Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Noida
|Name of Lender||Up to Rs. 30 Lakh||Above Rs. 30 Lakh to Rs. 75 Lakh||Above Rs. 75 Lakh|
|SBI||8.75% - 9.50%||8.75% - 9.40%||8.75% - 9.40%|
|HDFC||8.65% - 10.35%||8.65% - 10.60%||8.65% - 10.70%|
|LIC Housing Finance||8.65% – 10.10%||8.65% – 10.30%||8.65% – 10.50%|
|ICICI Bank||8.75% - 9.85%||8.75% - 9.85%||8.75% - 9.85%|
|Kotak Mahindra Bank||8.65% onwards||8.65% onwards||8.65% onwards|
|PNB Housing Finance||8.75% - 13.00%||8.75% - 13.00%||8.85%-10.85%|
|Punjab National Bank||8.60% - 9.35%||8.55% - 9.25%||8.55% - 9.25%|
|Bank of Baroda||8.60%-10.35%||8.60%-10.35%||8.60%-10.60%|
|Union Bank of India||8.60% – 10.50%||8.60% – 10.70%||8.60% – 10.70%|
|IDFC First Bank||8.60% onwards||8.60% onwards||8.60% onwards|
|L&T Housing Finance||8.65%-8.75%||8.65%-8.75%||8.65%-8.75%|
|Bajaj Housing Finance||8.70% onwards||8.70% onwards||8.70% onwards|
|Godrej Housing Finance||8.39% - 10.99%||8.39% - 10.99%||8.39% - 10.99%|
|Tata Capital||8.95% onwards||8.95% onwards||8.95% onwards|
Note: Rates as of 30th December 2022
Features of Home Loans offered in Noida
- The lowest home loan interest rates offered by home loan providers in Noida usually start from 8% p.a.
- Lenders usually offer home loans with maximum tenures of up to 30 years.
- The maximum loan to value (LTV) ratio offered by home loan providers in Noida is up to 90% of the property value. The detailed table of the maximum LTV ratio for housing loan applicants, based on the loan amount, are as follows:
|Home Loan Amount||LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of the property’s cost|
|Above Rs 30 lakh to Rs 75 lakh||Up to 80% of the property’s cost|
|Above Rs 75 lakh||Up to 75% of the property’s cost|
- Existing home loan borrowers can exercise the home loan balance transfer option to move their loan to another lender at lower interest rates.
- Home loan customers in Noida can also avail the home loan top up facility provided by many banks, HFCs and NBFCs. Existing borrowers can use the proceeds from the top up on home loans to fulfil their personal/professional needs. Housing Loan customers can also opt for the overdraft facility on their existing home loans.
- Prospective home loan borrowers, belonging to low income groups, can opt for the Pradhan Mantri Awas Yojna (PMAY) scheme provided by Govt. of India .
- Home loan providers in Noida also offer pre-approved home loans to their select customers based on factors like their credit scores, income, occupation profile, etc.
- RBI has mandated that lenders providing housing loans with floating interest rates cannot levy any charges on prepayment of home loans. However, lenders have the discretion to either charge or waive off the prepayment charges on fixed interest rate home loans.
Income Requirements of Home Loans in Noida
- Salaried applicants with monthly incomes of at least Rs 10,000 usually have higher chances of home loan approval.
- Home loan providers in Noida usually consider self-employed applicants with annual incomes of Rs 1 lakh and above.
Eligibility Criteria of Home Loans in Noida
The home loan eligibility criteria may differ from one lender to another. Some of the eligibility conditions for home loans are as follows:
- Salaried employees working in public sector units, government institutions and private organisations.
- Self-employed professionals including accountants, lawyers, doctors, engineers, CS, architects, etc.
- Self-employed non-professionals including contractors, commission agents, traders, etc.
Lenders offering Home loans in Noida usually approve loan applications of individuals who are at least 18 years old. However, banks/HFCs/NBFCs also usually mandate home loan borrowers to repay the loan amount by the time they are 70 years old.
Lenders offering home loans in Noida usually approve loan applications of Resident Indians with some lenders also offering home loans to PIOs, NRIs and OCIs.
Lenders consider home loan applicants with credit/CIBIL scores of 750 and above as financially sound. Therefore, such loan applicants have higher chances of availing home loans at lower interest rates.
- Home loan lenders operating in Noida usually consider loan applications of salaried individuals with minimum 2 years of work experience.
- Self-employed loan applicants with at least 2 years of business continuity are more likely to avail home loans offered by home loan lenders in Noida.
Documents Required for Home Loans in Noida
Lenders providing home loans in Noida usually ask their loan applicants to submit the below mentioned documents:
For Salaried Applicants
- KYC documents including PAN card, passport, Aadhaar card, driving license, voter ID, etc.
- Income Proof including last 3 month salary certificates, bank statement of last 6 months with salary credits, Form 16, ITR, etc.
- Employment contract, appointment letter, letter of increment/promotion, etc.
- Property related documents
- Bank statements showing repayment of ongoing loans, if any
- Cheque for processing fee in favour of the home loan provider
- Proof of own contribution
Additional Documents for Self-Employed Applicants
- Last 3 years ITR with income calculation
- Profit & loss account and balance sheet of last 3 years duly attested by a chartered accountant (CA)
- Last 6 months savings bank account statement of the applicant and current account statement of the business entity
- Latest Form 26AS
- Proof of address of business
- Business profile
Note: The list of documents for home loan mentioned above is only indicative, as lenders may ask for additional home loan documents based on their loan applicants’ profile.