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Barclays India Home Loans Rates

Barclays India home loans rates are one of the best home loan rates that are available in the housing finance market in India. When you’re thinking about availing a Barclays India home loan, you should have a clear idea about these rates.

About Barclays India home loans rates

Barclays India home loans rates are one of the most competitive rates that you will find in the Indian housing finance market. The Benchmark Prime Lending Rate (BPLR) of Barclays Bank Plc India is 15.50% p.a. w.e.f. 12th February 2009.

The floating rate of interest on a Barclays India home loan is 9%. The interest rate on your floating rate home loan is tied to the Mortgage Reference Rate (MRR). Any modification in the MRR may affect the interest rate on your home loan in line with the interest rate adjustment scheme of the bank. The MRR has been lowered from 16% to 15.5% w.e.f. 1st August 2009. A maximum margin of 750 bps less than and 300 bps more than this rate will be sustained.

Barclays Bank Plc India charges a base rate of 7.00% per annum w.e.f. from 1st July, 2010.

What are the eligibility criteria to qualify for Barclays India home loans?

Given below are the eligibility criteria for becoming eligible for a Barclays India home loan:

  • Nationality: Both resident Indians and non resident Indians are eligible to apply for a loan
  • The minimum age of the loan applicant should be 21 years and the maximum age of the loan applicant should be 75 years
  • The age guidelines are applicable for both salaried and self employed persons
  • The loan applicant should have a employment/working experience of at least 3 years
  • The loan applicant should have a yearly income of at least Rs. 1.8 lakhs.

Salaried persons comprise employees of particular public and private limited companies and government sector employees which include public sector undertakings and state, central and regional organizations.

Self-employed individuals comprise self-employed professionals and/or businessmen, specifically chartered accountants and self-employed physicians (MBBS, MD, BDS or MDS).

Documents that you have to furnish to get a Barclays home loan

Given below are the necessary documents i.e. your photograph, bank statements, income documents and KYC (know your client) documents that you have to submit for processing your loan:

Identity Proof

You have to furnish any one of the following documents as identity proof:

  • Photo PAN card
  • Valid Indian Passport
  • Valid Driving license
  • Voter's Identity Card
  • Defence Identity card
  • Photo Ration Card with photograph of the bank accountholder
  • Identity card issued by a government company/government agency to its employees which has the date of birth of the applicant.

Address Proof

You have to submit any of the following documents as your address/residential proof:

  • Valid Indian Passport
  • Credit card/Bank account statement (which is not older than 6 months) or passbook (with entries that are not older than 6 months)
  • Post-paid WLL/mobile or landline telephone bill which is not older than 6 months
  • Property tax bill issued by a Government department (which is not older than 12 months)
  • Utility (electricity/water/gas) bill (which is not older than 6 months)
  • Ration card
  • Most recent PAN allotment letter or Income Tax Assessment order that includes the address of the accountholder
  • Pension payment book/order/card issued by the Central/State Government.
  • Life insurance policy (which is not older than 12 months) or notification for renewal of premium (which is not older than 12 months)
  • Bill issued by a co-operative housing society for monthly outstanding (which is not older than 6 months)
  • Valid registered lease deed in favour of the account holder accompanied with utility bill in the name of the property-owner

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