Home Loans in Moradabad
Some people prefer living in smaller cities for better quality of life, and Moradabad can be one such city for you. If you are considering buying a residential property in this city in Uttar Pradesh, you can easily get financial help through a home loan in Moradabad. Public and private banks and several housing finance companies offer convenient housing loan schemes to those interested in a real estate investment in Moradabad. They usually charge a processing fee on home loan applications starting from 0.25% of the loan amount and taxes. The maximum repayment period offered by many lenders in Moradabad is up to 3 decades or 30 years.
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Home Loan Interest Rates in Moradabad
The lowest home loan interest rate in Moradabad begins at 8.45% per annum. You can easily apply for a housing loan in Moradabad with minimum documentation and quick loan disbursals. Many lenders offer easy EMI options to repay the loan amount with other sets of convenient facilities like overdraft, top-up, and balance transfer.
Let us proceed further and show you a table displaying the interest rate and processing fee on home loans by the 10 best lenders in Moradabad:
| 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 - Rs. 20,000) | Enquire |
|
Piramal Housing Finance | 30 | 11.00% | Up to 3.00% | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
Indian Overseas Bank | 30 | 9.35% | 0.50% of the loan amount | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Rs. 10,000) | Enquire |
|
IDFC First Bank | 30 | 8.85% - 10.75% | 0.25% - 0.50% | Enquire |
|
Union Bank of India | 30 | 8.70% | 0.50% (Rs. 15,000) | Enquire |
|
India Shelter | 20 | 10.50% onwards | Upto 2.50% of the loan amount | 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 Moradabad
Irrespective of the lender you choose to get a home loan in Moradabad, you need to keep in mind that all of them will definitely ask for some eligibility requirements before approving your home loan. These banks and financial companies use these eligibility criteria to determine the applicant’s repayment capacity.
Feel free to check the standard home loan eligibility in Moradabad through the table given below:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents | Indian Residents |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 15,000 per month |
Minimum Rs. 15,000 per month |
| CIBIL Score | 700 or above (preferred) | 700 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 NBFCs in Moradabad happily grant home loans to the residents of India.
- The eligible age to apply for a home loan in Moradabad is 21 years to 65 years.
- Financial service providers ask for at least 2 years of work experience from those working on a monthly salary and 3 years of work experience from those who are running their own business or are self-employed.
- Moradabad banks and housing finance companies prefer granting housing loans to those with a CIBIL Score of 700 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 Moradabad
No home loan application procedure will be complete without submitting a set of KYC documents. Do not worry, if you are unaware of the same, as we are here to enlighten you with the essential documents required for a home loan in Moradabad. Read on to check out which documents are required from those working on a monthly salary and those who are self-employed:
1. For Salaried Loan Applicants
- KYC documents like Aadhaar Card, Voter ID Card, PAN Card
- A processing fee cheque
- Bank Statements for the previous 3 months
- Salary Slips for the previous 3 months
- Income Tax Return
- Form No. 16
- Appointment letter
- Property Papers
2. For Self-Employed Loan Applicants
- KYC documents like Aadhaar Card, Voter ID Card, PAN Card
- Bank Statements for the previous 6 months
- Business profile and Company License
- Income Tax Returns for the previous 3 years
- Profit and Loss Account Statements and Balance Sheets for the previous 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 Moradabad
Feel free to approach a home loan agent in Moradabad to learn in-depth about the housing loan schemes available. Options are galore when it comes to picking a home loan scheme in Moradabad; you can get one to buy a home or a plot, renovate or extend your house, and even transfer the existing balance to a new lender for better benefits.
The table below is meant to acquaint you with the popular home loan schemes offered by financial providers in Moradabad:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Loan for New Home Purchase | This home loan helps borrowers to buy a new home |
| Home Loan for Plot Purchase | With this scheme, borrowers can get sufficient money to buy a residential plot. |
| Home Loan for Construction | This home loan is specifically for those who want money for constructing a home on a plot. |
| Home Loan for Extension | The purpose of this home loan is to offer financial help to existing home owners to extend their existing home. |
| Home Loan for Renovation | This home loan is designed to offer help people renovate their existing house. |
| Flexible Balance Transfer Home Loan | This is a convenient home loan facility with which an existing home loan customer can shift the remaining loan amount to a new lender for better benefits. |
| Top-Up Home Loan | Through a home loan top-up, borrowers can arrange for extra funds apart from the home loan amount. |
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 minimum income requirement to get a home loan in Moradabad is Rs. 15,000 per month.
Yes, banks and housing finance companies offer home loans in Moradabad to salaried people, provided they fulfill other eligibility criteria.
The lock-in period for home loan balance transfer in Moradabad can be anything between 6 months to 1 year.
An applicant must be not less than 21 years of age when applying for a home loan in Moradabad and should be not more than 65 years of age at the time of loan disbursement.
The validity period of a home loan application in Moradabad depends on the lender where you applied. Generally, it can range from 3 to 6 months.