The number of individuals who apply for a home loan has been increasing at a highly drastic rate. Along with this, the interest rates have also been increasing. However, the interest rate varies based on the financial institution you avail the home loan from and also on the amount of home loan sanctioned to you.
Latest home loan rates as of March 26, 2021
Different financial institutions offer different interest rates on homes. The rate of interest also varies on the loan amount.
- For a loan amount under Rs. 30 Lakhs
Banks offer a floating rate between 6.65 and 9.90.
Banks offer a fixed rate from 6.90 to 12.
Housing finance companies offer a floating interest rate between 6.7 and 13.
Housing finance companies offer a fixed rate between 6.9 and 10.05.
- For a loan amount between Rs. 30 Lakhs and Rs.75 Lakhs
Banks offer a floating rate between 6.70 and 9.90.
Banks offer a fixed rate from 6.90 to 12.4.
Housing finance companies offer a floating interest rate between 6.70 and 13.
Housing finance companies offer a fixed rate between 6.9 and 10.15.
- For a loan amount above Rs. 75 Lakhs
Banks offer a floating rate between 6.65 and 9.90.
Banks offer a fixed rate from 6.90 to 12.65.
Housing finance companies offer a floating interest rate between 6.7 and 13.
Housing finance companies offer a fixed rate between 6.9 and 10.15.
Documents required for a home loan
To avail of a home loan, you will be asked to submit the following documents in order to complete and submit your home application loan form.
- Identity proof
You could submit any identity proof such as your driving license, PAN card, passport, or voter ID
- Address proof
You can submit any of your address proofs like your electricity bill/water bill/telephone bill, driving license, voter ID, or aadhar card
- Income proof
You will be needed to submit 4 documents to prove your source of income. This includes your bank statement, Form 16, IT returns form and your payslip from the previous 3 months
- Property documents
You will be required to submit documents like your property registration, buyer agreement, and many more.
MHADA lottery
The Maharashtra Housing and Area Development Authority (MHADA) is aiming to launch a scheme in 2021 that offers affordable housing in Maharashtra. Individuals from different economic backgrounds can apply for a home loan through the MHADA lottery.
Eligibility for the MHADA lottery in 2021
To be eligible for the MHADA lottery, you need to have the following criteria:
- A Domicile Certificate proving 15 years of continuous stay in Maharashtra is mandatory.
- You should be above 18 years of age and also have a PAN card.
- Income proof for the financial year has to be submitted.
Documents required for MHADA lottery
To apply to the MHADA lottery, you will require the following documents.
- Your contact details
- Driver’s license
- Birth certificate
- Passport photos
- Domicile certificate
- PAN card
- Canceled cheque
- Aadhar card
Conclusion:
Home loan interest rates vary drastically across different financial institutions. MHADA has announced an affordable scheme to avail home loans through the MHADA lottery. Finserv MARKETS is a knowledge hub to know more about home loans, the documents required for a home loan, and the process to carry forward to avail the loan. In addition, you can also get detailed information on the MHADA lottery on Finserv MARKETS.