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 Indore
Recent years has seen lot of development taking place in Indore owing to its vibrant culture and diversity. This is popular among people from all over India. A large number of families are looking to purchase their dream homes in the city. This has led to various builders coming up with interesting real-estate projects in the city.
Various lenders are also providing customers with different and attractive home loan plans on offer. Eligible individuals can avail of home loans at interest rates that are in the range between 7.35% to 11.50% p.a., having processing fees up to 0.50% of the loan amount. Lenders are providing home loans in Indore with repayment tenures of up to 30 years.
Also Read: Which is the better option for a Home Loan – Bank or HFC?
Top Home Loan Lenders in Indore
| Home Loan Provider | Range of Floating/Fixed Interest Rate | Range of Processing Charges | Amount of Loan | Loan Tenure |
|---|---|---|---|---|
HDFC Bank | 6.95% - 7.50% p.a. (Floating) | Up to 0.50% with maximum amount being Rs.11,800 One-time fee | Between Rs.5 lakhs - Rs.10 crores | 1 - 30 Years |
Kotak Mahindra Bank | 6.75% - 8.45% p.a. (Floating) | Rs. 10,000 taken as one-time fee | Depends on borrower’s profile | 1 - 20 Years |
ICICI Bank | 6.9% - 8.05% p.a. (Floating) | Up to 0.50% of loan amount taken as one-time fee | Between Rs.5 lakhs - Rs.10 crores | 3 – 30 years |
State Bank of India | 6.90% - 9.70% p.a. (Floating) | Rs. 2,000 – Rs. 10,000 One - time fee | Depends on borrower’s profile | 1 - 30 Years |
Axis Bank | 6.90% p.a. (Fixed) | 0.50% (Minimum Rs. 10,000) One time fee | Rs.5 lakhs - Rs.10 crores | 1 - 30 Years |
Federal Bank | 7.65% - 7.80% p.a. (Floating) | 0.50% (Maximum Rs. 7,500) taken as one- time fee | Up to Rs.15 crores | 1 - 30 Years |
Sundaram Home Finance Limited Home Loan | 6.95% - 8.30% p.a. (Floating) | 0.50% of loan amount as one time charge | Rs.12 lakhs - Rs.5 crores | 1 - 20 Years |
LIC HFL Home Loan | 8.40% - 8.50% p.a. (Floating) | Up to 0.25% (Maximum Rs. 25,000) as one- time fee | Rs.30 lakhs - Rs.5 crores | 5 - 30 Years |
Home Loan Eligibility Criteria for Borrowers in Indore
Common home loan eligibility criteria for borrowers in Indore are shown below. The eligibility criteria could differ from lender to lender.
| Particulars | Borrower Eligibility |
|---|---|
Particulars | Borrower Eligibility |
Nationality | Resident Indians |
Age of applicant (years) | 18 – 75 years |
Employment | Self-employed or salaried |
Address Proof | Voter ID, Passport, PAN card, Aadhar Card etc. |
Identity Proof | Voter ID, PAN card, Passport, Aadhar Card etc. |
Minimum salary/income |
|
Credit Score | Credit Score of 750 and above |
Documents | Salaried:
Self-employed
|
Top Builders & Developers in Indore
- Raj Spaces
- OMAXE
- Sakar Group
- Amrapali Group
- Emaar India
- Gateway Devcon
- Shikhar Developers and Trimurthi Developers
- JRK Developers
- Dhoot Group
- Gracelands Habitat Serene
Benefits of Joint Home Loans in Indore
There are various benefits of taking a joint home loan in Indore, such as
Eligibility for Higher Loan Amount
Going in for a joint home loan entails the borrower and co-applicant to a higher loan amount. Lenders consider both their incomes before deciding on the loan amount, thus giving them the benefit of a higher loan amount. So, applicants can work towards buying a home of their choice with the higher loan amount sanctioned.
Low Rate of Interest
Having a joint loan will also be eligible for a lower interest on a home loan. So, a borrower can work towards adding their spouses or mother as co-applicants in a joint-home loan application and as a joint property owner. Women Borrowers also get a lower rate of interest than the normal home loan interest rate. For this, the women borrower has to be the sole or joint-owner of the home and an applicant or co-applicant for the home loan.
Also Read: Benefits of Taking a Joint Home Loan
Greater Tax Benefits
Another important benefit is higher tax deductions available to both the applicant and co-applicant individually. To claim this tax benefit, both co-applicants should be the joint owners of the home and actively contribute towards EMI payments.
The tax deduction is available towards the principal amount of home loan under Section 80C of the Income Tax Act, 1961 up to a maximum limit of Rs.1.50 lakhs. Interest paid on home loans is eligible for tax deduction under Section 24 of the Income Tax Act, 1961. A maximum interest amount of Rs. 2 lakhs is deductible for self-occupied property, and the entire interest amount on a home loan is allowed as a deduction for the let-out property.
Also Read: Taking a Joint Loan with your Sibling – Pros and Cons
About Indore: An Overview
Indore is the largest metropolitan city in Central India and is the most populous city in the state of Madhya Pradesh. The city is famous for the 7-story Rajwada Palace and the Lal Baag Palace, dating back to Indore’s 19th-century Holkar dynasty. Indore is rich in the black soil of the Malwa Plateau, which has helped it become the fourth largest centre of the cotton textile industry in the country. The city is also famous for its beautiful bangles and food.
Conclusion
Indore has seen rapid urbanization in recent years. This has led to people scouting for good home projects in the city and looking at home loans as a viable option.
FAQs – Home Loans in Indore
1. Are joint home loans popular in Indore?
Yes, a joint home loan is popular in Indore. A joint home loan gives various benefits to the borrower and the co-applicant in terms of the higher loan amount, lower rate of interest and tax deductions.
2. Which is the best home loan option for a borrower?
There are various home loan options available for a borrower. The best home loan would depend on the home loan need requirements of a borrower. For instance, a borrower going in for home improvements could opt for a home improvement loan.
3. Will a good credit score give you faster access to a home loan?
Yes, a good credit score ensures the lender of your creditworthiness and repayment capability for potential loans. A good credit score helps you get a home loan easily.
4. Can I take multiple home loans on different properties?
Yes, you can take multiple home loans on different properties. However, you need to prove to the lender of your capability to repay the loans in a timely manner after deducting all your needed expenses from your current income.
5. Can I switch from a fixed rate of interest to a floating rate on a home loan?
Yes, under normal circumstances can switch from a fixed rate of interest to a floating rate of interest. However, confirm the same with your lender before undertaking the switch.
Indore Home Loan - Customer Reviews
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