Home Loans in Madurai

Offering a blend of modernity and tradition, Madurai is an ideal place to invest in a residential property. You can do this by applying for an affordable home loan in Madurai because plenty of banks and non-banking financial companies are ready to help you with exciting housing loan schemes. The home loan interest rate in Madurai starts at 8.50% per annum. The standard processing fee that you may expect to pay with a home loan application form is between 0.25% and 0.50% of the loan amount and higher in some cases. This is not all; you get up to 30 years to repay the loan amount at several eminent banks and NBFCs in Madurai. 

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Home Loan Interest Rates in Madurai

The most affordable home loan interest rate in Madurai starts at 8.50% per annum, offered by LIC HFC. This is then followed by other popular banks and NBFCs to offer home loans at an 8.60% per annum rate of interest and so on. You may expect an additional concession on home loan interest rates for women borrowers at some of these lenders. 

For your convenience, we are now highlighting the rate of interest on home loans and processing fees for the top 10 lending banks and NBFCs in Madurai:

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 Bajaj Housing Finance 40 8.50% onwards Upto 7% of the loan amount + GST Enquire
bank L&T Finance 25 8.60% Up to 3% of the loan amount + GST Enquire
bank Bank of Baroda 30 8.60% 0.50% (Min: Rs. 8,500; Max: Rs. 25,000) Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Min: Rs. 3,540) Enquire
bank PNB Housing 30 8.75% onwards Up to 0.50% (Max: Rs. 10,000) Enquire
bank Federal Bank 30 8.80% onwards 0.50% of the loan amount (Rs. 3,000 + GST min; Rs. 7,500 + GST max) Enquire
bank IDFC First Bank 30 8.85% onwards 0.25% - 0.50% of the loan amount Enquire
bank Tata Capital Ltd. 30 8.95% onwards Up to 0.25% (Max: Rs. 3,540) Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
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Eligibility Criteria for Home Loans in Madurai

Although getting a home loan in Madurai is not tough, not everyone can apply for it unless one is eligible. However, banks and NBFCs have not set any stringent home loan eligibility criteria to follow. They only ask for a few parameters like a limited age bracket, income, credit score, and nationality of the borrower. 

To make it easier for you, we are now mentioning the general home loan eligibility in Madurai in the table below:

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

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum Rs. 15,000/ monthly

Minimum Rs. 1.8 lakh/ yearly

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.

  • Most of the banks and housing finance companies offer home loans in Madurai to Indian residents, but there are a few that offer these loans to NRIs and PIOs too
  • An applicant has to be a minimum of 21 years of age at the time of home loan application and a maximum of 65 years at the time of loan maturity
  • Salaried and self-employed people can apply for home loans in Madurai provided they have a work experience of 2 and 3 years, respectively
  • Madurai banks will happily approve home loans to candidates 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 Madurai

Document submission is one of the main steps in the home loan application procedure. After all, through these KYC documents, the lender can trust you as a worthy borrower and grant loan approval to you for buying or renovating a home. Whether you are a salaried or a self-employed applicant applying for a home loan, make sure to go through the list of documents required for home loan in Madurai:

1. For Salaried Loan Applicants

  • KYC documents such as Aadhaar Card, Voter ID Card, PAN card
  • A processing fee cheque
  • Appointment letter from the employer
  • Bank statements for the last 2-3 months
  • Salary slips for the last 2-3 months
  • Latest Income Tax Return
  • Latest Form 16
  • Property documents 

2. For Self-Employed Loan Applicants

  • KYC documents such as Aadhaar Card, Voter ID Card, PAN card
  • Business profile and company license
  • Latest Form 26AS
  • P&L account statements for the last 2-3 years
  • Balance sheets for the last 2-3 years
  • Bank account statements for the last 6 months
  • Income Tax Return for the previous 3 years
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 Madurai

Be it the banks or housing finance companies in Madurai; you can expect to get a variety of housing loan schemes. It is because these lenders understand the varied needs of borrowers, who either wish to buy a home or a plot, construct a house on a plot, renovate a home, or simply transfer their existing loan to a new lender for the sake of saving money. 

Type of Document Required The Object of the Loan
Loan for Plot Purchase This loan aims to help a buyer buy a plot for residential purposes
Loan for Home Purchase This loan aims to help a buyer buy a home with sufficient funds
Loan for Home Construction Perfect housing loan scheme to help borrowers with funds to construct a home on a plot in a fixed period
Loan for Home Renovation The purpose of this loan is to help an individual get money for home renovation
Loan for Home Extension The purpose of this loan is to help an individual to get sufficient funds to extend an existing house
Flexible Balance Transfer Home Loan The sole purpose of this loan is to allow an existing home loan borrower to transfer the outstanding loan amount to a new lender at cheaper rates
Top-Up Home Loan A smart plan to help an existing home loan borrower with additional funds to 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 NBFCs and Banks for Home Loans in Madurai

Options are galore when it comes to choosing a lender for a housing loan in Madurai. Be it a bank or a non-banking financial company. However, based on certain factors like interest rate, processing fee, maximum tenure, and documentation, you can choose the best lender to get a housing loan in Madurai. 

Listed below are the top 5 NBFCs and banks in partnership with BASIChomeloan that offer the most comprehensive home loans in Madurai:

Top Banks for Home Loans in Madurai (BASIC Partner) Top NBFCs for Home Loans in Madurai (BASIC Partner)
Bank of Baroda LIC HFC
HDFC Bank L&T Finance
IDFC First Bank Bajaj Housing Finance
SBI PNB Housing
Federal Bank Tata Capital Ltd.

FAQs

To get a home loan in Madurai, one must be between 21 and 65 years of age and an Indian resident with a minimum credit score of 750 and a minimum income of Rs. 15,000 per month.

The maximum home loan amount one can get in Madurai is up to 90% of the property cost. 

Yes, several banks offer government affordable housing schemes like Pradhan Mantri Awas Yojana (PMAY) to the Economically Weaker Section (EWS). PMAY is a Credit Linked Subsidy Scheme (CLSS) that allows the borrower to get a home loan at a subsidized rate of 6.50% p.a.

Banks and housing financing companies offer home loans for various types of residential properties like apartments, villas, and independent houses.

The lowest home loan interest rate in Madurai starts at 8.50% per annum, offered by LIC HFC.