Best Home Loan In Dehradun
Get a home loan in Dehradun to fulfill your dream of owning a house in this beautiful city. With low-interest rates, minimal paperwork, and fast approvals, home loan options in Dehradun make buying or constructing your dream home hassle-free.
Looking for the best home loan options in Dehradun? With various banks and lenders offering competitive interest rates and flexible repayment plans, you can find the perfect loan to help you secure your dream home. Start exploring your options today!
Eligibility For Home Loan In Dehradun
Prospective clients will be required to meet certain basic criteria to be considered as eligible for a home loan in Dehradun.
- Age : The client will be required to be a minimum of 21 years of age to apply for a home loan and must not be over 65 years at the time of loan maturity.
- Income : Though it may change depending on the lender, clients will be expected to earn a minimum of Rs. 2-3 lakh per annum.
- Employment stability : Prospective clients will be expected to be in employment for a minimum of 2-3 years.
- Credit score : A credit score of 750 or above will be preferred by most lenders.
- Property valuation : The property to be purchased must align with the legal and valuation criteria of the bank.
Documents Required To Get The Best Dehradun Bank Home Loan Interest Rates
Prospective clients will require to have the following documents ready to apply for a home loan in Dehradun:
| DOCUMENT TYPE | DOCUMENT |
|---|---|
| KYC Documents | Aadhaar card, PAN card, passport, and voter ID card |
| Proof of Income | Salary slips, income tax returns, Form 16, and bank statements |
| Property-related Documents | Property registration papers, property tax receipts, and NOC from the builder or society |
| Proof of Employment | Offer letter, appointment letter, and employment contract |
| Others | Passport-size photographs, loan application form, and declaration of assets and liabilities |
It is important to understand that the exact documents required will vary from lender to lender.
Comparing Home Loan Rates in Dehradun
| Lender | Home Loan Interest Rates In Dehradun | Processing Fees & Charges | Maximum Loan Amount | Maximum Loan Tenure |
|---|---|---|---|---|
| Aavas Financier Limited Home Loan | 8% | 2% | – | 30 Years |
| Aditya Birla Capital Home Loan | 9% – 12.50% | 1% | 10 Crores | 30 Years |
| Andhra Bank Home Loan | 8.15% – 9.20% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Axis Bank Home Loan | 8.75% – 14% | 1% | 10 Crores | 30 Years |
| Bank of Baroda Home Loan | 8.50% – 10.60% | 0.25%- 0.50% | 10 Crores | 30 Years |
| Bank of India Home Loan | 7.80% – 9.65% | – | 7.50 Crores | 30 Years |
| Bank of Maharashtra Home Loan | 8.40% | 0.25% or 25,000 (whichever is lower) | 1 Crore | 30 Years |
| Canara Bank Home Loan | 8.85%- 11.25% | ₹1,500 – ₹10,000 | 3 Crores | 30 Years |
| Central Bank of India Home Loan | 8.45% – 9.20% | 0.50% or ₹20,000 + GST (whichever of lower) | 75 Lakhs | 30 Years |
| DBS Home Loan | 8.25% – 9.75% | – | 5 Crores | 25 Years |
| Dena Bank Home Loan | 8.25% – 8.35% | 0.50% | 1.5 Crores | 30 Years |
| Dhanalakshmi Bank Home Loan | 7.2% | 1% or ₹10,00 + GST (whichever is higher) | 1 Crore | 30 Years |
| DHFL Home Loan | 8.75% | – | 5 Crore | 30 Years |
| Federal Bank Home Loan | 10.15% – 10.30% | – | 15 Crores | 30 Years |
| HDFC Ltd. Home Loan | 8.50% – 9.60% | 0.50% or ₹3000 (whichever is higher) | 10 Crores | 30 Years |
| IDBI Bank Home Loan | 8.75% – 11.45% | – | 10 Crore | 30 Years |
| IDFC First Bank Home Loan | 8% – 14% | 3% | 10 Crores | 30 Years |
| Indiabulls Home Loan | 8.75% | 1% | 2 Crores | 30 Years |
| Indian Overseas Bank Home Loan | 9.55% | – | – | 30 Years |
| India Shelter Finance Corporation Home Loan | 13% – 20% | 2% – 3% + GST | 50 Lakhs | 20 Years |
| Jammu and Kashmir Bank Home Loan | 8% | 0.25% + GST | 50 Lakhs | 30 Years |
| Karnataka Bank Home Loan | 9.08% – 10.38% | 0.50% – 2% | 5 Crores | 30 Years |
| Karur Vysya Bank Home Loan | 9.23% – 12.13% | ₹2500 – ₹7500 + GST | – | 25 Years |
| Kotak Mahindra Bank Home Loan | 8.85% – 9.40% | 0.50% | 10 Crores | 20 Years |
| LIC HFL Home Loan | 8.70% | 0.30% onwards | 10 Crores | 30 Years |
| PNB Housing Home Loan | 8.50% – 10.85% | – | 2 Crores | 30 Years |
| Reliance Home Finance Limited Home Loan | 9.35% – 13% | 0.50% – 1.50% | – | 20 Years |
| South Indian Bank Home Loan | 7.95% – 9.60% | 0.50% + GST | 15 Crores | 30 Years |
| State Bank of India Home Loan | 9.55% | ₹2000 – ₹10000 + GST | 5 Crores | 30 Years |
| Sundaram Home Finance Ltd Home Loan | 6.95% – 8.30% | 0.50% | 4 Crores | 25 Years |
| Tamilnad Mercantile Bank Home Loan | 9.10% – 9.60% | 0.50% | 5 Crores | 30 Years |
| Tata Capital Limited Home Loan | 8.95% | 2% | 5 Crores | 30 Years |
| Union Bank Home Loan | 8.75% | 0.50% or ₹15000 + GST (whichever is lower) | – | 30 Years |
| Yes Bank Home Loan | 9.15% – 11.25% | 1.5% – ₹10000 (whichever is higher) | 10 crores | 35 Years |
Top 5 Locations To Buy Homes In Dehradun
Listed below are some of the top leading and preferred locations in Dehradun, available for home purchase along with some supporting information:
- Rajpur Road : This is a prime residential area in Dehradun that offers luxurious living with easy access to shopping, dining, and entertainment options.
- Sahastradhara Road : This is a developing locality in Dehradun that offers a serene and peaceful living environment, surrounded by natural beauty.
- Mussoorie Road : This area is located on the outskirts of Dehradun and offers a perfect blend of city living and natural surroundings.
- Clement Town : This is a well-established residential area in Dehradun that offers excellent social infrastructure and connectivity to other parts of the city.
- Jakhan: : Located in the heart of Dehradun, Jakhan is a popular residential area known for its peaceful surroundings and proximity to major commercial and entertainment centres.
Tax Benefits On Home Loan Rates In Dehradun
Clients are subject to some tax benefits on home loans. Here are some of the key tax benefits of home loans in Dehradun:
- Tax deduction on interest payment : In adherence to Section 24 of the Income Tax Act, 1961, a deduction of up to Rs. 2 lakh on interest paid for self occupied property and has no maximum limit for a rented-out property.
- Tax deduction on principal repayment :, Clients can claim a deduction of up to Rs. 1.5 lakh on the principal repayment of a home loan according to Section 80C of the Income Tax Act, 1961.
- Tax benefits on joint home loans : Each client can claim tax benefits on the interest paid and the principal repayment, proportionate to their share in the loan, in the case where the home loan is applied jointly.
- Tax benefits on pre-construction interest : Clients can claim a tax deduction on the interest paid during the pre-construction period, starting from the year in which construction is completed, in five equal instalments.
- Tax benefits on stamp duty and registration charges : Clients can claim a deduction on stamp duty and registration charges paid while purchasing a house, under section 80C, subject to a maximum limit of Rs. 1.5 lakh.
NOTE:Changes to tax laws and regulations can affect the tax benefits that come with home loans. To obtain detailed information about these benefits, borrowers are advised to seek the guidance of a tax expert.
FAQs
What is the difference between fixed and floating interest rates on home loans in Dehradun?
Home loans in Dehradun can have either fixed or floating interest rates. Choosing a fixed rate provides stability and predictability in loan repayments, as the interest rate remains unchanged throughout the loan tenure. In contrast, floating rates are subject to market fluctuations and can change over time, potentially becoming lower than fixed rates during favourable market conditions.
What is the maximum loan amount I can get for a home loan in Dehradun?
To determine eligibility for a home loan in Dehradun, banks consider income, credit score, and property value. Most lenders offer up to 80% of the property value, with the maximum loan amount varying among lenders. The upper limit for home loans in Dehradun is commonly set between Rs. 10-20 crores.
Can I prepay my home loan in Dehradun without penalty?
While prepayment of home loans is allowed by many banks without penalty, some may charge a fee if the prepayment amount exceeds a specific limit or if it occurs within a designated period, such as the first year of the loan.
How long does it take to process a home loan application in Dehradun?
The processing period for home loans in Dehradun varies by bank, typically taking 2- 3 weeks for document verification, property appraisal, and loan approval. However, expedited processing may be available for certain loan types.
