Home Loans in Vizag (Visakhapatnam)

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

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

Features of Home Loans offered in Vizag

• The home loan interest rates for housing loans offered by banks, HFCs and NBFCs usually start from 8.40% p.a.
• The loan tenures for home loans in Visakhapatnam usually 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, usually provided by most lenders offering home loans in Vizag, allows home loan customers to transfer their existing loans to other lenders at lower interest rates.
• Existing 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.
• Select home loan borrowers of home loan lenders in Visakhapatnam are also eligible for availing pre-approved home loans depending on their total monthly/annual income, credit scores and other aspects of their credit profile, occupation profile, etc.
• The RBI has set specific guidelines on home loan prepayment charges. According to these guidelines, no bank, HFC or NBFC offering home loan in Vizag can levy charges on prepayment of home loans availed at floating interest rates. However, lenders providing home loans at fixed interest rates are permitted to levy prepayment charges. They can also waive off the home loan prepayment charges based on their judgement.

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 750 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.