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Home Loans in Surat
Surat, a city in the Indian state of Gujarat, has its unique attributes that make it an attractive place to invest in a home. Many dream of owning a home in Surat because of the city's economic growth, great connectivity, cultural diversity, several business opportunities, and an excellent quality of life. But not everyone can easily arrange for money to buy a home in this beautiful city. Fortunately, such people can get assistance in the form of home loans in Surat from the best banks and NBFCs. The interest rate for housing finance Surat starts at 8.50% per annum. The maximum loan repayment tenure offered by most financial organizations in Surat is up to 30 years, during which the borrower can opt for flexible repayment methods. Applicants can easily opt for home or plot purchase loans, home renovation loans, home construction loans, balance transfer home loans, top-up loans, NRI home loans, and mortgage loans in Surat from all the top lenders in the city.
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Home Loan Interest Rates in Surat
The lowest interest rate on a home loan in Surat offered by any bank or NBFC starts at 8.50% per annum. Most of these lenders offer lower interest rates on a floater rate basis. Moreover, the rates are sometimes higher depending on the borrower's plan and repayment capacity.
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
L& T Finance | 25 | 8.60% | Up to 3.00% | Enquire |
|
Bank of Baroda | 30 | 8.60% | Up to 0.50% (Rs. 8,500 min; Rs. 25,000 max) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
Union Bank of India | 30 | 8.70% | 0.50% (Rs. 15,000 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
IDFC First Bank | 30 | 8.85% - 10.75% | 0.25% - 0.50% | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Bajaj Housing | 40 | 8.50% | Up to 7% of the loan amount + GST | 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 Surat
Interested home loan borrowers need to fulfil some predefined eligibility criteria set by different banks and NBFCs in Surat. There might be a variation in the exact figures required by these lenders. However, in general, they look for the age, citizenship, minimum income, CIBIL score, and work experience of the applicant.
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian/ NRI/ PIO | Indian/ NRI/ PIO |
| Professional Experience | Minimum 2 years | Minimum 2 years of business stability |
| Age |
Min: 18 years |
Min: 18 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 1,80,000 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 Surat banks and NBFCs must be Indian residents. Some lenders also offer home loans to NRIs
- Both salaried and self-employed home loan applicants should ideally be between 18 and 70 years of age.
- Salaried applicants must have a minimum experience of 2 years, and self-employed applicants are required to show business continuity for at least 2 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 Surat 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 Surat
Getting a home loan from any bank or NBFC is a procedure followed by submitting a required set of documents. These are general KYC documents used by the bank officials to verify an applicant's credibility as a home loan borrower. Have a look at the list of required documents for home loan in Surat and ensure arranging for the same before applying for a housing loan scheme:
1. For Salaried Loan Applicants
- KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
- Appointment letter, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
- Bank statements for the last 3 months with salary credits
- 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
- Business profile and license of the company
- Latest Form 26AS
- 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
| 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 Surat
No matter which home loan agent in Surat you choose, you will get many housing loan schemes to choose from. Be it your need to purchase a home or plot, construct a house on an existing plot, renovate or extend a home or balance transfer from an existing home loan to a lower rate scheme, you will get all types of options from the top banks and home loan finance companies in Surat.
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To purchase residential housing such as flat/apartment |
| Plot Purchase Loan | To purchase a land or plot where construction will be completed within a fixed period |
| Home Construction Loan | To construct a home on an already purchased plot |
| Home Renovation Loan | To renovate the house by wiring, painting, and other activities |
| NRI Home Loans | To help NRIs buy a dream home in India |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
| Top-Up Home Loan | To meet unexpected personal or professional financial expenses |
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 home loan amount allowed in Surat by some of the best lenders is up to Rs. 5 crores. However, this depends on the eligibility criteria set by the specific bank or NBFC, so you are advised to confirm the same from the bank officials.
Both private and government banks are good for anyone trying to get a home loan in Surat. If you want a home loan at a low processing fee, go for a government bank, whereas if you want an urgent home loan, go for a private bank because they offer quick home loans.
Yes, you can easily get a home loan in Surat with a monthly salary of Rs. 15,000. This is because the minimum salary eligibility required by many lenders is Rs. 10,000 per month.
Home loan borrowers can avail of a tax deduction on the interest paid for a housing loan of up to a maximum amount of Rs. 2,00,000 under Section 24 of the Income Tax Act.
Yes, there are several banks and NBFCs in Surat offering easy top-up loans on home loans to existing borrowers. These often come with flexible repayment options.