Mortgage Loans in Delhi Overview
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 at the lowest possible interest rate.
Best mortgage company & banks in Delhi
You can get a home loan from a bank or a non-banking finance company (NBFC). Housing Finance Corporation (HFC) is a part of NBFC. You can choose a bank or HFC by comparing the terms, rates and fees they offer. Let's take a look at the best mortgage companies in the country.
Top Banks mortgage loan providers in Delhi
HDFC Ltd. Bank
Kotak Mahindra Bank
Aditya Birla Capital
LIC Housing Finance Limited
Indiabulls Housing Finance
State Bank of India
Kotak Mahindra Bank
*Best mortgage company in India
GRD India financial services Pvt Ltd
HDFC Housing Finance
LIC housing finance limited
Sundaram Home Finance
PNB housing finance co. Ltd
GIC housing finance Ltd
Tata Capital Housing Finance Limited
Dewan Housing Finance Limited (DHFL)
Canfin housing finance Ltd
*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 / Expension 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 reasons 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.
Eligibility for a mortgage loan in Delhi
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. Requirements
- Age: Minimum age: 18 Maximum age: 65
- Annual Net Income: An annual income of at least Rs 5 lakhs is required depending on the type of business
- Type of employment: Self-employed or salaried
- Residence: Permanent residence or rental accommodation where you have lived for at least one year prior to applying for the loan.
- Credit score: A good credit score from a recognized credit faculty.
Documentation Required to apply for mortgage Loan in Delhi
- Proof of Identity
- Voter ID Card
- Driving License
- Aadhaar Card
- Income proof
- Income Tax Returns or Form 16
- Salary slips of the last 3 months
- Balance sheet and income statement certified/audited by CA for the last 3 years
- Income tax returns by calculating the income for the last three years of assessment
- Other documents
- Bank statement showing current loan payments for the past six months (if applicable)
- Passport size photographs of all applicants/co-applicants affixed and signed to the application form
- Cheque of processing fee