Home Loans in Gwalior

Best known for its rich heritage, quality education, connectivity, and affordable housing, Gwalior in Madhya Pradesh can appeal to anyone as a home city. Investing in a residential or commercial property in this city will not be a problem if you apply for a home loan in Gwalior. Starting at an interest rate of 8.50% per annum, LIC HFC offers the most affordable housing loans in Gwalior, which is then followed by HDFC Bank, and many more lenders. When applying for a home loan, you are supposed to submit the relevant documents along with a processing fee cheque that can be between 0.25% - 0.50% of the loan amount. One may expect a home loan for a maximum repayment period of 30 years based on eligibility.

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Home Loan Interest Rates in Gwalior

The lowest home loan interest rate in Gwalior begins at 8.50% per annum. Some lending banks also offer the government affordable housing scheme PMAY to economically weaker sections. While some banks also offer concessions on interest rates to women borrowers. So, research a bit about the same to save that extra bit on home loan interest rates. 

The table illustrated below will give you a clear idea about the processing fee and rate of interest of the top 10 NBFCs and banks in Gwalior:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank LIC HFC 30 8.50% Up to 0.25% (Max: Rs. 25,000) Enquire
bank Aavas Finance 30 8.50% Up to 1% of the loan amount + GST Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Min: Rs. 3,540) Enquire
bank Kotak Mahindra Bank 20 8.75% 0.50% - 1% of the loan amount Enquire
bank PNB Housing 30 8.75% onwards Up to 0.50% (Max: Rs. 10,000) Enquire
bank Aditya Birla Capital 30 8.80% onwards Upto 1% 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 Indian Overseas Bank 30 9.35% Up to 0.50% of the loan amount Enquire
bank India Shelter 20 10.50% onwards Up to 2.5% of the loan amount Enquire
bank Union Bank of India 30 8.70% onwards 0.50% of the loan amount (Max: Rs. 15,000 + GST) Enquire
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Eligibility Criteria for Home Loans in Gwalior

How to check whether you are eligible or not to apply for a home loan in Gwalior? For this, you must check the eligibility requirements of different lenders in the city. It is not a tough task to be eligible for such financial assistance; one just has to fit into some specific brackets as determined by the specific lender. 

The table displayed below will now acquaint you with the basic home loan eligibility in Gwalior requirements in terms of citizenship, work experience, age, salary, and credit score:

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian Residents Indian Residents
Professional Experience 2 years 3 years
Age

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum Rs. 10,000 per month

Minimum Rs. 1.8 lakh per annum

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.

  • Usually, banks and housing finance companies offer home loans only to Indian residents. 
  • The standard age limit for a housing loan in Gwalior is between 21 to 65 years. 
  • Financial institutions ask for a minimum work experience of 2 years from salaried and 3 years from self-employed applicants
  • Gwalior banks are always ready to grant home loans to those with a credit 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 Gwalior

If you do not want to face a loan rejection, then make sure to arrange for the required documents before applying for a home loan. Generally, banks want to ensure that they are lending money to genuine borrowers, and they check it through some KYC documents. Feel free to have a look at the list of documents required for home loan in Gwalior: 

1. For Salaried Loan Applicants

  • Identity documents like Voter ID Card, Aadhaar Card, PAN card
  • A cheque in favor of the lender for the processing fee 
  • Property documents 
  • 3 months bank account statements 
  • 3 months salary slips 
  • Recent IT return
  • Recent Form 16
  • Appointment letter

2. For Self-Employed Loan Applicants

  • Identity documents like Voter ID Card, Aadhaar Card, PAN card
  • Business profile and company license
  • 3 years ITR 
  • 3 years Proft and Loss account statements 
  • 3 years balance sheets 
  • 6 months bank account statement
  • Recent Form 26AS
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 Gwalior

A good and reputed home loan agent in Gwalior, be it a bank or a housing finance company, is most likely to serve you with a variety of options in terms of housing loan schemes. From home purchase to plot purchase, from home construction to renovation, and much more will be served on a platter to you as a potential home loan borrower. 

Want to know more about what kinds of home loan schemes are available in Gwalior? Then, here is your chance to learn about the same through this detailed table:

Type of Document Required The Object of the Loan
Balance Transfer Home Loan An exciting option to shift the outstanding loan amount from one lender to another at a better rate of interest
Loan for Home Construction An ideal home loan to arrange funds for home construction on a plot
Loan for Plot Purchase This scheme is meant for those who wish to invest in a residential plot
Loan for Home Purchase This loan provides financial help to those who want to own a home
Top-Up Home Loan Additional financial help to existing customers without reapplying for a new loan
Loan for Home Renovation Perfect loan to get funds to renovate an existing home
Loan for Home Extension An ideal home loan scheme for extending an existing house

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 Gwalior

To help you figure out the best financial service provider for a home loan in Gwalior, be it a bank or an NBFC; we are now presenting a list of the top 5 lenders. These are all in partnership with BASIChomeloan and offer hassle-free housing loans in Gwalior:

Top Banks for Home Loans in Gwalior (BASIC Partner) Top NBFCs for Home Loans in Gwalior (BASIC Partner)
Kotak Mahindra Bank LIC HFC
HDFC Bank Aavas Finance
Indian Overseas Bank Aditya Birla Capital
SBI PNB Housing
Axis Bank India Shelter

FAQs

The minimum salary required for a home loan in Gwalior is Rs. 10,000 per month. 

No bank or NBFC offers 100% financing on a home loan in Gwalior. You can expect up to 90% of the property cost as the maximum loan amount. 

Yes, you can have a co-applicant for a home loan in Gwalior, provided that person is a close family member like spouse, child, parent, or sibling. 

You must follow these steps to take a home loan in Gwalior:

  • Research about different lenders
  • Compare their rate of interest and loan schemes
  • Check eligibility
  • Submit home loan application with proper documentation
  • Sign the loan agreement
  • Once approved, the loan amount will be disbursed
  • Repay the loan amount in monthly installments

Fixed home loan interest rates are fixed throughout the loan tenure, whereas floater home loan interest rates may increase or decrease depending on the current market conditions and other factors. Many banks and housing finance companies offer customers to choose between fixed and floater rate basis.