Home Loan in Delhi Overview
Capital Comfort: Securing Your Home with the Best Home Loan in Delhi
The National Capital Territory of Delhi includes Old Delhi and New Delhi, adjacent rural areas and surrounding urban areas. Delhi holds a pivotal position as one of the most important cultural, political and historical centers of India. It has been one of the most prosperous real estate markets in India. If you are taking a home loan, its interest rate is a major factor that affects the total cost of your home. Since the home loan amount is high and the tenure of the home loan is also long, home loan interest can have long-term financial implications. Getting a lower interest rate for a home loan will not only result in lower EMIs but also lower interest payments. If we talk about the interest rate, then the lowest interest rate till date is 6.95%*. Hence, home loan borrowers should try to get a home loan in Delhi at the lowest possible interest rate.
Types of mortgages offered in Delhi
Banks and non-bank financial companies offer a wide range of home loan products to choose from. Based on the needs and purpose of the client, housing loans in Delhi can be categorized into the following types.
Home purchase loans
are available to borrowers who wish to purchase a new house/apartment or purchase an existing property.
Home loans for construction
are suitable for those who want to build their own home instead of buying a pre-built property
Home improvement loan
It is ideal for those who is looking to repair or renovate an existing property.
Home conversion loan
It is available if you wish to move to a new house/apartment after taking out a previous home/property loan
Home Extension / Expansion Loans
are offered to prospective borrowers who want to extend / extend or change the structure of their existing property / home.
Home loan balance transfer
can opt for a reason such as lower interest rates and better customer service from another bank, people who want to transfer their existing home loan from their current lender to another lender.
Home loan in Delhi eligibility criteria :
Home loan in Delhi eligibility mainly depends on the income and repayment capacity of the individual.
Every bank and financial institution runs on its own terms and conditions. The eligibility of a home loan for any individual depends on whether you are able to fulfill the terms and conditions laid down by the lending institution or not. By knowing your home loan eligibility, you get to know whether you will be able to get the loan amount as per the terms and conditions prescribed by the lending institution.
Eligibility criteria for Home Loan in Delhi:
Minimum & maximum Age - 18 - 70 years
Minimum Income - Rs. 25,000
Credit Score - Above 750
Employment Status - Salaried or Non-Salaried
Work Experience - 2 Years
Loan Amount - Decided by lender
Residence Type - Permanent resident or Non-resident Indian (NRI)
LTV Ratio - 75 to 85%
Property Type - Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home
The loan eligibility criteria vary depending on the bank/lender. Loan sanctions are based on borrowers' monthly income, credit profile and present relationship with the bank.
List of Documents Required for Home Loan
The proof is needed to verify your identity and assess your creditworthiness before a bank approves it. You must ensure that you provide all the documents required for the home loan as mentioned in the loan application form.
Necessary Documents Required for Housing Loan :
- Duly filled and signed home loan application form
- 2 Passport size photographs
- Your identity proof document could be your PAN or Aadhaar Cards, passport, driver’s license, or voter ID card.
- A copy of your age proof, could be your PAN or Aadhaar Card, passport.
- Address proof document could be your, Aadhaar Card, passport, driver’s license, bank passbook, utility bills etc.
Other basic documents according to applicant's category :
List of Documents Required from Salaried Applicants
You need to provide all of the Housing Loan documents mentioned above & also have to give a few additional, income-specific documents.
- Form 16
- Experience letter from your employer certifying your employment status.
- Salary slips last 3-6 months.
- IT Returns of last three years.
- Account statement showing credit of salary.
List of Documents Required from Self-employed
These applicants also needs to provide additional documents certifying there source of income:-
- Address proof of business.
- Filed tax returns of past three years.
- Company Balance Sheet, showing Profit and Loss Statements, attested by a Chartered Accountant.
- Business license/professional practice (for doctors, lawyers, etc.) document.
- Current bank Account statement.
Based on your all documents, the bank will decide whether you are eligible for a home loan or not, and whether you have monthly installments or not. Once the bank approves your application, the amount will disbursed to your account.
Process of applying home Loan in Delhi
Dear Clients if you wish to applying for a home loan in Delhi, You can apply it from any bank. Some of the NBFCs also offers a home loan. You can apply home loan in two ways which are online or offline.
To apply offline, you can visit any of your nearest bank branch or financial agency and talk to the agent or manager of the institution for the loan application. Applying offline for loan is the oldest way to get a loan approval & it took lots of time but if you want to apply for home loan online then you can simply click on the mentioned website www.grdindia.in & directly coordinate to the manager.
Follow these steps to apply online application for your home loan:-
- First you go to GRD India financial official website which is available on internet or can click on mentioned link www.grdindia.in
- After reaching this site home page of firm will open.
- Click on online loan application.
- Now site will show you loan application options.
- Click on home loan application according to your requirement.
- After this there will be appear a form, you have to fill that form with some of your basic information.
- After filling all details you have to submit your application form.
- You will be asked to scan some of your necessary documents after completing scanning process your loan application will be done.
- After scanning you need to submit your application by clicking on "submit"
This was the simple & easy way to submit your loan application to GRD India financial services Pvt. Ltd, then you have to wait for the response from them. There agent will coordinate to you and he/she can make your loan process easier & beneficial
Top Banks Home Loan providers in Delhi & contact us to apply your loan application with these top banks.
- Axis Bank
- HDFC Ltd. Bank
- Kotak Mahindra Bank
- Canara Bank
- Aditya Birla Capital
- LIC Housing Finance Limited
- India bulls Housing Finance
- State Bank of India
- Kotak Mahindra Bank
Securing a home loan in Delhi opens doors to a world of possibilities and homeownership. Delhi, with its vibrant culture and dynamic real estate market, offers an array of opportunities for individuals and families to find their dream homes. The financial institutions providing home loans in the city play a pivotal role in turning these dreams into reality.
As we conclude this exploration into home loan in Delhi, it's evident that careful consideration of various factors, including interest rates, repayment terms, and eligibility criteria, is crucial for making informed decisions. The city's diverse neighborhoods cater to different preferences, and the right home loan can pave the way for a comfortable and secure living experience.
FAQs – Home loan in Delhi
Q. What are the documents needed for home loan in Delhi?
Ans. The documents needed for home loan in Delhi are :
- Duly filled and signed home loan application form
- Identity proof (Ration card, Aadhaar Card, Passport, etc.)
- Address proof (Aadhaar Card, Passport, Utility bills, rent agreement, etc.)
- Age proof (Birth certificate, Aadhaar card, Passport, etc.)
- Income proof (Latest salary slips, ITR, Form 16)
- Bank statement for the past 6 months reflecting salary credit
- Employment proof (Letter of employment, Form 16, etc.)
- Passport size photographs
Q. What is the maximum deduction for a home loan under section 80C?
Ans. The maximum deduction for a home loan under section 80C is Rs. 1,50,000.
Q. Can a person get home loans only from banks?
Ans. No. Home loans are available from public and private banks as well as Housing Finance Companies (HFCs)
Q. What is an EMI, and what is its full form?
Ans. The full form of EMI is equated monthly installment, and it is a fixed amount paid by the borrower to the lender every month.
Q. How can a person repay the home loan?
Ans. 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.
Q. What is the age limit for home loan?
Ans. The home loan applicant should be between 18 and 70 years of age.
Q. What is the minimum salary required for a home loan?
Ans. 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.
Q. Can a person apply for a home loan without being the owner of the property?
Ans. 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.
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