Home Loans in Nashik
A popular pilgrimage site in the state of Maharashtra, Nashik offers good choices for residential properties. More so because buying a home in Nashik is relatively more affordable compared to other major cities in India. To make home ownership in the city even more feasible, banks in Nashik offer home loans at interest rates starting from 8.30% per annum. In addition, there may be a nominal processing fee charged for a home loan in Nashik up to 0.50% of the amount of loan availed. The loan can be repaid to the bank within a maximum tenure of 30 years.
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Home Loan Interest Rates in Nashik
Banks in Nashik offer home loans at the lowest interest rates, starting at 8.30% p.a. The interest rate may go up to 12% p.a. Loan amounts are offered for up to 90% of the total cost of the property. Various banks in Nashik offer different home loan schemes to serve different categories of applicants. These may include women, pensioners, defense personnel, and more.
It would thus be helpful to do a little research before applying for a home loan in Nashik at any of the banks/NBFCs. The table below compares the interest rate, processing fees, and other key details related to home loans offered by the top lenders in Nashik. This would help you make an informed choice when applying for a home loan in Nashik:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
ICICI Bank | 30 | 8.75% p.a. | 0.50% - 2% of the loan amount or Rs. 3,000 (whichever is higher) | Enquire |
|
IDFC Bank | 30 | 8.75% p.a. | Up to 3% of loan amount | Enquire |
|
YES Bank | 35 | 9.40% p.a. | 1.5% of loan amount + GST or Rs. 10,000 (whichever is higher) | Enquire |
|
Union Bank of India | 30 | 8.50% p.a. | 0.50% of loan amount | Enquire |
|
HDFC Bank | 30 | 8.50% p.a. | Up to 0.50% of loan amount or Rs. 3,000 (whichever is higher) + GST | Enquire |
|
Kotak Mahindra | 25 | 8.70% p.a. onwards | 0.50% of loan amount + taxes | Enquire |
|
SBI | 30 | 9.15% p.a. onwards | 0.35% of loan amount | Enquire |
|
Bank of Baroda | 30 | 8.40% p.a. onwards | Nil | Enquire |
|
Jana Bank | 30 | 9.75% p.a. | 0.5% - 2% | Enquire |
|
PNB Housing | 30 | 8.75% - 11.95% | Up to 0.25% (Rs. 15,000 max) | Enquire |
Eligibility Criteria for Home Loans in Nashik
We looked at some of the top banks in Nashik that offer home loans to customers. However, each of these banks lays out a set of eligibility criteria for loan applicants. Only those customers who meet the criteria specified below are eligible to avail of a home loan. The table below details the key parameters for home loan eligibility in Nashik:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian (including NRI) | Indian (including NRI) |
| Professional Experience | 3 years or over | 5 years or higher |
| Age |
25-75 years |
25-70 years |
| Monthly Income | Stable income source from a private/public/MNC |
Stable revenue from the current business entity |
| CIBIL Score | 700 or above | 700 or above |
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.
- Salaried applicants aged between 23 and 75 years are eligible to apply for home loans in Nashik. For self-employed individuals, the age range is 25-70 years.
- Salaried individuals must provide a stable source of income from a public or private organization or a Multinational Corporation (MNC). Self-employed applicants must have a steady source of revenue from their current business.
- Salaried individuals applying for home loans must be Indians, and NRIs are also included in the eligibility criteria. Self-employed applicants, however, must only be Indian residents to be considered eligible for the loan.
- Salaried individuals must have at least 3 years of work experience or higher, while self-employed applicants must have been in business for at least 5 years 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 Requirement for Home Loans in Nashik
Each bank offering home loans in Nashik requires the applicants to submit a set of documents as part of the loan application process. Listed below are the complete documents required for home loan in Nashik for salaried and self-employed borrowers:
1. For Salaried Loan Applicants
- Proof of age - passport, PAN card, or any other certificate from a statutory authority
- Proof of address - passport, telephone bill, election card, Aadhar card, driving license, ration card, any other certificate from a statutory authority
- Proof of income - salary slips from the previous 3 months
2. For Self-Employed Loan Applicants
- Proof of ID and residence - Voter ID card, PAN card, Aadhar card
- Documents related to the property
- Duly filled-in and signed application form
- Proof of income such as bank statement from last 6 months and ITR (latest 2)
| 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 Nashik
Nashik banks and NBFCs offer a variety of home loan schemes to meet the varied needs and requirements of customers. The table below lists some of the most popular options available with a bank or lender. You may get in touch with your BASIC home loan agent in Nashik for more information on the different types of home loan options available:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Loan | The most common type of loan offered by banks to help borrowers buy a residential property |
| Home construction loan | To help individuals or businesses construct a new property |
| Home Loan Balance Transfer | To help customers avail of lower interest rates and better loan terms by transferring the balance loan amount to another lender |
| Home improvement loan | To make certain upgrades or improvements to an existing residential property |
| Top-up home loan | To enable customers to avail of more funds over and above their existing home loan amount to finance additional expenses |
| Home loan for NRIs | Exclusive loan facility for NRIs to enable them to purchase or make improvements in a residential property in India |
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
Different banks and NBFCs offer home loans in Nashik at different interest rates. The lowest interest rate starts from 8.30% p.a. offered by the Bank Of India.
Yes, you may apply for another home loan along with an existing one if you have a good credit score and repayment capacity.
These may generally vary from one lender to another. You may check with the bank/NBFC in Nashik that you choose for its documentation charges. Alternatively, a team representative from BASIC would be happy to assist you.
It may generally take anywhere between 15 and 30 days for a home loan in Nashik to be approved. However, this duration may vary from one bank to another.
Salaried applicants must have a minimum of INR 25,000 per month to be considered eligible for applying for a home loan in Nashik.