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Home Loan from PSU Banks | LIC in Delhi
Public Sector Undertaking (PSU) banks, also known as public sector banks, are government-owned banks in India. Delhi, as a major commercial hub, hosts branches of several PSU banks. Here are some of the prominent PSU banks in Delhi which offers Home Loan:
- State Bank of India (SBI)
- As the largest public sector bank in India, SBI has multiple branches and ATMs spread across Delhi, providing a wide range of banking services. Interest Rate: Starts at 8.50% per annum. The rate may vary depending on the loan amount, tenure, and borrower’s profile
- Punjab National Bank (PNB)
- PNB has several branches in Delhi, offering retail banking, corporate banking, and other financial services. Interest Rate ranges between 8.60% to 9.40% per annum depending on the loan amount, tenure, and borrower’s profile.
- Bank of Baroda (BoB)
- BoB provides comprehensive banking services through its branches in Delhi, including personal and corporate banking. Interest Rate: Ranges from 8.85% to 10.10% per annum depending on the loan amount, tenure, and borrower’s profile.
- Canara Bank
- Canara Bank has a presence in Delhi, offering various banking products and services to individuals and businesses. Interest Rate: Between 8.50% to 11.25% per annum depending on the loan amount, tenure, and borrower’s profile.
- Union Bank of India
- With branches in Delhi, Union Bank of India offers services like retail banking, corporate banking, and loans.
- Bank of India (BoI)
- BoI provides a range of banking services and has several branches in Delhi.
- Central Bank of India
- Central Bank of India has branches in Delhi, offering a variety of financial services and products.
- Indian Bank
- Indian Bank operates branches in Delhi, providing a range of services, including loans, deposits, and other financial products.
- Indian Overseas Bank (IOB)
- IOB offers various banking services and has a presence in Delhi.
- UCO Bank
- UCO Bank serves customers in Delhi with a range of banking services, including personal and business banking.
- Bank of Maharashtra
- This PSU bank also has branches in Delhi, offering diverse banking products and services. Interest Rate: Starts at 8.60% for salaried individuals and 8.80% for self-employed individuals.
- LIC
- LIC Housing Finance offers a range of home loan products tailored to various customer needs.The interest rates for Home Loan from LIC starts from 8.50% per annum. The interest rates vary depending on the type of loan and the customer’s profile, such as salaried, non-salaried, or pensioners.
These banks provide various services, including savings and current accounts, loans, credit cards, investment options, and more. They play a crucial role in supporting the financial infrastructure and economic activities in Delhi.If you are looking for Home Loan from PSU Banks in Delhi, you can contact us for best deals.
Features & Benefits
Eligibility Criteria & Documents Required for Home Loan from PSU Banks
Eligibility Criteria
- Nationality: You must be Indian citizen residing in India.
- Age: The applicant must be between 23 years to 70 years
- Cibil Score: A Cibil score of 725 or higher is ideal to get a home loan.
- Occupation: Salaried employee, a Professional Individual, and a self employed professional.
Note : This is an indicative list that may change based on your actual loan application.
Documents Required
- KYC Documents ( Identity and address proof)
- Proof of Income (Salary slips or P&L Statement)
- Proof of Business ( for self employed applicants)
- Account statement for last one year
- ITR for last two years.
- Property Documents
How to Improve the chances of getting Home loan
1. Credit clean-up : Your credit score is a vital factor of consideration. A high credit score makes it easier for you to get a loan. If you have a low credit score, identify the reasons by checking your credit report. Sometimes, minor errors affect your credit score adversely. In such a case, inform Credit Information Bureau (India) Limited (CIBIL) immediately about the error.
2. Assess your debt-to-income ratio : Lenders analyse your current income to determine your ability to pay the home loan EMIs. If possible, you can try to increase your annual income through a part-time job or by selling liquid assets like stocks. As your debt-to-income ratio increases, your chances of getting a loan can also increase.
3. Limit your borrowing : If you borrow more money than you need to meet your financial targets, your chances of getting a housing loan are reduced. Save and invest more, and take wise calls on how much money you require as a loan and submit an application for that particular amount.
4. Add a co-signor or guarantor : In certain cases, it can be difficult to get a loan on your own accord. Consider adding a co-signor or guarantor with a good credit score. A co-signor or guarantor ensures that you pay your home loan EMIs on time, and if you fail to do so, they are liable to repay the loan on your behalf. However, getting a co-signor or guarantor comes with its own terms and conditions and so be sure to take note of the same
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Frequently Asked Questions
To apply for a Home Loan from PSU Banks in Delhi, you need to submit documents such as proof of identity, proof of address, Income Proof, Details of Property to be purchased, loan application form that has been duly filled and your financial documents.
For Home loan from PSU Banks in Delhi ,we determine your eligibility after considering various factors, including your monthly income, your monthly financial obligations, your current age and your retirement age, among other things.
We have tie-up with Multiple Govt Banks and PSU Banks. We have tie up with several PSU Banks like SBI, BOB, PNB, Union Bank etc.We select the bank after considering various factors including your monthly income, your monthly financial obligations, your current age and your retirement age, property to be purchased among other things.
The rate of interest depende on various factors including customer profile and the bank from which we are arranging your home loan. Typically the home loan ranges between 8.5% to 12%.
The EMI is calculated based on specific factors like the amount of the loan, its tenure and the Home Loan interest rate.
A floating rate of interest is linked to a benchmark rate. As per guidelines of RBI, floating rate Home Loans from banks are linked to external benchmark rates. So, rate of interest of your Housing Loan changes in line with the Repo Rate. As a result, the EMI or the tenure of your loan will increase or decrease, depending on the change in the rate of interest.
A fixed rate of interest on a Home Loan means that the rate of interest does not change throughout the tenure of the loan. So, the EMI will also remain fixed.
Yes, you can claim the amount paid towards the repayment of the principal and the interest components as deductions in your income tax return. The limits on the amount deductible are governed by the applicable income tax laws.
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