® 
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 Pune
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.
Attributes and Advantages of Home Loans in Pune
These are some of the features and benefits of home loans in Pune.
- Home loans procured under PMAY CLSS have the luxury of interest subsidy of up to Rs. 2.67 lakh under the PM Awas Yojana.
- Individuals with good credit history and repayment capacity can get home loans at the best rates. Home loans are available at both fixed and variable rate options.
- Balance transfer facility – Enables you to transfer your home loan with the existing lender to another lender who gives a lower rate of interest.
- Top-up loan facility – You can get an additional loan or a top-up loan on the existing home loan.
- Home loan insurance facility that insures your home loan and helps your family in repaying the outstanding home loan in case of an unfortunate incident, such as your demise.
- Pre-approved home loans are there for speedy procurement of a home with the least paperwork and a simple approval process.
- Multiple tax benefits – Home loan comes with multiple tax benefits of up to Rs. 3.5 lakh on home loan principal amount and interest amount.
Eligibility Criteria for Availing Home Loans
Different financial institutions/banks have slightly varied home loan eligibility parameters. However, there are some common ones as follows.
| Specification | Salaried Individuals | Self-employed individuals |
|---|---|---|
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 |
Income | 25000 per month | 25000 per month |
Credit score | 750 plus | 750 plus |
Employment type | public and private sector organizations, non-governmental and government organizations, multinational companies | Professionals and entrepreneurs |
Work experience | 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. |
Residence | Permanent resident or NRI | Permanent resident or NRI |
Documents required | KYC Documents · Identity proof · Age proof · Address proof · Visa, work permit , and ID card for NRI customers Income Documents · Last 3 months pay slips bank statements of the last 6 months showing salary credit · 2 years Form 16 · Property documents | KYC Documents · Identity proof · Age proof · Address proof · Visa, work permit , and ID card for NRI customers Income Documents · Income tax returns, profit/loss statement, and balance sheet for the latest 2 years. |
The Home Loan Application and Procurement Process in Pune
Applying for a home loan and obtaining it involves the following steps
- The bank charges a processing fee when the borrower applies for the loan. It is for processing the application and is inclusive of taxes. It will not be refunded even if the loan is not approved.
- The bank then conducts background checks on the borrower. Parameters such as the person’s age, education, income, employer, nature, and tenure of employment are also checked along with the CIBIL score. These checks are crucial as they show the credibility of the borrower and his ability to repay the loan without defaulting.
- The bank then approves the loan and releases the sanction letter. Important information such as tenure of the loan, EMI, rate of interest, loan category, and the method of repayment is laid down by the bank. The loan sanctioning process will ideally take 3 to 4 weeks.
- The borrower should provide all the documents related to the home to the bank, and the bank will keep them till the loan is completed. The bank will verify the documents.
- Next, the bank will evaluate the property and check it physically. This is to ensure that the correct amount is given to the borrower according to the property’s market value.
- The registration document of the home should be submitted to the bank mandatorily.
- The home loan is then disbursed, i.e. the money is credited to the borrower’s account.
Hassles you Might Face When Applying for a Home Loan
| Hassle | Reason | Solution |
|---|---|---|
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 Home Loan a Second Time – How to do This?
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.
Some Leading Home Loan Providers in Pune
| 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 |
Indian Bank | 6.50% to 7.70% | 6.50% to 7.50% | 6.50% to 7.50% |
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 |
HDFC | 6.70 to 8.45 | 6.70 to 8.60 | 6.70 to 8.70 |
Axis Bank | 6.75 to 11.50 | 6.75 to 11.50 | 6.75 to 11.50 |
ICICI Bank | 6.70 to 7.55 | 6.70 to 7.55 | 6.70 to 7.55 |
Kotak Mahindra Bank | From 6.55 onwards | From 6.55 onwards | From 6.55 onwards |
Godrej Housing Finance | From 6.49 onwards | From 6.49 onwards | From 6.49% onwards |
Conclusion:
Keep all the points discussed in mind when you apply for home loans in Pune. Choose the one best suited for you.
Home Loans in Pune FAQS
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.
Pune Home Loan - Customer Reviews
Sunil Kumar
Very good