About Nainital Bank Home Loan
Nainital Bank is one of the few banks in India that was established even before the country got independence from British rule. The scheduled commercial bank, which was founded in the year 1922, is a subsidiary of Bank of Baroda. As a matter of fact, Bank of Baroda is one of the leading public sector banks in India. The bank has been serving the people of the country for more than nine decades. Nainital Bank is striving hard to become one of the most preferred choices of the customers. The bank provides its customers with various financial products that are tailor made to meet their requirements.
Everyone wants to live in a house of their dreams. Nainital Bank gives wings to the dreams of the people who wish to build their own house by offering a home loan. The product can be used for constructing or purchasing a new house/flat, repairing, extending or renovating an existing one, purchasing an already built house which is not more than 20 years old. One can also avail a home loan from the bank for purchasing a piece of land if the construction will be done within one and a half years and it is part of the project.
Nainital Bank Home Loan Interest Rate
| Particular | Details |
|---|---|
| Interest Rate | 10.50% Onwards |
| Tenure | Up to 20 years |
| Loan amount | Up to ₹ 20 Lakhs |
| Processing Fee | Waiver of processing fee till June 30, 2017 (Usually it is 0.50% of the loan amount Minimum- ₹500 Maximum- ₹10,000 ) |
Nainital Bank Home Loan Eligibility
A home loan borrower must first meet the required eligibility criteria set by Nainital Bank so as to obtain finance from the bank.
- Any individual who owns a land in his/her name and wants to construct the proposed house on the same can apply for the product. There must be a construction plan which must be duly sanctioned and approved by a competent body.
- If the land on which the house is expected to be constructed is jointly owned by many people, then each of the joint owners will be made co-borrowers.
- Farmers and agriculturists along with members of any group housing society which is registered are eligible to apply for a home loan.
Documents Checklist for a Nainital Bank Home Loan
The documents which have to be submitted to Nainital Bank for availing a home loan have been listed below. Have a look at them-
- Completely 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 employed for last two years
- Income Tax Return/assessment order in case of Self-employed for last two years
- Tax Paid Receipts
- Allotment letter of Co-operative Society/housing board/Constructor/Builder etc.
Nainital Bank Home Loan EMI Calculator
Home loan seekers have to take into account the very important aspect of EMI while availing a loan from the bank. Just in case your EMI amount is too high, there is always a chance that you can end up disturbing your budget for the month. Calculating the EMI manually will turn out to be a complex process. Keeping this in mind, the EMI calculator has been designed. One can easily find the relevant information about the EMI amount and total interest payable by entering few details. By simply entering the desired loan amount, tenure period and rate of interest, one can get the result displayed on the screen. The best part is the calculation is done within few seconds without any hassle. One can use the calculator to plan accordingly and have a smooth home loan journey. Let’s make things easier by giving 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 the offered the said amount by the bank at an interest rate of 8.95% for a tenure of 10 years. By using this calculator, she can find out the amount of EMI she will have to pay every month to the bank as the well the total interest payable.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
| Loan Amount | Interest Rate | Tenure | Monthly Instalment | Total Interest Amount | Total Amount |
|---|---|---|---|---|---|
| ₹ 20,00,000 | 8.95% | 1 | ₹ 1,74,857 | ₹ 98,279 | ₹ 20,98,279 |
| ₹ 20,00,000 | 8.95% | 2 | ₹ 91,324 | ₹ 1,91,767 | ₹ 21,91,767 |
| ₹ 20,00,000 | 8.95% | 3 | ₹ 63,553 | ₹ 2,87,906 | ₹ 22,87,906 |
| ₹ 20,00,000 | 8.95% | 4 | ₹ 49,723 | ₹ 3,86,686 | ₹ 23,86,686 |
| ₹ 20,00,000 | 8.95% | 5 | ₹ 41,468 | ₹ 4,88,092 | ₹ 24,88,092 |
| ₹ 20,00,000 | 8.95% | 6 | ₹ 36,001 | ₹ 5,92,105 | ₹ 25,92,105 |
| ₹ 20,00,000 | 8.95% | 7 | ₹ 32,127 | ₹ 6,98,704 | ₹ 26,98,704 |
| ₹ 20,00,000 | 8.95% | 8 | ₹ 29,249 | ₹ 8,07,861 | ₹ 28,07,861 |
| ₹ 20,00,000 | 8.95% | 9 | ₹ 27,033 | ₹ 9,19,547 | ₹ 29,19,547 |
| ₹ 20,00,000 | 8.95% | 10 | ₹ 25,281 | ₹ 10,33,728 | ₹ 30,33,728 |
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
| Year | Principal | Interest | Balance Amount |
|---|---|---|---|
| 1 | ₹ 1,29,603 | ₹ 1,73,769 | ₹ 18,70,396 |
| 2 | ₹ 1,41,691 | ₹ 1,61,682 | ₹ 17,28,705 |
| 3 | ₹ 1,54,905 | ₹ 1,48,467 | ₹ 15,73,799 |
| 4 | ₹ 1,69,352 | ₹ 1,34,020 | ₹ 14,04,446 |
| 5 | ₹ 1,85,147 | ₹ 1,18,225 | ₹ 12,19,299 |
| 6 | ₹ 2,02,415 | ₹ 1,00,958 | ₹ 10,16,884 |
| 7 | ₹ 2,21,293 | ₹ 82,080 | ₹ 7,95,590 |
| 8 | ₹ 2,41,931 | ₹ 61,441 | ₹ 5,53,658 |
| 9 | ₹ 2,64,495 | ₹ 38,877 | ₹ 2,89,163 |
| 10 | ₹ 2,89,350 | ₹ 14,209 | ₹ 0 |
