Want to buy a house in Gurugram? A mortgage can help make your dream come true. Gurugram is an ideal location for homebuyers because of its rapid development, sophisticated infrastructure, and proximity to Delhi.
Banks and financial institutions offer various home loan options with competitive interest rates and flexible repayment terms. By comparing various lenders, you can find the best loan for your budget, and your home purchase will be easier on your pocket.
Compare Home Loan Interest Rate Offered by Various Banks, HFCs & NBFCs in Gurgaon
| Banks/NBFC | Interest rates | Maximum Tenure (in years) | Processing Fees* |
|---|---|---|---|
| HDFC Bank | 8.45 % onwards | 30 | 0.25% |
| IndusInd Bank | 8.40 % onwards | 30 | 0.25% |
| Kotak Bank | 8.40 % onwards | 30 | 0.25% |
| Axis Bank | 8.40 % onwards | 30 | 0.25% |
| HSBC Bank | 8.00 % onwards | 30 | 0.25% |
| Shinhan Bank | 8.10 % onwards | 30 | 0.25% |
| Standard Chartered Bank | 8.25 % onwards | 30 | 0.25% |
| ICICI Bank | 8.45 % onwards | 30 | 0.25% |
| IDFC Bank | 8.90 % onwards | 30 | 0.25% |
| State Bank of India | 8.40 % onwards | 30 | 0.25% |
| PNB Housing | 8.40 % onwards | 30 | 1% |
| LIC | 8.25 % onwards | 30 | 0.25% |
| Bajaj Finance | 8.40 % onwards | 30 | 1% |
| Aditya Birla Group | 8.40 % onwards | 30 | 1% |
| L & T Finance | 8.40 % onwards | 30 | 1% |
| Axis Finance | 8.40 % onwards | 30 | 1% |
What are the tax benefits on home loan in Gurgaon?
| Section of Income Tax Act | Nature of tax deduction | Max. deductible amt. |
| Section 24(b) | Interest paid | Rs. 2 lakhs |
| Section 80C | Principal (including stamp duty and registration fee) | Rs. 1.5 lakhs |
| Section 80EE | Additional interest (for first-time home buyers) | Rs. 50,000 |
| Section 80EEA | Additional interest (for affordable housing) | Rs. 1.5 lakhs |
Besides Section 24(b) of the IT Act, people who have taken a home loan can get some tax benefits on the interest paid by using either Section 80EEA or Section 80EE.
Home Loan EMI Calculator
Features of Home Loan
- Most banks, HFCs or NBFCs in Gurgaon typically offer home loan interest rates starting from around 8.40% per annum for new customers.
- Lenders in Gurgaon can offer home loans for a maximum of 30 years.
- Lots of Banks, HFCs and NBFCs offer the option to transfer your home loan to a different lender with lower interest rates if you’re an existing customer.
- Lenders might also give their current housing loan customers the option of a home loan top-up. This lets them get extra money on top of their existing home loan to cover personal and business expenses.
- Banks, HFCs and NBFCs in Gurgaon might also give pre-approved home loans to certain customers. These customers are chosen by the lenders based on factors such as their income, credit scores, occupation, etc.
- The RBI has laid out some rules about paying off home loans early. According to the RBI, if you have a home loan with a floating interest rate, lenders can’t charge you any fees for prepaying. But if you have a home loan with a fixed interest rate from a bank, HFC, or NBFC, they can charge you prepayment fees. However, if you have a fixed-interest rate home loan, the lenders might be able to waive or reduce those fees for you.
Eligibility Criteria for a Home Loan
In order to be eligible for a home loan in Gurugram, potential borrowers must meet the required criterions:
- Age: Must be between 21 and 65 years at the time the loan matures to be eligible for the loan.
- Credit Score: 700-725 will be the minimum score.
- Income Stability: Most lenders demand that applicants have an annual income of Rs. 2 to 3 lakhs, although this sum may differ.
- Debt-to-Income Ratio: Reduction in liabilities will enhance eligibility.
- Employment Status: Employed or Self Employed individuals can borrow.
- Bank Statements: Provision of 6 last months’ statements is mandatory.
Documents Required for Home Loan in Gurgaon
Prospective buyers must provide these documents to apply for a home loan in Gurugram:
| Particulars | Requirements |
| For Identification Proof | Aadhaar Card, Passport, PAN Card |
| Address Proof | Utility Bills, Rentals |
| Eligibility | Salary slips, Form 16, IT returns |
| Banking History | Last 6 months |
| Property Documents | Sale Agreement, property title |
| Business Proof | Financial Documents, Tax Filings, etc. |
How to Apply for Home Loan in Gurgaon through OneNDF
When pursuing a mortgage at OneNDF, you won’t have to face a pile of paperwork or a lengthy process. Here’s how to go about it:
Step 1: Go to the official OneNDF website and either register or sign in.
Step 2: Sign up for the funds with your mobile number and create a one-time password.
Step 3: Submit any necessary financial or identification paperwork.
Step 4: Fill out the mortgage application form.
Step 5: Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
