Home Loan in Delhi

Residing in India’s capital city and aspiring to own your dream home? Several top banks and NBFCs in Delhi can help you turn that dream into reality in no time! Home loans in Delhi are available at attractive rates of interest starting from 8.55% per annum. The maximum loan tenure is for up to 30 years. 

There are several banks and NBFCs in Delhi that allow customers to transfer the balance amount from their existing home loan availed from other lenders. A home loan balance transfer facility is offered at relatively lower interest rates, which attracts existing borrowers. In addition to loan balance transfer, Delhi banks and NBFCs also come up with certain special plans to encourage home loans for rural housing, affordable housing schemes, and home loans without the prerequisite for formal income documents.

 

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Home Loan Interest Rates in Delhi

Every bank or NBFC in Delhi offers housing finance to customers interested in purchasing or constructing a residential property at a certain interest rate. These rates are generally competitive, and each bank strives to attract borrowers to avail of a home loan facility with it. The average home loan rate of interest offered at most banks/NBFCs in Delhi starts at 8.55%. The table below lists the different interest rates offered by the various top banks and NBFCs in Delhi (partnered with BASIC Home Loan). It also highlights the financial institution offering the lowest home loan interest rate in Delhi.

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank HDFC Bank 30 8.70% - 9.75% 3,540 - 0.25% Enquire
bank State Bank of India 30 8.75% - 9.75% 10,000 - 0.25% Enquire
bank Aavas Financiers Ltd 25 13.00% - 17.00% Min 1.00% Enquire
bank PNB Housing 30 8.75% - 11.95% 10,000 - 0.50% Enquire
bank Tata Housing 30 8.60% - 12.50% 3,540 - 0.25% Enquire
bank Navi 30 8.55% - 9.75% 10,000 Enquire
bank Fedbank 30 10.15% - 10.30% 20,000 Enquire
bank Bajaj Finserv 30 8.60% - 13% 0.30% - 1% Enquire
bank L&T Finance 30 8.75% - 10.30% 10,000 Enquire
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Eligibility Criteria for Home Loans in Delhi

Every bank or NBFC in Delhi has a specific set of pre-defined criteria that the prospective home loan applicant must meet to be considered eligible for receiving the applied loan amount. The table below represents some of the standard and commonly acceptable criteria for home loan eligibility in Delhi by the top banks and NBFCs in the city:

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian Indian
Professional Experience 3 years 5 years
Age

21 - 62 Years

25 - 70 Years

Monthly Income
  • Rs. 30,000 - Below 37 years old
  • Rs. 40,000 - 37-45 years old
  • Rs. 50,000 - Over 45 years old

Steady income source for a minimum of 5 years

CIBIL Score Over 750 Over 750

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.

  • All home loan applicants seeking housing finance at top Delhi banks and NBFCs must be Indian residents. 
  • Salaried home loan applicants should ideally be between 23 and 62 years of age, while self-employed individuals are considered eligible for home loan applications between 25 and 70 years of age.
  • Salaried applicants must demonstrate a minimum of 3 years of professional experience, and self-employed applicants are required to show business continuity for at least 5 years.
  • Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Delhi banks.

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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Document Requirement for Home Loans in Delhi

The home loan application process is incomplete without the applicant submitting a set of required official documents to the bank/NBFC applied to. All banks and NBFCs in Delhi demand these documents as part of the home loan application procedure. Some of the most essential and mandatory home loan documents in Delhi that you may need to submit along with your application are:

1. For Salaried Loan Applicants

  • Proof of ID (any one): Voter ID, DL, Aadhaar Card, Passport, PAN Card
  • Property Documents: Land Tax receipt from the land revenue department, Certificate of Possession, Occupancy Certificate (for ready apartments), stamped Sale Agreement, Sales Deed, Letter of Allotment, receipt of payment made to builder/seller, bank account statement, NOC from builder/housing society
  • Proof of Residence (any one): Telephone bill, Property Tax receipt, Electricity bill, Water Tax, Mobile bill (post-paid)

2. For Self-Employed Loan Applicants

  • Financial statements (CA-audited): Balance Sheet, Profit&Loss Account Statement
  • Proof of Business: Partnership Deed, ROC Registration Certificate, PAN Card, SEBI Registration Certificate, GST Registration Certificate, Import
  • Export Code, Trade License, Memorandum of Association
  • Bank account statement of 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 Delhi

Different banks and NBFCs in Delhi offer different home loan schemes and plans to prospective home loan applicants based on their requirements and earning potential. This helps determine the repayment capacity of the borrower. Listed below are some of the most common types of home loan options available at Delhi banks and NBFCs:

Type of Document Required The Object of the Loan
Home Conversion Loan To move to a new house after already taking a home loan to buy a residential property
NRI Home Loan For NRIs keen on buying residential properties in India
Home Loan for Buying a House To buy a new house or already-owned residential property
Home Loan Balance Transfer To transfer existing home loan amount from current lender to another lender on account of a lower rate of interest/better customer service by new lender
Home Loan for Construction To construct own house
Home Loan for Expansion/Extension To expand/extend/alter existing property’s structure/design
Home Improvement Loan To renovate/repair existing residential property

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 Banks and NBFCs for Home Loans in Delhi

If you're interested in availing of a housing finance scheme with a top Delhi bank/NBFC, you can find below the top 5 financial institutions that lend money at attractive and competitive interest rates to prospective home loan borrowers. 

Top Banks for Home Loans in Delhi (BASIC Partner) Top NBFCs for Home Loans in Delhi (BASIC Partner)
ICICI Bank Tata Capital
HDFC Bank Bajaj Finserv
SBI Bank PNB Housing
Axis Bank L&T Housing Finance
IIFL Home Loan

FAQs

Several top banks and NBFCs in Delhi offer prospective applicants home loans starting at 8.55% per annum.

The easiest way to apply for a home loan in Delhi is to visit the website of BASIC Home Loan and go to the 'Apply Now' section. Fill out the application form provided with your name and other contact details. A team member of BASIC will contact you as soon as possible and initiate the home loan application process for you.

Generally, no bank or NBFC offers its borrowers a 100% home loan option. Housing finance is available only between the range of 75% and 90% of the cost of the property.

Most banks and NBFCs in Delhi offer their prospective home loan applicants instant approval on housing finance applications.

Yes, several top banks in Delhi offer home loan options to customers for buying a residential resale property. Kindly check with your bank/NBFC for the specific requirements for applying for a resale property home loan.