A "low interest" loan shouldn't mean you have very little interest in paying it back!

    Nainital Bank Home Loan Reviews

    Common Loader Icon

    Nainital Bank Home Loan is Rated as "Blown Away!" by 1 Users

    Home Loan BYTES FROM OUR KITCHEN

    Nainital Bank Home Loan:

    Nainital Bank commenced business in 1922, and offers its clients and customers a wide range of banking products and solutions that are tailor made to fit their needs and requirements. Nainital Bank also offers customers home loans at attractive, affordable and competitive interest rates, which can be paid off through easy equated monthly installments (EMI). These loans can be acquired and utilised by borrowers for the purchase or renovation of residential property.

    Types of Home Loans Offered By Nainital Bank:

    Nainital Bank offers customers two types of home loans or housing loan schemes. These are:

    • Apna Ashiana Housing Loan Scheme
    • Naini Home Improvement Loan

    Apna Ashiana Housing Loan Scheme:

    The Apna Ashiana Housing Loan Scheme offered by Nainital Bank is a scheme that looks to address the issue of housing among people of a certain region by providing them with housing loans and credit in order to purchase or construct residential property.

    Naini Home Improvement Loan:

    The Naini Home Improvement Loan Scheme offers loans to borrowers who wish to make repairs to their houses or residential property. Loans under this scheme are offered at a higher rate of interest as compared to loans offered under the Apna Ashiana Housing Loan Scheme, but are beneficial for borrowers who wish to make short term or quick repairs to their homes.

    Features and Benefits of Nainital Bank Apna Ashiana Housing Loan Scheme:

    The Nainital Bank Apna Ashiana Housing Loan Scheme offers a number of attractive features and benefits to borrowers looking to avail of this loan:

    • Applicants can utilise loans under this scheme for the following purposes:
      • Purchase of a brand new residential property, such as a house or a flat
      • Construction of a brand new residential property, such as a house or a flat
      • Purchase of house that has already been built, and which has not existed for more than 20 years
      • For extension, reparation or renovation of a residential property, such as a house or a flat that already exists
      • To pay off any other loans that have been acquired from any other bank or financial institution that offers home loans
      • For the purchase of a plot of land, under the condition that the plot is a part of a housing project, and that the construction will be finished within a time frame of 1.5 years
    • Attractive rates of interest
    • Low equated monthly installments (EMIs), which help borrowers pay back the loan easily
    • Applicants can avail of loan tenures up to a maximum of 20 years
    • No prepayment or foreclosure charges or fees are applicable
    • Borrowers can avail of loan amounts up to the following amounts:
      • If the yearly income of the borrower is more than Rs 1.5 lakhs, then he or she can avail of a home loan amount of up to five times his or her gross total income
      • If the yearly income of the borrower is less than or equal to Rs 1.5 lakhs, then he or she can avail of a home loan amount of up to three times his or her gross total income
    • Borrowers are also offered a moratorium period on their loans of up to 18 months

    Loan Amount Offered By Nainital Bank Apna Ashiana Housing Loan Scheme Based Purpose and Location:

    The Nainital Bank Apna Ashiana Housing Loan Scheme offers home loans to borrowers based on the purpose of the loan as well as the region the borrower hails from.

    Purpose of Loan

    Status of Region

    Maximum Loan Amount

    Construction of Residential PropertyPurchase of Residential PropertyExtension of Residential Property

    Metro Centers

    Noida

    Jaipur

    Ghaziabad

    Dehradun

    Faridabad

    Lucknow

    Gurgaon

    Rs 50 Lakhs

    Construction of Residential PropertyPurchase of Residential PropertyExtension of Residential Property

    Urban Centers

    Rs 30 Lakhs

    Construction of Residential PropertyPurchase of Residential PropertyExtension of Residential Property

    Semi-Urban Centers

    Rural Centers

    Rs 20 Lakhs

    Renovation and Reparation of Residential Property

    Metro Centers

    Urban Centers

    Rs 10 Lakhs

    Renovation and Reparation of Residential Property

    Semi-Urban Centers

    Rural Centers

    Rs 5 Lakhs

    Purchase or Buying of Plot of Land

    All Centers

    Rs 10 Lakhs

    Nainital Bank Home Loan Interest Rate:

    Nainital Bank offers a 9.75% floating rate of interest on its home loans. This rate of interest is applicable for all home loans acquired through Nainital Bank, regardless of the loan amount rolled out. However, the rate of interest differs with regards to loans for house repair.

    The interest rates on offer are as follows:

    Scheme

    Home Loan Amount

    Rate of Interest

    Apna Ashiana Housing Loan Scheme

    Upto and Including Rs 20 Lakhs

    9.75%

    Apna Ashiana Housing Loan Scheme

    More Than Rs 20 Lakhs

    9.75%

    Naini Home Improvement Loan (For House Repair)

    All Loan Amounts

    11.25%

    Nainital Bank Home Loan MCLR Rates:

    With effect from April 1st 2016, Nainital Bank fixed its home loan Marginal Cost of Funds Based Lending Rate (MCLR) at 9.30% for loans with a tenure of one year. These rates apply to all loans and credit limits that the bank sanctions.

    The MCLR Rates set by Nainital Bank are as follows:

    Loan Tenor

    MCLR Rate

    Overnight

    9.00%

    1 Month

    9.00%

    3 Months

    9.05%

    6 Months

    9.15%

    1 Year

    9.30%

    Eligibility Criteria for Nainital Bank Home Loan:

    Applicants who wish to avail of home loans through Nainital Bank are required to meet the following eligibility criteria:

    • The individual applying for the loan must satisfy the following conditions:
      • Own the land or plot on which the construction of the house is to take place
      • The land should be in the name of the individual
      • The individual should possess a plan of construction that has been approved by an authorised body
    • Joint owners applying for the loan must satisfy the following conditions:
      • The land or plot of land on which the construction of the house is to take place should be in the name of the joint owners
      • All joint owners agree to be co-applicants to the loan
    • The following individuals and entities are also eligible to apply for this loan:
      • Agriculturists
      • Group Housing Societies that have been registered
      • Farmers

    Documentation Required to Apply for a Home Loan with Nainital Bank:

    Borrowers or applicants who wish to apply for a home loan with Nainital Bank are required to submit the following documents at the time of application:

    • For salaried individuals:
      • Completed loan application form duly signed
      • Proof of Identity:
        • PAN Card
        • Ration Card
        • Valid Passport
        • Voter ID Card
      • Most recent passport sized photos
      • Proof of Address:
        • Electricity Bill
        • Valid Passport
        • Latest Telephone Bill
        • Voter ID Card
      • Most recent Form 16
      • Last 3 months salary slips
      • Previous 6 months bank statement
      • Cheque for processing fee
      • Copy of property documents
    • For Partnerships, Sole Proprietorships and Private Limited Companies
      • Completed loan application form duly signed
      • Proof of Identity:
        • PAN Card
        • Ration Card
        • Valid Passport
        • Voter ID Card
      • Most recent passport sized photos
      • Proof of Address:
        • Electricity Bill
        • Valid Passport
        • Latest Telephone Bill
        • Voter ID Card
      • Previous two years income tax returns of the company partners or directors
      • Previous 12 months bank statement of the company
      • Copy of audit
      • Copy of the company’s Memorandum of Association, Articles of Association or Partnership Deed
      • Cheque for processing fee
      • Copy of property documents

    Nainital Bank Home Loan EMI Calculator:

    Applicants who wish to avail of home loans through Nainital Bank can determine the quantum of loan they can undertake so as to meet the needs and requirements of their financial budget. By using an EMI Calculator, applicants can ascertain the best options possible with regards to loan tenure, repayments and much more.

    BankBazaar.com offers an easy-to-use and simple EMI Calculator for applicants who wish to avail of the best home loan options. Customers can make use of this calculator by following the procedure below:

    • Visit the official BankBazaa.com website and click on ‘Finance Tools’ in the top menu
    • Choose ‘Home Loan EMI Calculator’
    • With the slider provided, choose the following parameters:
      • Loan Amount
      • Tenure of Loan
      • Rate of Interest
      • Processing Fee
    • Once chosen, the following details will be computed:
      • The monthly EMI
      • The total amount of interest due
      • An amortization schedule
    • The slider can be moved back and forth multiple times until a satisfactory result has been achieved

    FAQs:

    1. How can an applicant increase his or her chances to obtain a home loan through Nainital Bank?

      An applicant has the option of including or combining the income of his or her spouse, along with the applicant’s income in order to increase eligibility for a loan.

    2. Who is considered to be a farmer under the Apna Ashiana Housing Loan Scheme?

      Any individual or person who earns more than half his or her income through agricultural means is deemed to be a farmer as per the guidelines of the scheme

    3. What are the charges levied in case an applicant defaults on the loan?

      The following charges are levied in the case of default:

      • If the duration of default is not more than 6 months, then a penal interest of 1% of the loan amount will be levied
      • If the duration of default is more than 6 months, then a penal interest of 2% of the loan amount will be levied on the duration of the loan default
    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.