Best Home Loans For Low Income Earners | Affordable Low Income Home Loans

Best Home Loans for Low Income Earners

Best Home Loans for Low Income EarnersAs the inflation increases, the rate of properties is burgeoning high. Few decades back, having a home was convenient task but now it has becomes strenuous especially for a low Income Earners. Home loan is handy tool for middleclass person so we are here with the list of Best Home Loans for Low Income Earners. Banks provides tremendous facilities of Affordable and Low Income Home Loans which makes the phenomenon of the home loan hassle free.

If you apply for home loan then you may earn two benefits together. The first avail is you can build up your dream home and another is you can claim for tax benefit under section 24. If your income is low so, don’t let a low salary package wreck your dreams. We have something special for you in this article that you can fulfill your wish of your dream house.

For A Salary Range Of Rs. 15,000 To Rs. 20,000 Per Month

Axis Bank Home Loan

Axis bank which is third largest of the private-sector bank of India offer great banking features and benefits like as balance transfer facility, attractive housing finance rates, quickest service, online banking facility etc. It also offers nil prepayment facility. It provides attractive and competitive home loan interest rate. Interest rate is the most important factor and this bank provides fabulous interest rate which is 9.15% to 11.75% and the processing fee varies Up to 1% on loan amount. It is one of the best option for 15,000 to Rs. 20,000 per month earning person.

Interest Rate 9.15% to 11.75%
Processing Fees Up to 1%
Loan Tenure 1 year to 30 years
Partial pre-payment Charges Nil
Pre-closure Charges Nil

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Tamilnad Mercantile Bank Home Loan

As the prices of real estate are always rises but you can trust on TMB bank. TMB has been founded in 1921. In the beginning it was known as Nadar Bank but latter it changes into Tamilnad Mercantile Bank in 1962. Headquarter of Tamilnad Mercantile Bank Limited is located in Tuticorin (Tamil Nadu). Customer can build up their home by the help of the scheme of bank. It provides easy documentation and quick processing to its clients. It produces the loans Up to Rs. 300 Lakhs. You can easily repay up to years in monthly installments.

Important Facts

Interest Rate 10.30% to 10.80%
Processing Fees 1.00%
Loan Tenure 25 years
Guarantor Requirement Guarantor required

Read Also – Things To Consider Before Taking A Home Loan In India

For A Salary Range Of Rs. 21,000 To Rs. 25,000 Per Month

Au Financiers Home Loan

Looking for the home loan but anxious due to low salary so don’t worry, AU Financiers provides home loan at low income earner. It provides to its clients hassle-free loan application process and affordable interest rate. For a home loan you may acquire 75% of the expected cost which is offered as market value of the property for the home loan. 15 years repayment term option is also available for you. Its services are especially for middle class peoples. The maximum amount of loan is decided by the customer strength.

Interest Rate 12.50% to 19.00%
Processing Fees Processing Fees of 2% of Loan Amount
Loan Tenure 1 year to 20 years
Partial pre-payment Charges Nil
Pre-closure Charges Nil

 For A Salary Range Of Rs. 26,000 To Rs. 30,000 Per Month

India Shelter Finance Home Loan

India Shelter Finance providing the outstanding loan facility especially for low earners. It is a significant part of India Shelter Finance Corporation Ltd which has been started in1998. It provides the shelter of more than 9000+ Indian families. Each and every home provider corporation formulated eligibility criteria. Applier age must lie between 18 years to 70 years. Only that person can apply for this that’s monthly is income more than from 26,000. The aim of this corporation is to provide the best service to its customers. The current rate of interest is 11.75% and loan amount ranging from Rs.1,00,000 to Rs.15,00,000 lakhs.

Interest Rate 11.75%
Processing Fees 2% to 3% of Loan amount
Loan Tenure 5 Year to 20 Years
Partial pre-payment Charges Nil
Pre-closure Charges Nil

 Documents Required For Home Loan

  • Any Government ID proof
  • Address proof
  • passport or Aadhaar card
  • Loan application and photographs
  • Income proof
  • The property document

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Taking a home loan is not so typical if you know whole paperwork. Before taking any decision must check whole eligibility criteria, documents, services, features, interest rate and all the related facts. Each and every bank formulated various terms and condition. If you are government employee or work in any reputed company then you will acquire loan facility.

 

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