INTRODUCTION
Delhi, the capital of India known for commercial activities, historical and cultural background is also buyers’ preferred location. Ownership of homes through home loans is a strategic thing to do especially in Delhi but a number of factors should be taken into consideration. Below is a step by step guide that will guide you on how to obtain a home loan in Delhi.
Home Loan Features in Delhi
- The Home loans in Delhi are normally given @ 8. 30% p. a. onwards
- Such tenures may be extended to 30 years.
- LTV ratio: Ninety percent of the cost of property.
- Home loan balance transfer to existing home loan borrowers, overdraft, mobile top, up and more
- Pre-approved instant credit is provided by the company to mainly target customers.
- No pre-payment charges
- A new scheme namely Pradhan Mantri Awas Yojna for economically weaker sections, middle Income groups and low income groups with interest subsidy up to Rs. 76 lakh
- Income Requirements of Home Loan in Delhi: The home loan applicants should have a minimum of Rs 15000 salary for non-IT employees while for IT employees the home loan amount will be calculated on the basis of the salary slip produced by them. However, some of the lenders may set higher income demands.
Options for Loans / Banks / NBFCs
| Banks / Nbfc | R.O.I | Processing Fees | Loan Amount | Cibil Score | Apply Now |
| HDFC Bank Home Loans | 8.45% – 10% (Reducing Per Annum) | 0.5% – 1% | 5.00 Lacs and above | 650 or above | https://referloan.in/loans/hdfc-bank-home-loan |
| Kotak Bank Home Loan | 8.75% – 10% (Reducing Per Annum) | 0% – 0.25% | 20.00 Lacs and above | 700 or above | https://referloan.in/loans/kotal-bank-home-loan |
| Bank of India Home Loan | 8.5% – 10.75% (Reducing Per Annumn) | 0.5% – Rs.10000 | 10.00 Lacs and above | 675 or above | https://referloan.in/loans/bank-of-india-home-loan |
| Canara Bank Home Loan | 9.25% – 13.8% (Reducing Per Annum) | 0% – 0% | 10.00 Lacs and above | 675 or above | https://referloan.in/loans/canara-bank-home-loan |
| Aavas Financiers Limited Home Loan | 9.9% – 18% (Reducing Per Annum) | 1% – 1.5% | 25.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/aavas-bank-home-loan |
| Bajaj Housing Finance Home Loan | 9.9% – 18% (Reducing Per Annum) | 0.2% – 0.5% | 5.00 Lacs – 75.00 cr | 650 or above | https://referloan.in/home-loan/bajaj-housing-finance |
| L & T Finance Services Bank Home Loan | 8.5% – 9.5% (Reducing Per Annum) | 0.25% – Rs.10000 | 30.00 Lacs – 3.00 cr | 650 or above | https://referloan.in/lnt-financials-services-home-loan |
| Vistaar Finance Home Loan | 13% – 21% (Reducing Per Annum) | 2% – 2.5% | 5.00 Lacs – 50.00 Lacs | 650 or above | https://referloan.in/loans/vistaar-finance-home-loan |
| IIFL Bank Home Loan | 8.9% – 14% (Reducing Per Annum) | 1% – 1.25% | 5.00 Lacs – 50.00 Lacs | 650 or above | https://referloan.in/loans/iifl-home-loan |
| Aadhar Housing Finance Home Loan | 10.5% – 14.75% (Reducing Per Annum) | 1% – 1.5% | 5.00 Lacs – 70.00 Lacs | 600 or above | https://referloan.in/loans/adhar-home-loan |
| Axis Finance Home Loan | 9.5% – 11% (Reducing Per Annum) | 0.5% – 1% | 30.00 Lacs – 10.00 cr | 650 or above | https://referloan.in/loans/axis-finance-home-loan |
| Fullerton (Grahshakti Home loan upto 75 lac) | 10.5% – 16.5% (Reducing Per Annum) | 1% – 1.5% | 10.00 Lacs – 75.00 Lacs | 650 or above | |
| Hero Housing Home Loan | 10% – 11% (Reducing Per Annum) | 0.5% – 1% | 20.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/hero-housing-home-loan |
| India Shelter Home Loan | 13% – 20% (Reducing Per Annum) | 1% – 2% | 5.00 Lacs – 50.00 Lacs | 500 or above | https://referloan.in/loans/india-shelter-home-loan |
| Shubham Housing Finance Home Loan | 10.5% – 14.75% (Reducing Per Annum) | 1.5% – 2% | 5.00 Lacs – 50.00 Lacs | 450 or above | https://referloan.in/loans/shubham-housing-home-loan |
| DMI Housing Home Loan | 11.5% – 14% (Reducing Per Annum) | 1% – 1.5% | 5.00 Lacs – 75.00 Lacs | 650 or above | https://referloan.in/loans/dmi-home-loan |
| Vastu Housing Finance Home Loan | 10% – 15% (Reducing Per Annum) | 1% – 2% | 5.00 Lacs – 3.00 cr | 650 or above | https://referloan.in/loans/vastu-housing-finance-home-loan |
| ICICI Home Finance Home Loan | 9.5% – 11% (Reducing Per Annum) | 0.5% – 1% | 10.00 Lacs – 5.00 cr | 650 or above | https://referloan.in/loans/icici-home-finance-home-loan |
| Motilal Oswal Home Loan | 11.75% – 16% (Reducing Per Annum) | 1.25% – 1.5% | 5.00 Lacs – 40.00 Lacs | 650 or above | https://referloan.in/loans/motilal-oswal-home-loan |
General Eligibility and Document Required for This Type of Loan
Eligibility
- Age: Age between 21 years to 65 years of age.
- Income: Ensuring that he or she has a good income that would sustain him or her in repaying the loan.
- Credit Score: A record credit score which is above 700 is normally regarded as good.
- Employment: long-term work history for those who are paid via salaries or wages or long-term patronage for business people
Documents Required:
- Proof of Identity: PAN card, Aadhaar card.
- Address Proof: any utility bill or rent agreement.
- Business Proof: Registration certificate, the business license.
- Bank Statements, Bank Statement, Income Tax Returns and Profit Loss A/c
How Referloan Can Help
ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients needed.
This is how ReferLoan can help!
- Access to Multiple Lenders: Since ReferLoan connects to several banks and financial institutions, you make loan comparisons from the most reputable lenders in Delhi on interest rates and other fees for repayment.
- Expert Guidance: Be it the application, selection of a home loan type, or the disbursement, referloan facilitates the entire home loan process that is thereby smooth and fast, documented well.
- Quick Pre-Approvals: Upon cooperating with ReferLoan, you can have pre-approvals as quickly as in one day that let you become competitive within the context of the rapid Delhi property market.
- Transparent and Hassle-Free Process: ReferLoan eliminates all the guesswork as you get to see all the fee, interest rate and terms charge before taking the loan.
- Loan Support for Diverse Property Types: Which type of property is the buyer seeking – an apartment, a builder floor, a home in one of Delhi’s favorite locations, or any other option? If you fit into one of these categories, ReferLoan guides you about the loans matched with your property type.
Frequently Questions
- What are the requirements towards obtaining a home loan for a residential house in Delhi?
It varies according to factors such as income, credit rating, age and job status among others. Salaried and self-employed people may apply, but details differ; the eligibility criteria of different loan companies.
- How much home loan can I avail in Delhi, is it possible to tell me the maximum limit?
It is traditional that the lenders fund anywhere from 80%-90% of the property’s value depending on your ability to pay. It is also important to know that the properties in Delhi which are considered to be high value may need a special consideration of the loan.
- What are the today interest rates of home loans in Delhi?
The interest rates may however differ depending on some factors and it may be as low as 6. Revolving credit line’s average rate is between 5% and 9%, and this will also depend on the lender, amount borrowed and credit score of the borrower.
- What is the maximum tenor for the home loan in Delhi?
The duration for Home loan usually would be between 5 and 30 years. The consumer can select an existing tenor to match his/her capacity to handle monthly installments for every month/ EMIs.
- What are the necessary documents that need to be submitted while applying for home loan in Delhi?
Documents which are usually provided are identity proof, address proof, income proof which can be salary slip or IT returns and others include bank statements and property documents.