Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Vadodara
|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: Rates as of 31st March 2023
Features of Home Loans offered in Vadodara
- The interest rates on home loans offered in Vadodara usually start from 8.45% p.a. for home loan tenures of up to 30 years.
- Home loan lenders in Vadodara offer housing loans with loan to value (LTV) ratios of up to 90% of the mortgaged property’s value. The final LTV ratio set by banks, HFCs and NBFCs for their loan applicants are based on the total loan amounts. The home loan amounts and their corresponding LTV ratio is provided below:
|Home Loan Amount||Home Loan LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of total property cost|
|Above Rs 30 lakh to Rs 75 lakh||Up to 80% of total property cost|
|Above Rs 75 lakh||Up to 75% of total property cost|
- Existing borrowers can use the home loan balance transfer facility to move their ongoing loan to another lender at lower interest rates. Lenders also offer additional facilities like home loan top up to their existing customers. Home loan borrowers can use the top-up amount to take care of their personal and professional needs (except for speculative purposes).
- Loan applicants availing home loans in Vadodara from economically weaker sections, middle income and low income groups can opt for Pradhan Mantri Awas Yojna (PMAY) scheme, part of the credit linked subsidy scheme (CLSS).
- Home loan lenders in Vadodara offer pre-approved for home loans to select existing customers based on their occupation profile, credit scores, income, etc.
- RBI has mandated that lenders offering housing loans at floating interest rates cannot levy home loan prepayment fees. However, home loan customers have to pay prepayment fees on home loans with fixed interest rates. Banks, HFCs and NBFCs can waive off prepayment fees, either fully or partially, based on their judgement.
Minimum Income Requirements for availing Home Loans in Vadodara
Lenders usually offer home loans in Vadodara to salaried applicants with monthly incomes of at least Rs 10,000 and self-employed applicants with annual incomes starting from Rs 1 lakh.
Eligibility Criteria of Home Loans in Vadodara
Some of the main home loan eligibility conditions for most lenders offering home loans in Vadodara are as follows:
Banks, HFCs and NBFCs usually offer loans for salaried individuals working in govt. institutions, private & public sector units. Self-employed professionals (like accountants, lawyers, doctors, architects, etc.) and non-professionals (like contractors, commission agents, traders, etc.) are also eligible for availing home loans in Vadodara.
Home loan lenders operating in Vadodara usually provide loans to applicants aged 18 years and above while stipulating that borrowers should repay the entire loan amount till they reach 70 years of age.
Home loan lenders usually prefer resident Indians with some lenders also offering NRI Home Loans to NRI, PIO and OCI applicants.
Home loan lenders operating in Vadodara usually prefer prospective borrowers with minimum CIBIL/credit scores of 750. Hence, such loan applicants are more likely to avail home loans at lower interest rates.
Lenders offering home loans in Vadodara prefer salaried applicants with work experience of minimum 2 years and self employed applicants with at least 2 years in terms of business continuity.
Documents Required for Home Loans in Vadodara
Prospective borrowers availing home loans in Vadodara usually have to submit the below mentioned home loan documents:
For Salaried Applicants
- KYC documents: Driving licence, PAN card, passport, voter ID, KYC documents etc.
- Proof of Employment: Appointment letter, employment contract, letter of promotion/increment, etc.
- Income proof: Form 16, Last 3 month salary certificates, last 6 month bank statement showing salary credits, etc.
- Bank statements showing repayment of ongoing loans, if any
- Property related documents
- Cheque for processing fee favouring the home loan provider
- Proof of own contribution
Additional Documents for Self-Employed Applicants
- Last 3 years ITR with income calculation
- Balance sheet and P&L account of last 3 years attested by a chartered accountant (CA)
- Last 6 months savings bank account statement of the applicant and current account statement of the business entity
- Business profile
- Business address proof
- Latest form 26AS
Note: The documents required for home loans may also include additional documents, apart from the ones mentioned above, based on the profile of loan applicants.