Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Raipur
|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 in Raipur
Common features of home loan products in Raipur are as follows:
- The home loan interest rates start from as low as 8% p.a.
- Home loan comes with flexible repayment tenures of 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 thelenders for their home loan applicants depends on the loan amounts. The breakup of home loan amounts and their respective LTV ratios are mentioned below:
|Home Loan Amount||Home Loan LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of the property’s value|
|Above Rs 30 lakh and up to Rs 75 lakh||Up to 80% of the property’s value|
|Above Rs 75 lakh||Up to 75% of the property’s value|
- Most lenders offer the facility of home loan balance transfer. This facility allows existing home loan borrowers to transfer their home loan to other lenders at lower interest rates.
- Home loan lenders also offer the facility of home loan top-up for their existing home loan borrowers for the purposes of renovation, construction, etc.
- Home loan lenders also offer pre-approved home loans to their existing select segment customers based on various factors like income, occupation profile, credit score, etc of their customer.
- Lenders offering home loans at floating interest rates cannot levy home loan prepayment fees, according to the rules set on home loan prepayment by the RBI. However, banks/HFC/NBFCs offering home loans can charge prepayment fees on home loans with fixed interest rates. Lenders also have the discretion to waive off the prepayment fees on fixed interest rate home loans.
Minimum Income Requirements for Availing Home Loans in Raipur
Banks, HFCs and NBFCs usually offer home loans in Raipur to salaried individuals with monthly incomes of at least Rs 10,000 and self-employed individuals with annual incomes starting from Rs 1 lakh.
Eligibility Criteria for Availing Home Loans in Raipur
Mentioned below are some home loan eligibility criteria for availing home loans in Raipur:
- Age: Banks, HFCs and NBFCs operating in Raipur usually provide loans to applicants aged 18 years and above while specifying that borrowers should repay the entire loan amount till they reach 70 years of age.
- Job Profile: Loan applicants eligible for availing home loans in Raipur usually include salaried individuals who are working in public/private sector units and govt. Agencies and self-employed applicants who are accountants, lawyers, doctors, architects, contractors, traders, etc.
- Nationality: Banks, HFCs and NBFCs usually offer home loans to resident Indians with some lenders also considering loan applicants including NRI and PIO applicants.
- Work Experience: Home loan lenders operating in Raipur prefer salaried individuals with at least 2 years work experience and self employed applicants with business continuity of minimum 2 years.
- Credit Score: Lenders offering home loans in Raipur usually prefer loan applicants with CIBIL/credit scores of 750 and above. Therefore, such home loan applicants are more likely to avail housing loans at lower interest rates.
Documents Required for Home Loan in Raipur
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.