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 Kanpur
A home is a must for individuals from all walks of life. Being an expensive investment, owning a home feels impossible for millions. Thankfully, affordable home loans can help an individual realise their dreams of owning a home of their choice. These home loans are even eligible for tax deductions under the Income Tax Act, 1961, helping the borrowers in claiming tax deduction and also resulting in savings in taxes.
Also Read: Available Tax Deduction on Home Loan
Overview of Home Loans in Kanpur
Kanpur is a metropolitan city in the state of Uttar Pradesh, known as the industrial capital of the state. The city is situated on the Ganges River, located 80 km west of Lucknow, the state capital. It is a major financial and industrial centre of North India and is the ninth-largest urban economy in India.
The city is known for its colonial style of architecture, gardens, parks, and superior quality leather products that get exported chiefly to the West. This vibrant atmosphere in the city has led to people from various parts of India migrating and settling in Kanpur.
The need to have a home of their own coupled with rising costs of living has seen residents lookout for good real-estate projects. This boom in the housing sector has also seen a rise in different types of home loans (at fixed/floating interest rates) offered by key home loan providers in the city.
Banks provide home loans in Kanpur at attractive rates of interest ranging between 7% p.a. - 11.50% p.a. One can get a home loan even above Rs.75 lakhs and having a repayment tenure of up to 30 years. The processing fee charged depends on the home loan provider opted and ranges from free - up to 0.5% of the loan amount.
Also Read: Which interest rate is better - Fixed or Floating Rate?
Key Home Loan Providers in Kanpur
- State Bank of India Home Loan
- ICICI Bank
- HDFC Bank
- LIC Housing Finance Ltd.
- Kotak Mahindra Bank
- Axis Bank Home Loans
- Karnataka Bank Home Loan
- India Bulls Home Loan
- Sundaram Home Finance Limited
- Aditya Birla Housing Finance Ltd.
Also Read: What is the procedure for paperless loans?
Eligibility Criteria for Home Loans in Kanpur
Eligibility criteria differ from lender to lender in Kanpur, but common eligibility requirements are stated below.
- The applicant has to be a resident of India
- Salaried and self-employed individuals are eligible
- Age of applicant to be between 18 years - 75 years
- Stability of job or business continuity required
- A good credit score of 750+ is a key eligibility criterion
- Salaried individuals should have a minimum monthly salary of Rs. 10000
- Self-employed individuals should have a minimum yearly income of Rs. 2 lakhs
Key Home Loan Charges in Kanpur
A home loan borrower has to be aware of the key home loan charges which could be levied by the loan provider in Kanpur.
Application Fee
- Application fee gets charged for the purpose of processing his/her application
- The amount could be between Rs 500- Rs 1000 at the discretion of the lender
- The fee is payable irrespective of the home loan application getting accepted or rejected
Processing Fee
- Banks charge a fee to process your loan
- The processing fee is based on your credit score and other background checks done by the bank before approving the home loan for you
- The fee depends on the quantum of loan applied for, so charged as a certain percentage of the loan amount
Memorandum of Deposit of Title Deed
- A home loan gets sanctioned only on the condition of mortgaging your home with the bank till the loan gets cleared
- Title deeds like the Sale Deed/ Sale agreement of the property with your lender have to be deposited with the bank
- Stamp duty for signing and registering an undertaking document is charged, which ranges between 0.1% - 0.2% of the loan amount payable.
Legal and Inspection Fees
- Legal and Inspection fees are charged by some lenders for inspecting the property and fulfilling legal requirements.
Document Retrieval Charges
- The charges are levied for retrieving the documents from the Central Repository on the closure of the loan or prepayment of the loan
Prepayment penalties
- RBI has removed prepayment charges for floating-rate loans.
- Fixed-rate loans carry a prepayment charge, which could be up to about 2% of the loan amount being prepaid.
- Switching from a fixed-rate loan to a floating rate option or vice versa also carries prepayment charges
Also Read: Key Home Loan Charges Applicable
Conclusion
Kanpur is a key industrial city in the state of Uttar Pradesh. This has seen an increasing number of people coming here for employment purposes and settling here. As such, residents are looking out for good home loans to help them buy a home of their choice in the city.
FAQs – Home Loans in Kanpur
1. Would multiple home loans impact my credit score?
If you do not pay your multiple home loans on time, your credit score could get impacted. This would further impact your chances of getting potential loans approved. However, keep in mind that most banks do not sanction multiple home loans. You have to complete an ongoing home loan before you can take another one.
Can I take a joint home loan in Kanpur?
Yes, many lenders in Kanpur give you the benefit of availing of joint home loans. A joint home loan is an added benefit for the primary applicant and the co-applicant, as they can claim Income tax deductions separately up to the maximum limits prescribed, thus saving on taxes.
3. Is KYC verification mandatory for availing of a home loan?
Yes, KYC verification is a mandatory requirement for availing of a home loan. This would help the home loan provider to evaluate the credibility of the potential buyer before granting a home loan.
4. Can a lender grant a home loan that exceeds 90% of the entire home value?
A. As per RBI stipulated guidelines, a lender can grant a home loan up to 90% of the home value.
5. Is age an important criterion for availing of a home loan?
Yes, age is an important criterion while applying for a home loan. Young individuals who have a steady income have chances of getting a higher tenure loan approved, provided they meet the other eligibility criteria. Elderly borrowers who are nearing retirement age may get short tenure home loans for a smaller amount.