Home Loans in Ballabgarh
Fulfill your dream of buying a home or renovating one you already have in Ballabgarh, Faridabad, with an easy home loan scheme. The presence of prominent banks and NBFCs in Ballabgarh is a blessing for potential home buyers who hesitated to buy one due to lack of funds. A home loan in Ballabgarh starts at an interest rate of 8.45% per annum. While applying for a housing loan in Ballabgarh, make sure to submit the relevant documents along with a processing fee cheque that can be anything starting from 0.25% to 7% of the loan amount, depending on the lender you choose. The maximum time allowed to repay the loan amount is up to 30 years, with easy EMI repayment options.
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Home Loan Interest Rates in Ballabgarh
The lowest home loan interest rates in Ballabgarh begin at 8.45% per annum. If you are working on a salary or are self-employed, you can easily apply for a home loan in Ballabgarh at the leading financial institutions, ranging from private and public banks to non-banking financial companies.
It is now time for you to check the processing fee and interest rates of 10 eminent banks and NBFCs offering housing loans in Ballabgarh:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Bank of India | 30 | 8.45% onwards | Up to 0.25% of the loan amount (Min: Rs. 1,500; Max: Rs. 20,000) | Enquire |
|
Aavas Finance | 30 | 8.50% onwards | Up to 1% of the loan amount + GST | Enquire |
|
LIC HFC | 30 | 8.50% onwards | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
Mahindra Finance | 20 | 8.50% onwards | 1% - 3.5% of the loan amount (Minimum: Rs. 1,000) | Enquire |
|
ICICI Bank | 30 | 9.25% - 10.05% | 0.50% - 2% of the loan amount | Enquire |
|
Federal Home Loan | 30 | 10.15% - 10.30% | Rs. 20,000 max | Enquire |
Eligibility Criteria for Home Loans in Ballabgarh
It is easy to get home loans in Ballabgarh, provided you are eligible for them. Lenders assess the eligibility of borrowers based on particular factors such as their age, nationality, income, work experience, and CIBIL score.
To make it easier for you to understand all about home loan eligibility in Ballabgarh, we are now presenting tabular data for the same:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 15,000 per month |
Minimum 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.
- Prominent financial institutions in Ballabgarh are always willing to offer home loans to Indian Residents. Some also offer hassle-free home loans to NRIs and PIOs
- Applicants must be within the eligible age limit of 21 to 65 years when applying for home loans in Ballabgarh
- If you are a salaried person, then be ready to show a 2-year proof of work experience, and if you are self-employed, you are expected to show a 3-year proof of work experience at the time of home loan application in Ballabgarh
- Banks and housing finance companies generally ask for a minimum credit score of 700, and anything above is even better
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 Ballabgarh
Remember, your home loan application will be rejected if the documents required for a home loan in Ballabgarh are missing. Lenders also need to verify you as an eligible borrower, and for this, they use certain KYC documents to check your age, nationality, income, and property details.
1. For Salaried Loan Applicants
- KYC documents like Voter ID Card, Aadhaar Card, PAN card
- A processing fee cheque
- 3 months bank account statements
- 3 months salary slips
- Recent income tax return
- Recent Form 16
- Property documents
- Appointment letter
2. For Self-Employed Loan Applicants
- KYC documents like Voter ID Card, Aadhaar Card, PAN card
- 6 months bank account statement
- Recent Form 26AS
- Company license
- Business profile
- 3 years ITR
- 3 years P&L account statements
- 3 years balance sheets
| 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 Ballabgarh
The easiest way to learn about various home loan options is to consult a home loan agent in Ballabgarh. Doing so will help you get information about the different types of home loans, ranging from home purchase to plot purchase, from home construction to home renovation, and all other types of housing loan options in Ballabgarh.
We advise you to proceed ahead and read about the main types of housing loan schemes available in Ballabgarh:
| Type of Document Required | The Object of the Loan |
|---|---|
| Balance Transfer Home Loan | Existing home loan borrowers can shift their remaining loan amount to a different lender for better benefits and rate of interest through a balance transfer scheme |
| Top-Up Home Loan | Additional funds are available to the existing home loan customers apart from the main home loan amount through a top-up scheme |
| New Home Purchase Loan | The main idea of offering this home loan is to encourage people to buy a home of their own without feeling money constraints |
| Plot Purchase Loan | Through this home loan, potential buyers can invest in a residential plot |
| Home Construction Loan | This home loan is especially for those who are running short of finances to construct a home on a residential plot within a specified time |
| Home Renovation Loan | The purpose of this housing loan scheme is to provide sufficient money to existing homeowners to renovate their homes with painting, plumbing, carpentering, and so on |
| Home Extension Loan | This loan is designed to offer financial help to existing homeowners who wish to extend their home with a new floor, room, or balcony |
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
Based on eligibility, an eligible applicant can get up to 90% of the property cost as the maximum home loan in Ballabgarh.
Yes, several banks and NBFCs in Ballabgarh offer joint home loans. However, the co-applicant should be an immediate family member such as the spouse, sibling, parent, or child.
The average interest rate for home loans in Ballabgarh offered by banks and NBFCs is between 8.75% and 9.00% per annum.
Yes, there are banks and financial institutions that offer hassle-free home loans in Ballabgarh to Non-Resident Indians (NRIs). However, they need to prove their eligibility for the same through relevant documents.
Yes, self-employed applicants can apply for home loans in Ballabgarh. However, they must show a minimum income of Rs. 1.8 lakh per annum from their self-employed business.