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Best Home Loan in Delhi: Save More with NoBroker

To ensure the best deal possible, it is crucial to research and compare different lenders' interest rates for a home loan. Here's a quick look at the best home loan interest rates in Delhi.

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Comparing Home Loan Rates in Delhi

LenderHome Loan Interest Rates In DelhiProcessing Fees & ChargesMaximum Loan AmountMaximum Loan Tenure
Aavas Financier Limited Home Loan8%2%-30 Years
Aditya Birla Capital Home Loan9% - 12.50%1%10 Crores30 Years
Andhra Bank Home Loan8.15% - 9.20%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Axis Bank Home Loan8.75% - 14%1%10 Crores30 Years
Bank of Baroda Home Loan8.50% - 10.60%0.25%- 0.50%10 Crores30 Years
Bank of India Home Loan7.80% - 9.65%-7.50 Crores30 Years
Bank of Maharashtra Home Loan8.40%0.25% or 25,000 (whichever is lower)1 Crore30 Years
Canara Bank Home Loan8.85%- 11.25%₹1,500 - ₹10,0003 Crores30 Years
Central Bank of India Home Loan8.45% - 9.20%0.50% or ₹20,000 + GST (whichever of lower)75 Lakhs30 Years
DBS Home Loan8.25% - 9.75%-5 Crores25 Years
Dena Bank Home Loan8.25% - 8.35%0.50%1.5 Crores30 Years
Dhanalakshmi Bank Home Loan7.2%1% or ₹10,00 + GST (whichever is higher)1 Crore30 Years
DHFL Home Loan8.75%-5 Crore30 Years
Federal Bank Home Loan10.15% - 10.30%-15 Crores30 Years
HDFC Ltd. Home Loan8.50% - 9.60%0.50% or ₹3000 (whichever is higher)10 Crores30 Years
IDBI Bank Home Loan8.75% - 11.45%-10 Crore30 Years
IDFC First Bank Home Loan8% - 14%3%10 Crores30 Years
Indiabulls Home Loan8.75%1%2 Crores30 Years
Indian Overseas Bank Home Loan9.55%--30 Years
India Shelter Finance Corporation Home Loan13% - 20%2% - 3% + GST50 Lakhs20 Years
Jammu and Kashmir Bank Home Loan8%0.25% + GST50 Lakhs30 Years
Karnataka Bank Home Loan9.08% - 10.38%0.50% - 2%5 Crores30 Years
Karur Vysya Bank Home Loan9.23% - 12.13%₹2500 - ₹7500 + GST-25 Years
Kotak Mahindra Bank Home Loan8.85% - 9.40%0.50%10 Crores20 Years
LIC HFL Home Loan8.70%0.30% onwards10 Crores30 Years
PNB Housing Home Loan8.50% - 10.85%-2 Crores30 Years
Reliance Home Finance Limited Home Loan9.35% - 13%0.50% - 1.50%-20 Years
South Indian Bank Home Loan7.95% - 9.60%0.50% + GST15 Crores30 Years
State Bank of India Home Loan9.55%₹2000 - ₹10000 + GST5 Crores30 Years
Sundaram Home Finance Ltd Home Loan6.95% - 8.30%0.50%4 Crores25 Years
Tamilnad Mercantile Bank Home Loan9.10% - 9.60%0.50%5 Crores30 Years
Tata Capital Limited Home Loan8.95%2%5 Crores30 Years
Union Bank Home Loan8.75%0.50% or ₹15000 + GST (whichever is lower)-30 Years
Yes Bank Home Loan9.15% - 11.25%1.5% - ₹10000 (whichever is higher) 10 crores35 Years

Eligibility For Home Loan In Delhi

To be eligible for a home loan in Delhi, prospective applicants are required to fulfil the following criteria:

  1. Age : The applicant’s age must be between 21 and 65 years at the time the loan matures to be eligible for the loan.
  2. Income : Most lenders require applicants to earn an annual income of Rs. 2-3 lakhs, but this amount can vary.
  3. Employment History : Applicants must demonstrate a stable employment history of at least 2-3 years, as determined by the lender's guidelines.
  4. Credit Score : A credit score of 750 or higher is preferred by most lenders as an indication of the applicant's creditworthiness.
  5. Property Valuation : The property being purchased must meet the legal and valuation requirements established by the lender.

Documents Required To Get The Best Delhi Bank Home Loan Interest Rates

Prospective buyers will need the following documents to apply for a home loan in Delhi:

KYC DocumentsAadhaar card, PAN card, passport, and voter ID card
Proof of IncomeSalary slips, income tax returns, Form 16, and bank statements
Property-related DocumentsProperty registration papers, property tax receipts, and NOC from the builder or society
Proof of EmploymentOffer letter, appointment letter, and employment contract
OthersPassport-size photographs, loan application form, and declaration of assets and liabilities

It should be noted that the particular documents required may vary depending on the lender and the loan amount.

Tax Benefits On Home Loan Rates In Delhi

Home loans offer a number of tax benefits to the borrower. Here are the key tax benefits of home loans in Delhi:

  • Tax deduction on interest payment : Section 24 of The Income Tax Act, 1961, permits a tax deduction of up to Rs. 2 lakhs on the interest paid for self-occupied property, while for a rented-out property, there is no maximum limit.
  • Tax deduction on principal repayment : Borrowers can claim a tax deduction of up to Rs. 1.5 lakh on the principal repayment of a home loan, under Section 80C of the Income Tax Act, 1961.
  • Tax benefits on joint home loans : In the case of a joint home loan, each borrower can claim tax benefits on the interest paid and the principal repayment, in proportion to their share in the loan.
  • Tax benefits on pre-construction interest : During the pre-construction period, borrowers can claim a tax deduction on the interest paid, in five equal instalments starting from the year in which construction is completed.
  • Tax benefits on stamp duty and registration charges : Under Section 80C of the Income Tax Act, 1961, borrowers can claim a deduction on stamp duty and registration charges paid while purchasing a house, subject to a maximum limit of Rs. 1.5 lakh.

NOTE:Tax benefits related to home loans may be impacted by changes in tax laws and regulations. We recommend that borrowers seek advice from a tax expert for more detailed information regarding these benefits.

Top 5 Locations To Buy Homes In Delhi

Below is a list of the most sought-after and highly recommended areas in Delhi that are ideal for purchasing a home, along with some accompanying details :

  • Dwarka : Located in South-West Delhi, Dwarka is a well-laid out residential area that connects well to other parts of Delhi and the airport. It has a mixture of apartments and independent houses, and the property rates here are relatively affordable compared to other prime areas in Delhi.

  • Vasant Kunj : Vasant Kunj is considered to be a posh residential area located in South Delhi. It has a mix of luxury apartments and independent houses and is known for its greenery and peaceful environment along with its good social infrastructure.

  • Saket : Saket is another upmarket residential area located in South Delhi. It is known for its posh residential complexes and proximity to some of the best malls and shopping centres in Delhi. It connects well to the other parts of Delhi through the metro and other modes of transport.

  • Greater Kailash : Greater Kailash is a well-established residential area in South Delhi known for its luxurious homes, proximity to popular markets, and excellent connectivity to other parts of the city. It has a mix of independent houses, builder floors, and apartments, making it a popular choice for people looking for different types of properties.

  • Rajouri Garden : Rajouri Garden is a popular residential area located in West Delhi. It is known for its excellent connectivity to other parts of Delhi, good social infrastructure, and a mix of affordable and high-end properties. It has a vibrant market and commercial area, making it a popular choice for young professionals and families.

What is the difference between fixed and floating interest rates on home loans in Delhi?
Home loans offer fixed or floating interest rates. Fixed rates remain stable throughout the loan term, while floating rates are subject to market fluctuations. Fixed rates provide stability, while floating rates have the potential to be lower when the market is favourable. Clients can choose the type of interest rate that aligns with their financial goals.
What is the maximum loan amount I can get for a home loan in Delhi?+
To be eligible for a home loan in Delhi, banks consider factors such as income, credit score, and property value. Typically, lenders offer up to 80% of the property value, with the maximum loan amount varying by bank. In Delhi, the upper limit for home loans is usually between Rs. 10-20 crores. It's important to meet the eligibility criteria and compare offers from different lenders.
Can I prepay my home loan in Delhi without penalty?+
Although most banks do not penalise borrowers for prepaying their home loans, some may impose a fee if the prepayment amount exceeds a certain limit or if it is made within a designated period, such as the first year of the loan. It's important to check with your lender regarding their prepayment policy and any applicable fees before making additional payments towards your home loan.
How long does it take to process a home loan application in Delhi?+
Processing times for home loans in Delhi can vary between banks, with the typical time frame being 2-3 weeks for document verification, property appraisal, and loan approval. However, some banks may offer expedited processing for certain types of loans. It's important to check with your lender regarding their processing times and any options available for expediting the process.
Can I avail of tax benefits on a joint home loan in Delhi?+
Yes, joint loan applicants can claim tax benefits in both the principal and interest components, subject to conditions. The maximum deduction allowed is Rs. 1.5 lakhs per person per year for the principal amount and Rs. 2 lakhs per person per year for the interest amount under Section 80C and Section 24 of the Income Tax Act, respectively.
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