Home Loans in Thane
Compared to other parts of Mumbai, Thane offers affordable housing options. Prospective home buyers can easily buy a home in Thane with the help of top banks and housing finance companies that offer quick home loans. The most affordable home loan in Thane has an interest rate starting at 8.50% per annum onwards. You can easily get a housing loan in Thane for a maximum of 30 years on monthly EMIs. While applying for a home loan in Thane, you must submit all the relevant documents requested by the lender along with a processing fee cheque ranging between 0.25% and 1% of the loan amount.
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Home Loan Interest Rates in Thane
The home loan interest rates in Thane play a crucial role in shaping the financial commitment of individuals seeking a home of their own. The prevailing market conditions, inflation rates, and respective policies of the lenders often influence these rates. The lowest home loan interest rates in Thane start at 8.50%, offered by LIC HFC.
So, gear up to learn about the processing fee and interest rate on home loans of 10 shortlisted banks and housing finance companies:
| BASIC Bank/NBFC Partner | Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|---|
|
LIC HFC | 30 | 8.50% | Up to 0.25% of the loan amount (Maximum: Rs. 25,000) | Enquire |
|
HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% of the loan amount (Minimum: Rs. 3,540) | Enquire |
|
Federal Bank | 30 | 8.80% | 0.50% of the loan amount (Minimum: Rs. 3,000 + GST; Maximum: Rs. 7,500 + GST) | Enquire |
|
Karur Vysya Bank | 30 | 9.23% | Rs. 2,500 - Rs. 7,500 | Enquire |
|
ICICI Bank | 30 | 9.25% - 10.05% | 0.50% - 2.00% of the loan amount | Enquire |
|
Cent Bank of India | 30 | 9.65% | 0.50% of the loan amount (Maximum: Rs. 20,000) | Enquire |
|
India Shelter | 20 | 10.50% onwards | Upto 2.50% of the loan amount | Enquire |
|
Piramal Housing Finance | 30 | 11.00% | Up to 3.00% of the loan amount + Taxes | Enquire |
|
Union Bank of India | 30 | 8.70% onwards | 0.50% of the loan amount (Max: Rs. 15,000 + GST) | Enquire |
Eligibility Criteria for Home Loans in Thane
So, will all those who apply for a home loan in Thane end up getting one? Not unless they fulfill the eligibility criteria set by the lending bank or housing finance company. The eligibility criteria these lenders ask for are simple requirements in terms of age, nationality, income, credit score, and work experience.
The table given below is for your reference to know more about home loan eligibility in Thane:
| Eligibility Parameters | Salaried Individuals | Self-Employed Individuals |
|---|---|---|
| Citizenship | Indian Residents | Indian Residents |
| Professional Experience | 2 years | 3 years |
| Age |
Min: 21 years |
Min: 21 years |
| Monthly Income | Minimum Rs. 25,000 per month |
Minimum Rs. 1.8 lakh per year |
| CIBIL Score | 750 or above (preferred) | 750 or above (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.
- Popular banks and housing finance companies in Thane will not hesitate to offer home loans to Indian Residents.
- The common age limit many lenders ask from applicants applying for a home loan is 21 to 65 years.
- Banks and other financial institutions ask for a work experience of 2 years from those getting monthly salaries and 3 years from those who are self-employed.
- A credit score of 750 or over is pretty good and increases a candidate's eligibility to apply for a home loan in Thane.
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 Thane
No home loan application process will be completed without the applicant submitting relevant documents to the lender. So, in case you are a salaried person or even if you are self-employed, here is the list of documents required for a home loan in Thane:
1. For Salaried Loan Applicants
- Identity Docs such as an Aadhaar Card, Voter ID Card, PAN Card
- Salary Slips (Last 3- 6 months)
- Bank Statements (Last 3- 6 months)
- Latest Income Tax Return
- Latest Form 16
- Property Details and Documents
- A processing fee cheque
- Appointment Letter
2. For Self-Employed Loan Applicants
- Identity Docs such as Aadhaar Card, Voter ID Card, PAN Card
- Bank Statements (Last 3-6 months)
- Recent Form 26AS
- Company license
- Latest Income Tax Returns
- Profit and Loss Statements
| 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 |
Get Home Loan Starting at 8.5%*
Home Loan Options Available in Thane
Be ready to expect a variety of home loan schemes when you consult a home loan agent in Thane. Some of the housing loan options the agent will offer you will include home purchase, plot purchase, home construction, home renovation, home extension, balance transfer, and top-up.
To help you understand better the common types of housing loan schemes available in Thane, we are now describing them one by one in the given table:
| Type of Document Required | The Object of the Loan |
|---|---|
| Home Purchase Loans | This loan caters to the financial needs of people who are running short of money to buy a home. |
| Plot Purchase Loans | The aim of this loan is to help people buy a residential plot with sufficient funds. |
| Home Construction Loans | The aim of this loan is to help people buy a residential plot with sufficient funds. |
| Home Construction Loans | This loan is designed to help people who wish to construct a home on a residential plot. |
| Home Renovation Loans | With this loan scheme, existing home owners can renovate homes without falling short of money. |
| Home Extension Loans | Using this housing loan scheme, existing homeowners can extend their home with an adequate amount of money provided by the lender. |
| Flexible Balance Transfer Home Loans | It is an easy way to shift the outstanding loan amount to a new lender offering the loan at a lower interest rate. |
| Easy Top-Up Loans | This scheme brings additional funds on top of the home loan amount for the existing customer. |
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
Yes, home loan borrowers in Thane can avail of tax exemptions under Section 24(B) and 80(C) of the Income Tax Act.
Yes, many banks and NBFCs do offer concessions on home loan interest rates to women borrowers. You are advised to check for the same with your chosen lender.
It is quite simple to calculate the home loan in Thane EMI using the online EMI calculator available here https://www.basichomeloan.com/emi. Generally, the EMI is calculated using factors like the home loan interest rate, loan tenure, and loan amount.
No, you will not be able to get a 100% home loan from any bank or housing finance company in Thane. However, you may expect up to 90% of the property cost as a home loan amount from several lenders.
No, it is not mandatory to take insurance on a home loan in India. However, banks and housing finance companies may pressurize borrowers to get one to minimize the risk of non-repayment of the loan.