Home Loan in Pune
Buying a home in Pune, a bustling metropolis in Maharashtra can be a good decision for several reasons. To help you in this lifetime investment, you have the top banks and non-banking finance companies in Pune offering you quick home loans. A majority of these banks and NBFCs offer home loan in Pune starting at an interest rate of 8.50% per annum. An applicant can get the best home loan in Pune by fulfilling the minimum eligibility criteria for a maximum loan repayment tenure of up to 30 years. Aspiring homeowners keen to buy a home in Pune can apply for home purchase loans, land purchase loans, home improvement loans, home construction loans, pre-approved home loans, balance transfer loans, top-up loans and PMAY home loan schemes.
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Home Loan Interest Rates in Pune
There are ample options when it comes to choosing a financial lender to lend you a home loan at an attractive interest rate. The lowest home loan interest rates in Pune start at 8.50% per annum for a maximum loan repayment tenure of up to 30 years, with a processing fee of up to 0.25% of the loan amount. The table below enlists the best home loan rates Pune offered by the top banks and NBFCs:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% - 10.75% | Up to 0.25% (Rs. 25,000 max; one-time) | Enquire |
|
Aavas Financiers | 25 | 8.50% - 17.00% | Up to 1.00% (one-time) | Enquire |
|
HDFC Bank | 30 | 8.70% - 9.75% | Up to 0.25% (Rs. 3,540 min; one-time) | Enquire |
|
Union Bank of India | 30 | 8.70% | Up to 0.50% (Rs. 15,000 max; one-time) | Enquire |
|
State Bank of India | 30 | 8.75% - 9.75% | Up to 0.25% (Rs. 10,000 max; one-time) | Enquire |
|
Aditya Birla Capital | 20 | 8.85% - 13.50% | 0.75% up to 1.00% (one-time) | Enquire |
|
Kotak Mahindra Bank | 20 | 8.85% - 9.45% | Rs. 10,000 (one-time) | Enquire |
|
IDFC First Bank | 30 | 8.85% - 9.25% | 0.25% - 0.50% (one-time) | Enquire |
|
YES Bank | 25 | 9.40% - 10.25% | Up to 2.00% (one-time) | Enquire |
|
Tata Capital | 30 | 8.95% - 12.00% | Up to 0.25% (Rs. 3,540 min; one-time) | Enquire |
Eligibility Criteria for Home Loans in Pune
Banks and NBFCs in Pune offer hassle-free and quick home loans to prospective homeowners based on pre-determined eligibility criteria such as nationality, income, age, and CIBIL score. The table below enlists the standard home loan eligibility in Pune followed by a majority of banks and housing finance companies:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian | Indian |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years Max: 58 years |
Min: 25 years Max: 65 years |
| Monthly Income | Minimum Rs. 1.8 lakhs per annum |
Minimum Rs. 1.8 lakhs per annum |
| CIBIL Score | 750+ (preferred) | 750+ (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.
- All home loan applicants seeking housing finance at top banks and NBFCs must be Indian residents.
- Salaried home loan applicants should ideally be between 21 and 58 years of age, while self-employed individuals are considered eligible for home loan applications between 25 and 65 years of age.
- Salaried applicants must demonstrate at least 2 years of professional experience, and self-employed applicants must show business continuity for at least 3 years.
- Both salaried and self-employed home loan applicants must have a Credit/CIBIL score of more than 750 to qualify for availing home loans at Pune banks.
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 Pune
To get approvals for home loans in Pune, an applicant must arrange for some essential KYC documents, which help prove the borrower's credibility. The list of required home loan documents in Pune may vary slightly for salaried and self-employed applicants for different housing finance companies Pune.
1. For Salaried Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Contract of employment
- Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last 2 years IT returns
- Bank statements for the last 6 months
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
2. For Self-Employed Loan Applicants
- KYC documents such as Voter ID, Driving License, PAN card, Aadhaar Card, and Passport
- Bank account statement for the last 6 months
- ITR with computation of income for previous 3 years as proof of income
- Profit & Loss account statements and Balance Sheets for the last 3 years
- Business profile and license of the company
- Qualification documents
- A cheque for the processing fee for the loan application
- Property documents such as sale deed, NOC from the builder or housing society, advance payment receipt to the builder, and approved construction plan
| 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 Pune
The leading home loan providers in Pune offer many home loan schemes to eligible applicants. Listed below are the common types of home loan plans in Pune offered by the best banks and housing finance companies
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loan | To buy a residential home such as a flat or an apartment |
| Land Purchase Loan | To purchase a plot where a house can be constructed in the future |
| Home Construction Loan | To construct a house on an already purchased plot |
| Home Improvement Loan | To improve an existing house with activities such as wiring, painting, and other activities |
| Pre-Approved Home Loan | To help existing borrowers get money to buy home loans based on their credit history and income |
| Home Loan with PMAY Scheme | To help the informal section of society buy a dream home with a lucrative subsidy on the interest rate |
| Balance Transfer Home Loan | To transfer the existing loan amount to a new lending party offering a lower rate of interest |
| Top-Up Loan | To help the borrower meet personal and professional financial needs |
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
There are plenty of banks offering quick home loans in Pune, and the best ones are listed below:
- State Bank of India
- Union Bank of India
- IDFC First Bank
- Kotak Mahindra Bank
- YES Bank
A potential homebuyer can get a home loan in Pune for a rented, vacant, under-construction, and self-occupied property.
The average interest rate for home loans in Pune starts at 8.50% per annum. However, we suggest you check the same from your chosen bank or housing finance company in Pune.
Yes, many banks in Pune offer the Pradhan Mantri Awas Yojana (PMAY) home loan scheme for informal sectors of society. These come with a lucrative subsidy of up to Rs. 2.67 lakhs on home purchase or home construction loans.
No, you won't find any bank offering a 100% home loan in Pune. However, some banks and housing finance companies in Pune offer up to 90% of the LTV or Loan-to-Value of the property cost.