Home Loan in Indore

Home Loan in Indore - Interest Rates
Updated on 20 Aug 2020

Home Loan in Indore- Eligibility Calculator for Salaried & Self Employed Borrowers

About Indore

The largest city of Madhya Pradesh, Indore is also credited with being the most populous city. In fact, the Economic Times described the city as being the commercial capital of the state of Madhya Pradesh. Indore is also home to two leading educational institutes – the Indian Institute of Management (IIM) and the Indian Institute of Technology (IIT). In the early 1600s, Indore was a trading center between the Deccan areas and Delhi. The city formed a part of the huge Maratha Empire and in the British era, the city was considered a princely state under the reign of the Maratha Holkar dynasty. Today, the city is a part of Madhya Pradesh.

About Home Loan in Indore

Indore has recently been chosen to be developed into a smart city when the Government of India launched the Smart City Mission. With the looming prospect of being developed into a tech-oriented city of the future, Indore has witnessed a boom in the real estate market. According to the census of 2011, the population of the city was close to 20 lakhs in the municipal corporation area and more than 21 lakhs in the urban agglomeration. Due to such high population, Indore Metropolitan Area is the largest populated area in Madhya Pradesh. Moreover, with a land area of just 530 square kilometers, the city is also the most densely populated city in Central India. Economically too there are various career and business opportunities in the city which attracts migrants from different parts of India to make Indore their preferred home.
All these factors have caused a positive growth in the real estate market of the city. Banks, financial institutions and home loan agents are increasingly finding more and more takers for a home loan. The interest rates have also come down making Indore home loans more attractive. Whether individuals are buying property for the sake of investment or for fulfilling their housing requirements, owning a home is becoming very popular and people apply for home loan in Indore. Since buying homes require a large amount of finance, people are resorting to home loans to fulfill their requirements.

Home Loan Providers in Indore

When it comes to home loans, there are various providers and a borrower is spoilt for choice. Here are the home loan providers in Indore which you, as a borrower can choose for your home loan requirements.

• Banks
Banks are the first resort of most home loan buyers. There are more than two dozen banks in the city and borrowers have a wide choice when it comes to choosing a bank for taking a home loan. Banks offer home loans at attractive interest rates. Moreover, there are various types of loans offered by banks for different purposes. The maximum and minimum loan amount depends on the type of loan and the repayment capacity of the borrower.
• NBFCs
Non-Banking Financial Companies also offer home loans to home loan borrowers. These institutions are financial institutions which deal in loans and deposits. Among the different types of loans offered, home loans are the primary ones. The rate of interest is at par with banks.
• Home Loan Agents Indore
with scores of banks and NBFCs offering their home loans, you, as a borrower might get confused about choosing the right home loan product. Home loan agents come into the picture here. They offer you a choice of various home loans and you can choose a home loan as per your choice. MyMudrafinancial is one such home loan agent in Indore where home loans are available. We are online home loan agents who let you choose a home loan from the comfort of your homes or offices and apply for home loan online. So, if you are looking to compare home loans, visit www.mudrafincorp.co.in and choose a home loan for yourself.

Top 10 Home Loan Providers in Indore

Here is a list of best home loan in Indore to find out the best bank for home loan in Indore and also the best NBFC:

1. Axis Bank
   

   Axis Bank offers home loans of various kinds and amounts to borrowers. Here is a list of loans offered by the bank:

   Type of home loans	Loan amount	Features of the loan
   Axis Bank Home Loan	Minimum is Rs.3 lakhs while the maximum depends on the income of the borrowers	The maximum tenure is 30 years and the loan can be taken on fixed or floating interest rate
   Asha Home Loan	Rs.10 lakhs to Rs.150 lakhs	The loan is offered at floating interest for 15 years
   Happy Ending Home Loan	Minimum is Rs.3 lakhs while the maximum depends on the income of the borrowers	Floating rate of interest is charged and the tenure is 20 years
   Super Saver Home Loan	Minimum is Rs.1 crore while the maximum depends on the income of the borrowers	The loan is offered for 20 or 22 years at floating interest rate
   Top-up home loan	A maximum of Rs.50 lakhs	The rate and tenure depends on the existing home loan



2. SBI Bank:
   

   The State Bank of India also offers various types of home loans where the interest rate ranges from 8.50% in the minimum and 9.10% as the maximum. Women borrowers and property owners are charged a low rate of interest. Moreover, SBI home loans are available for different categories of individuals, for buying or constructing a home and also for conducting renovations and repairs.



3. Indiabulls:
   

   Indiabulls is a NBFC which offers specialized home loans to borrowers. Two simple type of home loans are offered to individuals which are:

   • Home loans
   up to 75% to 90% of the cost of property is offered as a home loan depending on the amount of loan sought. The rate of interest of home loan is 8.50% to 12.25%.
   • Home loan for NRIs
   these loans are for Dubai-based NRIs who are looking to avail a home loan in Indore. The rate of interest is 8.50% to 12.25%.



4. ICICI Bank
   

   Home loans from ICICI Bank are offered at an interest rate of 8.70% to 8.85%. The types of loans offered besides the basic home loan are:

   • Pre-approved home loans
   loan offers before the property has been finalized
   • Balance transfer
   home loans for transferring an existing loan
   • ICICI Bank Home Overdraft
   a loan in the form of an overdraft for lower interest outgoes.



5. LIC Housing Finance
   

   LIC Housing Finance is a NBFC which offers home loans to borrowers. Individuals can avail a loan for buying, constructing or renovating their homes. NRIs can also avail a loan. Moreover, there are specialized loans for pensioners and affordable housing requirement. The rate of interest is of 8.5% to 8.7%.



6. HDFC Bank
   

   HDFC also allows home loans of various types. A floating rate of interest is charged on the home loans offered by HDFC which ranges from 8.5% to 8.55% per annum. Moreover, a maximum of Rs.10 crores can be availed as a loan.



7. Standard Chartered Bank
   

   The home loans from Standard Chartered Bank come attached with a home loan protector feature wherein the loan does not fall on your family in case of your premature demise. Thus, home loans from the bank are unique in this respect.



8. PNB Housing Finance
   

   With a minimum amount of loan starting from Rs.5 lakhs, PNB offers attractive home loans which have an interest rate starting from 10.50% only.



9. Kotak Mahindra Bank
   

   Another leading name in the banking industry, Kotak Mahindra provides different home loans offers in Indore to individuals. Interest rates are low and start from 8.60% p.a. Whether you want a home loan for buying a house, for renovating it or for transferring an existing loan. Apply online Kotak Mahindra Home Loan .



10. Yes Bank
    

    Known for its home loan Khushi which allows even people with limited means can avail a Yes Bank home loan for fulfilling their dream of owning a home. Besides Khushi, other home loans are also given by the bank with an home loan interest rates in Indore of 10.35% to 13.50% p.a.