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.
Who are the top lenders of home loans in Meerut?
| Lender | Interest rate |
|---|---|
HDFC Bank | 6.75% - 7.65% |
SBI | 6.80% - 7.15% |
Bank of Baroda | 6.75% - 8.25% |
Kotak Mahindra Bank | 6.60% - 7.20% |
Union Bank of India | 6.70% - 7.10% |
Axis Bank | 6.90% - 8.55% |
Bank of Maharashtra | Starting from 6.90% |
LIC Housing | Starting from 6.60% |
Karnataka Bank | 7.50% - 9.57% |
Indian Overseas Bank | 7.05% - 9.80% |
ICICI Bank | 7.15% - 7.55% |
Central Bank of India | Starting from 6.85% |
Overview of the Home Loan Sector in Meerut
Meerut is a popular city in the western region of Uttar Pradesh. This city is part of the National Capital Region (NCR) due to its close proximity to the national capital of the country. The city is known for its rich culture and historical importance. It is also home to good educational institutions and is referred to be the educational centre in the state along with being the ‘Sports City of the Country’.
Apart from this, Meerut is also the largest producer of musical instruments in the country. This city has the honour of being the starting point of the 1857 uprising in the pre-independence era and thus has great historical importance in the Independence struggle of the country.
Being in the NCR, Meerut has a huge population and to meet the needs of this population the real estate sector is being developed at full speed. It is also the vision of the PM to provide affordable homes to every citizen of the country.
To realize this vision, there have been many welfare schemes launched under which home loans are made quite affordable and come with many benefits. The lenders have also reduced the interest rates on home loans due to the current pandemic and to give a boost to the real estate making this an ideal time to get a new home at affordable prices.
Given below are a few details of the home loans in the city of Meerut.
Additional Reading: Home-loan-emi-calculator
What is a home loan?
A home loan is a long-term secured borrowing provided by the lenders (banks or Non-Banking Financial Companies) to the eligible borrowers. This loan is used to buy a new house or an apartment or a plot of land where the new house can be constructed. There are many types of home loans offered by lenders. These loans can be:
- Standard home loans
- Land loans or plot loans
- Loan for repairs and renovation
- Flexi loans
- Top-up home loans
The rate of interest on home loans is also among the lowest in the retail loans category and quite competitive. Currently, there are many banks that offer home loans at interest rates starting from 6.60% per annum. These loans are provided at a floating rate of interest or fixed rate of interest. In the former case, the rate of interest keeps changing based on the prevailing Repo rate and other demand-supply forces of the market. Fixed interest rates do not fluctuate and remain the same throughout the tenure of the loan.
Most lenders provide anywhere between 70% to 90% of the cost of a house or land as a loan and the balance has to be furnished by the borrower. This balance amount is known as the margin money. The amount of loan is based on the eligibility of the borrower and their repaying capacity. Some lenders also have a fixed upper limit on the maximum amount of loan that can be provided to any applicant and not linked to their earning potential.
The tenure of the home loans is long term, usually between 20 years to 30 years. This allows the borrowers to make payment of the loan at a comfortable pace without putting extra stress on faster repayment of the huge loan. The loan is to be repaid in Equated Monthly Installments (EMI) which consist of the principal portion as well as the interest on the loan.
Most lenders allow the part payment or prepayment (foreclosure) of the home loan prior to the completion of the tenure. Such facility is usually allowed only after completion of 6 months from the date of taking the loan and is subject to a nominal penalty (up to 5% of the outstanding loan amount) depending on the guidelines of the lender.
Additional Reading: Home-loan-interest-rate
Who is eligible for a home loan in Meerut?
Home loans are part of the retail loan segment and can be applied by individuals as well as HUFs. Applicants have to meet the various eligibility parameters set by the lender to be able to get the loan for their dream home.
The eligibility criteria are usually specific for each lender based on their specific guidelines. However, the most common eligibility requirements for the home loans in Meerut are tabled below.
| Category | Details |
|---|---|
Age | Minimum 18 years Maximum 75 years |
Income | Minimum Rs. 25,000 per month |
Employment status | Salaried or self-employed |
Residential status | Resident Indian or NRI |
Credit score | Minimum 650 |
What are the tax benefits on home loans in Meerut?
Home loans are long term loans with a huge monetary outflow for the long term. To reduce the burden of the borrowers, there are many tax benefits available on home loans. some of such benefits are highlighted below.
| Section | Tax deduction/exemption |
|---|---|
Section 80C | Deduction up to Rs. 1,50,000 for principal payment of home loan EMI |
Section 24 | Deduction up to Rs. 2,00,000 for interest payment in home loan EMI |
Section 80C | Deduction For Stamp Duty and Registration Charges up to Rs. 1,50,000 |
Section 80EE | Deduction up to Rs. 50,000 for eligible new home buyers |
Section 80EEA | Deduction up to Rs. 1,50,000 for eligible new home buyers |
Apart from the above tax benefits, the interest paid in EMIs on the pre-construction period can be claimed as a deduction in five equal instalments up to 5 years. Maximum deduction under this benefit for each year is capped at Rs. 2,00,000.
FAQs – Home loan in Meerut
1. What are the processing fees in home loans?
A. The processing fees in home loans are the nominal charges levied by the bank to process the loan application of the borrower. It is usually up to 2% of the loan amount and includes various nominal charges incurred by the bank.
2. Can a person who already owns a home be eligible for a home loan?
A. Yes. There is no restriction in having a home prior to applying for a home loan. However, the loan may not be available under PM Awas Yojana in such a case.
3. What is the maximum home loan available to any person?
A. The maximum home loan available to any person depends on the lender’s guidelines and the eligibility of the borrower. The maximum loan amount is usually linked to the repayment capacity of the borrower.
4. Can a person apply for a home loan jointly?
A. Yes. Eligible family members are allowed to co-apply for a home loan. The income of all the co-applicants will be considered to determine eligibility and loan amount.
5. Can a person apply for more than one home loan?
A. Yes. A person can apply for more than one home loan subject to the eligibility with the respective banks and if the borrower has sufficient repayment capacity.
Meerut Home Loan - Customer Reviews
SUSANTA KUMAR
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