Home Loans in Panchkula
Known for its planned and organized development and strategic location, Panchkula near Chandigarh is an attractive place for residential purposes. You, too, can make your dream of living in this city come true with a home loan in Panchkula. The home loan interest rate in Panchkula starts at an affordable 8.45% per annum. Moreover, you can also seek additional concessions if you are a woman borrower. Some banks also offer the affordable government housing scheme PMAY to the EWS category in Panchkula. Generally, the maximum repayment tenure available at these lenders in this city is up to 30 years.
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Home Loan Interest Rates in Panchkula
Several private and public banks and housing finance companies offer hassle-free home loans to potential home buyers in Panchkula. The cheapest home loan interest rate in Panchkula starts at 8.45% per annum. Whether you are an individual earning a monthly salary or self-employed, you can easily apply for a housing loan in Panchkula.
It is time for you to go through the interest rate and processing fee on home loans of top 10 lenders in Panchkula:
| 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 (Minimum: Rs. 1,500; Maximum: Rs. 20,000) | Enquire |
|
L&T Finance | 25 | 8.60% | Up to 3% of the loan amount + GST | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Maximum: Rs. 25,000) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Maximum: Rs. 10,000) | Enquire |
|
HDFC Bank | 30 | 8.65% onwards | Up to 0.25% (Minimum: Rs. 3,540) | Enquire |
|
IIFL Housing | 25 | 8.90% onwards | 0.50% - 1.75% of the loan amount | Enquire |
|
SBI | 30 | 9.15% onwards | Up to 0.25% (Maximum: Rs. 10,000) | Enquire |
|
Mahindra Housing | 20 | 8.50% onwards | 1% - 3.5% of the loan amount (Minimum: Rs. 1,000) | Enquire |
|
Bank of Baroda | 30 | 8.60% | 0.50% (Minimum: Rs. 8,500; Maximum: Rs. 25,000) | Enquire |
|
Cholamandalam | 30 | 9% p.a. onwards | Rs. 5,000 (GST included) | Enquire |
Eligibility Criteria for Home Loans in Panchkula
Prominent banks and NBFCs have certain predefined eligibility requirements for home loans. Applicants who meet these criteria have higher chances of getting a home loan approval from these lenders. These eligibility criteria are based on age, work experience, salary, citizenship, and credit score.
The table given below will enlighten you about the standard home loan eligibility in Panchkula:
| 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 | Rs. 15,000 per month |
Rs. 1.8 lakh per year |
| CIBIL Score | 700 or above | 700 or above |
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.
- Indian residents will not find any difficulty getting a home loan approval in Panchkula
- Candidates applying for a housing loan in Panchkula must be between 21 and 65 years of age bracket
- Salaried and self-employed home loan applicants in Panchkula must prove a work experience of 2 and 3 years, respectively
- Applicants with a credit score of 700 and above can easily get home loans in Panchkula
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 Panchkula
Document submission is a crucial step followed in a home loan application procedure. Although most of the documents required for a home loan in Panchkula are the same, lenders usually ask for different income-related proofs from salaried and self-employed candidates. Have a look at the list of main documents you will need to submit when applying for a home loan in Panchkula:
1. For Salaried Loan Applicants
- Identity documents like PAN Card, Voter ID Card, Aadhaar Card
- Salary Slips for 3 months
- Bank Statements for 3 months
- Last Form 16
- Last-filled ITR
- Property documents
- Appointment Letter
- Processing Fee Cheque
2. For Self-Employed Loan Applicants
- Identity documents like PAN Card, Voter ID Card, Aadhaar Card
- Bank account statement for 6 months
- Recent Form 26AS
- Business profile
- ITR for 3 years
- P&L account statements for 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 Panchkula
To learn about the types of housing loan schemes available in Panchkula, we recommend you to consult a good home loan agent in Panchkula. Generally, all leading financial institutions offer home loans for new home or plot purchase, construction, renovation, improvement, balance transfer, and top-up.
Do not miss checking out the common types of housing loan schemes available in Panchkula through this table:
| Type of Document Required | The Object of the Loan |
|---|---|
| New Home Purchase Loan | The purpose of this housing loan scheme is to help potential home buyers buy a dream home |
| Plot Purchase Loan | With this housing loan scheme, buyers can invest in residential plots |
| Home Construction Loan | It is a home loan that is designed to offer adequate funds for constructing a home |
| Home Renovation Loan | This home loan caters to the financial needs of existing home owners who wish to renovate their home |
| Home Improvement Loan | With this home loan scheme, existing home owners can improve their homes |
| Balance Transfer Home Loan | The best way to shift the remaining loan amount to a new lender for a cheaper rate of interest |
| Top-Up Home Loan | Through this scheme, an existing customer can get 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
Banks and NBFCs in Panchkula generally offer home loans for residential flats, builder floors, independent villas and houses, and residential plots.
No, you will not be able to get a 100% home loan from any bank in Panchkula. You can expect a maximum of 90% of the property cost as a home loan in Panchkula.
The lowest home loan interest rate in Panchkula starts at 8.45% per annum, offered by the Bank of India.
Yes, your credit score can impact your home loan application as it helps the lender determine your eligibility for the home loan. Remember, the higher your credit score, the higher your chances of getting a home loan approval.
Both private and government banks are good for a home loan in Panchkula. Generally, private banks are better in terms of service and quick home loan disbursals. On the other hand, public banks are better in terms of stability and lower interest rates.