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Home Loans in Meerut
Known for its historical background, proximity to Delhi, and affordable cost of living, Meerut offers an attractive real estate deal. To help you buy a home here, you can apply for a home loan in Meerut that is available with minimum documentation from leading banks and non-banking financial companies. The lowest home loan interest rate in Meerut begins at 8.45% per annum. Most of these lending institutions offer home loans that can be repaid within 30 years of the loan disbursement. The general range of processing fees charged by these lenders on a home loan application ranges between 0.25% - 1% of the loan amount.
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Home Loan Interest Rates in Meerut
The home loan rates in Meerut start at 8.45% p.a. but may vary depending on the scheme you choose and the chosen bank or NBFC. For a guided decision, make sure to compare the interest rates by different lenders, choose whether to go for a floater or a fixed rate basis and then apply for a home loan in Meerut.
For your reference, we are now displaying a list of 10 shortlisted banks and non-banking financial companies offering the best housing loans in Meerut:
| 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 min; Rs. 20,000 max) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | Enquire |
|
Aavas Financiers Ltd. | 25 | 8.50% | 1.00% | Enquire |
|
L&T Finance | 25 | 8.60% | Up to 3% of the loan amount | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Indian Overseas Bank | 30 | 9.35% | 0.50% 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 Meerut
No matter whether you approach a bank or a housing finance company, you must fulfill some eligibility criteria set by that particular lender to get a housing loan in Meerut. Now, don't get worried because these are elementary parameters asked by these institutions that are not that tough to meet and make the whole home loan application process easier.
The given table will acquaint you with the general criteria for home loan eligibility in Meerut:
| 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. 10,000/ monthly |
Minimum Rs. 10,000/ monthly |
| CIBIL Score | 750+ preferred | 750+ 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.
- Home loans in Meerut are granted to Indian residents, Non-Indian Residents (NRIs), and Persons of Indian Origin (PIOs)
- The eligible age limit to get a home loan in Meerut is 21 years (minimum age) to 65 years (at the time of loan maturity)
- The total work experience required from a salaried applicant is 2 years, and 3 years from a self-employed applicant
- Meerut banks prefer offering home loans to applicants with a credit or CIBIL score of 750 or more
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 Meerut
Banks and housing finance companies believe in having things on paper, so they ask for a particular set of documents from home loan applicants. Through these documents, they cross-check the applicant's identity, income, nationality, and other similar details. The list of documents for home loan in Meerut are displayed below for your reference, so have a look before you apply for a housing loan:
1. For Salaried Loan Applicants
- KYC documents like Voter ID Card, Aadhaar Card, PAN card
- 3 months salary slips
- 3 months bank statements
- Recent Form 16
- Recent IT return
- Appointment letter
- A cheque in favor of the lender for the processing fee
- Property documents
2. For Self-Employed Loan Applicants
- KYC documents like Voter ID Card, Aadhaar Card, PAN card
- Company license
- Business profile
- Recent Form 26AS
- 6 months' bank account statement
- 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 Meerut
When potential home loan borrowers approach a good home loan company in Meerut, they can expect a range of interesting housing loan schemes. There is a home loan scheme for those who wish to purchase a home or a plot, construct a home on a plot, renovate an existing house, or even transfer their current home loan balance to a new lender at cheaper rates.
It is time to enlighten you with what all types of home loan schemes in Meerut are available at the leading banks and housing finance companies, so have a look:
| Type of Document Required | The Object of the Loan |
|---|---|
| Loan for House Purchase | Aims to help the borrower to buy a home for residence |
| Loan for Plot Purchase | Meant to help the borrower with adequate funds to buy a plot where a home can be built in the coming days |
| Loan for Home Construction | Offers funds to the borrower who is keen to construct a home on a plot |
| Loan for Home Extension | Aims to help the borrower with funds to add an extra room, floor, or balcony in a home |
| Flexible Balance Transfer Home Loan | Offers a flexible choice to the borrower to shift an existing home loan amount to a new lender at a better rate of interest |
| Top-Up Home Loan | Aims to offer extra financial help to the borrower for personal and professional monetary needs |
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 standard processing fee for home loans in Meerut at several lending institutions ranges between 0.25% and 0.50% of the loan amount.
The maximum home loan amount granted by any bank or NBFC in Meerut is up to 90% of the property cost.
The minimum income requirement to get a home loan in Meerut is Rs. 10,000 per month for salaried borrowers and Rs. 1.80 lakh per annum for self-employed borrowers.
Yes, there are several home loan lenders like SBI and PNB Housing Finance that offer easy housing loans in Meerut to Non-Resident Indians (NRIs).
Yes, there are banks and housing finance companies in Meerur that allow co-applicants for a home loan. However, these co-applicants should be immediate family members like a child, parent, spouse, or sibling.