Pune is the second largest city in the Indian state of Maharashtra and it has a population that is upward of 30 lakh people. The city is also home to a number of foreign students who wish to study in the esteemed institutions that form part of the city. All of this has contributed to a situation in which a number of people are looking to buy property.
Since buying property is a huge investment, most people choose not to lay down a large down payment immediately. Instead, they opt for loans that will allow them to minimise their initial outlay and pay back the amount in installments.
Home loans are not restricted to only loans for buying a new house. Also, banks are not the only institutions offering home loans in Pune. There are some NBFCs that also offer home loans. Some of these are listed here:
|Karnataka Bank||Sundaram BNP Paribas Home Finance|
|HDFC Limited||Aditya Birla Capital|
|Kotak Mahindra Bank|
Home loans are granted to applicants pending certain approvals. In order to get these approvals, the loan applicant needs to satisfy a given set of criteria. Some of these generic criteria are mentioned here:
|Minimum and maximum age||Minimum age: 18 Maximum age: 70|
|Net annual income||Depending on the type of employment, a minimum of Rs.5 lakh is required|
|Credit score/rating||A good credit rating is required and this should be obtained from a recognized credit bureau|
|Employment||Can be an employee of a company or self-employed|
|Residence||Own residence or rented residence but should have resided in the same place for at least one year prior to the loan application|
While a person can avail a loan amount, it is not possible for them to acquire the full amount that they need. Instead, they can avail a loan for an amount that is about three-fourths of the total amount. This is common across all institutions that lend money to individuals for such purposes.
Since all loans require documentation for KYC processes before disbursement, it is necessary to provide the following:
|Type of documentation||Purpose||Permitted documents|
|Identity proof||This is to serve as a photo ID and for proof of address||
|Income proof||This is to serve as proof of income to indicate that there is a supply to repay the loan||
|Loan application form||To serve as a request for a loan application||
|Other documents||To serve as additional proof for the institution granting the loan||
A person availing a home loan is not restricted to only getting it if they buy a house. The loan can be availed for different purposes related to the home and these are mentioned here:
|Home Loan type/purpose||Details|
|Loan for new or pre-owned property||This loan can be obtained by people who want to buy property. The property can be either a new one or it can be a property that was previously owned by someone else.|
|Loan for construction of property||This loan can be obtained in order to construct a house or a building on an existing plot of land.|
|Loan for property expansion||This loan can be obtained to increase the size of their property by purchasing more land.|
|Loan for home improvement/renovation||This loan can be obtained by a person who wishes to modify or renovate their house.|
|Loan for NRIs||This loan can be availed by NRI people who wish to buy property in India.|
In addition to availing home loans, one can also avail facilities like home conversion loans and home loan balance transfers.
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