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About Home Loan in Indore
Indore is one of the budding city of Madhya Pradesh. It is also the commercial capital of the city. The major industries have set up their foot in the city. It has selected to be developed as one of the smart cities. The city holds lots of potentials and is still not explored to the fullest. The number of companies are predicted to set up their bases in the city. The finances have been taken care by several banks and NBFCs that has set up many branches across the city. Here are some of the best banks that offer affordable housing loans in Indore with low-interest rates and easy documentation facility. You can choose the best home loan for yourself and apply where you find the suitable deal. You can also look at the main branch address of these lenders in case you want to contact the branch.
Top Banks for Home Loan in Indore with Address
|Banks||Main Branch Address||Home Loan Interest Rate (p.a.)|
|SBI||Commercial Branch, Near GPO, A.B.Road, Indore-452001||6.95% - 7.60%|
|HDFC Ltd||HDFC HOUSE, 10-A/1, MG ROAD, INDORE - 452001||6.90% - 7.65%|
|ICICI Bank||Laxmi Towers, 576, M.G.Road, Indore- 452001||6.90% - 8.05%|
|Axis Bank||Kamal Palace, 1 Yeshwant Colony Niwas Road, Indore-452003||7.75% - 8.55%|
|PNB HFL||201, 2nd floor, |
579, M G Road,Indore - 452001
|7.50% - 9.20%|
|Indiabulls HFL||No.2A,2B, 1St Floor, Corporate House, Rnt Marg, Beside Davv University, Indore||8.99% Onwards|
|Bank of Baroda||Annapurna Road, Indore, Madhya Pradesh-452012||6.85% - 8.25%|
|DHFL||Third Floor, Royal-Gold Complex,, 4 A.y.n. Road., Indore, Madhya Pradesh 452001||9.05% - 9.95%|
|IDBI Bank||Alankar Chambers, ratlam Kothi, A.B. Road, Indore||7.15% - 7.25%|
Home Loan in a nutshell
|Interest Rate||6.70% - 14.00%|
|Processing Fee||0% to 1.25 % of the loan amount|
|Tenure/ Repayment||1-30 years|
Eligibility criteria for home loans in Indore
|Particulars||Salaried Individuals||Self-Employed Individual||Partnership Firm||Private/Public Ltd. Company(in existence for at least 3 years)|
|Age||The applicant should be above 21 years old at time of application, and less than 58 years of age at time of maturity of the loan||Any proprietor, partner, professional or director above 21 years but below 65 years at the time of the loan maturity.|
|Income||Gross annual income of at least ₹ 1,80,000 per annum||Gross annual income of at least ₹1,80,000lakhs||Firm should have a minimum PAT (profit after tax) of ₹3 lakhs||Minimum PAT (profit after tax) of ₹3 lakhs|
|Job Stability||The total employment stability should be more than 2 years and current employment stability of minimum 1 year||Business stability should be more than 3 years|
Proof of Identity- PAN Card/Driving license/ Voter ID/Passport/Aadhar Card.
Proof of address- Passport/Utility bill/Aadhar card
Proof of Income- Latest salary slip/ ITR/Form-16
Bank Statement- Last 3 months bank statement/ last 6 months bank passbook.
Property Documents- Agreement sale copy, Certificate of possession, Land tax receipt, the Detailed cost of construction, Letter of allotment, Original NOC.
About Home Loan
To buy a home for yourself is not an easy task. Finances play the most important role in getting a place for yourself. The home loan is the product which is offered by banks and NBFC to its customers who require finances for buying/ construction/ enlargement/ renovation of the property. You can buy, construct, enlarge, modify or renovate the house or property with the home loan. It is cheaper than the other loan products as the rate of interest is comparatively lower than other loans offered by banks. To get the home loan the borrower will have to meet the eligibility criteria and should have all the complete and valid documents.