• Gram Panchayat Home Loan Eligibility





Bank Name

Interest Rate

Processing Fee

Loan Amount

Tenure

PNB Housing Home Loan

9.05% - 9.30%(Floating Rate)

Up to 0.50% (min.₹ 10,000 + GST)

₹ 8L Min

1-30 Years

Kotak Mahindra Bank Home Loan

8.95% - 9.15%(Floating Rate)

₹ 10000+GST

₹ 5L -₹ 10Crs

1-20 Years

HDFC Ltd. Home Loan

8.60% - 8.95%(Floating Rate)

Up to 0.5% (max.₹ 11,800)

₹ 5L -₹ 10Crs

t1-30 Years

Axis Bank Home Loan

8.80% - 11.75%(Fixed /Floating Rates)
9.25%(Floating Rates)

0.50% (min.₹ 10,000)

₹ 5L -₹ 10Crs

1-30 Years

Indiabulls Home Loan

8.80% - 12%(Floating Rates)

Loan amount up to Rs.30 lakh -
Up to Rs.10,000

₹ 2L -₹ 3Crs

1-30 Years

SBI Home Loan

8.55% – 9.25%(Floating Rate)

0.35% (min. Rs.2,000; max. Rs.10,000)

₹ 5L -₹ 10Crs

1-30 Years

Aditya Birla Capital Home Loan

9% – 12.50%(Floating Rate)

₹ 5,000 to₹ 10,000 + applicable tax

₹ 20L -₹ 10Crs

1-30 Years



Home Loan Eligibility

Eligibility CriteriaRequirement
AgeMinimum Age: 18 years and Maximum Age: 70 years
Resident TypeThe applicant must be (any one):
  • Resident Indian
  • Non-Resident India (NRI)
  • Person of Indian Origin (PIO)
EmploymentThe applicant can be (any one):
  • Salaried
  • Self-employed
Net Annual IncomeAt least Rs.5-6 lakh depending on the type of employment
ResidenceThe applicant must have (any one):
  • A permanent residence
  • A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit scoreA good credit score of at least 750 or more obtained from a recognised credit bureau

 

Home Loan Documents Required

Identity Proof (any one)Residence Proof (any one)Other Documents
Driving LicenseCopy of Electricity Bill/Water Bill/Telephone BillEmployer Identity Card
PANCopy of valid Passport/Aadhar Card/Driving LicenseDuly filled loan application form affixed with 3 passport size photographs
Voter ID Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

For Self-employed Applicant/Co-applicant:For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 yearsSalary Slips for the last three months
Certificate of Qualification (for Doctors/C.A. and other professionals)Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years 
Business License Details 
Business address proof 
TDS Certificate 

Property Papers:

  1. Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  2. Occupancy Certificate in case the property is a ready-to-move-in property
  3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  4. Conveyance Deed in case of a new property
  5. Bank account statements indicating all payments made to the seller or builder
 

Home Loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:

  • Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
  • Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
  • Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
  • Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
  • Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
  • Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
  • Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
  • Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
  • Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
  • Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
  • Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

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Gram Panchayat Home Loan Eligibility

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