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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:
Sundaram BNP Paribas Home Finance
Aditya Birla Capital
Kotak Mahindra Bank
Home Loan Eligibility
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
A good credit rating is required and this should be obtained from a recognized credit bureau
Can be an employee of a company or self-employed
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.
Home Loan Documentation
Since all loans require documentation for KYC processes before disbursement, it is necessary to provide the following:
Type of documentation
This is to serve as a photo ID and for proof of address
A current driving licence
A valid, current passport
This is to serve as proof of income to indicate that there is a supply to repay the loan
Salary slips for three months and IT return or Form 16 for applicants working with a business or organisation
Income tax returns for the preceding three years and the income computation for those three years along with a balance sheet mentioning profit and loss, audited by a chartered accountant for self-employed applicants
Loan application form
To serve as a request for a loan application
The form should be duly filled and signed and submitted along with an affixed photograph
To serve as additional proof for the institution granting the loan
A cheque for the value of the processing fee
If there are loans being repaid currently, details of those should be provided by way of a bank statement
The loan applicant and co-applicant should provide photographs
Types of Home Loans in Pune
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
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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I have taken home loan through Aavas Financiers Limited in the year of 2018.The rate of interest and the processing fee was very high and have processed due to my requirements.The rate of interest was 11% and the loan amount was sanctioned on appropriate time .
I have taken a home loan from SBI and the loan amount was Rs. 30 lakh. The rate of interest was 8.15% and i am paying EMI of Rs. 25k. Customer service was good. I received this loan instantly and i applied this loan through online channel.There is no pre closure charges.
I have taken Home loan directly through HDFC Ltd.The rate of interest and the processing fee was nominal .The loan amount got on time and there was no difficulties .This loan is still active and paying the premium through EMI basis without any hassle got this loan .I am completely satisfied with the service .
There are lots of cheaters in HDFC home loan and Credit department, They all are just wasting time, never confirmed status of any query, I have a bad experience with HDFC, As salesperson I m eligible for home loan, and interest rate is 8.25. after applying 20 days later they confirmed me to u are not eligible for loan due to ur Company is in LLP firm. They asking for the company balance sheet. also he told me to ur interest rate will be 8.55. How can is it possible. before applying salesperson called me more than 20 times but after apply I called him more than 50 times but he never receives my call. many time I message him to meet me but no luck.
I applied for the HDFC limited home loan through bank executive and the loan got disbursed with in one week. The required document are more. The approved loan amount is 17 lakhs for 25 years of tenure with rate of interest. of 8.90%. Processing fee is Rs.7000.
Worst experience from a Brand like Tata Capital. At the time of taking loan they experienced hassle but for releasing the cheque, customer cried and extending the date to handover.
I had taken a HL from Tata Capital while foreclosing after one year gives very very worst experience. I had applied for forecloser letter Tata Capital told me that it should obtained only after 15 working day in which Saturday Sunday and any other holiday not been consider. Very very harassment. On 15th day Back office called me and asked that they should reduce the ROI if I continue with Tata which is totally disgusting that they already charged me ROI @9.35 which is higher ever than Nationalised bank.
Even after submitting forecloser cheque tata is just prolonging the date to close which is very badly eating my hard earned money.
Very very bad and worst experience about Tata Capital
Plz plz plz don't go for Tata
While taking the home loan in Muthoot homefin limited, the field executive visited to my place to pick up the papers but finally they have taken 1.5 month to approve the loan. The process got delay it should be more faster, I availed the loan amount Rs.10.30 lakhs for the duration of 15 years, the interest rate is 10.50% for per annum its nominal for me.
My builder has a tied up with Axis Bank so my home loan was processed with this bank but am not satified. The mobile application is not good and I could not get much details about my loan payments even I need to visit the branch for certain things which is time taking. I am planning to do balance transfer. The interest rate is increasing for every 6months. The processing fee is applicable.
I have been using the home loan with the INDIABULLS since from last 10 years, the documentation process was easy and simple added on that the rate of interest was 10% with the loan. The customer support is good and also i have faced no issues with the institute.
I have been using the STANDARD CHARTERED BANK home loan since from last 10 years. The documentation process was simple and also it was quick and i got the loan amount which is sufficient, the rate of interest was 9% with the loan. The duration for repaying was good.
I have taken a home loan in HDFC bank on 3 months before which was applied directly to bank. Since I am account holder the process was smooth and sanctioned on time. The loan amount is sufficient for the tenure of 18 years. The rate of interest and processing fee are nominal.
Bajaj is charging little bit more on the interest rate part but they are providing excellent service which am very much satisfied. Also they have provided me a EMI card without any cost. The documentation process is easier and very much helpful. There was processing fee for home loan. The loan duration is 15 years.
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ATUL VILAS TKAPKAR
Reviewed on Jul 23, 2019
I have taken Home loan through Dena Bank since builder referred this Bank .I have got all the required details about the loan process ,I have applied for the loan amount of 15 lakh for the tenure of 15 years ,The rate of interest and the processing fee was quite nominal ,Still the loan is active and the agent gave all the information about the card process .
I came to know about the DHFL loan i went direct to the office and collected form and applied for it. I wish to say that their service is not up to the mark. They just want the client to apply and want to achieve their target and they keep on changing their rate of interest was application was submitted.
I was offered with Axis bank Housing Finance Loan with the nominal rate of interest of 8.5% . I have applied for 16 lakh but they offered me up to 20 lakh which makes me more satisfy. There documentation was done very smooth and staff were very responsive all went good.
I am trying to migrate the loan to another bank because of PMAY is pending, i am using the loan more than 1.5 years, the loan amount given was 40.5L, the rate of interest was higher 8.35% to 9.10%. The duration for repaying the loan was 30years.
I took the housing loan, they gave me 4% of simple interest per annum but its only for the staff. There is no charges application for the housing loan disbursement, I took the loan for the duration of 25 years, they do have balance transfer, part payment and foreclosure without any charges.
My home loan was taken with HDFC BANK .The customer support team has also been helpful as well. I use to pay EMI on time . The tenure period is fine .My experience was good . I got the loan without any delay or hassles. The processing fee is also good .The customer services and response is good. I also got the loan on time.
I applied my home loan with PNB but i cancel this loan because they was charging very high rate of interest which is disappointing . I said them to negotiate but they have not done . I applied for 1500000 and they was reddy to give the same amount . The service is good , and even response is good .
I have been holding my housing loan with TATA CAPITAL from long time, the emi i need to pay every month up to 17,000 , i am not happy with the loan amount they have not given me as per my requirement, the rate of interest they have charged me was up to 9.25%, and they said it will be remain same for 7 years, their customer care service is not up to the mark, they do not response me well.