Home Loans in Visakhapatnam

Visakhapatnam or Vizag, the beautiful coastal city in India located in Andhra Pradesh, has all that a person needs for a comfortable living. Scenic beauty, infrastructure development, economic opportunities, and education opportunities all add to the real estate investment potential of Visakhapatnam. One can buy a home here with an easy home loan in Visakhapatnam starting at 8.45% per annum. Banks and housing finance companies usually charge a processing fee starting at 0.25% or 0.50% of the loan amount to process a home loan application. 

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Home Loan Interest Rates in Visakhapatnam

The first thing that a home loan applicant will ever check when applying for a home loan is its interest rate because that will play a deciding factor in the affordability of a property. The lowest home loan interest rates in Visakhapatnam begin at 8.45% per annum, offered by the Bank of India. While a majority of lenders offer home loans in Vizag or Visakhapatnam for up to 30 years, some also allow borrowers to repay the loan amount in 40 years. 

Now, we recommend you proceed further and look at the processing fee and home loan interest rates of 10 prominent banks and housing finance companies in Visakhapatnam:

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 (Min: Rs. 1,500; Max: Rs. 20,000) Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Min: Rs. 3,540) Enquire
bank PNB Housing 30 8.75% onwards Up to 0.50% (Max: Rs. 10,000) Enquire
bank Aditya Birla Capital 30 8.80% - 14.75% Up to 1% of the loan amount Enquire
bank Tata Capital Ltd. 30 8.95% onwards Up to 0.25% (Max: Rs. 3,540) Enquire
bank Indian Overseas Bank 30 9.35% 0.50% of the loan amount Enquire
bank YES Bank 35 9.40% - 10.25% 1.5% of the loan amount (Maximum: Rs. 10000) + GST Enquire
bank India Shelter 20 10.50% onwards Up to 2.50% of the loan amount Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
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Eligibility Criteria for Home Loans in Visakhapatnam

Do you fall in the right eligible age and income category to apply for a home loan in Visakhapatnam? This and more factors are generally taken into consideration by lending banks and housing finance companies for each applicant before granting home loans in Visakhapatnam. So, one who is eager to get a home loan must be aware of all the eligibility criteria for a home loan in a particular city. 

The table displayed below will help you understand the standard home loan eligibility in Visakhapatnam:

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

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum Rs. 10,000 per month

Minimum Rs. 1 lakh per year

CIBIL Score 750 or above 750 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 can easily get home loans in Visakhapatnam, and some lenders also provide home loans to NRIs and PIOs
  • Applicants must be within the age bracket of 21- 65 years when applying for a home loan
  • To qualify for a home loan in Vizag or Visakhapatnam, lenders usually ask for a work experience of 3 years from self-employed and 2 years from salaried applicants
  • Lenders usually ask for a credit score not less than 750, and a score higher than this is even more appreciated

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 Visakhapatnam

Whether it is the need to check your eligibility based on your age, income, or address, a lender will check these through relevant documents. Therefore, document submission is integral to a home loan application procedure. So, make sure to go through the list of documents required for home loan in Visakhapatnam shared below before applying for a housing loan:

1. For Salaried Loan Applicants

  • Identity documents such as PAN Card, Voter ID Card, Aadhaar Card
  • Bank Statements (3- 6 months)
  • Salary Slips (3 - 6 months)
  • Latest ITR
  • Recent Form 16
  • Property details and documents 
  • Appointment letter
  • A processing fee cheque

2. For Self-Employed Loan Applicants

  • KYC documents like Voter ID Card, Aadhaar Card, PAN card
  • Company license
  • Profit and Loss Account Statements (2-3 years)
  • Bank Statements (3- 6 months)
  • Recent Form 26AS
  • ITR (2-3 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 Visakhapatnam

The best way to get a perfect home loan is by approaching a reputed home loan agent in Visakhapatnam. When you do so, you will get relevant information about all the popular housing loan schemes available in the city, ranging from a home or plot purchase loan, home construction or renovation loan, and balance transfer or top-up loans.

We advise you to go through the table given below to understand the common types of housing loan schemes available at Vizag:

Type of Document Required The Object of the Loan
Home Purchase Loan Brilliant loan for those falling short of money to buy a residential home
Plot Purchase Loan Affordable home loan scheme for buying a residential plot
Home Improvement Loan Existing homeowners can use this loan to get money to improve the condition of their home
Home Construction Loan This loan helps people construct a home on a plot with adequate money
Home Extension Loan This is a home loan designed to help existing homeowners with funds to extend their homes with a new balcony, room, or floor
Top-Up Loan An easy way to get additional funds apart from the loan amount without applying for a fresh loan
Balance Transfer Loan Flexible way offered to the existing home loan customers to shift their remaining loan amount to a different lender at cheaper rates
Pre-Approved Loan Quick home loan scheme available for borrowers with a preliminary approval

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 Visakhapatnam

If you cannot yet choose the right lender for a housing loan in Visakhapatnam, then we are here to help you. The table below will help you shortlist the best lender for a home loan in Visakhapatnam. It enlists 5 leading banks and 5 leading housing finance companies in partnership with the BASIChomeloan:

Top Banks for Home Loans in Visakhapatnam (BASIC Partner) Top NBFCs for Home Loans in Visakhapatnam (BASIC Partner)
Bank of India LIC HFC
HDFC Bank Aditya Birla Capital
Indian Overseas Bank India Shelter
YES Bank PNB Housing
Axis Bank Tata Capital Ltd.

FAQs

Yes, one can easily get a home loan in Vizag as a co-applicant. However, lenders usually ask these co-applicants to be the immediate family members of the primary borrower, such as the spouse, children, parent, or sibling. 

Several prominent banks offer home loans in Visakhapatnam, such as:

  • HDFC Bank
  • Indian Overseas Bank
  • Bank of India
  • YES Bank
  • Axis Bank

Yes, there are banks and housing finance companies that offer easy home loans in Visakhapatnam to Non-Resident Indians (NRIs).

The minimum salary required for a home loan in Visakhapatnam is Rs. 10,000 per month. 

It is not possible to get a 100% home loan amount in Visakhapatnam. However, you can boost your chances of getting the maximum home loan amount by submitting the relevant documents and maintaining a decent credit score.