Max Tenure
5 yrs
Best Rate
7.35%
Processing Fee
10,000₹*
Features
- * Upto 30 years Loan Tenure
- * No Prepayment or Foreclosure charges
- * Funding up to 90%* of the property cost
- * Customized eligibility programs
- * Accessible network & decades of experience
Pricing
- Interest rate – 7.35%
- Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)
Documents Required
- Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
- Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
- Education Qualifications – Latest Degree
- Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
- Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed
Max Tenure
30 yrs
Best Rate
6.90%
Processing Fee
0%*
Features
- Best ROI in the industry
- For women beneficiaries 0.05% less than normal rate
- Speedy Sanction
- No prepayment charges
- No hidden charges
- Interest calculated on daily reducing balance
- Longer Repayment tenor
Pricing
- Interest Rate: 6.90% to 8.90%
- Processing Fee: 0
Documents Required
- ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
- Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
- Certificate from employer confirming confirmation of continuous service - For Salaried Only
- A brief note on nature of business / activity / business licence in case of self-employed
- Form 16 for last 3 years
- Bank Statement / Pass book of salary or Business A/c for last 6 months
- Balance sheet and P&L Account for last 3 years - For Self Employed
- Salary Slip for last six months - for Salaried
- Income Tax returns with taxpaid challans for last 3 years - For Self Employed
Max Tenure
15 yrs
Best Rate
12%
Processing Fee
3-5%
Features
- Loan on Cash income
- Past Bureau issues also considered.
- Funding on gram panchayat , B khata , Properties under municipal limits also funded.
- Loan starts at 5 lacs.
Pricing
- Interest Rate: 12 % to 18%
- Processing Fee: 3 - 5%
Documents Required
- Identity proof such as Pan Card, Voters ID Card, Passport.
- Address proof such as electricity bill, ration card.
- Income proof documents, if available.
- Bank pass book or Bank Statements.
- Property documents, if property identified.
How to Get a Home Loans in Coimbatore
Nestled in the foothills of the Nilgiri hills, Coimbatore is a beautiful city with a moderate climate. It is home to thousands of textile factories that give employment to lakhs. It is the perfect mix of tradition and contemporary. The Tamil dialect spoken here has its own fan following.
If you are planning to own a home in Coimbatore, all leading home loan lenders have a significant presence in Coimbatore. Home loans in Coimbatore are affordable. They come with competitive interest rates and various value adds that make the entire home purchase process very pleasant for the borrower.
Snapshot of Home Loans in Coimbatore
Loan amount | Up to 80% of property value; Get up to Rs.10 crores |
Interest rates | Starts at 6.6% and goes up to 12% |
Repayment tenure | Up to 30 years based on your age |
Processing fees | Starts at about 0.4% and goes up to 2% |
Top home loan lenders in Coimbatore
| Housing Finance Company | Housing Finance Interest Rates | Processing Fee |
|---|---|---|
SBI | Starts at 6.55% | 0.40% Min of Rs.10000 and a Max of Rs.30000 |
HDFC | Starts at 6.75% | 0.50%, Min Rs. 3,000 |
PNB Housing Finance | Starts at 7.35% | 0.50%, Min Rs. 10,000 |
LIC Housing Finance | Starts at 6.66% | Min Rs. 10,000 to |
Indiabulls | Starts at 8.65% | 1.00% |
IIFL | Starts at 8.45% | 1.25% |
Piramal Housing Finance | Starts at 9.00% | 0.10% |
GIC Housing Finance | Starts at 10.25% | Min Rs. 2,500 |
Sundaram Home Finance | Starts at 6.95% | NIL |
L&T Housing Finance | Starts at 6.75% | 2.00% Min Rs. 4,999 |
Some of the popular localities in Coimbatore and their property rate trend are
Locality | Rate Trend |
Avinashi Road | Rs. 3,995 - 5,058/sq. ft. |
Chinnavedampatti | Rs. 2,380 - 3,528/sq. ft. |
Fathima Nagar | Rs. 2,210 - 2,848/sq. ft. |
Ganapathy | Rs. 3,952 - 5,015/sq. ft. |
Kalikkanaicken Palayam | Rs. 3,485 - 3,910/sq. ft. |
Kallimadai | Rs. 4,462 - 5,568/sq. ft. |
Kavundampalayam | Rs. 3,740 - 4,420/sq. ft. |
Koundampalayam | Rs. 3,952 - 4,462/sq. ft. |
Kovaipudur | Rs. 2,550 - 2,932/sq. ft. |
Kuniyamuthur | Rs. 2,848 - 3,188/sq. ft. |
Kurumbapalayam | Rs. 3,570 - 4,208/sq. ft. |
Mettupalayam Road | Rs. 3,740 - 4,250/sq. ft. |
Nanjundapuram | Rs. 3,952 - 4,505/sq. ft. |
NGGO Colony | Rs. 3,060 - 3,528/sq. ft. |
Peelamedu | Rs. 4,590 - 5,185/sq. ft. |
Podanur | Rs. 3,442 - 3,528/sq. ft. |
R.S.Puram | Rs. 4,675 - 5,525/sq. ft. |
Ramanathapuram | Rs. 4,038 - 4,760/sq. ft. |
Saibaba Colony | Rs. 5,270 - 6,460/sq. ft. |
Saravanampatti | Rs. 3,570 - 4,208/sq. ft. |
Selvapuram | Rs. 3,868 - 4,972/sq. ft. |
Singanallur | Rs. 4,080 - 4,888/sq. ft. |
Tatabad | Rs. 4,420 - 5,568/sq. ft. |
Thudiyalur | Rs. 3,102 - 3,655/sq. ft. |
Trichy Road | Rs. 4,845 - 5,228/sq. ft. |
Uppilipalayam | Rs. 4,632 - 4,888/sq. ft. |
Vadavalli | Rs. 3,612 - 4,760/sq. ft. |
Vedapatti | Rs. 3,315 - 3,315/sq. ft. |
Vilankurichi | Rs. 3,570 - 3,570/sq. ft. |
Different kinds of home loans available in Coimbatore
Home loans to purchase a residential property
A home loan is generally availed to purchase a house or an apartment. Banks generally lend 80 to 85% of the market value of the property. They are available in a range of tenure lengths and at fixed and floating rates. This can be utilized in the purchase of new or formerly owned properties sold on the property market.
Loans for the purchase of residential plots
This loan is available to purchase empty land or land for the development or investment of residential buildings. The loan cannot be used to buy farmland. Land loans provide up to 90% of the cost in comparison to housing loans, generally offering between 80% and 85% of the property's worth.
Loans for home construction
Home construction loans can only be used to build a home on land that has already been purchased. Only for the building of a house on already held land are housing loans accessible. The land can be empty, or an existing house can be demolished and a new residence built. The loan amount normally amounts to between 85 and 90% of the building cost.
Loans for home improvement
These loans can be used to assist with home remodelling or renovation projects. They are suitable for any building or renovation project. Home improvement loans cover anything from painting to new flooring to plumbing to outside elevation work. These loans could range from Rs. 20,000 to Rs. 10 lakhs, depending on the project.
Also Read: Home Loans Vs Home Construction Loans
Credit score required to get a home loan in Coimbatore
A credit score is an important parameter checked by lenders while processing your home loan application. A credit score is a 3-digit number ranging between 300-900, which indicates your creditworthiness to the lender.
A credit score of 700 and above is desirable for lenders to process your home loan. If your score is less than 700, you will still get the loan but with unfavourable loan terms like high interest rates and high processing charges. If your credit score is higher than 700, you can get the best interest rate and other benefits.
Here are some tips to improve your credit score before applying for a home loan.
Points to keep in mind when getting a home loan in Coimbatore
- Check eligibility and EMI: It is important to find out your home loan eligibility and the monthly EMI you will have to pay once you get the loan. These two factors are important for you to decide whether you can afford the loan. You can use CreditMantri’s Home Loan Eligibility Calculator and Home Loan EMI Calculator to help you with this.
- Shop around to find the best deal: Home loan lenders introduce seasonal offers regularly. Enquire from different lenders to find out their current offers before settling with one lender
- Negotiate the terms of the loan: Many of us just accept what the lender offers. It is advisable to negotiate on the interest rates or other charges. The banker has the power to give you some discounts or other offers. Talk to your lender to find out the best loan terms he can offer you.
- Prepare documentation: Home Loans require a load of documentation. Ensure that you have all the proper documentation in hand before applying for the loan. This will make the loan process easier and quicker. If not, there will be unnecessary delays.
Home Loans in Coimbatore FAQs
1. What is the maximum loan amount I can get to purchase a house in Coimbatore?
Banks usually give up to 80% of the property value as home loans. You can get up to Rs.10 crores as a home loan in Coimbatore.
2. How much loan can I get if I want to construct a house?
For the construction of houses, banks usually lend up to 90% of the project cost.
3. What is the average time it takes to have a house loan approved?
Before approving a home loan, plenty of paperwork is scrutinized, which takes time. After completing all relevant paperwork, a home loan can be approved in as little as 30 days.
4. Can I repay my home loan early?
Yes. You have the option of repaying your house loan ahead of schedule, and it is highly suggested that you do so. You have the option of foreclosing the entire balance in one go or making smaller payments as and when they become available.
5. What is considered a good credit score to get a home loan in Coimbatore?
A credit score of 700 and above is considered good if you want low-interest rate and better repayment terms.
Coimbatore Home Loan - Customer Reviews
JITENDRA
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JITENDRA
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ManojBabu
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