Compare Home Loan Interest Rate Offered by Various Banks & HFCs
| 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. | Apply Now |
| HDFC Bank Limited | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.50% - 10.35% p.a. | 8.50% - 10.55% p.a. | 8.50% - 10.75% p.a. | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| Axis Bank | 8.75%-13.30% p.a. | 8.75%-13.30% p.a. | 8.75%-9.65% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Note: Interest rates as of 11th June 2024
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Features of Home Loan in Thiruvananthapuram
Common features of home loan are mentioned below:
- The home loan interest rate usually starts from 8% p.a.
- Home loan repayment tenures can go up to 30 years.
- According to the regulatory cap set by RBI for LTV ratio for home loans, lenders can offer LTV ratio of up to 90% of the property value to their home loan applicants. The LTV ratio for loan applicants is also decided based on the final home loan amounts as mentioned below:
| Home Loan Amount | LTV Ratio |
| Up to Rs 30 lakh | Up to 90% of the total cost of the property |
| Above Rs 30 lakh to up to Rs 75 lakh | Up to 80% of the total cost of the property |
| Above Rs 75 lakh | Up to 75% of the total cost of the property |
- Existing home loan customers of other lenders can utilise the home loan balance transfer facility to transfer their existing home loan to other lenders offering lower interest rates.
- Lenders also offer the facility of home loan top-up to their existing home loans customers to fulfil any additional requirements related to their personal/professional needs or for the purpose of home construction, home renovation and home extension.
- Home loan lenders in Thiruvananthapuram also offer pre-approved home loans to select existing customers based on various factors such as income, credit scores, occupation profile, etc.
- Existing home loan borrowers can also avail the overdraft facility on their home loans.
- According to the RBI regulations, banks, HFCs and NBFCs cannot levy any prepayment penalty on home loans availed at floating interest rates. However, they can charge prepayment charges for home loans availed at fixed interest rates. They also have the discretion to waive off prepayment charges, either in partial or full, for fixed rate home loans.
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Income Requirements of Home Loans in Thiruvananthapuram
- For salaried: Lenders offering home loans in Thiruvananthapuram usually consider loan applications of prospective borrowers with monthly incomes of Rs 10,000 and above.
- For self-employed: Home loan applicants with annual incomes of Rs 1 lakh and above are usually considered as eligible by home loan lenders.
Eligibility of Home Loan in Thiruvananthapuram
Although the home loan eligibility may differ from one lender to another, some of the main home loan eligibility criteria for lenders offering housing loans in Indore are as follows:
- Age: Loan applicants availing home loans in Thiruvananthapuram should be at least 18 years old. However, lenders usually mandate that their home loan borrowers repay the loan amount by the time they are 70 years old.
- Nationality: Resident Indians, PIOs, NRIs and OCIs are eligible for availing housing loan schemes offered by home loan lenders in Thiruvananthapuram.
- Credit score: Lenders consider prospective home loan borrowers with Credit/CIBIL score of 750 and above as creditworthy. Therefore, lenders are more likely to approve the home loans of such applicants. Home loan applicants with higher credit scores have higher chances of availing lower home loan interest rates from banks, HFCs and NBFCs.
- Work experience: Lenders offering home loans in Thiruvananthapuram usually consider loan applications of salaried individuals with minimum 2 years of work experience. Self-employed home loan applicants with business continuity of 2 years and above are more likely to avail housing loans offered by home loan lenders in Thiruvananthapuram.
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Documents Required for Availing Home Loan in Thiruvananthapuram
Banks, HFCs and NBFCs offering home loans in Thiruvananthapuram usually ask prospective borrowers to submit the following home loan documents :
For Salaried Applicants
- KYC documents including PAN card, Aadhaar card, voter ID, passport, driving licence, etc.
- Income Proof including salary slips of last 3 months, last 6 month bank statements with salary credits, Form 16, ITR, etc.
- Appointment letter, letter of increment/promotion, employment contract, etc.
- Property related documents
- Bank statements showing repayment of ongoing loans (if any)
- Proof of own contribution
- Cheque for processing fee in favour of the home loan provider
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 home loan documents, lenders may also ask for additional documents based on the borrower’s profile.