Home Loans in Coimbatore
Obtaining a home loan in Coimbatore from banks and financial institutions like HDFC, SBI, PNB Housing Finance, IIFL, Bank of Baroda, and Indiabulls Housing Finance is relatively easy. The home loan interest rate starts from 8.30% whereas the processing fees are nominal, starting from 0.25% + GST.
Home Loan Interest Rate All Banks in Coimbatore
Compare various banks and the home loan interest rates that they are offering for different requirements.
Let’s have a look below to see the same:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI | 8.75% - 9.50% | 8.75% - 9.40% | 8.75% - 9.40% |
| HDFC | 8.65% - 9.35% | 8.65% - 9.35% | 8.65% - 9.35% |
| LIC Housing Finance | 8.30% - 10.00% | 8.00% - 10.20% | 8.00% - 10.40%% |
| ICICI Bank | 8.75% - 9.85% | 8.75% - 9.85% | 8.75% - 9.85% |
| Kotak Mahindra Bank | 8.65% - 9.45% | 8.65% onwards | 8.65% onwards |
| Punjab National Bank | 8.60% - 9.35% | 8.55% - 9.25% | 8.55% - 9.25% |
| Bank of Baroda | 8.60% - 10.35% | 8.60% - 10.70% | 8.45% - 10.70% |
| Union Bank of India | 8.60% -10.50% | 8.60% -10.70% | 8.60% -10.70% |
| IDFC First Bank | 8.75% – 8.90% | 8.75% onwards | 8.75% onwards |
| L&T Housing Finance | 8.40% - 8.60% | 8.40% - 8.60% | 8.40% - 8.60% |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| Godrej Housing Finance | 8.39% -10.99% | 8.39% -10.99% | 8.39% - 10.99% |
| Tata Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Federal Bank | 8.37% – 9.60% | 8.37% – 9.65% | 8.37% - 9.70% |
Home Loan Interest Rate in Coimbatore
Home loans in Coimbatore and neighbouring areas start from 8.30% and can go up to 14%:
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 7.35% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
Best Bank for Home loan in Coimbatore
There are more than 30 banks and financial institutions that can give you the best home loans in Coimbatore. Here we are mentioning some of those lenders that give lucrative deals on your home loans:
PNB Housing Finance Limited Home Loan in Coimbatore
PNB HFL starts giving home loans in Coimbatore from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Coimbatore is 8.50% for salaried and 8.60% for self-employed professionals whose CIBIL or credit score is more than 800.
HDFC Home Loan in Coimbatore
HDFC or HDFC Limited caters to home loan in Coimbatore under different loan slabs based on the required amount of the home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.
| Loan Slab | Home Loan Interest Rates (in % p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 8.60 - 9.10 |
| For Others* (upto 30 Lakhs) | 8.65 - 9.15 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 8.85 - 9.35 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 8.90 - 9.40 |
| For Women* (75.01 Lakhs & Above) | 8.95 - 9.45 |
| For Others*(75.01 Lakhs & Above) | 9.00 - 9.50 |
LIC Housing Finance Limited Home Loan in Coimbatore
LIC Housing Finance gives 7 different types of home loans in Coimbatore or any other place. The starting home loan interest rate starts from 8.50% for people having a CIBIL score of more than 800 and are salaried. For people whose CIBIL score is less than 600 and are self-employed, for them the home loan interest rate in Coimbatore is around 9.40%.
Bajaj Housing Finance Coimbatore
Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.30%* for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.
Aadhar Housing Finance Coimbatore
With 13 types of home-related loans, Aadhar Housing Finance home loan interest rate is one of the good options.
| Customer Type | Home Loan Interest Rate* |
|---|---|
| Salaried - Home Loan | 11.75% to 16.50% |
| Self-Employed - Home Loan | 12.75% to 17.00% |
| Loan against Property | 15.00% to 17.00% |
Aditya Birla Housing Finance Coimbatore
Getting a home loan in Coimbatore is easy with Aditya Birla Housing Finance home loans. Below is the home loan interest rate based on salary.
| Home Loans | Salaried | Self Employed |
|---|---|---|
| Rate of Interest | 8.50% to 13.00% | 9.25% to 13.50% |
Sundaram Home Finance Coimbatore
With 6 types of home loans schemes, the home loan interest rate at Sundaram home finance in Coimbatore starts from 8.65% p.a.
| Details | Interest Rate/ Fees |
|---|---|
| For general customer | 8.65% |
| For women customers | 8.65% |
| Processing Fee | Maximum upto 0.50% + GST |
IIFL Home Loan in Coimbatore
IIFL Home Loans progressively works towards facilitating affordable home loans to first-time homebuyers in the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation. The IIFL home loan interest rate in Coimbatore starts from 8.20% p.a.
Indiabulls Housing Finance Coimbatore
Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Coimbatore starts from 8.95% p.a.
SBI Home Loan Coimbatore
State Bank of India is one of the premier banks of India, and so getting a home loan in Coimbatore is very easy with SBI. The cheapest SBI home loan interest rate in Coimbatore is 8.05% and the maximum tenure for which a home loan can be availed is 30 years. The loan disbursement process can take up to 3 weeks in SBI Housing Loan Coimbatore.
Axis Bank Home Loan Coimbatore
Axis Bank home loan in Coimbatore is one of the most searched options to get a home loan. The home loan interest rate varies depending on the applicant's profile, salary, and credit score.
Repco Home Finance Home Loan in Coimbatore
The rate of interest starts from 8.10% p.a. for home loans. There are 2-3 types of mortgage loan schemes at Repco Home Finance in Coimbatore.
Home Loan Interest Rate for Salaried and Self-Employed Individuals in Coimbatore
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.30%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.30%* to 14.00%* |
| Top Up | 9.20%* to 15.00%* |
Interest Rate For Salaried Individuals in Coimbatore
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 8.60% - 8.95% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan Interest Rate For Self-Employed Individuals in Coimbatore
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.55%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.90%* to 14.00%* |
| Top Up | 9.40%* to 15.00%* |
Interest Rate For Self Employed Individuals in Coimbatore
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Types of Home Loans Offered in Coimbatore
There are more than 10 types of home loans offered in Coimbatore. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions)
| Types of Home Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan against Property | Get a loan by pledging your property to the bank. |
| Home improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process. |
| Pre-approved Home Loan | This type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their creditworthiness and income. |
| Home Loan Top-ups | This is given as an extra loan on your existing home loan. |
| Home loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
Feature of Home Loans in Coimbatore
Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Coimbatore:
- Home loans in Coimbatore are usually offered at a minimum interest rate of 7.80% p.a.
- Tenures may be up to 30 years.
- LTV ratio: 80%-90% of the cost of the property.
- Facilities like top-ups, overdraft, and home loan balance transfer to existing home loan borrowers are easily available.
- Selected existing bank customers are offered pre-approved instant home loans.
- No prepayment charges.
- Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with interest subsidy of up to Rs 2.76 lakh
Eligibility Criteria of Home Loans in Coimbatore
To be eligible for home loan in Coimbatore, there are some requirements. Let’s see what those requirements are that will allow you to have your dream home in Coimbatore:
- Applicant’s nationality: Indian Resident, PIO, NRI
- Age- 21 years up to 70 years at the time of loan maturity
- Work experience: At least 3 years for salaried and self-employed
- Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- CIBIL/Credit score should be 750 and above for increased chances of availing a home loan and at lower interest rates
Documents Required for Home Loan in Coimbatore
Below is the list of documents needed to get a home loan in Coimbatore:
Home Loan Documents for Salaried Loan Applicants
- Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
- Proof of address: Passport/Utility bill/Aadhar card
- Proof of Income: Latest salary slip/ ITR/Form-16
- Bank Statement: Last 3 months bank statement/ last 6 months bank passbook.
- Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.
Additional Home Loan Documents for Self-Employed Applicants
- Business profile
- Recent Form 26AS
- Income Proof: ITR with income computation for the past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for the last 3 years
- Current account statement of a business entity
- Savings account statement of an individual for the past 6 months
Property Loan in Coimbatore
Property loans or Mortgage loans in Coimbatore is another term for home loans in Coimbatore. So, if you are in need of any type of mortgage loan ie. home loan in Coimbatore then you are reading just the article where you will get all the information correctly.
Property Loan Interest Rates in Coimbatore
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| LIC Housing Finance | 8.00% – 10.00% | 8.00% – 10.20% | 8.00% – 10.40% |
| HDFC Ltd. | 8.40% – 10.00% | 8.40% – 10.25% | 8.40% – 10.35% |
| Tata Capital Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| PNB Housing Finance | 8.50% – 12.50% | 8.50% – 12.50% | 8.60% – 11.70% |
| Repco Home Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| GIC Housing Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Indiabulls Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Aditya Birla Capital | 8.50% – 13.50% | 8.50% – 13.50% | 8.50% – 13.50% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Home First Finance | 8.00% – 18.00% | 8.00% – 18.00% | 8.00% – 18.00% |
| Godrej Housing Finance | 7.99% – 10.99% | 7.99% – 10.99% | 7.99% – 10.99% |
| L&T Housing Finance | 7.70% – 8.70% | 7.70% – 8.70% | 7.70% – 8.70% |
Popular Localities in Coimbatore and their Property Rate
Before getting a home loan, you must first figure out the property that you want to buy. Don’t worry, we have got you covered as we are enlisting some popular localities in Coimbatore and their property rate.
| Locality Name | Price range in Rs/Sq. ft | Average price in Rs/Sq. ft |
|---|---|---|
| Sarvanampatty | 3,200 - 5,787 | 5417 |
| Kalapatti | 3,952 - 5,600 | 5600 |
| Villankurichi | 4,000 - 4,999 | 4440 |
| Neelambur | 4,153 - 5,297 | 4725 |
| Vadavalli | 811 - 6,118 | 5751 |
| Mettupalayam | 6078 | 6778 |
| Peelamedu | 3,167 - 10,157 | 7594 |
| Hosur Municipality | 2,800 - 3,932 | 3756 |
| Kovai Pudur | 2,700 - 3,852 | 3550 |
| Thudiyalur | 3,476 - 4,368 | 4311 |
FAQs
Normally to buy a new home, a down payment of 10% of the total cost of the property is required. But it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as down payment to the builder.
You can get around 80% of the property value as loan amount to purchase a house in Coimbatore.
A credit score of 750 and above is considered good to get a home loan in Coimbatore.
You can get Rs 10 Crore home loan maximum in Coimbatore. If you still need more loan then you can do so after a brief interaction with the bank through which you want your loan to be serviced or disbursed. Normally banks don’t have any problem till they see that your credit score is up to the mark and your credit report is credit worthy.
It takes anything between 7 to 21 days in order to get a home loan in Coimbatore.
The lowest home loan interest rate in Coimbatore is 8.55% p.a.. Currently it is offered by SBI.
If your monthly salary is more than Rs 25000 then you can get a home loan in Coimbatore.
Why only Coimbatore, you can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill the form with your exact requirements.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
Abhijeet Singh has comprehensive experience in business writing, content management, SEO, social media and user analytics. Key areas of expertise include stock markets and personal finance.