Home Loan in Chandigarh


Why Chandigarh Is A Fancied Destination For Homebuyers


If you want to own your own home in Chandigarh, you need to understand the dynamics of real estate in the city. This will go a long way in helping you to get the best deal that will make your home-owning dream a reality. Before applying for a home loan in Chandigarh, it is very essential for you to know why a lot of people are trooping to the city for a mortgage.


Chandigarh is the capital city of two Indian states of Punjab and Haryana. It is well-known for great architectural landmarks and the first city in India to get a master plan after independence. The real estate is currently thriving in Chandigarh, thanks to both national and international real estate developers.



Chandigarh is the perfect place for homeowners because it easily connects with other regions of the country and abroad. You can easily connect to other major cities in India from Chandigarh’s Airport. The rate at which property appreciates in this city is interesting and this is partly due to the extensive railway network of the city. Chandigarh’s Railway Network remains a subdivision of the Northern Railway zone of the Indian Railway network. That is why the city can be easily reached from every major city in India.


A research was carried out by the Ministry of Urban Development on Traffic and Transportation Policies and Strategies in Urban Areas in India. The outcome of the research revealed that Chandigarh has a higher public transport accessibility index than some major Indian cities like Hyderabad, Bangalore, Delhi, Chennai and Kolkata.


In addition, the National Highway 21 passes through the Chandigarh, starting from the Punjab Mohali town border and stretching to Haryana border. In sectors 17 and 43 of the city, the Inter-State Bus Terminals make the bus service of the city to be very effective.


What’s more, a lot of developmental projects are springing up in the city day in day out. Areas like Dera Bassi, Mullanpur and Mohali are currently enjoying rapid infrastructural developments. These are where you will find the best residential flats in the city. In fact, ready-to-move apartments are available for interested homeowners.


The success story of Chandigarh has attracted so many developers who have invested so much in the city. This has led to the realization of the master plan of the city with exquisite amenities such as hotels, schools, shopping malls, sporting facilities, hospitals, gyms and so on. You can get a bank-approved home loan in Chandigarh from a reputable developer with a convenient payment plan.



Should You Take a Top-Up Home Loan?


A home loan in Chandigarh is very essential in helping you to become a proud homeowner in the city. However, if you are currently repaying a loan and you realize that your home needs an extension or improvement, a top-up loan may be inevitable for you. Before taking a decision on this vital issue, you need to consider the two major options available to you - taking a new loan or going for a top-up.


There are two sides to every coin, hence, topping up your existing loan or taking a new one have their advantages and disadvantages. You need to consider the interest rates of the two options as well as the paperwork involved. Ideally, you will have to go for an option that meets your expectations. Also, you will need to consider the time that each option will materialize. Usually, a top-up loan should be faster since your creditworthiness is already known to your current creditor.


A new loan will come with a whole lot of issues including application, evaluation, bargaining and execution. It can be in the form of a personal loan, gold loan, loan against property, just to mention but few. The good thing about a new loan is that you can negotiate a new plan which will be in conformity with current market rates.


On the other hand, a top-up loan requires less documentation and the processing time is usually shorter. The basic principle of top-up is that you will be getting the facility based on your new eligibility. For example, if you take a loan of Rs 80 lakhs and you have repaid Rs 20 lakhs. Let’s assume that your salary has increased during this period which has boosted your repayment capacity.


Going by the example above, you can be eligible for a top-up loan of at least Rs 20 lakhs. This can then be used to improve or upgrade your property.  There two types of top-up loans (top-up home loan and top-up personal loan) but this piece focuses on the former. Also, it is very important for you to note that a top-up loan carries a higher interest rate when compared to your original loan facility.


Before taking a top-up home loan in Chandigarh, it is very essential for you to consider these factors. This will go a long way in ensuring that you get the best deal that will give you the most satisfactory result.