Home Loans in Coimbatore
Make your dream of buying a home in this beautiful South Indian city come true with an affordable home loan in Coimbatore. The lowest interest rate on housing loans in Coimbatore begins at 8.45%. While applying for a home loan, you may need to pay a processing fee ranging from 0.25% - 0.50% per annum. One can expect a maximum repayment period of up to 30 years on housing loans from the top lenders offering housing loans in Coimbatore. Moreover, most of these banks and housing finance companies offer you the choice to pick between floater and fixed rate basis, as per preference.
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Home Loan Interest Rates in Coimbatore
Several banks and non-banking financial companies in Coimbatore offer help to potential home buyers in the form of easy housing loan schemes. The most affordable home loan interest rate in Coimbatore begins at 8.45% per annum. Whether you are salaried or self-employed, you can apply for a housing loan in Coimbatore if you fulfill their eligibility requirements.
The table drafted below will help you compare the rate of interest and processing fee charges on home loans in Coimbatore by the top 10 banks and non-banking financial companies:
| 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 (Rs. 1,500 min; Rs. 20,000 max) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Aavas Finance | 30 | 8.50% | Up to 1% of the loan amount + GST | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Federal Bank | 30 | 8.80% onwards | 0.50% of the loan amount (Rs. 3,000 + GST min; Rs. 7,500 + GST max) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
Karur Vysya Bank | 30 | 9.23% | Rs. 2,500 - Rs. 7,500 + 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 Coimbatore
Lending money to someone needs consideration of repayment terms, especially if it is a huge amount for something as big as buying a home. So, the lender has all the right to set some eligibility criteria for those applying for home loans. Worry not, these are not very stringent requirements and are basically parameters like the borrower's age, nationality, and creditworthiness.
The given table will acquaint you with the standard home loan eligibility in Coimbatore:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents | Indian Residents |
| Professional Experience | 2 years | 2 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 10,000/ monthly |
Minimum Rs. 10,000/ monthly |
| 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.
- Almost all banks and housing finance companies in Coimbatore offer home loans to Indian residents
- The eligible age limit for anyone trying to apply for a home loan in Coimbatore is between 21 to 65 years
- The total work experience asked from self-employed and salaried applicants is 3 and 2 years, respectively
- 750 and above is a good credit score for anyone to apply for a home loan in Coimbatore
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 Coimbatore
One crucial step in applying for a home loan is submitting the relevant documents. The lender uses these documents to verify the borrower's credibility in terms of age, credit history, nationality, and income. Here is a list of documents required for home loan in Coimbatore for salaried and self-employed applicants:
1. For Salaried Loan Applicants
- A processing fee cheque from the lender
- General documents like Voter ID Card, Aadhaar Card, PAN card
- Bank statements for 3 months
- Salary slips for 3 months
- Recent IT return
- Recent Form 16
- Property documents
- Appointment letter
2. For Self-Employed Loan Applicants
- General documents like Voter ID Card, Aadhaar Card, PAN card
- Company license
- Business Profile
- Bank account statements for 6 months
- Recent Form 26AS
- P&L account statements for 3 years
- Balance sheets for 3 years
- Income Tax Return for the last 3 years
| 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 Coimbatore
The best bank for home loan in Coimbatore will offer all types of housing loan schemes. The choice is yours whether you wish to buy a plot or a home, construct a house, renovate a home, or even transfer your balance from an existing home loan to another.
The table below will now reveal all popular housing loan schemes offered in Coimbatore from the best lenders:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | Aims to help those keen to buy a home with sufficient funds |
| Plot Purchase Loan | Designed for the convenience of those interested in investing in a plot for a residential home |
| Home Construction Loan | This loan is perfect for those who lack funds to construct a home on a plot |
| Home Renovation Loan | An ideal housing loan scheme to meet the expenses of renovating a home |
| Home Extension Loan | An affordable home loan scheme for extending a home with a balcony, floor, or room |
| Home Improvement Loan | Easy funding for improving the current status of a home |
| Balance Transfer Home Loan | Flexible option to switch to a new lender and enjoy the remaining loan amount at a lesser rate of interest |
| Top-Up Home Loan | Additional financial help for an existing home loan borrower without applying for a new loan |
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
The maximum loan amount one can get to purchase a home in Coimbatore depends on factors like repayment capacity and credit score. Most banks offer up to 80% of the property cost as the maximum loan amount to purchase a house in Coimbatore.
Most banks and financial institutions take 2-3 weeks to sanction a house loan in Coimbatore. You may expect a delay if you fail to submit the relevant
Yes, one can flexibly repay a home loan in Coimbatore, but the lender may charge a prepayment penalty on the same. So, we advise you to check for the same from the lending bank or NBFC.
Yes, a co-applicant on a home loan in Coimbatore can avail tax deductions of Rs. 2,00,000 on home loan interest.
As the name suggests, a fixed interest rate plan on a home loan in Coimbatore remains fixed throughout the loan tenure, whereas a floating interest rate may fluctuate depending on the market conditions and other parameters.