Nainital Bank offers a home loan under the brand name of ‘Apna Ashiana Scheme’ for tenure as long as 30 years. But whether the acquisition of a home is cost-friendly or not will depend on the interest rates charged by the bank on a home loan. Matching steps to step with its competitors, Nainital Bank home loan interest rate starts from 8.40% up to 11.00% p.a.
Nainital Bank Home Loan Interest Rate February 2025
The table shows the latest home loan interest rates of 2025 offered by Nainital Bank.
| Particulars | Details |
|---|---|
Interest Rate | 8.40% p.a. up to 11.00% p.a. |
Loan Amount | Rs.800 Lakhs |
Loan Tenure | Up to 30 years |
Processing Fee | Up to 0.50% of the loan amount, subject to a minimum and maximum of Rs. 500 and Rs. 10,000 respectively |
Purpose of Nainital Bank Home Loan
Here is, what is the purpose of a Nainital Bank Home Loan -
- Construction or Purchase of a Residential House/Flat, including ready-to-move and under-construction properties.
- Purchase of a Residential Plot to construct a house within a stipulated period.
- Takeover of Existing Home Loans from Banks, Housing Finance Companies (HFCs), Non-Banking Financial Companies (NBFCs), or Financial Institutions (FIs) with competitive interest rates and flexible repayment options.
Features of Nainital Bank Home Loan
Here are some of the features of the Nainital Bank Home Loan, read properly to understand the working -
- No Personal Guarantee is required.
- Repayment Period: Up to 30 years, subject to the applicant's age and repayment capacity.
- Processing & Documentation Charges: Waived until 31.03.2024, except for takeover cases.
Eligibility of Nainital Bank Home Loan
Here are the eligibility criteria for a Nainital Bank Home Loan, read the content below to know the eligibility criteria -
- Eligible Applicants: All individuals, including staff members of Nainital Bank, who own the land in their name where the proposed house is to be constructed.
- Approval Requirement: The construction plan must be duly approved/sanctioned by the competent authority/body.
- Joint Ownership: If the land is jointly owned, all co-owners must be included as co-borrowers.
- Additional Eligibility: Members of registered group housing societies and farmers/agriculturists are also eligible under the scheme
- Minimum Age: The primary applicant must be at least 21 years old, while the co-applicant(s) must be at least 18 years old.
- Maximum Age: The applicant's age plus the loan repayment period should not exceed:
- 70 years for salaried individuals.
- 75 years for self-employed individuals, professionals, and others.
Calculate Nainital Bank Home Loan Monthly EMIs
It’s very easy to calculate your monthly home loan EMIs with the help of the Wishfin Nainital Bank Home Loan EMI Calculator. You just need to simply put up the three things-
- Loan Amount
- Loan Tenure
- Interest Rate
Example - You are taking a home loan of Rs. 50,00,000 at an interest rate starting from 8.40% up to 11.00% p.a. for 30 years, then your monthly EMIs will be like this -
| Tenure (In Years) | EMI (at 8.40% interest rate) | EMI (at 11.00% interest rate) |
|---|---|---|
5 | Rs. 1,02,341.84 | Rs. 1,08,712.12 |
10 | Rs. 61,725.75 | Rs. 68,875.01 |
15 | Rs. 48,944.33 | Rs. 56,829.85 |
20 | Rs. 43,075.22 | Rs. 51,609.42 |
25 | Rs. 39,924.97 | Rs. 49,005.65 |
30 | Rs. 38,091.88 | Rs. 47,616.17 |
Other Charges on Nainital Bank Home Loan
Here are the charges applicable on the Nainital Bank Home Loan -
Processing Charges | Loans up to 5 Lakhs: Nil Loans above 5 Lakhs and up to 10 Lakhs: Rs.1,000 Loans above 10 Lakhs and up to 20 Lakhs: Rs.2,000 Loans above 20 Lakhs and up to 30 Lakhs: Rs.3,000 Loans above 30 Lakhs and up to 50 Lakhs: Rs.4,000 Loans above 50 Lakhs: Rs.5,000 |
Penal charge | 2% on unpaid EMI |
Margin | 10% to 25% depending upon the amount of loan |
Deviation Charges | Rs.2000/ per deviation |
Nainital Bank Home Loan Balance Transfer Rates
The interest rates, as you see, are quite affordable, aren’t they? And if these rates are lower than what’s getting charged to your home loan account at some other lenders, you better then shift your outstanding loan balance to Nainital Bank. This will help ease the repayment burden by curtailing the overall outgo of interest from your pocket. As a home loan repayment goes for as long as 20 years, the balance transfer option helps borrowers save a significant chunk of interest over the tenure.
Conclusion
Nainital Bank home loan interest rates enable customers to fulfill their housing aspirations with ease. The interest rates are determined by multiple factors, such as the loan amount, repayment tenure, and the applicant’s eligibility criteria. With flexible repayment plans and competitive terms, Nainital Bank is committed to providing a seamless and efficient home loan experience, ensuring affordability and convenience for borrowers.
FREQUENTLY ASKED QUESTIONS
1. What are the current home loan interest rates offered by Nainital Bank?
The interest rates on Nainital Bank home loans are from 8.40% onwards up to 11.00% p.a. which are based on factors such as the loan amount, tenure, and applicant’s profile.
2. Are Nainital Bank home loan interest rates fixed or floating?
Nainital Bank offers both fixed and floating interest rate options. The floating rate is subject to market fluctuations, while the fixed rate remains constant throughout the tenure.
3. Can I reduce my home loan interest rate after availing of the loan?
Yes, you can reduce your interest rate by opting for a balance transfer to another bank offering lower rates or by negotiating with Nainital Bank for a rate revision based on your improved creditworthiness.
4. What is the minimum and maximum loan tenure for Nainital Bank home loans?
The loan tenure typically ranges from 5 years to 30 years, depending on the loan amount and the applicant’s repayment capacity.
5. How can I apply for a Nainital Bank home loan?
You can apply for a home loan online through the bank’s website or visit the nearest branch with the necessary documents, such as identity proof, income proof, and property details.
