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 Nagpur
Nagpur is one of the prime cities in the state of Maharashtra. Nagpur has a huge industrial belt and a good mix of rural and urban populations. One of the prominent recognition of the city of Nagpur is the abundance of the supply of oranges in the city. Therefore, the city is famously known to be the ‘Orange City’ of the country.
Apart from the agricultural produce the city also has a huge historical, cultural and economic importance for the state. The real estate sector in the city is quite huge and booming. After the recent pandemic, the government also has taken many measures to boost the real estate sector and aims to provide affordable housing to every citizen of Nagpur.
For this, residents can apply for home loans from several private and public banks and other HFCs. These loans are provided to eligible applicants after they meet all the eligibility criteria set by such lenders.
The details of home loans in Nagpur are mentioned hereunder.
Snapshot of Home Loans in Nagpur
| Category | Details |
|---|---|
Quantum of loan | Up to 90% of the cost of the property (subject to the annual income of the applicant) |
Tenure | Maximum up to 30 years (subject to maximum age at the time of maturity) |
Rate of interest | 6.6% - 10% approximately |
Processing fees | Up to 2% of the loan amount depending on the lender |
Part payment of loan | Permitted only after completion of 6 months from receiving the loan. Penalty up to 5% of outstanding loan amount |
Prepayment of loan | Permitted only after completion of 6 months from receiving the loan. Penalty up to 5% of outstanding loan amount |
Documentation | Minimum Documentation |
Top Home Loan Lenders in Nagpur
Home loan in Nagpur is available is through leading banks as well as NBFCs. These lenders provide loans at quite attractive interest rates and the processing costs of these loans are also low. The top lenders in the city and their interest rates are mentioned below.
| 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 | Starting from 6.90% |
ICICI Bank | 7.15% - 7.55% |
Central Bank of India | Starting from 6.85% |
Bajaj Finserv | Starting from 6.75% |
TATA Capital | Starting from 6.90% |
PNB Housing | 7.35%- 9.55% |
Indiabulls Housing | Starting from 8.65% |
Aditya Birla Capital | 9% - 12.50% |
How to apply for home loans in Nagpur?
Home loans are one of the most common types of loans available in the market. These loans can be applied easily by any eligible person. The application can be done through an online or offline process depending on the convenience of the applicant. The details of each process are mentioned below.
Offline mode
The offline process of home loan application is when the applicant visits the nearest branch of the bank or NBFC and applies for the loan there. Applicants can take the help of the branch executives to get the application form and fill the same.
This application form has to be submitted along with the required set of documents as per the lender’s policies.
After successfully submitting the application, it will be verified by lenders and if the applicant meets all the eligibility parameters, then the loan will be sanctioned.
The amount of loan will be disbursed to the applicant within 7 to 30 days depending on the lender.
Online mode
Online applications for home loans can be done through the website of the bank, or through the mobile banking facility.
- Website of the bank
- The easiest mode of application is through the website of bank by going to their home loan page.
- The applicant can get all the basic information about the loan from this page and can apply for the loan by clicking on the “Apply Now’ tab available there.
- The executives of the bank will then approach the applicant for the further loan process and if eligible they will be granted the home loan after due verification of their application along with supporting documents.
- Net banking
- In the case of internet banking, the applicant will have to first visit the website of the bank and log in using valid credentials.
- The next step is to apply for the loan by clicking on the home loan Tab.
- The user will be redirected to the loan application page where they will have to provide basic details.
- The further loan application process will be carried out at the selected branch office.
- Upon verifying the eligibility of the applicant through the supporting documents, the user is granted the home loan and the amount will be credited to their account.
- The details of the home loan will be displayed in the net banking account of the applicant.
- Mobile banking
- Online application through mobile banking requires the applicant to log in into their mobile banking account.
- After this, they will have to select the home loan tab which will redirect them to the loan application page.
- The applicant will have to provide the necessary details on this page and submit the same.
- They will then be contacted by the bank executives and a further loan application processes will be executed.
- The loan will be sanctioned and disbursed with the notified days provided the applicant meets all the required parameters.
- The loan account will be reflected on the mobile banking app where they can check all the details about the loan like the EMI to be paid, the due date of payment, outstanding balance, etc.
FAQs – Home loans in Nagpur
1. What is the minimum age to apply for a home loan?
A. The minimum age to apply for a home loan is 18 years (21 years in the case of certain lenders).
2. What is the maximum age for home loan eligibility?
A. The maximum for home loan eligibility is 70 years (at the time of maturity of the loan).
3. What is the deduction under section 24 of the Income Tax Act?
A. Under section 24 of the Income Tax Act, the borrowers can get a deduction of up to Rs. 2,00,000 for the interest amount paid during the year on the home loan EMIs.
4. What are the common types of home loans available in Nagpur?
A. The common types of home loans available in Nagpur are,
- Standard or basic home loan
- Home loans for NRIs
- Land loan/ plot loan
- Loan for repairs and renovation
- Loan for construction of a house
- Balance transfer loans
5. What is the basic income required to qualify for a home loan?
A. The basic income required to qualify for a home loan is usually Rs. 25,000 per month for salaried applicants and Rs. 2,50,000 – Rs. 3,00,000 per annum for self-employed applicants.
Nagpur Home Loan - Customer Reviews
RAMESH
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