INTRODUCTION
Delhi NCR which comprises the national capital territory along with the nearby areas is a favorable destination for investment in the real estate business. The demand for home loans is on the rise in this area since the population is on the increase and there is development of the infrastructure. By reading this article, the readers will come to know more about the various home loan schemes that currently exist in Delhi NCR to help prospective homeowners make the right decisions.
Interest Rates & Loan Repayment Period
There are various home loan providers &entrepreneurs in Delhi offering home loan home loans 8. From 30% p.a. onwards for loan amounts equivalent to 90% of property value and financing tenors of up to 30 years. Most of the Banks/HFCs provide home loan balance transfers to other lenders’ existing home loan borrowers at lesser interest rates. Of this certain Banks/NBFCs also have come up with separate spritely promotional schemes for affordable housing, rural housing, and for the illiterate or those unable to produce form income proofs.
Home Loan Features
Earlier home loans which were available in Delhi were given 8%. 30% p.a. onwards
Tenures may, however, be up to 30 years.
- Delhi home loans are typically available for 8.30% p.a. and higher.
- There is a maximum 30-year tenure.
- LTV ratio: 90% of the property’s purchase price
- Transfers of home loan balances, overdrafts, and top-ups to current borrowers
- Certain clients can get instant pre-approval.
- pre-payment charges
- Pradhan Mantri Awas Yojna offers interest subsidies of up to Rs 2.76 lakh to low-income, middle-class, and economically disadvantaged populations.
Income Requirements of Home Loan in Delhi: The salaried persons who wish to avail of home loans in Delhi need not worry as the eligibility criterion requires a minimum monthly income of Rs 15000. As for the requirements in terms of income, they can be higher in the case of some lenders.
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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 1% – 1.5% | 5.00 Lacs – 70.00 Lacs | 600 or above | |
| Axis Finance Home Loan | 9.5% – 11% (Reducing Per Annumn) | 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 Annumn) | 1% – 1.5% | 10.00 Lacs – 75.00 Lacs | 650 or above | |
| Hero Housing Home Loan | 10% – 11% (Reducing Per Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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 Annumn) | 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: Customers should be between the ages of 21 and 70 years at the time of the loan repayment.
- Income: Employees who earn a minimum of ₹ 15,000 per month are the ones that qualify for the scheme. Freelancers are required to provide proof of regular income.
- Employment: Salaried and self-employed applicants must have had at least 3 years’ work experience.
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, Income Tax Returns, and Profit & Loss
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 as per the need.
This is how ReferLoan can help!
- Expert Consultation
Referloan has professional experts that will help the client navigate the home loan market in Delhi NCR. They provide advice as to the type of loans your chances of obtaining a loan and the most favorable rates.
- Comparison of Loan Offers
Referloan enables you to select and compare home loan offers from several banks and other financial institutions. It also comprises interest rate, loan period, processing charges as well as other fees which assist in selection.
- Pre-Approval Assistance
Referloan helps you get pre-approval for the home loan and this can be very beneficial in the loan approval process. Pre-approval also enables one to estimate his/her borrowing capacity in a more precise manner, enabling one to plan for property purchase effectively.
- Documentation Support
Another factor that is hard to deal with when it comes to getting approval for a home loan is the paperwork. Compact assistance is offered in terms of the collection and administration of all documents that would be needed for your Referloan loan application.
- Negotiation with Lenders
You can always consult with Referloan’s specialists in picking the best lenders to ask for better conditions and lower interest rates. Such firms often have long term business relations with various banks and other institutions and access to such might guarantee you the best deals.
- End-to-End Service
Thus, Referloan does not only find suitable lenders for clients but also helps them complete all the procedures up to the receipt of loan. They take you through each process, thus making it easy for you to follow and get a relieve feeling in the entire process.
- Post-Loan Services
Besides loan disbursement, Referloan does not only limit itself. They avail post-loan services which include balance transfer, top-up loans and any other questions that you may wish to know during the loan period.
Frequently Questions
- How affordable or expensive are the houses in Delhi NCR?
The affordability of houses in the Delhi NCR is dependent on the area of the house, the species of the house, and the facilities that come with the house. Mainly Delhi having areas like CP, South Delhi, and Gurugram have higher prices than areas like Noida Extension, Faridabad, etc.
- What is the maximum amount of money I can take for a home loan in Delhi NCR?
The amount that is to be borrowed depends on an individual’s ability to pay, credit history, and the value of the property. In Delhi NCR, the maximum loan that is given by the lenders is 80-90 % of the market value of the property.
- What are the current interest rates for home loans from various Banks in Delhi NCR?
Interest rates differ from one moneylender to the other, but normal interest rates normally fall between 7-10% per annum. There are also variations depending on status, the period of the loan, and the kind of interest rate; floating or fixed.
- Are there any special concession in Home buying for people in Delhi NCR?
Yes, there are some government policies so available some of them is the Pradhan Mantri Awas Yojana (PMAY) which provides concessions for home loan borrowers. Furthermore, some of the lending firms can extend region-specific programs or discounts too.
- Which are the hot spots for purchasing a home in Delhi NCR?
Some of the areas of interest are South Delhi, Gurugram, Noida, Greater Noida, Dwarka and Gurugram. Every location has its strengths about to accessibility, infrastructure, and public and property rates.