Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Nagpur
|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% – 10.10%||8.45% – 10.30%||8.45% – 10.50%|
|Kotak Mahindra Bank||8.85% onwards||8.85% onwards||8.85% onwards|
|PNB Housing Finance||8.50% - 14.50%||8.50% - 13.00%||8.50%-10.85%|
|Punjab National Bank||8.65%-9.60%||8.60%-9.50%||8.60%-9.50%|
|Bank of Baroda||8.50% - 10.65%||8.50% - 10.65%||8.50% - 10.90%|
|Union Bank of India||8.75% – 10.75%||8.75% – 10.95%||8.75% – 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||8.70% onwards||8.70% onwards||8.70% onwards|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Interest rates as of 31st March 2023
Features of Home Loan
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||Above Rs 75 lakh|
- 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 for 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.
- Pradhan Mantri Awas Yojna offers “Affordable housing for all” with interest subsidy of up to Rs 2.76 lakh pre-payment charges are usually NIL for floating rates of interest.
Income Requirements of Home Loan in Kanpur
- For Salaried Applicants: At least Rs 15,000 p.m.
- For self-employed individuals with annual income starting from Rs 1 lakh.
Eligibility Criteria of Home Loan in Kanpur
The home loan eligibility criteria set by most lenders for availing home loan is as follows:
- Job Profile: Salaried (government employees and corporate professionals)/Self-Employed Professional (Doctors, lawyers, CA, CS, engineer, architect, consultant)/Self-Employed Non-Professional (Trader, contractor, commission agent)
- 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
- Work experience: For Salaried- At least 3 years of work experience For Self-Employed– At least 3 years of business continuity
Documents Required for Home Loan in Nagpur
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
Note: Along with the above-mentioned documents, lenders may also ask for additional documents based on the home loan applicants profile.