Home Loan in Thane

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

Name of Lender	Up to Rs. 30 Lakh	Above Rs. 30 Lakh to Rs. 75 Lakh	Above Rs. 75 Lakh
SBI	8.50%-9.85% p.a.	8.50%-9.85% p.a.	8.50%-9.85% p.a.	Check Eligibility
HDFC Bank Limited	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
LIC Housing Finance	8.50% - 10.35% p.a.	8.50% - 10.55% p.a.	8.50% - 10.75% p.a.	Check Eligibility
ICICI Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
Kotak Mahindra Bank	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
PNB Housing Finance	8.50% - 14.50% p.a.	8.50% - 14.50% p.a.	8.50%-11.45% p.a.	Check Eligibility
Punjab National Bank	8.45% - 10.25% p.a.	8.40% - 10.15% p.a.	8.40% - 10.15% p.a.	Check Eligibility
Bank of Baroda	8.40% - 10.65% p.a.	8.40% - 10.65% p.a.	8.40% - 10.90% p.a.	Check Eligibility
IDFC First Bank	8.85% p.a. onwards	8.85% p.a. onwards	8.85% p.a. onwards	Check Eligibility
L&T Finance Limited	8.65% p.a. onwards	8.65% p.a. onwards	8.65% p.a. onwards	Check Eligibility
Tata Capital Housing Finance	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
Federal Bank	8.80% p.a. onwards	8.80% p.a. onwards	8.80% p.a. onwards	Check Eligibility
Axis Bank	8.75%-13.30% p.a.	8.75%-13.30% p.a.	8.75%-9.65% p.a.	Check Eligibility
Godrej Housing Finance	8.55% p.a. onwards	8.55% p.a. onwards	8.55% p.a. onwards	Check Eligibility

Note: Interest rates as of 5th December 2024

Features of Home Loan in Thane

Common features of home loans offered in Thane are mentioned below:

• Lenders offering home loans in Thane usually offer home loan interest rates starting from 8.30% p.a.
• Home loan lenders in Thane may offer repayment tenures extending up to 30 years.
• The home loan LTV ratio, based on the regulatory conditions set by the RBI, cannot go beyond 90% of property value. The LTV ratio for home loans, depending on the home loan amount, are mentioned below:

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

• Select customers of a bank/HFC/NBFC are eligible for availing pre-approved home loans based on their income, credit scores, occupation profile etc.
• Lenders also offer the home loan balance transfer facility to existing home loan customers of other banks, HFCs or NBFCs, thus allowing existing borrowers to transfer their ongoing loan to another lender 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.
• Home loan lenders also provide the overdraft facility for their existing borrowers of housing loans.
• Home loan applicants looking for affordable housing can opt for Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Govt. of India.
• RBI has mandated that home loan lenders cannot levy any fees on prepayment of home loans with floating interest rates. However, lenders can charge prepayment fees on home loans with fixed interest rates. They also have the discretion to waive off home loan prepayment charges, either in partial or total.

Income Requirements of Home Loan in Thane

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

Eligibility Criteria of Home Loan in Thane

The home loan eligibility criteria set by the top lenders offering home loans in Thane may differ from one lender to another. However, the main eligibility conditions for availing home loans in Thane are as follows:

• Job Profile:
  • Salaried applicants employed in private entities, public sector units and government bodies.
  • Self-employed professionals like accountants, lawyers, doctors, engineers, CS, architects, etc. and non-professionals like contractors, commission agents, traders, etc.
• Age: Minimum- 21 years; Maximum- Up to 70 years at the time of loan maturity
• Nationality: Indian Resident, NRI, PIO
• Credit Score: CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates
• Work experience: For Salaried- At least 3 years of work experience For Self-Employed– At least 3 years of business continuity

Documents Required for Home Loan in Thane

Although the home loan documents may differ from one lender to another, prospective borrowers usually need to submit the following documents while applying for home loans in Ahmedabad:

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, letter of increment/promotion, employment contract, etc.
• Property related documents
• Bank statement to show repayments of ongoing loans (if any)
• 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
• Latest Form 26AS
• Proof of address of business
• Business profile
• Memorandum of Association (MOA) and Articles of Association (AOA) of the company

Note: Along with the above-mentioned documents, lenders may also ask for additional documents based on the profile of the home loan borrower.