Home Loans in Greater Noida
Greater Noida in Uttar Pradesh offers a blend of modern amenities, strategic location, and affordability. In short, if you want to buy a home in a city with a well-planned infrastructure and a hub of business houses, Greater Noida is the place to be. To help such people who are keen to buy a home in Greater Noida, multiple banks and NBFCs are offering affordable home loans with minimum documentation. The interest rate for a home loan in Greater Noida starts at 8.50% per annum. The maximum loan repayment tenure offered by most of these financial institutions is up to 30 years for a maximum loan amount of up to 90% of the property value.
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Home Loan Interest Rates in Greater Noida
Whether you need to buy a home or plot, construct a home, or renovate or extend an existing home, options are unlimited when opting for a home loan provider in Greater Noida. Most of the financial institutions in Greater Noida offer loans up to 90% of the property cost. The lowest interest rate offered by any bank in Greater Noida starts at 8.50% per annum.
Have a look at the table that highlights the home loan interest rate in Greater Noida offered by the top 10 banks and NBFCs:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Aavas Financiers Ltd. | 25 | 8.50% onwards | 1.00% | Enquire |
|
Bank of Baroda | 30 | 8.60% onwards | Up to 0.50% (Rs. 8,500 min; Rs. 25,000 max) | Enquire |
|
Union Bank of India | 30 | 8.70% | 0.50% (Rs. 15,000 max) | Enquire |
|
PNB Housing | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 max) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Federal Bank | 30 | 10.15% - 10.30% | Rs. 20,000 | Enquire |
|
Aadhar HFC | 20 | 11.75% - 17.00% | Upto Rs. 3,500 +GST | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min) | Enquire |
Eligibility Criteria for Home Loans in Greater Noida
Top banks and NBFCs in Greater Noida offer home loans to applicants only if they meet the eligibility criteria in terms of age, nationality, income, and CIBIL score. Although they might vary a bit in all these parameters, they all ask for the standard criteria for home loan eligibility in Greater Noida listed below:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian | Indian |
| Professional Experience | NA | NA |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 25,000 per month |
Minimum Rs. 25,000 per month |
| CIBIL Score | 750+ (preferred) | 750+ (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.
- All home loan applicants trying to get housing finance at top Greater Noida banks and NBFCs must be Indian residents
- Both salaried and self-employed home loan applicants should ideally be between 21 and 65 years of age
- 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 Greater Noida 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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Documents Requirement for Home Loans in Greater Noida
An important procedure to apply for a home loan in Greater Noida is to submit the essential KYC documents that help verify the applicant's age, income, nationality, and address. For your reference, we are now presenting the list of documents for home loans in Greater Noida.
1. For Salaried Loan Applicants
- A cheque for the processing fee with an adequately filled loan application form
- ID verifying documents such as Voter ID Card, Aadhaar card, PAN card, Passport, and Driving License
- Appointment letter from the employer, Appraisal letter
- Proof of income like salary slips of the previous 3 months, the latest filled Form 16, and last year's IT return
- Bank statements for the previous 3 months
- Property documents such as sale deed, advance payment receipt to the builder, approved construction plan, NOC from the builder or housing society
2. For Self-Employed Loan Applicants
- A cheque for the processing fee with a duly filled loan application form
- ID verifying documents such as Voter ID Card, Aadhaar card, PAN card, Passport, and Driving License
- Business profile along with the license of the company
- Latest Form 26AS
- Savings account statement of previous 6 months
- ITR with computation of income for previous 3 years as proof of income
- P&L account statements and Balance Sheets for the last 3 years attested by a CA
- Memorandum and Articles of Association of the company
| 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 Greater Noida
When you set out to choose the best home loan company in Greater Noida, be ready to get puzzled seeing so many options of home loan schemes offered by most of them. So, to end your confusion, we are presenting the common types of home loan schemes available at the best home loan providers in Greater Noida:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | For the purchase of a residential flat/apartment |
| Plot Purchase Loan | For the purchase of land or plot, where a home will be constructed within a fixed period |
| Home Improvement Loan | For the renovation of an already bought house by services like painting, wiring, carpentry, and other activities |
| Home Construction Loan | For the construction of a home on an already bought plot |
| Home Extension Loan | For extending an already existing home with another room, floor, or balcony |
| Top-Up Loan | For helping the borrower meet personal and professional financial needs with an extra financial fund |
| Balance Transfer Home Loan | For efficiently transferring the existing loan amount to a new lending party at a lower rate of interest |
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
Generally, the best banks and NBFCs in Greater Noida take up to 15- 20 days for loan disbursements after home loan approval. However, they may take longer if the applicant has failed to submit the essential documents.
The minimum income requirement for a home loan in Greater Noida may vary from bank to bank. However, the standard minimum income requirement for a Greater Noida home loan is Rs. 25,000 per month.
Generally, home loan providers offer home loans a maximum loan tenure of up to 30 years that matures at the lender's estimated maximum age of 65 - 70 years. So, yes, age may affect the home loan tenure in Greater Noida.
Loan to Value (LTV) is the maximum loan amount the lending bank or NBFC offers as a percentage of the property's current market value. Yes, an LTV ratio between 75% - 90% applies to home loans in Greater Noida.
Floater rate-basis home loans are better in terms of affordable interest rates. In contrast, fixed-rate home loans in Greater Noida are better for those who want to avoid the risk of inflammation in interest rates during the entire tenure of the home loan.