Home Loans in Surat

Surat, a city in the Indian state of Gujarat, has its unique attributes that make it an attractive place to invest in a home. Many dream of owning a home in Surat because of the city's economic growth, great connectivity, cultural diversity, several business opportunities, and an excellent quality of life. But not everyone can easily arrange for money to buy a home in this beautiful city. Fortunately, such people can get assistance in the form of home loans in Surat from the best banks and NBFCs. The interest rate for housing finance Surat starts at 8.50% per annum. The maximum loan repayment tenure offered by most financial organizations in Surat is up to 30 years, during which the borrower can opt for flexible repayment methods. Applicants can easily opt for home or plot purchase loans, home renovation loans, home construction loans, balance transfer home loans, top-up loans, NRI home loans, and mortgage loans in Surat from all the top lenders in the city.

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 Surat at Lowest Interest Rates
Apply Now

Home Loan Interest Rates in Surat

The lowest interest rate on a home loan in Surat offered by any bank or NBFC starts at 8.50% per annum. Most of these lenders offer lower interest rates on a floater rate basis. Moreover, the rates are sometimes higher depending on the borrower's plan and repayment capacity.

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank LIC HFC 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank L& T Finance 25 8.60% Up to 3.00% Enquire
bank Bank of Baroda 30 8.60% Up to 0.50% (Rs. 8,500 min; Rs. 25,000 max) Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank Union Bank of India 30 8.70% 0.50% (Rs. 15,000 max) Enquire
bank Tata Capital Ltd. 30 8.95% - 12.00% Up to 0.25% (Rs. 3,540 max) Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank IDFC First Bank 30 8.85% - 10.75% 0.25% - 0.50% Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank Bajaj Housing Finance 20 8.50% - 9.10% Up to 7% Enquire
Apply for Home Loans in Surat at Lowest Interest Rates
Apply Now

Eligibility Criteria for Home Loans in Surat

Interested home loan borrowers need to fulfil some predefined eligibility criteria set by different banks and NBFCs in Surat. There might be a variation in the exact figures required by these lenders. However, in general, they look for the age, citizenship, minimum income, CIBIL score, and work experience of the applicant.

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian/ NRI/ PIO Indian/ NRI/ PIO
Professional Experience Minimum 2 years Minimum 2 years of business stability
Age

Min: 18 years
Max: 70 years

Min: 18 years
Max: 70 years

Monthly Income

Minimum Rs. 10,000 per month

Minimum Rs. 1,80,000 per annum

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.

  • All home loan applicants seeking housing finance at top Surat banks and NBFCs must be Indian residents. Some lenders also offer home loans to NRIs
  • Both salaried and self-employed home loan applicants should ideally be between 18 and 70 years of age.
  • Salaried applicants must have a minimum experience of 2 years, and self-employed applicants are required to show business continuity for at least 2 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 Surat 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.

Apply for Home Loans in Surat 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 Surat

Getting a home loan from any bank or NBFC is a procedure followed by submitting a required set of documents. These are general KYC documents used by the bank officials to verify an applicant's credibility as a home loan borrower. Have a look at the list of required documents for home loan in Surat and ensure arranging for the same before applying for a housing loan scheme:

1. For Salaried Loan Applicants

  • KYC documents such as PAN card, Voter ID Card, Aadhaar Card, Driving License and Passport
  • Appointment letter, letter of promotion
  • Proof of income such as salary slips of the previous 3 months, the latest Form 16, and the last year's IT return
  • Bank statements for the last 3 months with salary credits
  • 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
  • Business profile and license of the company 
  • Latest Form 26AS
  • Savings account statement of previous 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 attested by a CA
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 Surat

No matter which home loan agent in Surat you choose, you will get many housing loan schemes to choose from. Be it your need to purchase a home or plot, construct a house on an existing plot, renovate or extend a home or balance transfer from an existing home loan to a lower rate scheme, you will get all types of options from the top banks and home loan finance companies in Surat.

Type of Document Required The Object of the Loan
Home Purchase Loan To purchase residential housing such as flat/apartment
Plot Purchase Loan To purchase a land or plot where construction will be completed within a fixed period
Home Construction Loan To construct a home on an already purchased plot
Home Renovation Loan To renovate the house by wiring, painting, and other activities
NRI Home Loans To help NRIs buy a dream home in India
Balance Transfer Home Loan To transfer the existing loan amount to a new lending party offering a lower rate of interest
Top-Up Home Loan To meet unexpected personal or professional financial expenses

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 Surat

The best banks and NBFCs in Surat offer easy and affordable home loans to help you fulfill your dream of owning a home in Surat. Listed below are the top 5 banks and housing finance companies in Surat (partnered with BASIC Home Loan) that can help you get financial help to buy a dream home in Surat:

Top Banks for Home Loans in Surat (BASIC Partner) Top NBFCs for Home Loans in Surat (BASIC Partner)
Bank of Baroda LIC HFC
SBI Bajaj Housing Finance
IDFC First Bank PNB Housing

FAQs

The maximum home loan amount allowed in Surat by some of the best lenders is up to Rs. 5 crores. However, this depends on the eligibility criteria set by the specific bank or NBFC, so you are advised to confirm the same from the bank officials. 

Both private and government banks are good for anyone trying to get a home loan in Surat. If you want a home loan at a low processing fee, go for a government bank, whereas if you want an urgent home loan, go for a private bank because they offer quick home loans.

Yes, you can easily get a home loan in Surat with a monthly salary of Rs. 15,000. This is because the minimum salary eligibility required by many lenders is Rs. 10,000 per month. 

Home loan borrowers can avail of a tax deduction on the interest paid for a housing loan of up to a maximum amount of Rs. 2,00,000 under Section 24 of the Income Tax Act. 

Yes, there are several banks and NBFCs in Surat offering easy top-up loans on home loans to existing borrowers. These often come with flexible repayment options.