Home Loans in Mohali
Growing infrastructure, proximity to Chandigarh, fantastic education and healthcare facilities, and great quality of life make Mohali an excellent residential location. Perhaps that is why several banks and NBFCs offer easy home loans in Mohali to interested buyers. A home loan in Mohali starts at an affordable interest rate of 8.50% p.a. These banks and finance companies usually charge a processing fee anywhere ranging between 0.25% - 2% of the loan amount to process home loan applications.
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Home Loan Interest Rates in Mohali
Buying a home or renovating an existing home in Mohali has become easier with the presence of eminent banks and housing finance companies offering hassle-free home loans to Indian residents. The cheapest home loan interest rate in Mohali begins at 8.50% p.a. Some lenders also offer an additional concession to female borrowers.
The purpose of the table displayed below is to help you understand the rate of interest and processing fees on home loans in Mohali by 10 leading lenders, so have a look:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
Aavas Finance | 30 | 8.50% | 1% of the loan amount + taxes | Enquire |
|
LIC HFC | 30 | 8.50% | 0.25% of the loan amount (Max: Rs. 25,000) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | 0.25% of the loan amount (Min: Rs. 3,540) | Enquire |
|
Kotak Mahindra | 20 | 8.75% | 0.50% - 1% of the loan amount + taxes | Enquire |
|
PNB Housing | 30 | 8.75% onwards | 0.50% of the loan amount (Max: Rs. 10,000) | Enquire |
|
Tata Capital Ltd. | 30 | 8.95% onwards | 0.25% of the loan amount (Max: Rs. 3,540) | Enquire |
|
SBI | 30 | 9.15% - 12.95% | 0.25% of the loan amount (Max: Rs. 10,000) | Enquire |
|
ICICI Bank | 30 | 9.25% - 10.05% | 0.50% - 2% of the loan amount | Enquire |
|
Aadhar Housing | 30 | 11% onwards | Rs. 3,500 + taxes | Enquire |
|
Bajaj Housing | 40 | 8.50% | Up to 7% of the loan amount + GST | Enquire |
Eligibility Criteria for Home Loans in Mohali
One can avail of home loans in Mohali based on some eligibility requirements set out by the lending banks and housing finance companies. Meeting these eligibility requirements is not that tough, as most of these lenders ask for some simple requirements such as age, income, work experience, credit score, and nationality.
Described below in the table is the home loan eligibility in Mohali for your reference:
| 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 | Rs. 25,000/ month |
Rs. 1.8 lakh/ year |
| CIBIL Score | 700 or above (preferred) | 700 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.
- Popular banks and NBFCs in Mohali are always ready to approve home loans for Indian residents
- The accepted age limit for a candidate to seek a housing loan in Mohali is between 21 and 65 years
- Those earning monthly salaries from a job must prove a work experience of not less than 2 years, and those who are self-employed must show a work experience of 3 years
- 700 or above as a credit score is considered decent enough by several lenders who provide housing loans in Mohali
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 Mohali
You are strongly advised to be aware of the list of documents required for a home loan in Mohali before applying for a home loan. This will help you arrange for the relevant documents beforehand and, at the same time, speed up your chances of quick loan approval. Have a look at the types of documents needed from salaried and self-employed applicants keen to get a home loan in Mohali:
1. For Salaried Loan Applicants
- KYC documents like Voter Identity Card, Aadhaar
- Salary Slips (3-6 months)
- Bank Statements (3- 6 months)
- Latest Form 16
- Latest-filled ITR
- Processing fee cheque
- Appointment letter
- Property details and documents
2. For Self-Employed Loan Applicants
- KYC documents like Voter Identity Card, Aadhaar
- Latest Form 26AS
- Company Profile and Licence
- Profit and Loss Account Statements (3 years)
- Balance Sheets (3 years)
- ITR (3 years)
- Bank Statements (3- 6 months)
- 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 Mohal
When you approach a reliable home loan agent in Mohali, you will most likely get several housing loan options. They will offer you home loans for new home purchases, plot purchases, home renovation, construction, and extension. This is not all; there is also a housing loan scheme for shifting the remaining loan amount to a new bank or NBFC.
The table displayed below will help you understand all about the common housing loan schemes available in Mohali:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Loan Top-Up | This is a convenient housing loan scheme to get additional funds on top of the original loan amount |
| Balance Transfer Home Loan | An easy way out to shift the outstanding loan amount to a new lender at better rate of interest and benefits |
| New Home Purchase Loan | The sole purpose of offering this home loan to borrowers is to help them buy their dream home |
| Plot Purchase Loan | With this home loan scheme, buyers can get financial help to purchase a residential plot |
| Home Renovation Loan | This home loan is designed to help existing homeowners renovate their homes without facing a shortage of funds |
| Home Construction Loan | This loan aims to help people construct a home on a plot with sufficient money |
| Home Extension Loan | A perfect housing loan scheme to help existing homeowners extend their home with adequate funds |
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 income required to get a home loan in Mohali is Rs. 25,000 from salaried applicants.
Fixed interest rates on home loans are suitable for those who want a stable rate throughout their loan tenure. On the other hand, those who wish to get home loans at lower rates but are at the same time ready for a sudden increase must opt for a floater rate plan in Mohali.
The home loan down payment in Mohali may vary based on factors such as the loan amount, property value, and lender’s terms and conditions. For many lenders in Mohali, the minimum down payment is approximately 20% of the loan amount.
Generally, financial institutions take between 15-30 days to process a home loan application in Mohali. To smoothen the process, you must submit the relevant documents at the time of home loan application.
The maximum home loan amount you can expect from banks and housing finance companies in Mohali is up to 90% of the property cost.