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 |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% (Max: Rs. 25,000) | Enquire |
|
Aavas Finance | 30 | 8.50% | Up to 1% of the loan amount + GST | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Min: Rs. 3,540) | Enquire |
|
Kotak Mahindra Bank | 20 | 8.75% | 0.50% - 1% of the loan amount | Enquire |
|
PNB Housing | 30 | 8.75% onwards | Up to 0.50% (Max: Rs. 10,000) | Enquire |
|
State Bank of India | 30 | 9.15% - 12.95% | Up to 0.25% (Rs. 10,000 max) | Enquire |
|
Indian Overseas Bank | 30 | 9.35% | Up to 0.50% of the loan amount | Enquire |
|
India Shelter | 20 | 10.50% onwards | Up to 2.5% of the loan amount | Enquire |
|
Union Bank of India | 30 | 8.70% onwards | 0.50% of the loan amount (Max: Rs. 15,000 + GST) | Enquire |
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 |
Min: 21 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.
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.