Delhi, the capital of India, has various reputable educational institutions, medical facilities, job opportunities, etc. to earn it a place among most sought after locations to live. When you need to settle down in the city that houses some of India’s most prominent authentic landmarks, make the procedure simple and affordable by availing Home Loan in Delhi.
Home Loan in Delhi – Features & Benefits
- No prepayment charges on floating rate home loans for individuals.
- Pre-approved home loan with lower interest rates and minimum documentation
- Home loan balance transfer facility to shift current outstanding home loan to a new lender offering lower rate
- Top up home loan facility for those who need money over and above their existing home loan amount
- Multiple tax benefits on home loan principal and interest amount under Section 24(b) and Section 80C of the Income Tax Act
Home Loan Interest Rates in Delhi
|Axis Bank||7.75% onwards|
|Bajaj Housing Finance Limited||8.10% onwards|
|Bank of Baroda||6.85% onwards|
|HDFC Bank||6.95% onwards|
|LIC Housing Finance Ltd.||7.50% onwards|
|ICICI Ltd.||6.95% onwards|
|Standard Chartered Bank||8.86% onwards|
|State Bank of India||6.95% onwards|
Note: Interest Rates offered by Banks, NBFCs/ HFCs are subject to change as per the directives of RBI and lenders’ discretion
Calculate Home Loan EMI
Home Loan EMI Calculator is an online calculator, which on the basis of the values provided for principal amount, interest rate and loan tenure calculates home loan EMI. Knowing home loan EMI in advance helps in planning finances well in advance and ensures timely loan payments. If you want to know your home loan EMI beforehand, use Paisabazaar’s home loan EMI calculator. The online home loan calculator is easy to use. The calculator not only calculates the monthly instalments but also the total interest due and the total amount payable in a second.
Home Loan Eligibility in Delhi
|Criteria||Salaried applicant||Self-employed applicant|
|Nationality||Indian Residents, Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)|
|Age||18 to 70 years||21 to 70 years|
|Minimum work experience/ business continuity||At least 2 years||At least 3 years|
|Net minimum income/salary||At least Rs. 25,000 (the value may vary across lenders and areas)||At least Rs. 5 lakh (the value may vary across lenders and areas)|
|Credit Score||Score as close to 900 will get your better loan deals|
Check Also: Home Loan Eligibility Calculator
Factors Affecting Home Loan Eligibility
Home loan eligibility is based on various factors; a few of them are listed as below:
- Educational qualifications
- Stability and continuity of income for repayment
- Credit score
- Number of dependents
- Co-applicant’s income, if any
- Assets and liability of other loans
How to Improve Home Loan Eligibility
- Improve your credit score: Your credit score reflects your creditworthiness. Improving your score will improve your chances of loan approval and may even get you better loan terms and rates. A poor credit score, on the other hand, may lead to loan rejection or loan at a higher interest rate.
- Pay higher down payment: Lenders lend only 75% – 90% of the property value. The remaining 10% – 25% of the property value must be furnished by borrowers as down payment. Rather than giving a bare minimum down payment, contribute more as doing so will bring down your LTV ratio, which will improve your home loan eligibility.
- Add an earning co-applicant: Because of insufficient income, low credit score or high debt-to-income ratio, your lender may dismiss your home loan application. Adding an earning co-applicant with good credit history and acceptable repayment capacity can improve your loan eligibility.
Documents Required for Home Loan in Delhi
The list of documents required to apply for home loan in Delhi is:
- Duly filled home loan application form
- Address Proof (Aadhaar, Voter ID, Passport, Driving License, etc.)
- Identity Proof (Aadhaar, PAN, Passport, Driving License, Voter ID, etc.)
- A few photographs
- Form 16 or latest salary slips (for salaried applicants)
- Bank account statements of last 6 months
- Proof of Business Continuity of at least 5 years (for Businessmen/ self-employed individuals)
List of Top Home Loan Provider in Delhi
- State Bank of India (SBI)
- HDFC Bank
- ICICI Bank
- Punjab National Bank (PNB)
- Axis Bank
- Bank of Baroda
- Canara Bank
- Bank of India
- Kotak Mahindra Bank
List of Top Builders in Delhi
- Godgrej Properties
- Ansal API
- Parsvnath Developers
- Indiabulls Infraestate
- Emaar India
- Earth Infrastructures
- Paras Buildtech
Types of Home Loans offered in New Delhi
- Home Purchase Loan – The loan is taken to purchase under-construction properties, ready-to-move-in apartments and pre-owned houses/resale properties.
- Composite Loan – This loan is for anyone who wants to buy a plot of land either for an investment or for constructing a house.
- Home Construction Loan – It caters to the loan requirements of people who need funds for the construction of a house.
- Home Improvement Loan – Customers avail this loan to cover expenses related to home renovation and home repairing of an existing property.
- Home Extension Loan – The loan type caters to the fund requirements of people who wish to add more space to their abode.
- Step Up Loan– This loan is best for young individuals who have just started their careers. The loan type allows borrowers to pay lower EMIs in the early years of their loan tenure. The loan type also allows borrowers to increase EMIs as and when comfortable.
- Bridge Loan– This loan is suitable for people who plan to purchase a new house with the sale proceeds of their existing home. This loan type helps in bridging the gap between the acquisition of a new house and the sale of the current property.
- Interest Saver Loan– This is like a overdraft facility, wherein a borrowers’ bank account is linked to their loan account. Any sum of money deposited in the linked bank account, if over and above the EMI, is used by lender as a prepayment towards the loan, thus saving money on the interest sum.
Check Also: Types of Home Loan
How to Apply for Home Loan in New Delhi
The steps to apply for home loan online at Paisabazaar.com are:
- Visit the Home Loan page at Paisabazaar.com
- Provide the necessary details such as the loan amount required, mobile number, etc.
- Provide more details pertaining to your home loan requirements and personal information
- Accept the terms and conditions
- Click on ‘View Best Offers’ to proceed
The best home loan offers as per the user’s eligibility will appear for them to compare and apply. Once users successfully apply for home loan, they will get an acknowledgement message, which will also include a reference number. Save the number for future reference. They will also get a call from home loan experts of Paisabazaar.com to take the home loan process ahead.