Home Loan in Chandigarh – Eligibility, Documentation, Features
Home loan in Chandigarh is getting popular day by day owing to several factors. A shared capital of Haryana and Punjab, Chandigarh is known as the best and India’s first planned city offering advantageous home loan in Chandigarh. The Union Territory, with a rising population of 10,55,450 was also ranked as the happiest city in the country. It is flourishing at the speed of light and for homebuyers, it is a paradise as the home loan in Chandigarh are considered one of the best. Getting a home loan in Chandigarh is one of the best decisions you could make. Economy-wise, Chandigarh is one of the wealthiest places with the government being the major employer. It is followed by trade and business, IT industry and major multi-national corporations.
In this article we will cover:
Are you considering a home loan in Chandigarh to buy a home in the city? If yes, you are going to make a good decision. Buying a home without jolting your financial stability is vastly possible only through a home loan in Chandigarh. It saves you from being a frustrated borrower who borrows money from other sources at a higher interest rate. You can take a home loan in Chandigarh for buying a flat or a multi-storied building, commercial property or home renovation. Here a lumpsum amount is offered that is to be repaid in easy EMIs before the tenure gets over.
With options in home loan in Chandigarh approved by banks and NBFCs in Chandigarh allow you to unlock the value of your property to avail funds for personal and business requirements.
Estate Drive offers to assist with home loan in Chandigarh information about home loan providers offering services that are tailored to meet the unique real estate preferences of customers. Opt for funds at nominal rates.
Benefits of Home Loan in Chandigarh
- PMAY Scheme
You can get an exclusive interest subsidy on your housing loan for up to Rs. 2.67 Lakh under the Pradhan Mantri Awas Yojana scheme. It enables you to repay the loan with a nominal interest rate of 6.75%*.
- Home Loan Balance Transfer
This offers you to transfer your home loan balance and pay a comparatively lower rate in Chandigarh. Providing hassle-free service, you can get lucrative features, minimal documentation, top-up loans and much more.
- Part-Prepayment and Foreclosure Facility
It’s time to free yourself from this financial burden quickly as some home loan providers offer foreclosure or part-prepayment facilities on home loans at zero charges.
- Top-Up Loan
You can also avail the top-up loan. All you need to do is to fulfill other financial requirements with a high-value top-up loan, over and above the existing housing loan.
- Flexible Tenor
Repayment tenor of up to 240 months ensures you pay off the home loan in Chandigarh quickly.
- Easy Documentation Process
Apply for a home loan in Chandigarh with some basic documents only.
Salient Features of Home Loan in Chandigarh
Getting a home loan in Chandigarh is now a hassle-free process. Various banks in the city approve the home loan in Chandigarh. How it is a hassle-free process? Well, customers can just walk into the bank during business hours and get their loan application process initiated. The expert agents will help you sail through the entire process – from application to disbursal. All you need is to provide all the documents mentioned in the application form.
Loan providers provide loans to salaried employees, self-employed individuals and businessmen as well as women borrowers, so long as they are Indian nationals; resident or non-resident Indians and between 21 and -70 years of age (at the end of the loan tenure).
You also have the option to co-apply for the home loan along with your parents, siblings or spouse and reap higher loan eligibility and tax benefits on the loan..
With your home loan in Chandigarh, you also become eligible for a free credit card, 0.25% concession in ROI on a car loan as well as free accident insurance on the home loan.
It may interest you to know that you can use your existing home loan to take on a home extension loan, a top-up loan and even a home renovation or remodeling loan.
Home Loan Eligibility
A home loan is offered against a fixed percentage of the property. Below are the required eligibility criteria the lender may look for loan approval.
- Borrower should be salaried or self-employed.
- They should be of 21years or above.
- They needs to have a minimum required educational qualification, if self employed.
- They should have job stability and minimum required salary.
- They should have a good repayment history.
- They should mention your other loan liabilities.
Documents Required for Home Loan in Chandigarh
In order to avail of a home loan in Chandigarh, loan applicants need to fulfill the documentation requirements. List of documents to avail of a home loan are listed as follows:
Identity Proofs: Identity proof is required to ensure a person’s identity. These include aadhar card, voter id card, PAN card, or Government-issued id cards.
Address Proofs: An address proof is mandated to avail of a home loan in order to ensure the residential details of the applicant. These include passport, driving license, utility bills like water, electricity, or gas.
Income Proofs: Income proofs are required to ensure the repayment capability of the loan borrower. These include documents like Form 16, salary slips, ITR documents, and bank statements.
Age Proofs: Age proof is submitted through documents like birth certificate, voter id card, driving license, school and college certificates, and mark sheets.
Proof of Business Existence: It is required in the case of self-employed people. Proof of business existence includes trade license, copy of partnership deeds, and registration certificates. Also, certificate of practice and degree if the applicant is a self-employed professional.
Property Documents: This includes documents like an allotment letter, possession letter, and certificate of approved plans for construction and extension, conveyance deeds, and sale-purchase agreements.
Top Banks Offers Home Loan in Chandigarh
SBI Home Loan – The State Bank of India is one of the leading public sector banks in the country. It has many branches in Chandigarh. The bank offers various home loan products such as SBI flexipay home loan, Privilege home loan, Realty home loans, among others. Home loan rates by SBI start from 6.70%. SBI offers special discounts on home loan rates for women borrowers.
HDFC Home Loan – HDFC home loan is another popular home loan lender in Chandigarh. It offers various home loan products like HDFC TruFixed home loan, HDFC Reach home loan, etc. The interest rates on HDFC home loans in Chandigarh begin from 6.75%.
ICICI Home Loan – ICICI Bank is the second-largest bank in the country. It offers home loans at affordable interest rates that are designed to fulfill the house needs of both salaried and self-employed people. Popular ICICI Bank home loan products in Chandigarh include ICICI repo rate home loan, Express home loan, ICICI Home Improvement loans, among others. Interest rates on ICICI home loans in Chandigarh starts from 6.75%.
Axis Bank Home Loan– Axis Bank is one of the most popular private-sector lenders in the country. The bank provides excellence in all banking services and loan products like home loans. Popular home loan products offered in Chandigarh are Axis Bank repo rate home loan, Empower home loan, and Happy Ending home loans, amongst others. Axis bank home loan interest rates in Chandigarh start from 6.70%.
Significance of opting for Home Loan in Chandigarh
As you know that Chandigarh is the happiest city in India, which makes it a popular destination for homebuyers. And we’re not saying it with no reason. Facts are spilled all over the place. It’s based on several surveys. Owing to this, homebuyers are being attracted to the best options for home loan in Chandigarh.
Let’s face it, with planning like done in Chandigarh, why wouldn’t the people be happy? This, clubbed with the city’s best lifestyle and vibrant nature just makes Chandigarh a much sought out place to buy a house. Citizens are showered with the best of modern civic amenities that are available in any Indian metro without having to compromise on quality or lifestyle. Chandigarh’s real estate market is booming at a faster pace. It has also become popular with more and more people buying homes in this gorgeous city. Home loan in Chandigarh is more popular today than ever before.
Why you think investing in Chandigarh real estate is a good option?
- Chandigarh is positioned as the happiest city in India.
- Affordable & vibrant lifestyle, convenient public transportation and civic amenities.
- Amazing infrastructure, due to meticulous planning.
- Chandigarh is well-connected to most of India’s major cities by the national highway.
- City is constantly expanding and flourishing.
- It has become an educational hub and a centre for industry.
- Affordable property with world-class facilities.
- As per a report, Chandigarh is listed as the happiest city in India thanks to its affordable lifestyle, educational opportunities, fantastic public transportation and civic amenities.
- One of the perks of living in a vastly populated city is that the infrastructure of Chandigarh is impeccable – whether it is the roads, the public and private school system, the hospitals or even the transportation.
- Chandigarh is well connected to most of India’s major cities by the national highway.
FAQs
- What is the lowest interest rate on a home loan in Chandigarh?
It depends upon the bank that approves home loan. The lowest rate of interest rate on home loan in Chandigarh is 6.65%.
- Does it take long to get a home loan in Chandigarh?
It usually takes 15-30 days for Home loan disbursement. However, if you have not finalized any property or you have a pending document or the document is incomplete then it may even take more time to get approval for home loan in Chandigarh.
- What is the minimum income requirement to get home loan in Chandigarh?
Every bank has its own income criteria for a home loan in Chandigarh. However, the minimum income to apply for a home loan in Chandigarh is ₹ 25,000.
Summing Up
If you are thinking to buy a home in Chandigarh, you are doing the right thing. We help you find the best home loan in Chandigarh. Regarded as the happiest place to live in India, the beautiful city of Chandigarh is the perfect amalgamation of a futuristic city with an affordable standard of living. Life in this city is much more calm, relaxed and beautiful as opposed to the chaotic Delhi.
Citizens can enjoy all the best of modern civic amenities that are available in any Indian metro without having to compromise on quality or lifestyle. In recent years, the real estate market of Chandigarh has also become famous with more and more people buying homes in this thriving city. Home loan in Chandigarh is more popular today than ever before.
Owing to the swift development in the city, there is no telling when the real estate prices in Chandigarh will begin to shoot up. The wise thing to do is to take a home loan in Chandigarh now and book your dream home.
