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 Bank of India 30 8.45% Up to 0.25% of the loan amount (Rs. 1,500 min; Rs. 20,000 max) Enquire
bank LIC HFC 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank Kotak Mahindra Bank 20 8.75% Up to 1% of the loan amount Enquire
bank Aditya Birla Finance 30 8.80% - 14.75% Up to 1% of the loan amount Enquire
bank Tata Capital Ltd. 30 8.95% - 12.00% Up to 0.25% (Rs. 3,540 max) Enquire
bank ICICI Bank 30 9.00% onwards Upto 0.50% of the loan amount Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank Aadhar Finance 30 11.75% - 17% Rs. 3,500 + GST Enquire
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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
Max: 65 years

Min: 21 years
Max: 65 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.

Best NBFCs and Banks for Home Loans in Ambala

Ambala is a city that won't disappoint you if you wish to own a home or renovate one. Numerous banks and financial service providers are there to help you get the funds to fulfill your dream through housing loan schemes. Listed below are the most popular 5 banks and housing finance companies in Ambala in partnership with BASICHomeloan that offer hassle-free home loans:

Top Banks for Home Loans in Ambala (BASIC Partner) Top NBFCs for Home Loans in Ambala (BASIC Partner)
Bank of India LIC HFC
HDFC Bank Aditya Birla Finance
Kotak Mahindra Bank Aadhar Finance
SBI PNB Housing
ICICI Bank Tata Capital Ltd.

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.