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New Delhi banks and NBFCs provide you with home loans that can be customized as per your requirement. Simpler documentation, ability to save on interest and transparent processing. Apply now through CreditMantri!
Delhi, the national capital territory, encompasses Old Delhi and New Delhi, the nearby rural areas, and surrounding metropolitan areas. Delhi holds great significance as one of the most important cultural, political, and historical centres in India. It has always been one of the most booming and primary real estate markets in India. The blend of cosmopolitan culture and traditional Indian values, big corporations, ever increasing job opportunities, and world-class amenities make it a highly desirable residential hub. Even during the pandemic, the real estate market in Delhi has shown profits. This is because of the quality and secure real estate options available and also the increased awareness and popularity amongst people to invest in real estate assets. Real estate investments are expected to grow in 2022. Although real estate investments are widely sought after, not everyone will have the money to purchase properties with down cash. Even if they do, it is not a good idea to use up one’s savings. That is where home loans come into play. Let us read on to find out more about home loans in Delhi.
25 years to 70 years
23 to 62 years
Below 37 years: Rs. 30,000
37 to 45 years: Rs. 45,000
Above 45 years: Rs. 50,000
Work experience or business continuity in
ID Proof Documents
Fill in the loan application form and attach all the necessary documents : You can do this online or get a physical copy of the application. It will ask for details, such as name, age, address, details about your income, employment, education and phone number. You have to submit all the required documents for proof
You have to pay the initial processing charges, which the bank takes in order to verify the property’s ownership title and value. The outstanding processing fee is taken at the time of loan disbursal.
Verification - In this process, the lending institution verifies the documents and proofs you have submitted. The lender will call your organization or employer to verify the details about your employment. The lender will also conduct an enquiry into your credit score and credit report. The loan will be approved only if your credit score is good. In case you are self-employed, then the lender will send a representative to your premises.
Sanctioning the Loan: The lending institution sends an offer letter to the loan applicant in case they approve the loan. The offer letter will consist of
You have to sign a copy of the offer letter and revert back to the lending institution in order to convey your acceptance of the loan.
After the loan is approved, the lending institution will conduct the following checks
You have to submit all the property related documents to the lending institution
After all the verifications are completed, the registration process for the loan will begin.
The legal documents for the loan will be prepared according to the format dictated by the bank’s lawyer. You have to sign the loan agreement, and the loan amount will get disbursed according to the terms. The amount can be dispensed either in stages or as a lump sum.
Home Purchase Loan
This loan is provided to borrowers to buy a residential property - new one or one for resale
It is a secured loan given to a borrower to construct a house on his own plot or land. The house is mortgaged until the loan is repaid.
Land Purchase Loan or Plot Loan
It is a loan given to purchase land. You can add a co-applicant to increase your chances of getting the loan.
Home Extension Loan
It is a loan given to you for extending or expanding your home
Home Improvement Loan
It is a loan for improving the house. These include activities like painting, refurbishing etc.
Home Loans for NRIS
This loan is given to non resident Indians for constructing a home in India.
Top-Up Home Loans
This is a home loan taken additionally on the existing home loan.
Home Loan Balance Transfer
It is a loan provided to you so that you can shift your loan from an existing lender to another for better interest rates, customer service, etc.
Additional Read: Home Loan Schemes
Interest Rates in percentage per annum
Up till 30 Lakhs -
From 30 Lakhs upto 75 Lakhs
Above 75 Lakhs
State Bank of India
6.70 to 7.65
6.70 to 7.75
6.70 to 7.85
6.50 to 7.70
6.50 to 7.50
Kotak Mahindra Bank
From 6.55 onwards
6.70 to 7.55
LIC Housing Finance
6.66 to 7.85
6.66 to 8.05
From 6.70 onwards
From 6.70 onwards
Godrej Housing Finance
From 6.49 onwards
PNB Housing Finance
6.99 to 12
6.99 to 12
Punjab National Bank
Bank of Baroda
6.70 to 14
L&T Housing Finance
6.75 to 7.75
6.75 to 7.75
IDFC First Bank
From 6.90 onwards
Union Bank of India
There are many perks of investing in real estate in Delhi and also getting a home loan to finance the investment. You must understand and choose the best home loan in Delhi from a fine home loan provider.
1. What are the documents needed for home loans in New Delhi?
A. The documents needed for home loan in New Delhi are,
2. What is the maximum deduction for a home loan under section 80C?
A. The maximum deduction for a home loan under section 80C is Rs. 1,50,000.
3. Can a person get home loans only from banks?
A. No. Home loans are available from public and private banks as well as Housing Finance Companies (HFCs)
4. How can a person repay the home loan?
A. Home loan is to be repaid in equated monthly instalments or EMIs that include the principal amount as well as interest on the loan. This payment can be done through a mandated standing instruction given to the bank account of the borrower. The amount of EMI is deducted on the notified date through auto-debit from the account.
5. Can a person apply for a home loan without being the owner of the property?
A. No. Lenders do not provide home loans without verifying the title deed of the property. Hence, it becomes mandatory by default to own the property for applying for a loan.
6. What is the age limit for home loan?
The home loan applicant should be between 18 and 70 years of age.
7. What is the minimum salary required for a home loan?
Your net monthly income should exceed Rs. 25,000. If your net monthly income is between Rs. 25,000 to Rs. 40,000, you may qualify for a home loan if your fixed liabilities, such as rent or EMI is not more than 50% of your income.
8. What is an EMI, and what is its full form?
The full form of EMI is equated monthly installment, and it is a fixed amount paid by the borrower to the lender every month.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application