Pune is home to many Information Technology (IT) and manufacturing hubs, not to mention educational institutions.
If you plan to relocate to the city, getting a home loan in Pune isn’t as hard as you think. However, you must still know how to find suitable lenders, for which you should learn all you can about the kinds of home loans and their interest rates. So, are you ready to learn more about how to get the best home loans in Pune?
About Pune Home Loan Rates
Interest rates are prominent, and you should know about them when getting a home loan in Pune. Home loan rates in Pune lie between 6.85% and 9.85%. Depending on the terms and conditions, there may also be a processing fee.
Most lenders also have a maximum and minimum loan amount that they can sanction, which is why you should be aware of the process of availing of a home loan in Pune.
Best Home Loan Lenders in Pune
You should not only look at the different home loan schemes and their interest rates but also the lenders. Various financial entities, such as banks, and NBFCs, disburse home loans, and it is your job, as a borrower, to learn all that you can about them.
If you are already researching the most suitable home loans in Pune and how to get them, you should also look for a suitable lender. This list of the best home loan lenders in Pune should help you with your research.
1) Navi Home Loan:
Navi home loans start from 7.39%, and you can avail of up to Rs. 5 Crores. More importantly, you don’t need to pay any fee to process the loans; you can get them through the dedicated platform.
Navi home loans also come with flexible EMI payment options and tenures of up to 30 years. The loans are approved almost instantly since everything happens on a software-based application.
In Pune, Navi home loans start from 8.39%, with no processing fees or hidden charges.
2) PNB Housing Finance:
Home loans from PNB Housing Finance start from 7.35% per annum. However, unlike other home loan providers, you will need to pay a processing fee of 0.25% for a loan of Rs. 10,000 if you are a salaried professional and 0.5% for the same amount if self-employed.
The tenure of these loans is 30 years, and there are no prepayment or foreclosure charges. You can use the home loans from PNB Housing Finance to fund up to 90% of the property value. Repayments and transfers are flexible, and there are no hidden charges.
3) Canara Home Loan:
Canara Bank home loans come with interest rates starting from 6.9% and going up to 8.9%. There are no processing fees or prepayment charges, and you can avail of these loans for up to 30 years. The bank offers some of the best home loans in Pune, with fast sanctioning and disbursements.
These home loans also come with long repayment tenures, where the bank calculates interest rates depending on daily reducing balance. Canara Bank offers some of the best ROI, making it one of the best home loan lenders in Pune.
4) LIC HFL:
Home loans from LIC Housing Finance come at floating interest rates between 8.4% and 8.5% and tenures between five and ten years. You can apply for a maximum of Rs. 5 Crores. However, you will need to pay a processing fee of 0.25% or up to Rs. 25,000.
One of the best features of home loans from LIC HFL is that you can partly repay or pre-close them without needing to pay a fee. There is also an option to transfer the balance amount, and you don’t need a guarantor to avail of the loan.
5) Axis Bank Home Loan:
Axis Bank is also one of the best home loan lenders in Pune that offers loans at a fixed interest rate of 6.9%. You can take out between Rs. 5 lakhs and Rs. 10 crores from the loan provider. However, you will need to pay a one-time processing fee of 0.5%.
The minimum fee for processing your application is Rs. 10,000, and Axis Bank allows you to repay your home loans in one year or up to 30 years. So, you also get a long tenure.
However, be sure to pay your EMIs in time, or you will risk shelling out up to 24% additional interest every year. Axis Bank also levies foreclosure charges of up to 2% if you plan to pay off the loan before the tenure ends.
Eligibility To Apply For Home Loan:
The eligibility to apply for a home loan in Pune depends on the following factors.
- Your credit scores.
- Information about your outstanding debts
- Documents showing your income and employment
- Property and LTV ratio documents.
Documents Required:
You must also submit a set of documents for verification purposes to avail of a home loan in Pune. Under normal circumstances, you will need to submit the following documents as proof to avail of a home loan.
- Age, income, and identity proof
- Address proof
- Education and employment details
- Bank statements
- Property documents.
So, don’t forget to provide all these documents when availing of the loan. That way, you can rest assured that you will get it disbursed in time.
Conclusion
Finding and getting the best home loans in Pune takes work. However, with some research about the different kinds of loans and lenders, not to mention the interest rates, you can narrow down the best in no time.
So, learn as much as possible about the best home loans in Pune and their interest rates and lenders before availing them. Each lender has a different application process, eligibility criteria, and documents.
So, if you are new to Pune and your goal is to buy a house, you better start looking for a loan.
