® 
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 New Delhi
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.
Eligibility Criteria for Home Loans in Delhi
Criteria | Self Employed | Salaried |
Citizenship | Indian | Indian |
Credit Score | 750+ | 750+ |
Age | 25 years to 70 years | 23 to 62 years |
Monthly Income | 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 years | 5 years | 3 years |
The Requisite Documents
ID Proof Documents
- Voter ID Card
- Valid Driving License
- Aadhaar Card
- Valid Passport
Income Proofs
- For salaried people
- Salary slips for the last three months
- Income Tax Returns or Form 16
- For the self-employed people
- Income Tax Returns along with the calculation of income for the last three assessment years
- CA certified/audited balance sheet and profit and loss account for the latest three years
Other Documents
- Bank statements for the repayment of existing loans if any for the recent six months
- Processing fee cheque
- Passport size photographs of all the applicants/co-applicants pasted on the application form with the applicants’ or the co-applicants’ signatures across them.
A Step by Step Guide to the Home Loan Application Process
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
- The interest rate
- The repayment tenure
- The kind of interest rate - fixed or variable
- Terms, conditions, and policies related to the home loan
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.
Property Verification:
After the loan is approved, the lending institution will conduct the following checks
- Legal Check: The title of the property will be verified legally, and the lending institution checks if there are any disputes or conflicts surrounding the property
- Technical evaluation:
- Stage, progress, and quality of construction if the property is under establishment.
- The lifetime, condition, and conservation levels of the property.
- The lending institution will check if the property has already been pledged as a collateral.
You have to submit all the property related documents to the lending institution
Disbursal
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.
Types of Home Loans in Delhi
| Type of Loan | Purpose |
|---|---|
Home Purchase Loan | This loan is provided to borrowers to buy a residential property - new one or one for resale |
Construction Loan | 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
List of top various home loan providers in Delhi
Interest Rates in percentage per annum | |||
Lending Institution | 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 |
Indian Bank | 6.50 to 7.70 | 6.50 to 7.50 | 6.50 to 7.50 |
Kotak Mahindra Bank | From 6.55 onwards | From 6.55 onwards | From 6.55 onwards |
ICICI Bank | 6.70 to 7.55 | 6.70 to 7.55 | 6.70 to 7.55 |
Axis Bank | 6.75-11.50 | 6.75-11.50 | 6.75-11.50 |
HDFC Bank | 6.70-8.45 | 6.70-8.60 | 6.70-8.70 |
LIC Housing Finance | 6.66 to 7.85 | 6.66 to 8.05 | 6.66 to 8.05 |
Tata Capital | From 6.70 onwards | From 6.70 onwards | From 6.70 onwards |
Godrej Housing Finance | From 6.49 onwards | From 6.49 onwards | From 6.49 onwards |
PNB Housing Finance | 6.99 to 12 | 6.99 to 12 | 6.99 to 12 |
Punjab National Bank | 6.55-7.95 | 6.50-7.65 | 6.50-7.60 |
Bank of Baroda | 6.50-8 | 6.50-8 | 6.50-8.25 |
Bajaj Finserv | 6.70 to 14 | 6.70 to 14 | 6.70 to 14 |
L&T Housing Finance | 6.75 to 7.75 | 6.75 to 7.75 | 6.75 to 7.75 |
IDFC First Bank | From 6.90 onwards | From 6.90 onwards | From 6.90 onwards |
Union Bank of India | 6.40-7.60 | 6.40-7.65 | 6.40-7.65 |
Conclusion
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.
FAQs – Home loans in New Delhi
1. What are the documents needed for home loans in New Delhi?
A. The documents needed for home loan in New 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
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.