Home Loan in Ghaziabad
Located in the state of Uttar Pradesh, Ghaziabad is a bustling city in NCR that offers various amenities to homeowners, such as schools, malls, hospitals, and proximity to the companies in Delhi NCR. Top banks and NBFCs in Ghaziabad offer lucrative low-cost housing options to different income groups. The standard interest rate for home loans in Ghaziabad starts at 8.35% per annum. The maximum loan repayment tenure offered by top lenders is up to 30 years. A borrower can expect a minimum home loan amount of Rs. 30 lakhs up to endless limits from the best banks and NBFCs in Ghaziabad. Some popular home loan schemes to choose from these lenders come in the form of home/ plot purchase loans, home renovation/ extension/ improvement loans, home construction loans, balance transfer loans, and top-ups.
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Home Loan Interest Rates in Ghaziabad
The top banks and NBFCs in Ghaziabad offer easy home loans at very affordable interest rates to aspiring homeowners. The Ghaziabad home loan interest rate starts at 8.35% per annum, and most of these banks offer flexible balance transfer facilities to existing home loan borrowers. The table below enlists the current home loan interest rate in Ghaziabad offered by the top banks and NBFCs:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Cent Bank HFC | 30 | 8.35% - 9.35% | Up to 1.00% (Rs. 10,000 min) | Enquire |
|
LIC HFC | 30 | 8.40% - 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
HDFC Bank | 30 | 8.70% - 9.75% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
State Bank of India | 30 | 8.75% - 9.75% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.95% | Up to 0.25% (Rs. 15,000 max) | Enquire |
|
IDFC First Bank | 30 | 8.85% - 10.75% | 0.25% - 0.50% | Enquire |
|
Federal Home Loan | 30 | 10.15% - 10.30% | Rs. 20,000 max | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | 0.25% of the loan amount (Max: Rs. 3,540) | Enquire |
Eligibility Criteria for Home Loans in Ghaziabad
To get a home loan, an applicant must fulfill some pre-determined eligibility criteria set by the pending banks and NBFCs in Ghaziabad. The table below enlists the standard criteria for home loan eligibility in Ghaziabad:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian/ NRI/ PIO | Indian/ NRI/ PIO |
| Professional Experience | 3 years | 3 years |
| Age |
Min: 21 years Max: 65 years |
Min: 21 years Max: 65 years |
| Monthly Income | Minimum Rs. 1.8 lakhs per annum |
Minimum Rs. 1.8 lakhs per annum |
| CIBIL Score | 750+ | 750+ |
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.
- All home loan applicants seeking housing finance at top Ghaziabad banks and NBFCs must be Indian residents, but many lenders also offer home loans to NRIs and PIOs.
- Both salaried and self-employed home loan applicants should ideally be between 21 and 65 years of age
- Salaried applicants must demonstrate a minimum of 3 years of professional experience, and self-employed applicants are required to show business continuity for at least 3 years.
- Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Ghaziabad banks.
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 Ghaziabad
To avail of home loans in Ghaziabad, you need to arrange for a set of KYC documents. These documents include proof of identity, age, address, income, and property. Listed below are the essential home loan documents in Ghaziabad for your reference:
1. For Salaried Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Appointment letter, employment contract, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year IT return
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Savings account statement of previous 6 months
- ITR with computation of income for previous 3 years as proof of income
- Profit & Loss account statements and Balance Sheets for the last 3 years attested by a CA
- Business profile and license of the company
- Latest Form 26AS
- Qualification documents
| 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 Ghaziabad
Top banks and NBFCs in Ghaziabad offer a variety of home loan schemes to potential homebuyers. Have a look at some of the common types of home loan options offered to those interested in buying a home in Ghaziabad:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To buy residential housing such as flat/apartment |
| Plot Purchase Loan | To purchase a plot where a house can be constructed in the future |
| Home Construction Loan | To construct a home on an already purchased plot |
| Home Extension Loan | To add another floor or room in an already existing home |
| Home Renovation Loan | To undertake renovation/upgrades in the house, such as wiring, painting, and other activities for improving the living space |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
| Top-Up Loan | To help the borrower meet personal and professional financial needs |
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 time taken for a home loan approval in Ghaziabad depends on the lender and the home loan scheme you choose. Besides, it all depends on how well you meet the eligibility criteria and whether you have submitted the required documents to facilitate a hassle-free home loan approval procedure.
Banks and NBFCs in Ghaziabad do not offer 100% home loan amounts. However, you can expect up to 90% of the property cost as loan amount of Loan to Property Value (LTV) to eligible borrowers.
To apply for a home loan in Ghaziabad, you need to fill out the applicant form, pay a processing fee cheque in favor of the bank or NBFC, submit all the required documents, and follow the other instructions laid out by the lender. Alternatively, you can contact the BASIChomeloan team for complete assistance in applying for a home loan in Ghaziabad.
To get the maximum home loan amount from banks, try to fulfil their eligibility criteria and show a good CIBIL score of over 750. Another way to get a higher loan amount sanctioned by a bank is by having a family member as your co-applicant.
Yes, a first-time buyer can also get a home loan in Ghaziabad. For this, they must fulfil the eligibility criteria set by the lender and submit all the documents required along with the processing fee in favor of the lender.