Established in 1922—well before India gained independence—Nainital Bank is a scheduled commercial bank and a subsidiary of Bank of Baroda, one of the country’s leading public sector banks. With a legacy of over nine decades, the bank has been dedicated to delivering personalized financial solutions customized to customers’ needs. Among its many offerings, the Nainital Bank Home Loan is a reliable choice for individuals aspiring to build or own their dream home. Whether it's purchasing or constructing a new house or flat, buying a ready-built property, renovating or extending an existing home, or even acquiring land for construction within 1.5 years as part of a housing project, this loan covers a wide range of housing needs with ease and flexibility.

Nainital Bank Home Loan Interest Rate Details

Here are the latest Nainital Bank Home Loan Interest Rates with some important highlights of the home loan - 

Types of Nainital Bank Home Loan

Here are the schemes offered by Nainital Bank with their details. Make sure to go through them before applying for them - 

Apna Ashiana Home Loan

For the construction or purchase of a residential house/flat, or for the purchase of a residential plot for constructing a house.

• Interest Rate: 8.40% to 11.00% p.a.
• Loan Amount: Up to Rs 8 crore
• Loan Tenure: Up to 30 years
• Margin: 10% to 25% (varies with loan amount)

Home Improvement Loan

For renovation or repair of an existing home or purchase of furniture, fixtures, and home appliances such as:

• Heaters, etc.
• Desert coolers
• Air purifiers
• Air conditioners
• Water filters
• Geysers
• Fans
• Loan Amount: Up to Rs 50 lakh
• Loan Tenure: Up to 15 years
• Margin: Up to 25% of the total cost of repairs
• Interest Rate: 10.50% to 10.55% p.a.

Home Top-Up Loan

The Nainital Bank Home Top-Up Loan is designed for existing home loan borrowers who need additional funds for personal or business purposes (excluding speculative use). It can be availed up to five times during the entire home loan tenure, provided previous top-up loans are fully repaid. The loan tenure is allowed as per the age limit criteria under the Apna Ashiana scheme.

• Loan Amount: Up to Rs 50 lakh
• Loan Tenure: Up to 15 years (subject to maximum permissible tenure under the original home loan, considering the borrower’s age)
• Margin: Up to 10% to 15% (depends on the loan)
• Interest Rate: 1.50% above the original housing loan ROI

Residential Plot Purchase Scheme - Nainital Bank

For the purchase of a residential plot in urban areas, subject to the condition is that construction must commence within 5 years.

• Maximum Loan Amount: Up to Rs 2 crore 
• Margin:  40% on the realizable value of the immovable property (as per the bank’s empanelled valuer’s report) or the purchase price, whichever is lower
• Repayment Tenure:  Up to 10 years
• Interest Rate: 10.07% - 11.2% p.a.

Nainital Bank Home Loan Eligibility Criteria

A home loan borrower must first meet the required eligibility criteria set by Nainital Bank to obtain finance from the bank.

Minimum Age:

• 21 years for the primary applicant
• 18 years for co-applicants

Maximum Age:

• 70 years for salaried individuals
• 75 years for self-employed individuals

Ownership Requirement:
Applicants must own the land where the house is proposed to be constructed. The construction plan must be duly approved/sanctioned by the competent authority.

Joint Ownership:
In case of jointly owned land, all co-owners must be co-applicants in the home loan.

Other Eligible Applicants:

• Members of registered group housing societies
• Farmers and agriculturists

Documents Checklist for a Nainital Bank Home Loan

The documents that have to be submitted to Nainital Bank for availing a home loan have been listed below. Have a look at them-

• Filled application form
• Identity Proof- PAN Card/ Passport/ Driving License/ Voter ID Card/ Aadhaar Card
• Address Proof-Utility Bill/ Rent and Lease agreement/ Passport/ Voter ID Card/ Aadhaar Card.
• Sale Deed/Agreement to Sale
• Income Proof- (For Salaried)– Salary slips of the last three months, Form 16 for the last two financial years. (For Self-employed)- Audited Balance Sheet and Profit & Loss Account Statement for the past three years, and  Income tax returns for the past three years
• Copy of approved map of proposed construction /purchase/extension
• Detailed cost estimate/valuation report from an approved architect of the Bank
• Salary Certificate & form No. 16 issued by the employer for the last two years
• Income Tax Return/assessment order in case of Self-employed for the last two years
• Tax Paid Receipts
• Allotment letter of Co-operative Society/housing board/Constructor/Builder, etc.

How Can You Calculate EMI for Nainital Bank Home Loan?

When applying for a home loan, it’s crucial to consider the EMI to avoid straining your monthly budget. Manual EMI calculation can be complex, which is why an EMI calculator is helpful. 

Simply by entering the 

• loan amount, 

• tenure, and 

• interest rate, 

You can instantly know your EMI and total interest payable. This tool helps you plan better and manage your finances more efficiently. Let’s simplify it further with an example.

Suppose Ria Jain, a 26-year-old school teacher, wants to build a home for her parents in Lucknow. She requires an amount of Rs. 20 Lakhs for the same. She decides to approach Nainital Bank for a home loan. The bank checks her eligibility and finds her to be eligible for a home loan of Rs. 20 Lakhs. Ria is offered the said amount by the bank at an interest rate of 8.40% to 11.50% p.a. for a tenure of 25 years. By using the Wishfin Nainital Bank Home Loan EMI Calculator, she can find out the amount of EMI she will have to pay on the two different interest rates every month to the bank.

Fees/Charges on Nainital Bank Home Loan

Here are the additional charges that are applied to the home loan apart from the home loan interest rate by Nainital Bank. Make sure to check them properly before paying or applying for the loan - 

Summary!

Nainital Bank Home Loans offer a thoughtful blend of flexibility, affordability, and options to suit diverse borrowing needs, whether you're constructing your dream home, renovating your current space, or purchasing a plot for future development. With competitive interest rates, convenient repayment tenures, and customer-friendly features like top-up and improvement loans, the bank ensures a smooth and accessible home financing journey. Backed by transparent policies and a commitment to personalized service, Nainital Bank stands as a dependable partner in turning your homeownership goals into reality.

FREQUENTLY ASKED QUESTIONS

1. What is the maximum loan amount I can avail for purchasing a residential property?

Nainital Bank offers home loans up to Rs 8 crore for the construction or purchase of residential houses or flats.

2. What are the latest interest rates for Nainital Bank Home Loans?

Interest rates start from 8.40% to 11.50% per annum and vary based on the applicant's CIBIL score.

3. What is the maximum repayment tenure for a Nainital Bank Home Loan?

The repayment period for Nainital Bank Home Loan can extend up to 30 years, depending on the loan amount and the applicant's profile.

4. Are there any processing fees for the Nainital Bank Home loan?

Yes, there is a processing fee for Nainital Bank Home loans are structured as follows:

• Up to Rs 5 lakh: Nil
• Above Rs 5 lakh & up to Rs 10 lakh: Rs 1,000
• Above Rs 10 lakh & up to Rs 20 lakh: Rs 2,000
• Above Rs 20 lakh & up to Rs 30 lakh: Rs 3,000
• Above Rs 30 lakh & up to Rs 50 lakh: Rs 4,000
• Above Rs 50 lakh: Rs 5,000

5. Is there a penalty for late EMI payments under the Nainital Bank Home Loan?

Yes, a penal charge of 2% on the unpaid EMI amount is applicable for late payments.

6. How can I check the status of my home loan application?

You can check your loan status by calling the customer care number 1800 180 4031 (24*7 Support). For queries, suggestions, feedback, or grievances (excluding ATM-related issues), please contact us between 10:00 AM to 6:00 PM at +91 8069840140 or by visiting the branch where they applied.