Home Loans in Vadodara
The Thriving industrial sector, world-class educational institutions, rich cultural heritage, and significant infrastructure development make Vadodara a city worth residing in. A home loan in Vadodara is the best way to arrange for adequate money to fulfill your dream of buying a home in this wonderful city. Irrespective of whether you are a salaried person or a self-employed person, most banks and housing finance companies will welcome you as a home loan borrower. An applicant can expect to get a home loan in Vadodara for a maximum of 30 years. The processing fee is charged by most lenders in the city on home loans upto 2.5% of the loan amount.
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Home Loan Interest Rates in Vadodara
Several banks and non-banking financial companies (NBFCs) offer affordable and hassle-free home loans in Vadodara to help those who hesitate to buy a home in this city due to lack of funds. The cheapest home loan interest rate in Vadodara begins at 8.45% per annum.
The table drafted below will help you compare the rate of interest and processing fee charges on home loans in Vadodara 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 (Min: Rs. 1,500; Max: Rs. 20,000) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
Bank of Baroda | 30 | 8.60% | 0.50% (Min: Rs. 8,500; Max: Rs. 25,000) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Min: Rs. 3,540) | Enquire |
|
Union Bank of India | 30 | 8.70% onwards | 0.50% of the loan amount (Max: Rs. 15,000 + GST) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Max: Rs. 10,000) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | Up to 0.25% (Max: Rs. 3,540) | Enquire |
|
India Shelter Finance | 20 | 10.50% onwards | Up to 2.5% of the loan amount | 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 Vadodara
If you fulfill the pre-determined eligibility criteria set by banks and NBFCs, you will hardly find any difficulty in getting a home loan approval in Vadodara. When we say eligibility criteria for home loans, we mean a specific age limit, nationality, creditworthiness, and income.
It is better to grasp some prior information so that you know whether you are eligible to apply for a home loan or not, so we are mentioning the general home loan eligibility in Vadodara in the table below:
| 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. 1.8 lakh/ yearly |
| 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.
- Indian residents are always welcome to apply for a housing loan in Vadodara
- You must be within the age bracket of 21 to 65 years to apply for a home loan in Vadodara
- Banks and housing finance companies usually ask for a work experience of 2 and 3 years from salaried and self-employed applicants, respectively
- Vadodara banks will not mind offering home loans to those with a good credit score of 750 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 Required for Home Loans in Vadodara
Your home loan application procedure will be incomplete if you fail to submit the right documents when applying for the loan. So, for this, you must update your knowledge about the types of documents required for home loans in Vadodara for self-employed and salaried individuals. Have a look and see this document requirement:
1. For Salaried Loan Applicants
- A cheque in favor of the lender for the processing fee
- Voter ID Card, PAN card, Aadhaar Card
- Bank account statements (3 months)
- Salary slips (3 months)
- Latest Income Tax Return
- Latest Form 16
- Property documents
- Appointment letter
2. For Self-Employed Loan Applicants
- Voter ID Card, PAN Card, Aadhaar Card
- Company license
- Business Profile
- Recent Form 26AS
- P&L account statements and balance sheets (3 years)
- Bank account statements (6 months)
- Income Tax Return (3 months)
| 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 Vadodara
The moment you approach a home loan agent in Vadodara, you will be flooded with several options to choose from. There will be a home loan to purchase a home or a plot, construct or renovate a home, or even transfer your existing home loan amount to a new lender at a better interest rate.
Have a look at the table below to understand the different types of housing loan schemes available and their purpose:
| Type of Document Required | The Object of the Loan |
|---|---|
| Plot Purchase Loan | This scheme is meant for those who wish to purchase a residential plot |
| Home Purchase Loan | This loan is intended for those who wish to buy a home |
| Flexible Balance Transfer Home Loan | A flexible option to switch the existing home loan to another bank or NBFC and enjoy a cheaper rate of interest |
| Home Improvement Loan | The purpose of this loan is to provide the customer with funds to improvise an existing house |
| Home Construction Loan | The purpose of this scheme is to provide the customer with funds to construct a home on a plot |
| Home Renovation Loan | Aims to give financial help to a customer to renovate an existing home |
| Home Extension Loan | Designed to provide the customer with sufficient funds to extend an existing home |
| Top-Up Home Loan | This loan fulfills the additional fund requirement of an existing customer |
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 general home loan-to-value ratio in Vadodara is up to 90% of the loan amount.
The procedure to take a home loan in Vadodara is simple and can be done online with the help of the BASIChomeloan team. Otherwise, you may contact the particular bank or NBFC, fill out their home loan application form, submit the required documents, and submit a processing fee cheque.
Several banks and housing finance companies charge a processing fee on home loan applications in Vadodara. This fee helps them recover the cost of the efforts made on various procedures to grant home loans to borrowers.
Yes, one can reduce the home loan interest in Vadodara by following these tips:
- Choosing the right housing loan scheme
- Opting for a shorter loan tenure
- Increasing the down payment
- Maintaining a good credit score
Certain factors like the interest rate and the loan tenure are taken into consideration when deciding the EMI for a home loan of Rs. 25 lakh. If the rate of interest of a home loan is 8.50% per annum, then the EMI for a 30-year tenure per month would be Rs. 19,223. You can use this online EMI calculator for the best calculations.