Best Home Loan In Coimbatore
Choosing the best choice to align with the interest of the clients might be a difficult task. Here is some information on home loans in Coimbatore for a quick perusal.
Looking for the best home loan options in Coimbatore? With various banks and lenders offering competitive interest rates and customizable plans, you can easily find the right loan to make your homeownership dreams a reality. Start exploring your options today!
Eligibility For Home Loan In Coimbatore
To be eligible considered for a home loan in Coimbatore, respective clients will be expected to meet the following criteria:
- Age : The age of prospective clients must be between 21 and 65 years.
- Income : Clients with a minimum annual income of Rs. 2-3 lakh will be considered eligible for a home loan, which may vary, depending on the lender.
- Employment stability : To be considered eligible, clients must be employed for at least 2-3 years.
- Credit score : Most lenders would consider a client with a credit score of 750 and above eligible.
- Property valuation : The property enlisted for a home loan must be by the bank’s legal and valuation criteria.
Documents Required To Get The Best Coimbatore Bank Home Loan Interest Rates
Clients will be expected to gather the following documents to apply for a home loan in Coimbatore:
| DOCUMENT TYPE | DOCUMENT |
|---|---|
| KYC Documents | Aadhaar card, PAN card, passport, and voter ID card |
| Proof of Income | Salary slips, income tax returns, Form 16, and bank statements |
| Property-related Documents | Property registration papers, property tax receipts, and NOC from the builder or society |
| Proof of Employment | Offer letter, appointment letter, and employment contract |
| Others | Passport-size photographs, loan application form, and declaration of assets and liabilities |
The exact documents that must be required for the application of a home loan is subject to change depending on the lender.
Comparing Home Loan Rates in Coimbatore
| Lender | Home Loan Interest Rates In Coimbatore | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
|---|---|---|---|---|
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
Top 5 Locations To Buy Homes In Coimbatore
Listed below are some of the top preferred residential locations in Coimbatore available for purchase provided along with a short description.
- RS Puram : RS Puram is a prime residential area located in the heart of Coimbatore. It is known for its well-developed infrastructure, proximity to commercial areas, and availability of essential amenities. The area is popular among professionals, families,and retirees.
- Peelamedu : Peelamedu is another popular residential area in Coimbatore. It is located close to major IT parks and educational institutions, making it an ideal location for professionals and students. The area is known for its good connectivity to the rest of the city, availability of essential amenities, and peaceful environment.
- Vadavalli : Vadavalli is a residential area located in the western part of Coimbatore. It is a peaceful locality with good connectivity to other parts of the city. The area is popular among families and retirees due to its serene environment, availability of essential amenities, and good infrastructure.
- Race Course : Race Course is a prime residential area located in the heart of Coimbatore. It is known for its well-developed infrastructure, proximity to commercial areas, and availability of essential amenities. The area is popular among professionals, families, and retirees.
- Saibaba Colony : Saibaba Colony is a popular residential area located in the western part of Coimbatore. It is known for its well-developed infrastructure, availability of essential amenities, and good connectivity. The area is popular among families and professionals due to its peaceful environment and proximity to commercial areas
Tax Benefits On Home Loan Rates In Coimbatore
Home loans offer several tax benefits to the respective clients. Here are some of the key tax benefits of home loans provided in Coimbatore:
- Tax deduction on interest payment : According to Section 24 of the Income Tax Act, 1961, a deduction of up to Rs. 2 lakh on interest paid for the self occupied property and has no maximum limit for a rented-out property is provisioned.
- Tax deduction on principal repayment : Under Section 80C of the Income Tax Act, 1961, clients can claim a deduction of up to Rs. 1.5 lakh on the principal repayment of a home loan.
- Tax benefits on joint home loans : In the case where a home loan is applied for jointly, each client can claim tax benefits on the interest paid and the principal repayment, proportionate to their share in the loan.
- Tax benefits on pre-construction interest : Clients will be able to claim a tax deduction on the interest paid during the pre-construction period, in five equal instalments, starting from the year in which construction is completed.
- Tax benefits on stamp duty and registration charges : Clients will be able to claim a deduction on stamp duty and registration charges paid while purchasing a house, subject to a maximum limit of Rs. 1.5 lakh under Section 80C.
NOTE:Tax benefits mentioned above may adhere to changes in tax laws and regulations. Potential clients are advised to consult a tax expert for detailed information on the tax benefits of home loans.
FAQs
What is the difference between fixed and floating interest rates on home loans in Coimbatore?
Home loans offer fixed or floating interest rates, with fixed rates providing stability and predictability for loan repayments while floating rates can be lower when market conditions are favourable but are subject to fluctuations over time.
What is the maximum loan amount I can get for a home loan in Coimbatore?
In Coimbatore, eligibility for home loans is based on income, credit score, and property value, with most banks offering up to 80% of the property value, and the maximum loan amount varying by the lender. Generally, the highest amount for a home loan in Coimbatore ranges from Rs. 10-20 crores.
Can I prepay my home loan in Coimbatore without penalty?
While prepayment of home loans is often allowed by many banks without penalty, some may charge a fee if the prepayment amount exceeds a certain limit or if it occurs within a designated period, such as the first year of the loan.
How long does it take to process a home loan application in Coimbatore?
Home loan processing times in Coimbatore vary by bank, typically taking 2-3 weeks for document verification, property appraisal, and loan approval. However, certain loan types may be eligible for expedited processing.
