Home Loans in Panipat
Owning a home is a dream come true for many. To help you achieve this dream faster, a home loan is one of the best options. Several banks and NBFCs in India offer home loans to eligible applicants, enabling them to own a residential property. You will find many banks and NBFCs in Panipat, too, for availing a home loan facility at the best interest rates. A home loan in Panipat can be availed at the lowest interest rate of 8.35% p.a. onwards. The maximum tenure allowed by most Panipat lenders for repayment of home loans is 30 years.
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Home Loan Interest Rates in Panipat
It is helpful to understand the various home loan interest rates in Panipat before selecting a bank or NBFC for the loan. The table below lists the different rates of interest offered by the top 10 banks/NBFCs in Panipat. This would help you make an informed decision when availing of a home loan:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
ICICI Bank | 30 | 8.75% p.a. onwards | 0.50% - 2% of the loan amount or Rs. 3,000 (whichever is higher) + GST | Enquire |
|
IDFC Bank | 30 | 8.75% p.a. onwards | 1.5% of the sanctioned home loan amount | Enquire |
|
YES Bank | 35 | 9.40% p.a. onwards | 1.5% of the loan amount or Rs. 10,000 (whichever is higher) | Enquire |
|
Union Bank of India | 30 | 8.35% p.a. onwards | 0.5% of sanctioned loan amount + GST | Enquire |
|
Tata Housing | 30 | 8.70% p.a. onwards | 0.5% of the loan amount | Enquire |
|
PNB Housing | 30 | 8.75% p.a. onwards | 0.35% of the loan amount | Enquire |
|
L&T Housing | 25 | 8.65% p.a. onwards | 0.25% + taxes | Enquire |
|
Cholamandalam | 30 | 9% p.a. onwards | Rs. 5,000 + GST | Enquire |
|
Fedbank | 30 | 8.80% p.a. onwards | Rs. 3,000 - Rs. 7,500 + GST | Enquire |
|
Bank of India | 30 | 8.45% onwards | Up to 0.25% of the loan amount (Min: Rs. 1,500; Max: Rs. 20,000) | Enquire |
Eligibility Criteria for Home Loans in Panipat
If you are a resident of Panipat and wish to avail of a home loan to make your home-ownership dream come true, you would need to meet certain criteria by the bank/NBFC you apply to. Below are some common requirements defining home loan eligibility in Panipat for salaried and self-employed applicants.
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents/ NRIs/ PIOs | Indian Residents/ NRIs/ PIOs |
| Professional Experience | Minimum 2 years of professional experience | Minimum 3 years of continuity in current business |
| Age |
Min - 21 years |
Min - 21 years |
| Monthly Income | Minimum Rs. 10,000 per month |
Minimum Rs. 20,000 per month |
| CIBIL Score | 750 or higher (preferred) | 750 or higher (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.
- Home loans in Panipat are available for both salaried employees and self-employed professionals as well as non-professionals.
- The minimum CIBIL score required for home loan eligibility is 750.
- The minimum age for applying for a home loan is 21 years, and the maximum is 75 years.
- Salaried employees must be able to produce at least 2 years of work experience. In comparison, self-employed applicants must have at least 3 years of business continuity.
- Salaried individuals must have at least Rs. 10,000 per month to be considered eligible for home loans. Self-employed applicants must show an earning of Rs. 2 lakh per annum.
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 Panipat
Along with meeting the specific eligibility criteria for home loans in Panipat, you must also collate and submit a specified set of documents as part of the procedure. Listed below are the documents required for a home loan in Panipat:
1. For Salaried Loan Applicants
- Salary slip for previous 3 months
- Duly filled application form with recent photograph affixed
- Cheque for processing fee
- Proof of ID & Residence
- Bank statements for the previous 6 months
- Form 16
2. For Self-Employed Loan Applicants
- Business profile
- Duly-filled application form with recent photograph
- A cheque for processing fee
- Proof of ID & Residence
- Bank statements for the previous 6 months
- Proof of business existence
- Certificates of academic qualifications
- Balance sheet and profit/loss statement for 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 Panipat
To meet the varied needs of customers in Panipat, banks and NBFCs in the city offer different types of home loans. You may connect with a home loan agent in Panipat near you to learn more about the various kinds of home loan options that best suit your needs.
| Type of Document Required | The Object of the Loan |
|---|---|
| Land Purchase Loan | To buy a plot of land for constructing a residential property |
| Home Construction Loan | To build a house from scratch |
| Home Loan Balance Transfer | To transfer the outstanding balance of loan amount to another lender at lower rates of interest |
| Home Improvement Loan | To make improvements/upgrades/repairs to existing residential property |
| Home Extension Loan | To extend the space or area of an existing residential property |
| NRI Home Loan | To enable Non-Resident Indians to purchase 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
Most banks and NBFCs in Panipat offer home loans at interest rates starting from 8.35% p.a.
Yes, with the home loan balance transfer option, you can conveniently transfer any outstanding balance from your existing home loan to another bank in Panipat if the latter offers lower interest rates.
Home loans in Panipat can be requested for buying land, constructing a home, making improvements to existing property, or for buying a property for commercial purposes.
Yes, the government does introduce certain schemes in Panipat from time to time to enable loan applicants to receive home loans at subsidized rates of interest. One example includes the Pradhan Mantri Awas Yojana.
Most banks and NBFCs in Panipat offer home loans at a maximum repayment tenure of up to 30 years.