Exploring Home Loan Options in Gurugram: A Comprehensive Guide

Choosing the right home loan in Gurugram

Gurugram, a city synonymous with rapid urbanization, futuristic skyscrapers, and a thriving corporate landscape, is a beacon for those aspiring for a contemporary lifestyle in the heart of India’s burgeoning millennium city. This dynamic city, a cornerstone of the National Capital Region (NCR), offers a blend of modern residential complexes, bustling commercial hubs, and lush green spaces, making it an ideal location for homeownership. Opting for a home loan in Gurugram is more than just a financial decision; it’s a step towards being part of a vibrant, ever-evolving community. Whether you’re drawn to the luxury apartments overlooking the cityscape or the serene gated communities, Gurugram’s real estate market caters to a plethora of tastes and needs.

In this guide, we’ll explore the various facets of securing a home loan in Gurugram. From the latest interest rates offered by leading banks and HFCs to the eligibility criteria and necessary documentation, this comprehensive overview aims to assist you in making an informed decision on your journey to owning a home in this dynamic city.

Diverse Home Loan Rates by Banks and HFCs

Lenders in Gurugram present home loan options starting from 8.30% p.a., extending up to 30 years, and covering up to 90% of the property’s value. Notably, many banks and Housing Finance Companies (HFCs) offer a balance transfer facility, allowing borrowers to shift their existing loans to benefit from lower interest rates.

Table 1: Home Loan Interest Rates Comparison

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI8.40% – 10.15% p.a.8.40% – 10.05% p.a.8.40% – 10.05% p.a.
HDFC Bank Limited8.35% p.a. onwards8.35% p.a. onwards8.35% p.a. onwards
LIC Housing Finance8.40% – 10.35% p.a.8.40% – 10.55% p.a.8.40% – 10.75% p.a.
ICICI Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
Kotak Mahindra Bank8.70% p.a. onwards8.70% p.a. onwards8.70% p.a. onwards
PNB Housing Finance8.50% – 14.50% p.a.8.50% – 14.50% p.a.8.50%-11.45% p.a.
Punjab National Bank8.45% – 10.25% p.a.8.40% – 10.15% p.a.8.40% – 10.15% p.a.
Bank of Baroda8.40% – 10.65% p.a.8.40% – 10.65% p.a.8.40% – 10.90% p.a.
Union Bank of India8.35% – 10.75% p.a.8.35% – 10.90% p.a.8.35% – 10.90% p.a.
IDFC First Bank8.75% p.a. onwards8.75% p.a. onwards8.75% p.a. onwards
L&T Finance Limited8.60% p.a. onwards8.60% p.a. onwards8.60% p.a. onwards
Bajaj Housing Finance8.50% p.a. onwards8.50% p.a. onwards8.50% p.a. onwards
Tata Capital Housing Finance8.70% p.a. onwards8.70% p.a. onwards8.70% p.a. onwards
Federal Bank8.80% p.a. onwards8.80% p.a. onwards8.80% p.a. onwards
It’s evident that interest rates vary significantly among lenders, and choosing the right one can greatly impact your overall loan cost.

Home Loan Features in Gurugram

The home loan market in Gurugram offers several attractive features:

  • Interest Rates: Typically starting at 8.30% p.a.
  • Flexible Tenures: Up to 30 years, catering to various financial needs.
  • Loan-to-Value (LTV) Ratio: Up to 90% of the property value.
  • Additional Benefits: Including balance transfer options, top-up loans, overdraft facilities, and pre-approved instant home loans.
  • Moreover, the Pradhan Mantri Awas Yojna (PMAY) provides an opportunity for affordable housing with significant interest subsidies.

Factors Influencing Home Loan Interest Rates

The interest rates for Home Loans in Gurugram are shaped by:

  • MCLR (Marginal Cost of Funds Lending Rate)
  • Interest Rate Type
  • Loan-to-Value Ratio (LTV)
  • Credit Score
  • Property Location
  • Applicant’s Employment Profile
  • Loan Tenure
MCLRBase rate determined by banks
Interest Rate TypeCan be fixed, variable, or hybrid
LTV RatioRatio of the loan amount to property value
Credit ScoreReflects borrower’s creditworthiness
Property LocationAffects property value and loan risk
Employment ProfileStability and nature of income
Loan TenureAffects EMI amount and interest rate
Table 2: Factors Influencing Interest Rates

Income Requirements and Eligibility Criteria

For securing a home loan in Gurugram, the financial prerequisites and eligibility criteria are as follows:

  • Minimum Income: Salaried applicants need to earn at least Rs 15,000 per month.
  • Eligibility: Salaried individuals, self-employed professionals, and non-professionals are eligible.
  • Age and Residency: Applicants should be between 21 and 70 years of age and must be Indian residents, NRIs, or PIOs.
  • Credit Score: A score of 750 or above is preferable for better interest rates.

Necessary Documentation

The documentation process is a critical step. For salaried applicants, this includes KYC documents, income proofs like salary slips, bank statements, and property documents. Self-employed individuals require additional documents such as ITRs, balance sheets, and business profiles.

Choosing the Right Home Loan in Gurugram

When selecting a home loan in Gurugram, consider the following:

  • Interest Rate: Compare rates from different lenders for the best deal.
  • Loan Tenure: Choose a tenure that balances monthly installments with an overall interest payout.
  • LTV Ratio: Assess how much of the property value can be financed.
  • Additional Features: Look for benefits like top-up loans or balance transfer options.


Gurugram’s allure as a modern, thriving city makes it an ideal destination for those seeking to invest in property. With a wide range of home loan options available, realizing your dream of owning a home here is more accessible than ever. As you navigate through the process of selecting a home loan, remember to consider all aspects, including interest rates, repayment terms, and eligibility criteria. With careful planning and the right advice, your journey towards homeownership in Gurugram can be a smooth and rewarding experience.

Embrace the opportunity to be a part of Gurugram’s vibrant community. Let this guide be your first step towards owning a home in a city that symbolizes modern India’s aspirations and achievements.


Which Type of Home Loan is Best in Gurugram?

The most suitable home loan in Gurugram depends on an individual’s financial situation, risk tolerance, and specific needs, but some attractive options to consider include floating-rate loans that offer lower initial EMIs at the cost of some interest rate fluctuation risk; fixed-rate loans that provide stability despite higher initial payments; balance transfer schemes to reduce rates on existing loans; government-subsidized affordable housing loans with lower interest and other benefits; and special women-centric home loan products offered by some banks that cater specifically to female borrowers with lower rates and fees. Evaluating personal factors will lead buyers to the ideal loan product from among these beneficial offerings prevalent in Gurugram.

What is the minimum salary for a home loan in Gurugram?

The minimum salary eligibility to qualify for a home loan in Gurugram is generally around Rs. 20,000 to Rs. 25,000 per month. However, the exact minimum salary requirement for a home loan can vary from one lender to another. So while most lenders prefer a net monthly salary above Rs. 20,000-25,000 per month, the precise minimum level varies based on individual borrower and co-applicant profiles.

Can I get a home loan on a residential plot?

Plot loans and home loans differ in key aspects. Plot loans only finance residential land for future buildings, while home loans apply to inhabited properties. Additionally, plot loans have a maximum 70% loan-to-value ratio (LTV) based on the plot value, but home loans can potentially reach 90% LTV, allowing greater percentages of the total property value to be borrowed. These constraints impact financing options.

Table of Contents

Join Our Newsletter

Open chat
Hello 👋
Can we help you?