Home Loans in Kanpur
Investing in a property in Kanpur means a promising rental income stream. Besides, buying a home in Kanpur provides some unique features peculiar to this city, which was once called the Manchester of India. If you, too, are keen to buy a home in Kanpur but are running short of finances, you can apply for the best home loans in Kanpur at affordable rates of interest starting at 8.50% per annum. The maximum loan repayment tenure offered by the top banks and NBFCs for Kanpur home loans is up to 30 years. These financial lenders charge a nominal processing fee for each home loan Kanpur application that ranges between 0.25% - 0.50% and sometimes a bit higher for some banks.
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Home Loan Interest Rates in Kanpur
Top banks and non-banking financial companies in Kanpur offer a wide range of home loans to eligible applicants at affordable interest rates. The lowest home loan interest rates in Kanpur start at 8.50% per annum.
|Basic Bank/NBFC Partner||Name||Max Tenure (in years)||Rate of Interest||Processing Fees (INR)||Contact|
|Bajaj Housing Finance||20||8.50% - 9.10%||Up to 7%||Enquire|
|LIC HFC||30||8.50%||Up to 0.25% (Rs. 25,000 max)||Enquire|
|HDFC Bank||30||8.65% - 9.85%||Up to 0.25% (Rs. 3,540 min)||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|
|Aditya Birla Capital||30||8.80% - 14.75%||Up to 1.00%||Enquire|
|Tata Capital Ltd.||30||8.95% - 12.00%||Up to 0.25% (Rs. 3,540 max)||Enquire|
|Axis Bank||30||9.00% - 9.40%||Up to 1.00% (Rs. 10,000 min)||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|
Eligibility Criteria for Home Loans in Kanpur
The eligibility criteria to apply for a home loan in Kanpur may vary from bank to bank, but they all generally ask for certain common parameters. For instance, age, citizenship, minimum income, CIBIL score, and work experience. The table below enlists the standard criteria for home loan eligibility in Kanpur:
|Eligibility Parameters||Salaried Individuals||Self-Employed Individuals|
|Professional Experience||Minimum 2 years||Minimum 2 years of business stability|
Min: 18 years
Min: 18 years
Minimum Rs. 10,000 per month
Minimum Rs. 2,00,000 per annum
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 Kanpur banks and NBFCs must be Indian residents.
- Both salaried and self-employed home loan applicants should ideally be between 18 and 75 years of age.
- Salaried applicants must have a minimum experience of 2 years, and self-employed applicants are required to show business continuity for at least 2 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 Kanpur 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 Kanpur
All banks and NBFCs ask for KYC documents from all home loan applicants. These may vary a bit depending on whether an applicant is salaried or self-employed. Have a look at these required documents for a home loan in Kanpur:
1. For Salaried Loan Applicants
- KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
- Appointment letter, letter of promotion
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
- Bank statements for the last 3 months with salary credits
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Business profile and 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
- Profit & Loss account statements and Balance Sheets for the last 3 years attested by a CA
|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 Kanpur
Before choosing a home loan agent in Kanpur, make sure to check what housing loan schemes are offered to you. Generally, all the top banks and NBFCs in Kanpur offer easy home loans to buy a home or a plot, construct a house on an already existing plot, extend or renovate a home, and balance transfer of an existing home loan to another at a lower rate of interest.
|Type of Document Required||The Object of the Loan|
|Home Purchase Loan||To buy a home, such as a flat/apartment|
|Plot Purchase Loan||To purchase land or plot to construct a home|
|Home Construction Loan||To construct a house on an already purchased plot|
|Home Renovation Loan||To renovate the house with services like wiring, painting, and so on|
|Balance Transfer Home Loan||To transfer the existing loan amount to a new lending party offering a lower rate of interest|
|Top-Up Home Loans||To help the existing borrower meet personal and professional expenses|
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 Bank and NBFCs for Home Loans in Kanpur
Options are galore when it comes to choosing the best bank in Kanpur for a home loan. Besides, numerous non-banking financial companies are offering hassle-free housing loan schemes to eligible applicants. Listed below are the top 5 banks and housing finance companies in Kanpur (partnered with BASIC Home Loan) that can help you get financial help to buy a dream home in Kanpur:
Yes, there are some home loan schemes for which the lender doesn't ask for income proof in Kanpur. Otherwise, you can opt for a joint home loan application to get a home loan approval without submitting any income-proof documents.
Yes, these days, many financial organizations offer joint home loans in Kanpur. These are usually opted when the primary applicant is looking for income tax deductions.
The minimum salary for a salaried applicant to get a home loan in Kanpur is Rs. 10,000. On the other hand, self-employed applicants must have a minimum income of Rs. 2,00,000 to get a housing loan scheme in Kanpur.
Yes, many banks and NBFCs check the applicant's credit score or CIBIL score before approving home loans in Kanpur. The minimum eligible CIBIL score asked by these lenders is often 750.
Generally, banks offer up to 90% as a home loan amount for properties costing less than Rs. 30 lakhs. However, we advise you to check with the lender about the eligibility for a 90% home loan amount.