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Home loans can be availed at banks and NBFCs and get good deals on interest rates and tenures. Salaried and self-employed people are eligible for a home loan. Doorstep services and quick processing. Check deals now on CreditMantri!
6.75% - 7.65%
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%
6.90% - 8.55%
Bank of Maharashtra
Starting from 6.90%
Starting from 6.60%
7.50% - 9.57%
Indian Overseas Bank
7.05% - 9.80%
7.15% - 7.55%
Central Bank of India
Starting from 6.85%
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
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:
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
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.
Minimum 18 years
Maximum 75 years
Minimum Rs. 25,000 per month
Salaried or self-employed
Resident Indian or NRI
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.
Deduction up to Rs. 1,50,000 for principal payment of home loan EMI
Deduction up to Rs. 2,00,000 for interest payment in home loan EMI
Deduction For Stamp Duty and Registration Charges up to Rs. 1,50,000
Deduction up to Rs. 50,000 for eligible new home buyers
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.
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.
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