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Home Loan in Indore

Located in the state of Madhya Pradesh, Indore is one of the cleanest cities in India. The city has its own IIT and IIM, making it an educational hub. The city is a cultural hotspot as well, with specs from the British and Mughal eras all over. Add to this, the growing industries and job opportunities in Indore. This makes it one of the most liveable cities in India.

If you’re looking to buy a beautiful home in the city of Indore, a home loan, can come to great use. Here’s everything you need to know about a home loan in Indore.

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Easy application process

Applying for a home loan isn’t a matter of long hours anymore. You can apply for a home loan in Indore online. The process requires minimum effort and can be done within a few minutes.

Eligibility criteria

Many banks and financial institutions offer home loans only if the applicant satisfies their eligibility criteria. However, these criteria are basic and easy to satisfy. Piramal Capital & House Finance offers home loans with a very minimum eligibility criteria.

  1. For salaried individuals

  2. Any government employee above the age of 21 can apply for a home loan. Pensioners upto the age of 70 can also apply for a home loan. As for non-government employees, the upper age limit to apply for a home loan is usually 62 years. Therefore, any person working in government institutions, public sector undertaking offices or private sector offices can apply for a home loan in Indore.

  3. For self-employed individuals

  4. Even self-employed people can apply for a home loan. Any self-employed person between the age of 23 and 70 can apply for a home loan. So if you’re a business owner or a self-employed professional (doctor, designer, chartered accountants etc.), you can apply for a home loan without any difficulties.

Minimal documents

In order to apply for a home loan, you need to submit a number of documents as proof of identity, proof of address and proof of income.

As proof of identity, the following documents can be submitted:

  • Passport
  • Voter’s ID card
  • Aadhar card
  • Driver’s license
  • NREGA job card
  • Letter issued by National Population Register (NPR).

As proof of address, applicants can produce any of the following documents:

  • Passport
  • Voter’s ID Card
  • Aadhar card
  • Electricity, water bills or other utility bills
  • NREGA job card
  • Letter issued by National Population Register (NPR)

As proof of income, salaried employees can provide any of the following:

  • Salary slips
  • Recent bank statement (last 6 months)
  • 2 Years Form 16

Self-employed home loan applicants can provide any of the following documents as proof of income:

  • Income Tax Returns of the last 2 financial years
  • Recent bank statement
  • Financials audited by a CA

Interest rate

In order to encourage more people to buy their own home, home loans are available at affordable rates. At Piramal Capital & House Finance, home loans start at a mere 10.50%* interest per annum.

Fees and Charges

A small processing fee is usually charged. All the charges are, however, mentioned in the application form. So, there is no fear of hidden charges.

Repayment

You can choose a repayment tenure as per your convenience. The tenures have a flexible range of 5 to 30 years.

Why should you buy a home in Indore?

Indore is a modernized city rooted in culture. It offers top-notch educational and medical infrastructure. The city’s pollution control measures also guarantee a great quality of life. Thus, Indore makes for the perfect city to live in! Apply for a home loan now to build your perfect home in the city of Indore.