Popularly known as the ‘Oxford of the East, Pune is the cultural capital of Maharashtra. It is ranked as the most liveable city in India. Being the ninth largest city in terms of population, the city is a hub for a wide range of diverse activities. Being a metropolitan city adds to the presence of a large number of IT industries as well as many manufacturing industries which attracts a lot of working professionals with incredible job opportunities.
The pleasant climate also adds to the beauty of the city. Imagine living in your own house in such a city. You can very easily fulfil this dream of yours by applying for a home loan in Pune. Home loans are offered by several banks as well as financial institutions in Pune. Home loan is a type of loan offered to an individual in order to provide assistance in purchasing a flat or home. The amount received would be paid back to the bank along with interest on a fixed monthly instalment.
Interest rates along with Tenure for House Loan in Pune
You can apply for a home loan in Pune, provided you meet the criteria set by well-known financial institutions. Usually, a majority of the eligibility criteria is same across all the financial institutions. In Pune, the processing fees charged by the banks to process your home loan is around 0-1.00% of the loan amount. Kotak bank and PNB bank offer different types of homes loans in Pune with an interest rate of 8.95-9.50 % respectively with a maximum tenure of 1-30 years.
Advantages of applying for a Home Loan in Pune
Availing a housing loan in Pune comes with several advantages. A few of them are as follows:
- Flexible repayment tenure: Home loans are one of the very few loans where you enjoy longer repayment tenure of up to 30 years. Longer tenure periods also help in reducing your EMI instalments.
- A huge sense of accomplishments:Purchasing or building a new house is undoubtedly one of the largest financial investments that one makes in his/her life. This also makes for a huge component of your investment portfolio, in addition to being a sentimental accomplishment.
- Tax Benefits: The Government of India offers several benefits if you avail a home loan. For instance, up to Rs. 1.5 lakhs can be deducted towards the interest paid while availing a home loan.
Banks which offer Home Loan in Pune
Several financial institutions and banks offer home loans in Pune at different interest rates and tenure. In Pune, people typically prefer services offered by HDFC bank, Yes Bank, and CITI Bank to avail a home loan.
- HDFC bank charges a nominal processing fee of 5% at an interest rate of 6.95-7.85% with a maximum tenure of 1-30 years.
- Yes Bank has one-time processing fees of up to 50% of the loan amount but offers an interest rate of 9.35-10.50%.
- CITI Bank offers an interest rate of 35-8.6% with a tenure of 25 years.