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At Nashik, get home loans at banks and NBFCs with EMIs as per your repayment capability. Get higher loan approval chances along with minimum documentation and verification. Enjoy quick processing and attractive interest rates. Check offers now on CreditMantri!
Nashik is a very prominent city in the state of Maharashtra. This city is located in the northern region of Maharashtra. The city has the benefit of being close to the holy river Godavari giving it fertile land. It is considered to be among the fastest-growing cities in India. Many big corporations have their offices or factories in the city and it also has the benefit of being the automobile hub of the country. All the major automobile units have their plans in Nashik. This has created huge employment in the city with many people coming into the city for job opportunities. Such influx of people has given a boost to the real estate sector too.
The city is seeing a huge demand for homes and new projects are being launched in the city to meet this demand. However, for an average person in our country, it is difficult to buy a house from their own savings without external help or finance. Ideally speaking it is not advisable as well to invest all your life savings in a single property and not save anything for a rainy day. Home loans are a solution to this situation. Eligible applicants can get home loans from many lenders like public sector and private sector banks as well as many Housing Finance Companies.
Given below are the key details regarding home loans in Nashik.
Home loans are available through all the leading banks and HFCs. These loans can be taken for multiple purposes like,
The rate of interest on each of the above types of home loans is different and the quantum of loans given is also different. Among these loans, the basic and standard home loans for buying a house or apartment are among the most common home loans. The highlights of these loans are tabled below.
Amount of loan
75% to 90% of the cost of the property (subject to the annual income of the applicant)
Long term loan between 20 years to 30 years (subject to maximum age at the time of maturity which is approximately 70 years)
Rate of interest
6.60% - 10% approximately
Up to 2% of the loan amount depending on the lender subject to the maximum amount set by the lender.
Part-payment of loan
Permitted only after completion of 6 months from receiving the loan.
Penalty up to 5% of the outstanding loan amount depending on the period of such payment.
Prepayment of loan
Additional Reading: The-credit-mantri-guide-to-home-loans
The eligibility criteria set by every lender in Nashik are different based on their specific guidelines. Some of the common eligibility parameters set by the lenders are,
The age of the applicant is one of the prime factors to be considered by the lenders. Most lenders require the applicants to be of a minimum of 18 years of age and a maximum of 70 years of age at the time of maturity of the loan. These age parameters are applicable also in the case of multiple co-borrowers of a home loan
The income of the applicant is another important factor to be considered. The minimum take-home salary required by most lenders to qualify for a home loan is Rs. 25,000 per month in the case of salaried applicants. This amount is, however, different for self-employed applicants. The minimum income required in such a case is slightly higher approximately between Rs. 2,50,000 to Rs. 3,00,000.
The employment status of the applicant is also reviewed by the lenders. If the applicant does not have a stable job, such applicant may not be preferred by the lenders for a home loan.
The residential status of the applicants is reviewed to determine the rate of interest on the home loan. The interest rates are different for resident applicants and for NRIs.
Like any other loan, home loans also review the credit score of the applicant before sanctioning the loan. The credit score of the applicant has to be a minimum of 750 to qualify for the loan. Many lenders provide home loans to applicants with lower credit scores too but the rate of interest in such cases will be higher and the amount of loan will be comparatively less.
Additional reading: Compare-home-loan-interest-rates
1. What are the documentation charges on home loans?
A. Documentation charges are the nominal charge levied by the bank as part of processing fees and the fees to verify the documents of the applicant.
2. Can a person apply for a home loan if they do not have any source of income?
A. No. The chances of getting a home loan are quite low if the applicant does not have any source of income. Such applicants will be considered as high-risk applicants as the risk of default will be maximum.
3. Is a person eligible for the home loan if they have a credit score of 550?
A. Yes. Ideally, the credit score of a person has to be a minimum of 750 to qualify for a home loan. However, if the credit score is 550, some lenders may provide the home loan if they meet other eligibility criteria. The loan amount will be lower and the rate of interest will be higher for such applicants.
4. Is it necessary to compare the home loans offered by multiple lenders?
A. Yes. It is advisable to review or compare the interest rates and other features of multiple lenders to ensure that the applicants get the home loan at the maximum loan at the best interest rates.
5. Can a person get a home loan if they already have another loan?
A. Yes, a person can get a home loan if they already have another loan provided the credit score is not impacted on account of any default in payment of such loan and the applicant has a sound repayment capacity for another loan.
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