Prathama Bank Home Loan Interest Rate at 8.25% to 8.50%
| INTEREST RATE | 8.25% to 8.50% |
| LOAN TENURE | 30 Years |
| PROCESSING FEE | For loan amount upto Rs.300 lakh: 0.50% of loan amount, Maximum Rs. 20,000 For loan amount above Rs. 300 lakh: Rs.50,000 |
| GUARANTOR REQUIRED | Yes |
| PRE CLOSURE CHARGES | As per bank's discretion |
Calculate Prathama Bank Home Loan EMI Calculate EMI Now
About Prathama Bank
Prathama Bank is a gramin bank in india established on 10-02-1975. It has headquarter in Moradabad and address is Prathama Bhawan, Ram Ganga Vihar Phase-II, Post Box NO. 446, Moradabad-244001. it has 422 branches across the state.
It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.
Prathama Bank Home Loan Interest Rates, Housing Loan at and 8.25% to 8.50% Updated on February 2024. Apply for Home Loan Online. Find Prathama Bank Home loan purpos, Eligibility, Margin, Repayment of Home Loan ,Security, Document Required for Home Loan from below.
Why Prathama Bank Home Loan?
- Prathama Bank provides a range of Home Loan Schemes designed for different needs of customers
- Interest Rate is very competitive and affordable
- Minimal Documentation
- It provides Flexible Repayment Options to the borrowers
- Easy and fast approval & disbursal of home loans
- Has dedicated team of well-experienced employees which also offer personalised service
- 24/7 customer care service of Prathama Bank offers timely assistance to the customers
Prathama Bank Home Loan Purpose
- For construction of house/ flat
- For purchase of built house/flat
- For purchase of under construction house/flat from Housing Boards/ Development Authorities/ Co-operative Societies/ Approved Private Builders/ Projects
- For carrying out Additions to the house/flat
- For carrying out repairs/ renovation / alterations/ cost of furnishing to the house/flat
- For meeting cost escalation in the cases of under-construction flats to existing Housing Loan borrowers
- For purchase of land/plot for house building
Prathama Bank Home Loan Eligibility
- The applicant must be an Indian citizen or a fully documented NRI. He, essentially, must be a Person of Indian Origin (PIO).
- The applicant's age must be in the range of 18 years and 70 years at the time of loan maturity.
- The applicant must be salaried or self-employed with a regular income.
- The applicant must earn more than the minimum required income.
Prathama Bank Home Loan Document Required
- Duly filled and signed application form with photograph
- Identity Proof- Aadhar Card, PAN Card, Passport, Driving License, Voter id card, ID-card issued by Government
- Address Proof - Aadhar Card, Passport, Driving License, Voter id card, Electricity/ Telephone/ Post-Paid Mobile bill, Bank statement
- Age Proof - Passport, Birth Certificate, PAN card, Driving License, Voter id card, Employee ID card (only for PSU/ Government employees), School/ College leaving certificate
- Form 16
- Latest 6 months salary slips for salaried persons
- Bank Statement of last 6 months
- Income Tax Returns (ITR) of last 3 years
- Last 3 years CA Certified or Audited Balance Sheet and Profit & Loss Account
- Processing fee Cheque
- Copies of the title documents of the property and the approved plan
- For Construction/ Renovation case, cost estimate from the Architect
Tax Benefits of availing Prathama Bank Home Loan
There are two types of tax benefits associated with home loan for Resident Indians:
Repayment of the Principal Amount: One can get a Tax rebate under section 80C of the Income Tax Act on whole amount repaid by him in a financial year, maximum upto Rs. 1,50,000/- each financial year (Increased from 1 Lakh to Rs. 1.5 Lakh in Budget 2014).
Repayment of the Interest on Home Loan: Tax Benefit on Home Loan for payment of Interest is allowed as a deduction under Section 24(1) of the Income Tax Act. One is eligible for a Tax Rebate of maximum of Rs. 2 lakh per financial year for home loan interest paid by him/her during that financial year.
Prathama Bank Home Loan Amount
- For Construction/Additions/Purchase of House/Flat: Need based loan depending upon the project cost and repaying capacity
- For purchase of Land/ Plot for House Building: Maximum Rs.100 lacs for State Capitals and Metro and Rs. 50 lakh for other centers (Higher amount may be considered on individual merit of case)
- For repairs/ renovation/ alterations: Maximum Rs. 25 lakh
- Cost of furnishing may be included in the project cost with maximum upto 10% of eligible Housing loan with a maximum upto Rs. 5.00 lakh
Margin
Housing Loan Upto Rs.25 Lakh: 20%Housing Loan Above Rs.25 Lakh: 25%
Purchase of Land/Plot for House Building: 25%
Prathama Bank Home Loan Repayment
Max 30 Years including Holiday periodRepayment starts after 12 months of holiday period or completion of construction whichever is earlier
Security
Equitable/registered mortgage of the property in questionIn Case of Prepayment of Prathama Bank Home Loan, will EMI change?
One can pre-pay Prathama Bank Home Loan without any prepayment charges as it allows prepayment at nil charges in case of floating rate home loans. If the borrower makes a prepayment, the outstanding balance of principal amount of his home loan reduces. Then in that case he has following 2 options:
- He can continue with the existing and reduce the loan tenure
- He can reduce the EMI and keep the loan tenure the same
Out of above 2 options, first option is more beneficial for the borrower as he pay less interest to the bank as the pay off home loan will be faster.
How to reduce your Home Loan EMI?
- Negotiate with your banker on lower interest rate
- Apply for longer tenure
- Give maximum amount as down payment
- Pre-pay loan amount
- Switch to another bank/ FI offering lower interest rate
Contact details of Prathama Bank, Prathama Bank SMS balance check number SMS banking, Prathama Bank mobile banking, Prathama Bank toll free number,Prathama Bank toll free number 24*7, Prathama Bank miss call number.
- MISSED CALL NUMBERS - 9278700860
- CUSTOMER CARE NUMBERS - 18008331555
- CONTACT NUMBERS - 09837889051 0591-2492088/2455176-80, Fax-0591-2455175
Prathama Bank Contact Details
- BANK OFFICIAL WEBSITE - https://www.prathamabank.org
- CONTACT NUMBERS - 09837889051 0591-2492088/2455176-80, Fax-0591-2455175
- EMAIL ID - [email protected], [email protected]
- MISSED CALL NO. - 9278700860
- CUSTOMER CARE NO. - 18008331555
- TOTAL BRANCHES - 422
- HEADQUARTER - Moradabad
- BANK ADDRESS - Prathama Bhawan, Ram Ganga Vihar Phase-II, Post Box NO. 446, Moradabad-244001
Prathama Bank Home Loan FAQs Home Loan Document Required
