Home Loans in Vizag (Visakhapatnam)

Compare Home Loan Interest Rates Offered by Various Banks & HFCs in Visakhapatnam

Name of Lender	Loans of Up to Rs. 30 Lakh
Bank of India	7.10% p.a. onwards	Check Eligibility
State Bank of India	7.25% p.a. onwards	Check Eligibility
Punjab National Bank	7.20% p.a. onwards	Check Eligibility
Canara Bank	7.15% p.a. onwards	Check Eligibility
HDFC Bank	7.90% p.a. onwards	Check Eligibility
Bajaj Housing Finance	7.40% p.a. onwards	Check Eligibility
ICICI Bank	7.65% p.a. onwards	Check Eligibility
Axis Bank	*8.25% p.a. onwards	Check Eligibility
Federal Bank	*7.90% p.a. onwards	Check Eligibility
Kotak Mahindra Bank	7.70% p.a. onwards	Check Eligibility
IDFC FIRST Bank	8.85% p.a. onwards	Check Eligibility
IDBI Bank	7.35% p.a. onwards	Check Eligibility
RBL Bank	8.20% p.a. onwards	Check Eligibility
Tata Capital Housing Finance	7.75% p.a. onwards	Check Eligibility
PNB Housing Finance	*7.20% p.a. onwards	Check Eligibility
Sammaan Capital (Formerly known as Indiabulls Housing Finance)	8.75% p.a. onwards	Check Eligibility
India Shelter Home Loan	8.43% p.a. onwards	Check Eligibility
L&T Finance Limited	*8.40% p.a. onwards	Check Eligibility
Godrej Housing Finance	7.75% p.a. onwards	Check Eligibility
Home First Finance	8.00% p.a. onwards	Check Eligibility
Easy Home Finance	8.99% p.a. onwards	Check Eligibility
Piramal Capital Housing Finance	*8.25% p.a. onwards	Check Eligibility
Shubham Housing Finance	10.45% p.a. onwards	Check Eligibility
Punjab & Sind Bank	7.30% p.a. onwards	Check Eligibility
Jio Housing Finance	8.20% p.a. onwards	Check Eligibility
HDFC Sales Pvt Ltd	7.90% p.a. onwards	Check Eligibility

Note: Interest rates as of 8 September 2025

Features of Home Loans offered in Vizag

• The home loan interest rates offered by banks, HFCs and NBFCs start from 7.35% p.a.
• The loan tenures for home loans in Visakhapatnam can extend up to 30 years.
• The loan to value (LTV) ratio on home loans offered by banks, HFCs and NBFCs can go up to 90% of the property value, according to the guidelines provided by the RBI. The home loan LTV ratios offered to loan applicants depend on the final loan amount.

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

• The home loan balance transfer facility, provided by most lenders offering home loans in Vizag, allows existing home loan borrowers to transfer their outstanding loan amount to other lenders at lower interest rates.
• Existing home loan borrowers can avail the home loan top-up facility and use the loan proceeds to take care of their personal (except for speculation) and business related expenses as well as carry out repairs, extensions, improvements, etc of their existing proeprties.
• Home loan lenders in Visakhapatnam also offer pre-approved home loans to their existing customers having good credit profile.
• The RBI has set specific guidelines on home loan prepayment charges. According to these guidelines, no bank, HFC or NBFC can levy charges on prepayments of home loans availed at floating interest rates. However, lenders offering home loans at fixed interest rates are permitted to levy prepayment charges. Lenders also have the option to waive off the home loan prepayment charges in fixed rate home loans if such prepayments are made from their own funds.

Minimum Income Requirements for availing Home Loans in Vizag

Salaried individuals with monthly income of at least Rs 10,000 and self-employed applicants with minimum Rs 1 lakh as annual income have higher chances of availing home loans in Visakhapatnam.

Eligibility Criteria of Home Loans in Vizag

The home loan eligibility criteria usually set by home loan lenders in Vizag for their loan applicants are as follows:

Job Profile

Salaried loan applicants working in private/public sector companies and govt. institutions & self-employed individuals like doctors, lawyers, contractors, etc. have higher chances of getting their loan applications approved for availing home loans in Vizag

Age

Home loan applicants aged 18 years and above are usually preferred by banks, HFCs and NBFCs providing home loans in Visakhapatnam. However, lenders also require their existing home loan borrowers to pay back the entire loan amount till they reach 70 years of age.

Nationality

Home loan lenders in Visakhapatnam usually prefer resident Indians as loan applicants with some lenders also offering home loans to NRIs, PIOs and OCIs.

Credit Score

Home loan lenders operating in Vizag usually prefer loan applicants with credit scores of 730 and above. Such applicants are considered as financially disciplined by most lenders and hence, are more likely to get approval on their home loan applications. Home loan applicants with higher credit scores also have higher chances of availing home loans at lower interest rates.

Work Experience

Lenders offering home loans in Vizag usually prefer sanctioning home loans of applicants with at least 2 years of work experience (for salaried) or business continuity (for self-employed).

Documents Required for Home Loans in Vizag

Some of the most important documents required for availing home loans in Visakhapatnam are mentioned below:

For salaried applicants

• Age and identity proof including driving licence, Aadhaar Card, voter ID, PAN card, birth certificate, bank passbook, etc.
• Residence proof including Voter ID, utility bills (gas, electricity, telephone), LIC policy receipt, bank passbook, ration card, etc.
• Income proof including letter of promotion, salary slips of last 3 months, letter of increment, employment contract, income tax returns, Form 16, etc.
• Proof of own contribution.
• Cheque for processing fee in favour of the bank, HFC or NBFC offering the home loan
• Property related documents
• Bank statements of the loan applicant reflecting repayment of ongoing loans, if any

Additional home loan documents required for self-employed applicants

• Income tax returns of last 3 years
• Last 6 months savings account statement of home loan applicants and current account statement of the business entity
• Last 3 years P&L account & balance sheet attested by the CA
• Business address proof
• Latest form 26AS
• Details of business licence
• Business profile of home loan applicant

Note: Any lender offering home loans in Visakhapatnam can ask its loan applicants to submit further documents if deemed necessary.