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 Nashik
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.
What are the highlights of home loans in Nashik?
Home loans are available through all the leading banks and HFCs. These loans can be taken for multiple purposes like,
- for buying a new house or apartment
- for buying a new plot of land
- for repairs and renovation to existing home
- for NRIs to help them buy a residential property in India
- for transferring the balance of loan account from one lender to another
- for construction of a new house on an existing plot of land
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.
| Category | Details |
|---|---|
Amount of loan | 75% to 90% of the cost of the property (subject to the annual income of the applicant) |
Tenure | 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 |
Processing fees | 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 | 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. |
Additional Reading: The-credit-mantri-guide-to-home-loans
What is the eligibility for home loans in Nashik?
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,
Age
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
Income
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.
Employment status
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.
Residential status
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.
Credit score
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
FAQs – Home loans in Nashik
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.
Nashik Home Loan - Customer Reviews
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