fee by cheque or draft
Home Loan Features
- Quick and transparent processing
- Home loan insurance – protects your home loan in case of any unfortunate event and helps your family in repaying the amount due.
- Flexible interest rate- choose from fixed or floating interest rate where the earlier offers same rate throughout the tenure and the latter has a flexible interest rate depending on the market rates.
- Home loan balance transfer – lets you transfer an ongoing home loan from one to the other for availing better interest rates and tenure or some discounts.
- Pre-approved home loan – get your home loan pre-approved to save your time when buying a house. It requires minimum documentation.