Equitas Small Finance Bank home loan

Equitas Small Finance Bank home loan

Equitas Small Finance Bank provides home loans ranging from ₹1 lakh to ₹30 crore that match your property buying or investment needs.

The Equitas Small Finance Bank home loan experience comes with attractive interest rates beginning at 10.50% per annum. You can choose repayment tenures up to 20 years. The bank processes and disburses loans quickly, within 14 days. This makes your path to homeownership simple and efficient.

This detailed guide explains essential aspects of Equitas Small Finance Bank home loans. You’ll learn about interest rates, charges, eligibility requirements, and application steps needed to secure your loan.

Equitas Small Finance Bank Home Loan Interest Rate

The Equitas Small Finance Bank home loan interest rate structure offers competitive rates that match different borrowers. The bank’s standard home loans start at 10.50% per annum.

Your loan follows a fixed-floating hybrid model. The rates stay fixed for the first three years and then switch to floating rates. The bank lets you borrow up to ₹300 lakhs that you can repay over 20 years.

Here’s what the current interest rates look like:

The bank decides your final interest rate based on:

• Your credit score
• Monthly income
• Employment profile
• Your employer’s reputation 

The bank keeps similar rate ranges for salaried and self-employed borrowers to ensure fair lending. These rates can change based on RBI policies and market conditions.

Compare Interest Rates on Housing Loans for Top Banks and /HFCs

Want to find the best home loan rates? Let’s see how Equitas Small Finance Bank stacks up against other major lenders to help you choose the right option.

Here’s a detailed comparison of home loan interest rates from major banks and housing finance companies:

You might also want to check out these housing finance companies that offer competitive rates:

• L&T Finance Limited: 8.65% onwards
• Tata Capital Housing Finance: 8.75% onwards
• Godrej Housing Finance: 8.55% onwards

Equitas Small Finance Bank’s interest range starts from 10.50%. Don’t let interest rates be your only deciding factor. The loan’s processing fees, tenure flexibility, and service quality matter just as much.

Public-sector banks typically offer better rates for loans up to ₹30 lakhs, starting from 8.30%. Private-sector banks start their rates from 8.75%, which makes them a good fit for bigger loan amounts.

Equitas Small Finance Bank Home Loans Fees & Charges

Before applying for your Equitas Small Finance Bank home loan, you need to understand the fee structure. The bank follows a transparent charging system that structures various fees based on the loan amount.

The processing fee is up to 2% of the sanctioned loan amount. In addition, it charges an administrative fee of up to 0.2% on all home loans.

Let’s break down the main charges:

The bank sets login fees based on loan amounts:

• ₹2,000 (inclusive of GST) for loans up to 5 lakhs
• ₹3,000 (inclusive of GST) for loans between 5-25 lakhs
• ₹5,000 (inclusive of GST) for loans above 25 lakhs

Late payments attract 24% per annum charges on the overdue amount. The bank imposes a penalty of ₹500 for bounced cheques. EMI collection visits cost ₹250 per visit.

The prepayment charges deserve special attention. Floating-rate loans have no charges (except for corporate borrowers), while fixed-rate loans carry a 2% prepayment charge. State laws determine the mortgage creation, release charges, and stamp duty.

Other fees

Eligibility and Documentation Requirements for Equitas Small Finance Bank Home Loan

Getting an Equitas Small Finance Bank home loan requires meeting simple eligibility requirements. The bank provides home loans to salaried and self-employed customers with flexible criteria that match different professional backgrounds.

Here’s a detailed breakdown of eligibility criteria:

Salaried applicants need these documents:

• Latest 6 months’ salary slips with deduction details
• Bank statements showing salary credits for the past 6 months
• Form 16 for the previous 2 years
• Standard KYC documents (PAN, Aadhaar, Voter ID)

 Self-employed professionals should submit:

• Audited financial statements for the past 2 years
• Bank statements for the previous 9 months
• Business continuity proof dated 5 years old
• Professional qualification certificates

All applicants must provide property-related documents, including the agreement for sale, estimates for construction, and valuation reports. When assessing loan applications, the bank reviews factors such as credit score, occupation profile, and the employer’s reputation.

You can borrow up to ₹300 lakhs with repayment periods extending to 20 years. The bank mainly focuses on financing self-construction, property purchases, repairs, renovations, and loan takeovers.

Digital Application Process

Getting an Equitas Small Finance Bank home loan is now easier with their simplified digital process that ensures quick approvals. The bank takes 14 days to process complete applications, which helps turn your dream of owning a home into reality faster.

You need to complete these six steps to get your loan:

• Eligibility Check: Check if you qualify for your chosen loan
• Document Collection: Get your KYC and income proof documents ready
• Branch Visit: Fill out the application form at your nearest Equitas branch
• Documentation Submission: Hand over all required paperwork
• Application Review: The bank assesses your application
• Final Approval: Your loan gets approved after successful verification

 The bank keeps you updated throughout. If more documents are needed, you’ll receive a notification within 14 days of submitting your application. You’ll need basic KYC documents like your Aadhaar Card or PAN Card and proof of income such as salary slips or profit-loss statements.

The Selfe Loans App makes the process intuitive. You can apply for loans anywhere at any time. This digital approach reduces paperwork and saves you from visiting the branch multiple times.

Conclusion

Equitas Small Finance Bank home loans combine flexibility, competitive interest rates starting at 10.50% p.a., and quick processing within 14 days. Whether you’re buying, constructing, or renovating a home, their hybrid rate model and transparent charges make them a reliable choice. With NoBroker, you can compare offers, check eligibility, and apply online without the usual paperwork or delays. Let NoBroker make your home loan process faster and stress-free!