Home Loan in Pune

Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Pune

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.60% - 9.50%	8.60% - 9.40%	8.60% - 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% - 14.50%	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	8.75% onwards	8.75% onwards	8.70% onwards
Godrej Housing Finance	8.64% onwards	8.64% onwards	8.64% onwards
Tata Capital	8.95% onwards	8.95% onwards	8.95% onwards
Federal Bank	8.60%-9.95%	8.60%-10.00%	8.60%-10.05%

Note: Rates as of 30th December 2022

Features of Home Loans offered in Pune

• The home loan interest rates offered by top lenders providing home loans in Pune usually start from 8% p.a.
• The repayment tenure for home loans can go up to 30 years depending on the age of the borrower and his repayment capacity.
• According to the regulatory conditions decided by RBI, the loan to value (LTV) ratio for housing loans can go up to 90% of property value. The breakup of home loan amounts and the corresponding LTV ratios 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

• Banks/HFCs/NBFCs also offer the home loan balance transfer facility to existing home loan customers of other lenders, thus enabling those borrowers to transfer their loan at lower interest rates.
• Existing housing loan borrowers can also avail the home loan top up facility to meet additional needs related to home construction, home renovation, home extension or for other personal/professional requirements.
• Lenders also provide the home loan overdraft facility for their existing housing loan borrowers.
• Select existing customers of banks, HFCs and NBFCs are eligible for availing pre-approved home loans depending on their income, credit scores, occupation profile, etc.
• Prospective home loan borrowers looking for affordable housing can avail the Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Govt. of India.
• According to RBI’s guidelines on prepayment fees, home loan lenders cannot levy any prepayment charges of home loans with floating interest rates. However, lenders can levy home loan prepayment charges on home loans with fixed interest rates. They can also waive off the home loan prepayment charges as per their discretion.

Income Requirements of Home Loan in Pune

• For salaried applicants: Lenders usually offer home loans to applicants with monthly income of Rs 10,000 and above.
• For self-employed applicants: Banks/HFCs/NBFCs usually offer home loans to self-employed individuals with annual incomes of Rs 1 lakh and above

Eligibility Criteria of Home Loans in Pune

The home loan eligibility criteria for top lenders offering home loans in Pune may differ from one lender to another. However, some of the main eligibility conditions required to avail home loans in Pune are as follows:

Job Profile

• Salaried: Government employees and corporate professionals
• Self-Employed professional: Doctors, lawyers, CA, CS, architects, engineers, etc.
• Self-Employed non-professional: Traders, commission agents, contractors, etc.

Age

• Minimum: 18 years
• Maximum: Up to 70 years at the time of loan maturity

Nationality

Resident Indian, NRI, PIO and OCI

Credit Score

Home loan applicants with CIBIL/Credit score of 750 and above are more likely to avail home loans in Pune and at lower interest rates.

Work Experience

• For Salaried: Lenders usually provide home loans to loan applicants with work experience of at least 2 years.
• For Self-Employed: Banks, HFCs and NBFCs usually offer home loans to self-employed applicants with business continuity of at least 2 years.

Documents Required for Home Loans in Pune

Although the documents required availing home loans may differ from lender to lender, prospective borrowers usually need to submit the following documents while applying for the home loans in Pune:

For Salaried Applicants

• KYC documents: PAN card, Aadhaar card, voter ID, passport, driving license
• Income Proof: Last 3 month salary slips, bank statements of last 6 months (with salary credits), ITR, Form 16, etc.
• Joining letter, employment contract, letter of increment/promotion
• Bank statement showing repayment history
• Property related documents
• Processing fee cheque
• Proof of own contribution

Additional Documents for Self-Employed Applicants

• Income Proof: ITR of last 3 years with income calculation
• Balance sheet and profit & loss account statement of last 3 years duly attested by CA
• Last 6 months savings account statement of the individual and current account statement of business entity
• Proof of address of business
• Latest Form 26AS
• Business profile

Note: The aforementioned list of home loan documents required is indicative as lenders may ask for additional documents based on their loan applicants’ profile.