Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Vijayawada
|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 Vijayawada
- The home loan interest rates provided by banks, HFCs and NBFCs in Vijayawada usually begin from 8.35% p.a. for loan tenures of up to 30 years.
- Lenders offering home loans in Vijayawada can set the loan to value (LTV) ratios of their housing loans for up to 90% of the mortgaged property’s value. The final LTV ratios set by home loan lenders in Vijayawada for their loan applicants depend on the loan amounts. The home loan amounts and their corresponding LTV ratio are as follows:
|Home Loan Amount||Home Loan LTV Ratio|
|Up to Rs 30 lakh||Up to 90% of total cost of property|
|Above Rs 30 lakh and up to Rs 75 lakh||Up to 80% of total cost of property|
|Above Rs 75 lakh||Up to 75% of total cost of property|
- Existing borrowers of housing loans can make use of the home loan balance transfer facility and move their ongoing loan to another bank, HFC or NBFC at lower interest rates. Home loan lenders also provide home loan top up for their existing customers, which helps borrowers procure funds to take care of their immediate and long term personal/professional expenses.
- Home loan applicants in Vijayawada belonging to economically weaker sections, middle income and low income groups can opt for Pradhan Mantri Awas Yojna (PMAY) scheme provided by the Govt. of India. PMAY is a part of the credit linked subsidy scheme (CLSS) and is designed to meet the demands of affordable housing in the country.
- Home loan lenders in Vijayawada also offer pre-approved home loans to select existing customers. Lenders offer pre-approved home loans based on several factors including their income, occupation profile, credit scores, etc.
- 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/HFCs/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 home loans.
Minimum Income Requirements for availing Home Loans in Vijayawada
Banks, HFCs and NBFCs usually offer home loans in Vijayawada 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 of Home Loans in Vijayawada
Some of the key home loan eligibility criterion for lenders offering home loans in Vijayawada are as follows:
Loan applicants eligible for availing home loans in Vijayawada usually include salaried individuals (working in public/private sector units and govt. agencies) and self-employed applicants (like accountants, lawyers, doctors, architects, contractors, traders, etc.).
Banks, HFCs and NBFCs operating in Vijayawada 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.
Banks, HFCs and NBFCs usually offer home loans to resident Indians with some lenders also considering loan applicants including NRI, PIO and OCI applicants.
Lenders offering home loans in Vijayawada 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.
Home loan lenders operating in Vijayawada prefer salaried individuals with at least 2 years work experience and self employed applicants with business continuity of minimum 2 years.
Documents Required for Home Loans in Vijayawada
Loan applicants availing home loans in Vijayawada usually have to submit the following home loan documents:
For Salaried Applicants
- KYC documents: Driving licence, 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 favour 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: The documents required for availing home loans by banks/HFCs/NBFCs may also include additional documents, apart from the ones mentioned above, based on the profile of loan applicants.