Home Loans in Sonipat
The real estate market in Sonipat is booming due to multiple reputed banks and NBFCs in the city offering home loans at affordable interest rates. The lowest interest rate in the city is currently at 8.30% per annum onwards, offered by the Bank of India. Most banks in the town offer a maximum repayment tenure for a home loan of 30 years. This makes a home loan feasible for all residents in Sonipat who wish to own a house. This article enumerates other details relating to taking a home loan in Sonipat.
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Home Loan Interest Rates in Sonipat
One of the biggest factors to consider when opting for a home loan is the interest rate offered by the concerned bank or NBFC. The table below shares the home loan interest rates in Sonipat for the top 10 banks and NBFCs in the city to help you make an informed choice:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
ICICI Bank | 30 | 8.75% p.a. onwards | 0.50% - 2% of loan amount or Rs. 3,000 (whichever is higher) + GST | Enquire |
|
Union Bank of India | 30 | 8.50% p.a. onwards | 0.50% of loan amount | Enquire |
|
HDFC Bank | 30 | 8.50% p.a. onwards | Up to 0.50% of loan amount or Rs. 3,000 (whichever is higher) + GST | Enquire |
|
IIFL Home Loan | 25 | 8.75% p.a. onwards | 0.50% - 1.75% | Enquire |
|
LIC HFC | 30 | 8.35% p.a. onwards | 0.50% of loan amount + GST | Enquire |
|
Bank of Baroda | 30 | 8.40% p.a. onwards | 0.50% of loan amount | Enquire |
|
SBI | 30 | 8.40% p.a. onwards | 0.35% of loan amount + GST | 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 Sonipat
Before applying for a home loan in Sonipat, you must meet certain eligibility requirements specified by the concerned bank or NBFC in the city. Listed below are the common criteria considered by top lenders for home loan eligibility in Sonipat:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian citizens, Indian residents, NRIs | Indian citizen living in India |
| Professional Experience | Employed in partnership firms, PSUs, proprietorship, LLP, MNCs, private/public sector | Employed in partnership firms, PSUs, proprietorship, LLP, MNCs, private/public sector |
| Age |
|
23-75 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 10,000 per month |
| CIBIL Score | 725 or more (preferred) | 725 or more (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.
- Leading banks in Sonipat offer home loans to both salaried employees and self-employed professionals.
- The minimum age requirement for salaried employees to apply for a home loan is 23 years, in the case of resident Indians. NRIs must be at least
- 25 years old to apply for the loan. The maximum age considered at the time of maturity is 60 years in both cases. For self-employed applicants, the age range is 23-75 years.
- Salaried applicants can be Indian citizens, those residing in India, or NRIs. In the case of self-employed applicants, however, they must be Indian citizens residing in India when they apply for the loan.
- Salaried employees can work in various public or private organizations. Self-employed applicants must be continuously operating the current business for at least 5 years or more.
- The minimum CIBIL score required to apply for a home loan in Sonipat is 725.
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 Sonipat
Along with meeting the required eligibility criteria for banks and NBFCs in Sonipat, you must also submit some documentation. To help you follow the process right, we list below the complete set of documents required for a home loan in Sonipat:
1. For Salaried Loan Applicants
- Proof of residence, such as voter ID or bank statement
- Proof of ID, such as PAN card, Aadhar card, passport, or driving license
- Proof of income, such as Form 16 or salary slips from the previous 3 months
- Proof of continuity of job, such as bank statement for last 3 months or appointment letter
- Property-related documents
2. For Self-Employed Loan Applicants
- Proof of ID and residence, such as voter ID, PAN card, Aadhar card
- Property-related documents
- Duly filled and signed application for a loan
- Proof of income, such as ITR for the last 2 years, bank statement for the previous 6 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 Sonipat
Home loan borrowers are not the same everywhere. In every part of India, people who apply for a home loan have different requirements. This is why home loan lenders cannot be the same either. They offer different types and varieties of home loan schemes and plans to cater to the varied needs of their customers.
The table below highlights some of the most popular types of home loan options offered by your home loan agent in Sonipat:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home construction loan | To construct a residential property on a piece of land |
| Loan to buy new home | To purchase a new residential property |
| Top-up home loan | To meet the need for additional funds over and above your existing loan for repairs/renovation |
| Home renovation/Improvement loan | To make repairs/improvements/upgrades to an existing residential property |
| Home loan balance transfer | To transfer the outstanding balance of your existing home loan to another lender at lower interest rates |
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
Yes, several banks and NBFCs in Sonipat offer home loans to salaried employees, provided they meet some specific eligibility criteria.
The average age range for home loan applicants in Sonipat is 23-75 years.
No bank or NBFC in Sonipat offers a 100% home loan facility to any loan applicant. Lenders generally offer loans for only up to 75-90% of the cost of the property.
Most banks and NBFCs in Sonipat offer home loans to customers for a maximum of 80% of the cost of the property. The remaining 20% needs to be borne by the customer.
Considering that the lowest rate of interest offered by a bank in Sonipat on home loans is 8.30% per annum, the average EMI payable on a loan amount of Rs. 25 lakhs for a tenure of 30 years will be Rs. 18,870 per month. You may calculate EMI easily using the help of an online EMI calculator at EMI.