Home Loans in Chandigarh
Boasting a well-planned layout and excellent environs, Chandigarh, one of India's union territories, is a beautiful city to reside. Despite dreaming of living in Chandigarh, many hesitate because they can't afford to buy a home there. So, for such aspiring people, applying for a home loan in Chandigarh is the best option. Multiple banks and non-banking financial companies offer home loans in Chandigarh starting at 8.45% per annum. They might charge a processing fee on each home loan application ranging between 0.25% - 0.50% of the loan amount or higher. The maximum repayment tenure offered by a majority of these lenders is 30 years.
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Home Loan Interest Rates in Chandigarh
The lowest home loan interest rate in Chandigarh starts at 8.45% per annum, offered by the Bank of India. Several financial service providers offer easy home loans in Chandigarh at competitive rates of interest to eligible borrowers.
The table below will give you a clear idea of home loan interest rates and processing fee charges of the best 10 banks and housing finance companies that offer hassle-free home loans in Chandigarh:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Bank of India | 30 | 8.45% | Up to 0.25% of the loan amount (Min: Rs. 1,500; Max: Rs. 20,000) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
Aavas Housing | 30 | 8.50% | Up to 1% of the loan amount + GST | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Min: Rs. 3,540) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | Up to 0.25% (Max: Rs. 3,540) | Enquire |
|
Piramal Housing | 30 | 11.00% onwards | Upto 3% of the loan amount | Enquire |
|
Aadhar Finance | 30 | 11.75% - 17% | Rs. 3,500 + GST | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
Eligibility Criteria for Home Loans in Chandigarh
Eligibility criteria for home loans are one of the prime parameters that help financial institutions assess a borrower's ability to repay the loan. Worry not, as the eligibility criteria that one has to fulfill to get a home loan approval in Chandigarh are not stringent.
Here is your chance to check the general standards of home loan eligibility in Chandigarh through the table given below:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Professional Experience | 2 years | 2 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 10,000 per month |
| CIBIL Score | 750 or above (preferred) | 750 or above (preferred) |
Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.
- Banks and non-banking financial companies offer home loans in Chandigarh to Indian residents, NRIs and PIOs
- The minimum home loan eligible age is 21 years, and the maximum age is 65 years for a majority of lenders in Chandigarh
- The total work experience required from a salaried and self-employed applicant for a home loan in Chandigarh is 2 years and 3 years, respectively
- Chandigarh banks are always eager to offer home loans to candidates with a credit score of 750 and above
Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
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Documents Requirement for Home Loans in Chandigarh
Just like the eligibility, submitting some key documents is a crucial part of a home loan application procedure. Through these documents, the lender gets assurance that the money is lent to a reliable borrower. Continue reading to learn about the documents required for a home loan in Chandigarh:
1. For Salaried Loan Applicants
- General identity documents like Voter ID Card, Aadhaar Card, PAN card
- Property documents
- Appointment letter
- Bank statements (3 months)
- Salary slips (3 months)
- Latest Form 16
- Latest Income Tax Return
- A cheque for the processing fee
2. For Self-Employed Loan Applicants
- General identity documents like Voter ID Card, Aadhaar Card, PAN card
- Business profile and license of the company
- 3 years Income Tax Return
- Recent Form 26AS
- 3 years Balance Sheets (3 years)
- P&L account statements (3 months)
- Bank account statement (6 months)
| Type of Document Required | Examples of Documents that can be Submitted |
|---|---|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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Home Loan Options Available in Chandigarh
If you have planned to approach a home loan agent in Chandigarh, then be ready to get confused seeing a wide range of home loan schemes. Most of these lenders offer a home loan scheme for a specific reason, be it to purchase a home, plot, construct a house, renovate a home, or even transfer an existing home loan amount to another lender.
Up next, you will learn about the various home loan options available in Chandigarh from the top banks and NBFCs:
| Type of Document Required | The Object of the Loan |
|---|---|
| Plot Purchase Loan | Best home loan to buy a plot for resident home purpose |
| Home Purchase Loan | The most suitable housing loan scheme for buying a home |
| Home Construction Loan | For those interested in constructing a house on a bought plot |
| Home Renovation Loan | The primary purpose of this home loan is to help borrowers with funds to renovate an existing home loan |
| Home Extension Loan | To help the borrowers with adequate funds to extend a home with an additional floor, room, or balcony |
| Top-Up Home Loan | An additional loan for an existing home loan borrower to get extra funds without applying for a new loan |
| Balance Transfer Home Loan | An easy way for existing home loan customers to shift their outstanding home loan amount to another lender and avail cheaper rate of interest |
Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.
FAQs
Getting a home loan in Chandigarh is pretty simple and can be done easily online with the help of the BASIChomeloan team. Or else, you may reach out to your chosen lender, fill out a home loan application form, and submit the required documents along with a processing fee cheque.
The time taken to get a home loan approval in Chandigarh depends on your application form, submitted documents, and other eligibility criteria. Generally, lenders may take 10-15 days to approve home loans in Chandigarh.
Different banks and housing finance companies may have different repayment tenures for home loans in Chandigarh. The maximum loan repayment tenure offered on home loans in Chandigarh is 30 years.
Yes, several banks, as well as housing finance companies, offer easy home loans to Non-Resident Indians (NRIs) and even Persons of Indian Origin (PIOs).
At present, the Bank of India offers the lowest interest rate on a home loan in Chandigarh, beginning at 8.45% per annum.