Home Loans in Panchkula

Known for its planned and organized development and strategic location, Panchkula near Chandigarh is an attractive place for residential purposes. You, too, can make your dream of living in this city come true with a home loan in Panchkula. The home loan interest rate in Panchkula starts at an affordable 8.45% per annum. Moreover, you can also seek additional concessions if you are a woman borrower. Some banks also offer the affordable government housing scheme PMAY to the EWS category in Panchkula. Generally, the maximum repayment tenure available at these lenders in this city is up to 30 years. 

Home Loan EMI Calculator

Avoid confusion get it right with BASIC

1 Lac10 cr
0%20%
130

Break up of Total Payment

Your monthly EMI is

Total Amount Payable

  • Principal Amount

  • Total Interest

Apply for Home Loans in Panchkula at Lowest Interest Rates
Apply Now

Home Loan Interest Rates in Panchkula

Several private and public banks and housing finance companies offer hassle-free home loans to potential home buyers in Panchkula. The cheapest home loan interest rate in Panchkula starts at 8.45% per annum. Whether you are an individual earning a monthly salary or self-employed, you can easily apply for a housing loan in Panchkula.

It is time for you to go through the interest rate and processing fee on home loans of top 10 lenders in Panchkula:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank Bank of India 30 8.45% Up to 0.25% of the loan amount (Minimum: Rs. 1,500; Maximum: Rs. 20,000) Enquire
bank L&T Finance 25 8.60% Up to 3% of the loan amount + GST Enquire
bank LIC HFC 30 8.50% Up to 0.25% (Maximum: Rs. 25,000) Enquire
bank PNB Housing 30 8.75% onwards Up to 0.50% (Maximum: Rs. 10,000) Enquire
bank HDFC Bank 30 8.65% onwards Up to 0.25% (Minimum: Rs. 3,540) Enquire
bank IIFL Housing 25 8.90% onwards 0.50% - 1.75% of the loan amount Enquire
bank SBI 30 9.15% onwards Up to 0.25% (Maximum: Rs. 10,000) Enquire
bank Mahindra Housing 20 8.50% onwards 1% - 3.5% of the loan amount (Minimum: Rs. 1,000) Enquire
bank Bank of Baroda 30 8.60% 0.50% (Minimum: Rs. 8,500; Maximum: Rs. 25,000) Enquire
bank Cholamandalam 30 9% p.a. onwards Rs. 5,000 (GST included) Enquire
Apply for Home Loans in Panchkula at Lowest Interest Rates
Apply Now

Eligibility Criteria for Home Loans in Panchkula

Prominent banks and NBFCs have certain predefined eligibility requirements for home loans. Applicants who meet these criteria have higher chances of getting a home loan approval from these lenders. These eligibility criteria are based on age, work experience, salary, citizenship, and credit score.

The table given below will enlighten you about the standard home loan eligibility in Panchkula:

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

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Rs. 15,000 per month

Rs. 1.8 lakh per year

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.

  • Indian residents will not find any difficulty getting a home loan approval in Panchkula
  • Candidates applying for a housing loan in Panchkula must be between 21 and 65 years of age bracket
  • Salaried and self-employed home loan applicants in Panchkula must prove a work experience of 2 and 3 years, respectively
  • Applicants with a credit score of 700 and above can easily get home loans in Panchkula 

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.

Apply for Home Loans in Panchkula at Lowest Interest Rates
Apply Now

Recent Post

post1
post1
post1
post1
post1
reach

Get a Free Consultation from BASIC Home Loan

reach

Tell us about your requirements

Documents Requirement for Home Loans in Panchkula

Document submission is a crucial step followed in a home loan application procedure. Although most of the documents required for a home loan in Panchkula are the same, lenders usually ask for different income-related proofs from salaried and self-employed candidates. Have a look at the list of main documents you will need to submit when applying for a home loan in Panchkula:

1. For Salaried Loan Applicants

  • Identity documents like PAN Card,  Voter ID Card, Aadhaar Card
  • Salary Slips for 3 months
  • Bank Statements for 3 months
  • Last Form 16 
  • Last-filled ITR
  • Property documents
  • Appointment Letter
  • Processing Fee Cheque

2. For Self-Employed Loan Applicants

  • Identity documents like PAN Card,  Voter ID Card, Aadhaar Card
  • Bank account statement for 6 months
  • Recent Form 26AS
  • Business profile 
  • ITR for 3 years
  • P&L account statements for 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 
reach reach reach reach
reach

Get Home Loan Starting at 8.5% Interest Rate from BASIC Home Loan

Home Loan Options Available in Panchkula

To learn about the types of housing loan schemes available in Panchkula, we recommend you to consult a good home loan agent in Panchkula. Generally, all leading financial institutions offer home loans for new home or plot purchase, construction, renovation, improvement, balance transfer, and top-up.

Do not miss checking out the common types of housing loan schemes available in Panchkula through this table:

Type of Document Required The Object of the Loan
New Home Purchase Loan The purpose of this housing loan scheme is to help potential home buyers buy a dream home
Plot Purchase Loan With this housing loan scheme, buyers can invest in residential plots
Home Construction Loan It is a home loan that is designed to offer adequate funds for constructing a home
Home Renovation Loan This home loan caters to the financial needs of existing home owners who wish to renovate their home
Home Improvement Loan With this home loan scheme, existing home owners can improve their homes
Balance Transfer Home Loan The best way to shift the remaining loan amount to a new lender for a cheaper rate of interest
Top-Up Home Loan Through this scheme, an existing customer can get extra funds apart from the home loan amount

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 Panchkula

If you are confused about choosing the right lender for a home loan in Panchkula, worry not! We are here to simplify your selection. The table given below will acquaint you with the 5 best NBFCs and 5 best banks for a home loan in Panchkula, and all these are in partnership with the BASIChomeloan:

Top Banks for Home Loans in Panchkula (BASIC Partner) Top NBFCs for Home Loans in Panchkula (BASIC Partner)
Bank of India LIC HFC
HDFC Bank Mahindra Finance
Bank of Baroda L&T Housing
SBI PNB Housing
Axis Bank Navi Housing

FAQs

Banks and NBFCs in Panchkula generally offer home loans for residential flats, builder floors, independent villas and houses, and residential plots. 

No, you will not be able to get a 100% home loan from any bank in Panchkula. You can expect a maximum of 90% of the property cost as a home loan in Panchkula.

The lowest home loan interest rate in Panchkula starts at 8.45% per annum, offered by the Bank of India.

Yes, your credit score can impact your home loan application as it helps the lender determine your eligibility for the home loan. Remember, the higher your credit score, the higher your chances of getting a home loan approval.

Both private and government banks are good for a home loan in Panchkula. Generally, private banks are better in terms of service and quick home loan disbursals. On the other hand, public banks are better in terms of stability and lower interest rates.