® 
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 Gwalior
A home is a necessity for all. Yet, an expensive venture, owning a home remains the dream of many. However, now with various affordable home loans available, this dream can be easily converted into reality. Lenders now provide various types of home loans at affordable rates of interest, to eligible borrowers who have to ensure timely repayment of such loans to fulfil their need of owning a home of their choice. A home loan also gives tax benefits under the Income Tax Act, 1961, helping the borrower in getting the necessary tax deductions and savings on payment of income tax.
Also Read: Things to keep in mind while availing a Home Loan
Gwalior is a city in the State of Madhya Pradesh known for its natural beauty, rich cultural heritage, palaces and temple. Chief among them being the Sas Bahu Ka Mandir intricately carved Hindu temple, Maharaj Bada, Sun Temple, Tombs and Scindia Palace, and Gwalior fort. Tourist activity is vibrant in the city leading to continuous hustle-bustle.
As the city is endowed with natural and serene surroundings, many people have settled down in Gwalior. This has led to booming demand for real estate in the city and with the rising cost of living, people are looking for options for owning their own home in Gwalior. So, various home loan lenders like banks and NBFC’s have set up offices in the city, offering the residents many types of home loans at attractive rates of interest.
Also Read: Everything you need to know about Home Loans
Top Home Loan Providers in Gwalior
- ICICI Bank
- HDFC Bank
- State Bank of India Home Loan
- LIC Housing Finance Ltd.
- Union Bank of India Home Loan
- Axis Bank Home Loans
- Karnataka Bank Home Loan
- India Bulls Home Loan
- Sundaram Home Finance Limited
- Aditya Birla Housing Finance Ltd.
Features of Home Loans in Gwalior
Home loans differ from lender to lender
| Particulars | Home Loan Features in Gwalior |
|---|---|
Maximum Loan Amount | Rs.75 lakhs+ |
Rate of Interest | 7.35% to 12.00% p.a |
Processing Charges | Up to 0.50% of the loan amount |
Maximum Loan Tenure | Up to 30 years |
Eligibility for Home Loans in Gwalior
Home loan eligibility features vary from lender to lender. Common eligibility requirements for home loan borrowers in Gwalior are as below.
- The applicant should be a resident of India.
- Both salaried or self-employed individuals are eligible for home loans.
- Stability of job is required.
- Minimum monthly salary of Rs. 10000 required for a salaried individual.
- Minimum yearly income of Rs. 1.8 lakhs are required for a self-employed individual.
- The age of applicant should be between 18 years - 75 years.
- A good credit score of 650+ is preferred. Having a high credit score of 750+ helps you secure the best home loans at the best interest rates.
Documents Required for Home Loans in Gwalior
Below are the common documents asked by lenders while availing home loans in Gwalior.
Address proof like Aadhaar, Voter ID, Passport
Identity proof like Aadhaar, PAN, Passport
Salaried Individual should provide
- Last 3 months salary slips
- Last 6 months bank statements
- Latest Form 16 and IT returns
A self-employed individual should furnish
- IT returns of the last 3 years
- Profit and Loss Account for the last 3 years
- Balance Sheet for the last 3 years
Bank statements for the last 1 year
Factors that determine Home Loan Tenure
- Rate of interest – Longer the tenure, the lower is the interest rate and vice versa
- Credit Score – A low credit score could lead to rejection of a home loan or otherwise, lenders could provide borrowers with less loan tenure at a high rate of interest. Borrowers with a low credit score are considered risky by the lenders.
- Age of Borrower – The borrower’s age is an important criterion for determining the tenure of the loan. Young borrowers with stable incomes and a good credit score get longer loan tenure as compared to older borrowers.
- Purpose of Loan - The purpose of the loan is also important in determining the loan amount and tenure of the loan. If a person takes a loan to renovate their home, then they would get a shorter tenure loan like say 5 years. However, if a borrower takes a home loan to purchase land and build a house, then they could be eligible for a loan tenure of even up to 30 years.
- Age of Property/Home - The age of the property/home also decides the tenure of the loan. New properties/homes provide longer tenures than repurchased homes or older homes.
Conclusion
Gwalior has seen an influx of many people from across India owing to its rich cultural background and natural landscape. This has increased the demand for home loans in the city. So, various home loan providers have come up with attractive home loan offers for the residents of the city.
FAQs – Home Loans in Gwalior
1. Does credit score impact your home loan eligibility in Gwalior?
Yes, credit score impacts of chances of getting a home loan approved. A good credit score in the range of 750 and above improves of chances of getting a home loan substantially.
2. Can I avail more than one home loan at the same time?
If you have sufficient income and repaying capability to repay the loan after meeting essential expenses, then lenders will consider such cases.
3. Is stable income important for availing of a home loan?
A stable income assures a lender of a borrower’s repayment capability and creditworthiness, improving their chances of getting a home loan easily.
4. Can a lender provide a home loan exceeding 90% of the home value?
A lender cannot provide a home loan, exceeding 90% of the home value as per RBI guidelines.
5. Will an improved credit score help me to get a home loan?
If you work on improving your credit score, then your chances of getting a home loan increase considerably.
Gwalior Home Loan - Customer Reviews
Jadhav Umesh
Interested