Cheapest home loans above Rs 75 lakh: Check out which banks and HFCs are offering lowest rates The Reserve Bank of India’s decision to continue with a low repo rate of 4% in a bid to counter the economic fallout of the prevailing Covid-19 pandemic has majorly contributed towards most banks reducing their home loan interest rates to multi-decade lows. In fact, there are at least 15 banks and four housing finance companies (HFCs) that are currently offering home loans starting at under 7% p.a. This low-interest trend makes it an opportune time for aspiring home loan borrowers — provided they have sufficient margin funds, a credit score over 750-800 and an adequate repayment capacity. One needs to carefully consider all these factors because many aspiring borrowers would have a high loan quantum requirement, especially if they plan to buy a house in a metropolitan city. So, if you have a big-ticket loan requirement, do note that the highest permissible loan-to-value (LTV) ratio coul...
Documents Required for Senior Citizen Home Loan A senior citizen will have to submit the following documents to avail of a home loan. However, this is a list of general documents banks require; the requirement may differ from bank to bank. Keep the following documents ready:- Proof of identity: Aadhaar card/PAN card/passport/Voter Id/driving license Proof of address: Aadhaar card/passport/Driving license/utility bill of last three months Income proof: Form 16 or last three months salary slip. If a pensioner, then pension record. Last six months bank statement. Tips to Get a Home Loan for Senior Citizen Easily Procuring a home loan for senior citizens can be a task and a tiresome process. For a senior citizen who has retired from a job or does not have a stable source of income, it is almost impossible to get a home loan. It does make sense because a lender can not take a risk in such a case. How will a borrower pay EMI if they do not have a definite source of income. However, the...