Home Loans in Varanasi
A home loan in Varanasi can save you from the stress of arranging money to buy your dream home in this holy city, on the banks of the River Ganges. From private to public banks and non-banking financial companies, all have their eminent presence in Varanasi, offering you home loans with minimum documentation. Home loan interest rate in Varanasi starts at an affordable 8.50% p.a. The maximum home loan amount you can expect from a lender is up to 90% of the property cost, and the maximum repayment time you can fetch is up to 30 years.
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Home Loan Interest Rates in Varanasi
Different banks and NBFCs may have different home loan interest rates in Varanasi, but the lowest one starts at 8.50% per annum. Moreover, some banks offer PMAY affordable government housing loan schemes to the EWS, so you may check for the same if you belong to the economically weaker section of society.
We feel it is the right time to help you compare the home loan interest rates and processing fees of the top 10 banks and housing finance companies offering home loans in Varanasi:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Bank of India | 30 | 8.50% | Up to 0.25% of the loan amount (Min: Rs. 1,500; Max: Rs. 20,000) | Enquire |
|
Aavas Finance | 30 | 8.50% | Up to 1% of the loan amount + GST | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
Bank of Baroda | 30 | 8.60% | 0.50% (Rs. 8,500 min; Rs. 25,000 max) | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Max: Rs. 10,000) | Enquire |
|
India Shelter | 20 | 10.50% onwards | Upto 2.50% of the loan amount | 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 |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Min: Rs. 3,540) | 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 Varanasi
Getting a housing loan in Varanasi is not a big issue, provided you fall in the eligible category. Whether salaried or self-employed, you can apply for a home loan in Varanasi if you meet the required age limit, income, citizenship, and CIBIL score limits of your chosen lender in Varanasi.
Feel free to check the standard home loan eligibility in Varanasi through the table given below:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Professional Experience | 2 years | 2 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 25,000 per month |
Minimum Rs. 25,000 per month |
| 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.
- Established banks and NBFCs in Varanasi offer easy home loans to Indian residents, NRIs, and PIOs
- The eligible age limit to apply for a home loan in Varanasi is between 21 to 65 years
- Salaried applicants must provide proof of 2 years of work experience, and self-employed applicants must provide proof of 3 years of work experience to get a home loan in Varanasi
- Financial service providers in Varanasi offer home loans to those with a minimum CIBIL 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 Requirement for Home Loans in Varanasi
Any home loan application will be considered incomplete if not submitted with the required KYC documents. So, check the list of essential documents for a home loan in Varanasi and submit the same when applying for a home loan. The separate list of documents for salaried and self-employed borrowers is listed below for your reference:
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 Varanasi
Approaching a home loan company in Varanasi may open an array of housing loan schemes for you. Be it your desire to buy a home or a plot to build a home later, or a wish to renovate your existing abode, you will find a suitable home loan scheme at a reasonable interest rate from the best lenders in Varanasi.
Have a look to understand the popular housing loan schemes available in Varanasi:
| Type of Document Required | The Object of the Loan |
|---|---|
| Loan for Plot Purchase | Most appropriate housing loan for those keen to invest in a plot for building a residential home |
| Loan for Home Purchase | The best housing loan for those looking for funds to buy a dream home |
| Flexible Balance Transfer Home Loan | The most convenient way to shift the existing home loan to a new lender is to enjoy a cheaper rate of interest |
| Loan for Home Renovation | An ideal way to arrange for adequate funds to renovate a home through painting, plumbing, carpentering, and so on |
| Loan for Home Construction | A perfect way to get financial help to construct a home on a plot |
| Loan for Home Improvement | The most suitable way of arranging money for improving the condition of an existing home |
| Loan for Home Extension | Ideal way to arrange for funds to extend a home through a new floor, room, or balcony |
| Top-Up Home Loan | Best way to extract extra funds from the lender without applying for a new loan |
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
You may apply for a home loan in Varanasi by filling out the application form, submitting the required documents, and submitting a processing fee cheque. The other best way to apply for a home loan in Varanasi is by reaching out to the BASIChomeloan team online.
The minimum income requirement for a home loan in Varanasi is Rs. 25,000 per month. However, this may vary depending on the bank or NBFC you choose.
Yes, a home loan borrower in Varanasi can avail of the following tax benefits:
- Tax deduction up to Rs. 1,50,000 under Section 80C
- Tax deduction up to Rs. 2,00,00 under Section 24B
Yes, self-employed people can easily apply for home loans in Varanasi. However, make sure to submit the right documents and fulfill other eligibility requirements asked by the lender.
Be it a bank or a housing finance company, all such lenders usually charge a processing fee on home loan applications. The processing fee on home loans in Varanasi may range between 0.25% and 1% of the loan amount + GST.