Pune is a cultural capital of Maharashtra and was once the seat of Peshwa of the Maratha Kingdom who built an elegant Shaniwar Wada.
The other fascinating historical buildings consist of majestic Lal Mahal, mesmerizing Vishram Baug Wada, classic Nana Wada, wonderful Mahadji Shinde Chhatri, exquisite Aga Khan Palace, excellent Mahatma Phule Wada, rock-cut Pataleshwar Temple, and many more marvelous creations.
Pune is known as “Oxford of the East”. It also has various mesmerizing educational buildings like the Pune University, Engineering college, Fergusson college, Film, and Television Institute of India, Armed Force Medical College, National Defense Academy, and many more great examples cultural heritage of Pune.
Today the city is an IT hub and so it does has great buildings like Infosys Building, Tata Technologies Campus, Eon IT Park, and many more fantastic corporates.
Pune is a combination of Ancient Wadas and Modern buildings and LoansXpert are the consultants which will guide you in taking the most suitable home loan for your dream house.
How to Get Home Loan in Pune:
Everyone in their life wishes to have their own house and that too without depending on anyone else for the funds, so in that case, the home loan will assist you in buying the house you wished for.
You can get a large amount of loan at the lowest interest rates in Pune. The loan amount is required to be repaid by paying Equated Monthly Installments within the set tenure. Generally, the longer the tenure, the low EMI rate would be applicable.
There are many banks providing the cheapest Home loan in Pune that also offers various other features like home loan insurance, Loan approval even before a property is selected and Flexible loan repayment options, etc.
Benefits of Home Loan
EMIs paying is better than rent-paying:
Paying rent will not make you an owner of the house, however paying EMIs will surely make you the owner of the house as the house will be only yours. Also, the EMIs will be cheaper than the rent in big metro cities like Pune.
Enjoy appreciation in the property rates:
The rate at which you buy property today have the fine chances of its value increasing in the future. That means the price of your house will be more than today.
No hassle of prepayment charges:
Prepayment charges will not be applicable if you pay your interest amount earlier than the prescribed date. However, In the case of floating rate home loan, there will be prepayment charges applicable.
Longer Tenure Period attracts low EMIs rate:
As compared to the other types of loans, A home loan period has a tenure up to 30 years. If the tenure is longer then you will be required to pay EMIs at low-interest rates.
Balance Transfer Facility:
There are many home loan providers in Pune that offer balance transfer facility, Hence it is possible to transfer the loan to a different bank where the interest rates are low.
Tax Benefits of Home Loan
There are tax deductions on the principal as well as on the interest to be paid on it.
According to Section 80C of Income Tax of India 1971 Act, a deduction of up to Rs 1.5 lakhs is allowable for a financial year. And according to the Section 24 B of Income tax of India Act, Rs 2 lakhs of the deduction is allowable on the interest portion. However, tax benefits can only be granted if the construction of the house completed
The required documents for a Home loan in Pune
Here are the common documents that are required to be submitted by the salaried, self-employed professionals.
| Document Type | For a salaried employee | For a self-employed person |
|---|---|---|
| Government Approved Identity Proof | Required | Required |
| Address Proof | Required | Required |
| Proof of income | Required | Required |
| Bank Statement | Required | Required |
| Address Proof for Business Entities | NA | Required |
| Property Documents | Required | Required |
| Other documents(Given Below) | Required | Required |
| ITR filings | NA | Required |
List of Documents
Government Approved Identity Proof (any one of these)
- Aadhaar
- Voting card
- Passport
- Driving license
- Pan Card
Address Proof (any one of these)
- Ration card
- Electricity bill, not more than 3 months old
- Passport
Proof of Income (Submit only the required form the list)
- Salary slips of the last 3 months.
- Form 16
- Working certificate from the employer
- Increment or Promotion letter
- last 3 years CA audited financial statements consisting of the Balance
- sheet and Profit & Loss account statement.
- Business License Details
- The license of professional practices by doctors, consultants, lawyers, etc.
- Certificate of Establishment in terms of shops, factories, or any other establishments.
- Proof of Business Address
Bank Statement
Last 6 months of the bank statement
Property Documents
- NOC from society/builder
- Report on the estimation of the cost of construction
- Property Tax Receipts,
- Registered Sale Deed, Allotment Letter of Sale from the Builder
- Maintenance Bills
- Copy of a building plan or floor plan
- Receipts of the advance payment done for the purchase of property
- Occupancy Certificate
ITR Fillings
ITR Fillings of the previous 2 to 3 years.
Bank Statement
Last 6 months of the bank statement
Property Documents
- NOC from society/builder
- Report on the estimation of the cost of construction
- Property Tax Receipts,
- Registered Sale Deed, Allotment Letter of Sale from the Builder
- Maintenance Bills
- Copy of a building plan or floor plan
- Receipts of the advance payment done for the purchase of property
- Occupancy Certificate
Other Documents
- Business profile
- Processing fee cheque
- Educational qualification certificate
Eligibility criteria
Following are the eligibility criteria to avail the Home Loan in Pune:
- You can apply for the loan individually or jointly. The other person should be a family member.
- The applicant should have a minimum age of 21 years at the time of loan application and not more than 65 years at the end of the loan tenure.
- The Applicant should have had a job or business for at least 3 years and a minimum of 1 year with your current employer or business.
- Minimum Annual Income should be Rs 2,00,000, including that of your spouse.
- The person should have a telephone or a mobile.
Home Loan Interest rates by well-known banks in Pune 2019
There are many banks which offer different interest rates on home loans. We have filtered interest rates of some of the best banks in Pune. Following is the list of ten banks in Pune providing home loans:
| Bank Name | Interest Rate |
|---|---|
| SBI Home Loan | 8.75% – 9.15% |
| PNB Housing Finance | 9.00% – 9.95% |
| PNB Home Loan | 8.70% – 8.80% |
| LIC Housing Finance | 8.85% – 9.25% |
| Indiabulls Home Loan | 8.80% – 10.25% |
| ICICI Home Loan | 9.10% – 9.30% |
| HDFC Ltd Home Loan | 8.80% – 9.25% |
| DHFL Home Loan | 8.70% |
| Axis Bank Home Loan | 8.95% – 9.15% |
How to avail the lowest rate of interest on home loans in Pune
There are many lenders in the market nowadays. Before applying for the home loan you must compare them and it’s a headache to compare them all.
If you want to get your dream home without burning all your saving on EMIS. Then Just contact us we will take care of entire loan form that moment.
LoansXpert will study your case and suggest the best plan execution for your home loan. So we can get it disbursed quickly with the best interest rate.
Home Loan FAQs
What is the tenure of a home loan?
Most of the banks offer home loan for a minimum of 5 years of tenure and a maximum 30 years of tenure.
How many members can take home loan jointly?
6 members can take home loan jointly.
What is meant by Floating rate home loan?
It is the interest rates that change periodically over the loan tenure due to the change in market conditions.
What is meant by fixed-rate home loan?
It is the interest rate which remains fixed throughout the loan tenure even if the market conditions changes.
Can fixed rate home loan be switched to floating rate home loan and vice versa?
Yes, many banks offer such a facility. There are some charges involved in the transformation process.
