Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Nasik
|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: Rates as of 8th June 2023
Features of Home Loan offered in Nasik
- The home loan interest rates offered by banks, housing finance companies (HFCs) and non-banking financial companies (NBFCs) usually start from 8.45% p.a. for new housing loan customers with repayment tenures of up to 30 years.
- The Reserve Bank of India (RBI) has set detailed guidelines with regards to the loan to value (LTV) ratio for home loans. The final list of LTV ratios for various home loan amounts according to the RBI regulations are mentioned below:
|Home Loan Amount||Home Loan LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of property cost|
|Above Rs 30 lakh and up to Rs 75 lakh||Up to 80% of property cost|
|Above Rs 75 lakh||Up to 75% of property cost|
- Existing borrowers can exercise the home loan balance transfer option to transfer their ongoing home loans to other banks/HFCs/NBFCs at lower interest rates.
- Lenders may also provide the home loan top-up facility to their existing customers who can use the additional funds, over and above their existing loan, to manage their personal/business related expenses.
- Many banks, NBFCs and HFCs offering home loans in Nashik also sanction pre-approved home loans to select customers based on their monthly/annual income, credit scores, occupation profile, etc.
- The RBI has issued specific directives regarding the home loan prepayment facility. These rules state that lenders cannot levy prepayment charges on home loans availed at floating interest rates. However, lenders offering home loans at fixed interest rates can levy prepayment fees on their borrowers. They can also provide total or partial waiver on the home loan prepayment charges.
Home Loan in Nasik: Eligibility Criteria
The home loan eligibility criteria usually set by lenders for their loan applicants for availing housing loans:
Both self-employed and salaried individuals are eligible for availing home loans in Nasik.
Home loan lenders in Nashik usually approve loan applications of individuals aged between 18 and 65 years. However, loan applicants are required to pay back the total loan amount by the time they are 70 years old.
Home loan lenders usually consider loan applications of resident Indians. However, some lenders also provide NRI Home Loans to NRI, PIO and OCI loan applicants.
Most lenders consider home loan applicants with CIBIL/credit scores of 750 and above as financially disciplined. Thus, home loan lenders are also more likely to sanction loan applications of individuals with higher credit scores. Such applicants also stand a higher chance of availing home loans at lower interest rates.
Home loan lenders in Nashik usually consider the monthly or annual incomes of their loan applicants before deciding on approving/rejecting their loan application. Banks/HFCs and NBFCs usually sanction loan applications of salaried individuals with monthly income of Rs 10,000 and more and self-employed applicants with annual income starting from Rs 1 lakh.
The total work experience (for salaried) or total no. of years in business (for self-employed) is an important eligibility criteria for home loan lenders. Any lender offering a home loan in Nasik will usually approve the loan applications of salaried applicants with minimum 2 years of work experience and self-employed applicants with business continuity of at least 2 years.
Documents Required for Home Loans in Nashik
Lenders usually ask their loan applicants to submit the below mentioned home loan documents before approving their loan applications:
For salaried applicants
- Proof of identity/age: Voter ID, PAN card, Driving Licence, birth certificate, Aadhaar Card, etc.
- Address Proof: Ration Card, Voter ID, utility bills (electricity, telephone, gas), LIC policy receipt, etc.
- Proof of Income: Income tax returns, Form 16, salary certificates of last 3 months, promotion letter, employment contract, increment letter, etc.
- Bank statements of home loan applicants reflecting repayment of any existing loans
- Property related documents
- Cheque for home loan processing fees
Additional documents required by self-employed applicants
- Last 3 years ITR
- Form 26AS (updated)
- Last 3 years financial statements (balance sheet and P&L account) duly attested by a Chartered Accountant (CA)
- Business licence, business profile and proof of business address of loan applicants
- Savings account statement of loan applicants and current account statement of their business entity of last 6 months
Note: Home loan applicants in Nasik may have to submit additional documents, apart from the ones mentioned above, in case their lenders need any further information.