All You Need to Know about Home Loan Interest Rates in Gurgaon

The IT boom heralded a new era of growth in India. Gurgaon has emerged as one of the country’s most promising destinations for property buyers. The city offers fantastic opportunities for professionals & entrepreneurs who want to make it big in life. If you are looking to buy a property, there are many lenders who are willing to provide you with a mortgage loan in Gurgaon. It is an investment that is bound to pay you rich dividends in the near future.

A home in Gurgaon is every property buyer’s dream. The city offers unparalleled growth prospects, excellent civic & social infrastructure, great connectivity, and a cosmopolitan lifestyle for the young and the upwardly mobile crowd. Proximity to Delhi is another significant advantage of Gurgaon. If you have been looking to buy a property, you can easily apply for a home loan in Gurgaon.

Home Loan Interest Rates in Gurgaon

Most banks and housing finance companies offer home loans for the purchase or construction of property in Gurgaon city. You can also avail of a home loan for other related purposes such as extension, improvement, and repairs of homes or for purchasing residential land in the city. The basic details of home loans in Gurgaon are given below.

Note: Interest rates are subject to revision. Please check with the institutions to confirm the rates before you apply. The above table provides details of the housing loan offered by the best home loan lenders in Gurgaon. 

Features of Home Loans in Gurgaon

• The current housing loan interest rates in Gurgaon typically start at 8.25% p.a.
• Both fixed & floating interest rate home loans are offered by banks & housing finance companies.
• Special rates are offered by lenders for women, defense personnel, pensioners, and NRIs. Special home loan offers are also announced during festive occasions.
• Once the loan application is verified, a loan disbursement letter will be issued to confirm the home loan sanction. This letter will specify the terms & conditions of the home loan.
• The home loan balance transfer facility allows borrowers to shift their home loan accounts to lenders offering lower interest rates.
• The best home loans in Gurgaon are offered by home loan apps like Navi, which have zero paperwork and minimal documentation requirements. A provisional sanction letter is issued immediately based on the customer’s profile.
• Pre-approved home loans are offered to customers with a stable profession, regular income, and good credit ratings.
• Lenders also offer a top-up loan facility to their existing customers to help them meet their personal needs.
• As per RBI guidelines, lenders do not charge any prepayment penalty on floating interest rate home loans.

Eligibility Criteria for Home Loans in Gurgaon

The general prerequisites to apply for a home loan in Gurgaon are given below.

• Both salaried & self-employed professionals like doctors, CAs, architects, traders, and contractors can apply for home loans.
• The minimum monthly income requirement is Rs.15,000 for salaried applicants. For self-employed people, the minimum annual income requirement is Rs.2 Lakh.
• The best Gurgaon home loan rates are offered to applicants with good credit scores (CIBIL score of 750+)
• A minimum work/professional/business experience of two years may be specified by some of the lenders.
• Bot resident Indian citizens and NRIs can apply for home loans in Gurgaon.
• The minimum age for home loan applicants is 18 years. The maximum age at the time of closure of home loan accounts is 70 years.

List of Documents for Home Loans in Gurgaon

For Salaried Individuals

• Latest salary slip
• Bank account statements (last six months)
• Last three years, IT returns.
• Form 16
• Identity Proof (PAN, Aadhaar, Passport, Voter ID, etc.)
• Address Proof (Aadhaar, Passport, Ration Card, Utility Bills, etc.)
• Property-related documents such as sale deed, agreement of sale, NOC from the builder, Khatha, EC, possession & occupancy certificate
• A cheque or online payment receipt of the processing fee paid for the processing of the home loan
• Three passport-sized photographs (recent)

For Self-Employed People

The best home loan lenders in Gurgaon expect non-salaried applicants to submit the following documents.

• Details of Business/Profession (PAN, GST registration, partnership deed, articles & memorandum of association, ROC registration, etc.)
• Balance Sheets and P&L accounts of the last three years (certified by a practising chartered accountant)
• Last three years, IT returns.
• Bank account statements (last six months)
• Identity Proof (PAN, Aadhaar, Passport, Voter ID, etc.)
• Address Proof (Aadhaar, Passport, Ration Card, Utility Bills, etc.)
• Property-related documents such as sale deed, agreement of sale, NOC from the builder, Khatha, EC, possession & occupancy certificate
• A cheque or online payment receipt of the processing fee paid for the processing of the home loan
• Three passport-sized photographs (recent)

Note: The list of documents specified above is merely indicative. The lenders can ask the applicants to submit any other document they deem necessary.

Tips to Avoid the Rejection of Home Loan Application

The best home loans in Gurgaon are available to applicants who satisfy all the eligibility criteria set by the lenders. Following these tips, you can avoid the prospect of your loan application getting rejected.

• Check your credit score before you apply for a home loan. Too many existing loans can affect the loan application. If the score is low, you can improve the same by clearing off some old debt through lump sum & timely repayments
• The loan application may also get rejected due to the high loan amount. You can either increase the downpayment or apply again for a joint home loan with a working spouse as a co-applicant
• Please note that unstable employment or an erratic income often leads to the rejection of loan applications.
• Make sure that the loan documentation is in order as per the checklist provided

Conclusion

Gurgaon city is a property buyer’s paradise. It offers a variety of choices to cater to different buyer profiles like ex-pats, working professionals, entrepreneurs, and HNIs. You also have many options in the budget, mid-income, and luxury segments. With many lenders readily willing to provide a mortgage loan in Gurgaon, your dream home is now closer to reality!