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Get home loans at banks and NBFCs in Kanpur with attractive rate of interest and transparency in fee and charges. Enjoy doorstep services and quick online approvals. Lower EMIs and quick processing. Check deals and offers and apply now!
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
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?
Also Read: What is the procedure for paperless loans?
Eligibility criteria differ from lender to lender in Kanpur, but common eligibility requirements are stated below.
A home loan borrower has to be aware of the key home loan charges which could be levied by the loan provider in Kanpur.
Memorandum of Deposit of Title Deed
Legal and Inspection Fees
Document Retrieval Charges
Also Read: Key Home Loan Charges Applicable
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.
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.
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