Home Loan Interest Rates in Nagpur

Nagpur, “The Orange City” is a charming place well connected with all the major cities of India. Investing in a home in Nagpur means settling in a place that boasts of a modern lifestyle, latest infrastructure, and rich cultural significance. The home loan in Nagpur, with an interest rate starting at an affordable 8.50% p.a., makes it relatively affordable for anyone to purchase a home in this city. While submitting the home loan application, the borrower must also pay the processing fee through a cheque in favor of the lender. The maximum loan amount offered by the best banks and lenders in Nagpur is up to 90% of the property cost for a maximum of 30 years. 

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Home Loan Interest Rates in Nagpur

The home loan interest rate in Nagpur, beginning at 8.50% p.a., is an affordable bet for those keen to buy a home of their own in this beautiful city. Some banks may also offer lower interest rates for women who apply as home loan borrowers, and some offer affordable government housing schemes like PMAY to EWS.

The list below will enlighten you with the rate of interest and processing fee on home loans in Nagpur provided by the best lenders:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank LIC Housing 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank Aavas Financiers Ltd. 25 8.50% onwards 1.00% of the loan amount Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank Indian Overseas Bank 30 9.35% 0.50% of the loan amount Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank Federal Bank 30 8.80% 0.50% of the loan amount (Rs. 3,000 + GST min; Rs. 7,500 + GST max) Enquire
bank Aditya Birla Capital 20 8.80% - 14.75% 0.75% - 1.00% of the loan amount Enquire
bank Tata Capital Ltd. 30 8.95% - 12.00% Up to 0.25% of the loan amount (Rs. 3,540 max) Enquire
bank Karur Vysya Bank 30 9.23% Rs. 2,500 - Rs. 7,500 Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% of the loan amount (Rs. 10,000 max) Enquire
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Eligibility Criteria for Home Loans in Nagpur

To ensure fair lending practices, financial institutions in Nagpur offer home loans to applicants who meet their respective eligibility criteria. Through these eligibility parameters, the lenders also ensure that they are lending money in the form of home loans to only reliable borrowers who are within an eligible age limit, belong to a particular nationality, and have a minimum stable income.

Check out the basic criteria for home loan eligibility in Nagpur followed by major banks and non-banking financial companies:

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

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum of Rs. 10,000/ monthly

Minimum of Rs. 10,000/ monthly

CIBIL Score 750+ 750+

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.

  • To apply for a home loan in Nagpur, one has to be an Indian resident
  • Home loan applicants in Nagpur should be no less than 21 years of age and 65 years at the time of loan maturity
  • Salaried applicants applying for a home loan in Nagpur must possess a 2-year work experience, while self-employed borrowers should have 3 years of business continuity
  • Most of the financial institutions in Nagpur offer home loans to those with a credit score of 750 or more

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 Required for Home Loans in Nagpur

Money lending is a procedure that is incomplete unless the borrower submits a set of KYC documents to the lender. Through these documents, the lender can verify the credibility of the borrower in terms of nationality, age, income, and credit history. Have a look at the list of documents required for a home loan in Nagpur listed below:

1. For Salaried Loan Applicants

  • Identity proof documents such as an Aadhaar Card, PAN card, Voter ID Card
  • Appointment letter
  • Bank statements (3 months)
  • Salary slips (last 3 months)
  • Last Form 16
  • Last IT return
  • A cheque for the processing fee
  • Property documents 

2. For Self-Employed Loan Applicants

  • Identity proof documents such as an Aadhaar Card, PAN card, Voter ID Card, Driving License, and Passport
  • Company’s license and business profile
  • Savings account statement (last 6 months) 
  • Last Form 26AS
  • ITR (last 3 years)
  • A cheque for the processing fee
  • Profit & Loss account statements and Balance Sheets (last 3 years) attested by a CA
  • Property documents
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 Nagpur

A reputed home loan company in Nagpur will offer you various housing loan schemes. Whether you wish to buy a plot or a home, extend or renovate an existing home, or top-up, or balance transfer an existing home loan, you can easily do so with minimum documentation at the top NBFCs and banks in Nagpur.

Check out the popular housing loan schemes opted by several borrowers in Nagpur:

Type of Document Required The Object of the Loan
Plot Purchase Loan For purchasing a plot or land
Home Purchase Loan For buying a property for residence
Home Extension Loan For adding an additional room, floor, or balcony in an already existing house
Home Improvement Loan For renovating an existing home through carpentry, painting, plumbing, etc
Home Construction Loan For constructing a house
Top-Up Loan For helping the borrower to deal with sudden financial needs
Balance Transfer Home Loan For transferring the outstanding loan amount to a new bank or NBFC at a cheaper rate of interest

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 Nagpur

There are several companies offering home loans in Nagpur, so how to choose the best lending company or bank? Based on parameters like rate of interest, minimum documentation, and low processing fee, we are now listing below the 5 shortlisted banks and housing finance companies in Nagpur ( in partnership with BASIC Home Loan) that offer lucrative home loan schemes:

Top Banks for Home Loans in Nagpur (BASIC Partner) Top NBFCs for Home Loans in Nagpur (BASIC Partner)
Federal Bank LIC Housing
HDFC Bank Aditya Birla Capital
Indian Overseas bank Aavas Financiers Ltd.
SBI PNB Housing
Karur Vysya Bank Tata Capital Ltd.

FAQs

Public and private banks and NBFCs in Nagpur offer housing loans to those who can satisfy the lenders by meeting their specific eligibility criteria. The procedure is simple; you need to fill out the home loan application, pay the processing fee cheque, and submit the KYC documents. The best way to apply for a home loan in Nagpur is through the BASICHomeloan team. 

The current lowest interest rate on a home loan in Nagpur starts at 8.50% per annum. However, this may differ from bank to bank and scheme to scheme offered by them. 

Yes, all banks and financial companies offer easy home loans to salaried applicants. The minimum salary requirement to apply for a home loan in Nagpur is Rs. 10,000 per annum. 

Home loan borrowers in Nagpur can avail tax benefits under Sections 24B and 80C of the Income Tax Act. According to 24B, the borrower gets a deduction of up to Rs. 2 lakh on the interest, and according to 80C, the borrower gets a deduction of up to Rs. 1.5 lakh on the principal repayment amount.

The best banks in Nagput offer up to 90% of the property cost as the home loan amount provided the applicant can submit the required documents and meet all the eligibility criteria (age, credit score, minimum income, nationality) set by the respective bank.