Home Loans in Ambala
Located strategically near the border of Punjab and Haryana, Ambala is emerging as a real estate market offering people to live and enjoy a mix of modernity and traditionality. Go ahead and make your dream of living in Ambala come true by applying for a home loan in Ambala from an established bank or housing finance company. Ambala's most affordable home loan interest rate begins at 8.45% per annum. Several banks and non-banking housing finance companies will charge you a processing fee on home loan applications that will fall in the 0.25% - 0.50% of the loan amount and sometimes more. You get ample time to repay the loan, which can be up to 30 years.
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Home Loan Interest Rates in Ambala
The lowest home loan rates in Ambala start at 8.45% per annum. Most of these banks and non-banking financial companies allow borrowers to opt for fixed or float rate basis plans. Some of these banks also offer affordable government housing schemes like PMAY to the economically weaker sections of society.
The list below highlights the processing fee and current rate of interest on home loans from the top 10 banks and housing finance 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 (Rs. 1,500 min; Rs. 20,000 max) | Enquire |
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Rs. 25,000 max) | 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 |
|
Kotak Mahindra Bank | 20 | 8.75% | Up to 1% of the loan amount | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
ICICI Bank | 30 | 9.00% onwards | Upto 0.50% of the loan amount | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Aadhar Finance | 30 | 11.75% - 17% | Rs. 3,500 + GST | Enquire |
Eligibility Criteria for Home Loans in Ambala
Having said that, banks and NBFCs offer easy home loans in Ambala; we will also add that they grant these loans only if one is eligible. There are certain parameters (nationality, age, income, credit score) that these financial lenders check to ensure that the applicant is worthy to receive a home loan or not.
Feel free to have a look at the general parameters considered for home loan eligibility in Ambala:
| 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. 1.8 lakh per year |
Minimum Rs. 3 lakh per year |
| CIBIL Score | 750 or above | 750 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.
- Home loans in Ambala are granted to Indian residents who can show their proof of residence
- The minimum age limit to apply for a home loan in Ambala is 21 years, and the maximum age limit at the time of loan maturity is 65 years
- Banks and housing finance companies usually ask for a total work experience of 2 and 3 years from salaried and self-employed applicants respectively
- Applicants with a credit score of 750 and above have higher chances of getting home loans in Ambala
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 Ambala
The home loan procedure is incomplete without submitting the required documents that help the lender verify your age, income, citizenship, and property details. So, we thought of acquainting you with the list of essential documents for home loan in Ambala before you apply for one:
1. For Salaried Loan Applicants
- Identity proof documents like Voter ID Card, PAN Card, Aadhaar Card
- Salary slips (3 months)
- Bank statements (3 months)
- A home loan processing cheque in favor of the lender
- Last-filled Form 16
- Last-filled IT return
- Appointment letter
- Property documents
2. For Self-Employed Loan Applicants
- Identity proof documents like Voter ID Card, PAN Card, Aadhaar Card
- Business profile
- Company license
- ITR ( 3 years)
- Last-filled Form 26AS
- Bank account statement (6 months)
- P&L account statements (3 years)
- Balance sheets (3 years)
| 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 Ambala
If you check the official website of a reliable home loan company in Ambala, you are most likely to get ample options for housing loan schemes. Ranging from a home or plot purchase to construction and improvement loans, you can pick any depending on your specific need.
Have a look at the common housing loan schemes available at the best financial service providers in Ambala:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | Designed to help people buy residential homes |
| Plot Purchase Loan | Designed to help people buy a plot for constructing a home at a later stage |
| Home Construction Loan | Designed to help people construct a home on a plot |
| Home Improvement Loan | Designed to help people improve a home with services like painting, plumbing, wiring, and so on |
| Home Extension Loan | Designed to help people add room, floor, or balcony to a home |
| Top-Up Home Loan | Designed to help borrowers with some extra funds without applying for a fresh loan |
| Balance Transfer Home Loan | Designed to help borrowers transfer their existing home loan amount to a new lender at cheaper 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, self-employed individuals can easily apply for home loans in Ambala, provided they fulfill the set eligibility criteria of the respective lender they choose.
The maximum home loan amount an individual can avail of in Ambala is up to 90% of the property cost.
The best banks and housing finance companies usually take up to a week or, at the most, 10 days for home loan approvals in Ambala. If they take more than this, it is because of the incomplete document submission, failure to meet the eligibility criteria, or due to application backlogs with the lender.
Currently, the Bank of India offers the lowest home loan interest rates in Ambala, starting at 8.45% per annum.
Yes, some banks offer home loan subsidy schemes in Ambala, like Pradhan Mantri Awas Yojana (PMAY), to economically weaker sections of society.