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Pune banks and NBFCs provide home loans with speedy sanctions and transparent processes. Get end-to-end doorstep service through the nearest office. Enjoy the lowest rates with minimum documentation and verification. Apply Now!
Pune is a bustling metropolis city well-known for its cultural heritage, education, food, safety, good climate, blend of traditional values with a cosmopolitan atmosphere, wide-ranging entertainment options, etc. And most importantly, Pune has an ever-growing job market. All these factors make it one of the best cities to work and live in. Thus, the population of Pune is growing and so is the number of people who are on the lookout to buy properties. Now, everyone cannot afford to buy homes with a down payment, but there are home loans to help them fulfill their dreams. Even if they can afford to pay the entire amount, it is advisable to take home loans for tax benefits. Read on to find out more about home loans in Pune.
These are some of the features and benefits of home loans in Pune.
Different financial institutions/banks have slightly varied home loan eligibility parameters. However, there are some common ones as follows.
Age (the lower and upper limits denote the age of the applicant at the time of application and maturity, respectively)
21 to 58
21 to 70
25000 per month
public and private sector organizations, non-governmental and government organizations, multinational companies
Professionals and entrepreneurs
Minimum employment of at-least 6 months or one year in the present organization
The duration of business must be at least 3 years continuously.
Permanent resident or NRI
· Identity proof
· Age proof
· Address proof
· Visa, work permit , and ID card for NRI customers
· Last 3 months pay slips
bank statements of the last 6 months showing salary credit
· 2 years Form 16
· Property documents
· Income tax returns, profit/loss statement, and balance sheet for the latest 2 years.
Applying for a home loan and obtaining it involves the following steps
Application Might Get Rejected
It may be because you have not submitted the correct documents and you do not meet the lender’s income eligibility criteria. Also, the lender may not be able to verify the details submitted
Make sure that you have your paperwork in proper shape
Property Valuation by the Lender
The actual price of the house may be more than the lender’s evaluation, and you might have to pay the outstanding amount by yourself
Be alert, and choose properties carefully
Inadequate down cash
Lenders will finance about 80% of your home’s cost. The rest of the 20% should be paid as down payment. If you don’t pay the down cash, lenders may turn down your loan application
Keep funds ready before you apply for the loan
Choosing the interest rates
You may not be able to choose the correct type of interest rate or the best one for you due to lack of guidance
Explore and analyze the interest rates carefully. You can choose fixed or variable interest rates according to your repayment plan. You can choose a combination of both as well. Make sure you choose the best one so that your repayment will be cumbersome.
The asked for loan amount does not get sanctioned
This may be because your credit score is not good. Also, the lender might not consider you eligible for repaying the amount due to your present income and assets
Always maintain a good credit score. Choose the lender who is the most suitable for you. Enquire with him before applying for the loan.
Additional Read : 6 Smart Tips To Get Low Interest Home Loans
Applying for a second home loan involves the same process. You can approach your existing lender regarding your second home loan, and if you have been making your payments on time, then getting another home loan is simple. Also if your debt income ratio has not crossed 50, then you can negotiate for a better interest rate.
If you have already fulfilled your first loan, then you can explore for lenders who offer better interest rates. Use the Home Loan EMI calculator and choose the most affordable and suitable home loan for yourself. If you share a great relationship with your previous moneylender, then you can negotiate with him for better interest rates.
Interest Rates in percentage per annum
Name of the Lender
Up till 30 Lakhs
Above 30 Lakhs and up till 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%
LIC Housing Finance
6.66 to 7.85
6.66 to 8.05
From 6.70 onwards
6.70 to 8.45
6.70 to 8.60
6.70 to 8.70
6.75 to 11.50
6.70 to 7.55
Kotak Mahindra Bank
From 6.55 onwards
Godrej Housing Finance
From 6.49 onwards
From 6.49% onwards
Keep all the points discussed in mind when you apply for home loans in Pune. Choose the one best suited for you.
1. What is the duration of a home loan?
The minimum time period for a home loan is 5 years while the maximum is 30 years. Generally the tenure of a home loan depends on the loan amount
2. Is it possible to apply for a joint loan with a friend?
No. Lenders allow joint loans only between family members.
3. Is income tax return compulsory for home loan?
Most lenders will ask for the income tax returns of the latest 3 years to process your home loan application. If you are unable to provide ITR returns, your application may be rejected. ITR is important to assess your creditworthiness and for lenders to assess whether you will pay your EMIs on time.
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