Home Loan
Home Loan
A Wide Range of Loan to Choose from
BANK NAME
RATE OF INTEREST
PROCESSING FEES
LIC Housing Finance
8.70% onwards
As applicable
Punjab National Bank
8.55% onwards
0.40% of loan amount (Min. Rs. 2,000, Max Rs. 16,000)
HDFC Bank
8.35% onwards
Up to 0.6% of loan amount or Rs. 5,000, whichever is higher
United Bank of India
8.70% onwards
0.70% of lean amount (Min, Rs. 1200, Max. Rs.11,900)
Canara Bank
8.75% onwards
0.55% of loan amount (Min. Rs. 1,400, Max Rs 11,000)
Bank of Baroda
8.45% onwards
0.25%-0.50% of loan amount (Min. Rs. 8,500, Max. 15,000)
ICICI Bank
8.40% onwards
0.60%-1.00% of loan amount or Rs.
Bank of India
8.25% onwards
1,500-Rs 2000, whichever is higher 0.25% of loan amount (Min. 1000 and Max Rs 50,000)
Citibank
8.80% onwards
Up to Rs: 5,000
Federal Bank
8.75% onwards
0.50% of loan amount (Min. Rs. 3,000, Max Rs. 7,500)
Reliance Home Finance
9 85% onwards
0.40%-15% of loan amount
Indiabulls Housing Finar
8.70% onwards
Up to 1% of loan amount
Bajaj Finserv
8.40% onwards
0.70%-120% of loan amount
Axis Bank
8.75% onwards
Lip to 1% of loan amount (Min Rs. 10,000)
Karur Vysya Bank
8.45% onwards
Rs. 2,500-Rs. 8,500
PNB Housing Finance
8.00% onwards
Up to 1% of loan amount
Tata Capital
9:45% onwards
0.50% of loan amount
Syndicate Bank
8.45% onwards
0.125% of loan amount (Min. Rs. 500 to Max. Rs. 5,000)
Standard Chartered Bar
9.40% onwards
Up to 1% of loan amount
DBS Bank
Up to 9.80%
Up to Rs. 10,000
Central Bank of India
8.35% onwards
Up to 0.50% of loan amount (Max. Rs 120,00)
DHFL
9.35% onwards
Salaried/Self Employed Professional Rs. 2,500-Rs. 10,000
YES Bank
9.75% onwards
2% of loan amount or Rs. 15,000, whichever is higher
IDFC First Bank
Up to 12 40%
Up to Rs 12,000
IIFL
10.50% onwards
Rs 6,000 to 1% of loan amount
India Shelter Finance Co Ltd.
13.00% onwards
2%-3% of loan amount
Allahabad Bank
8.35% onwards
0.24%-0.40% of loan amount (Max Rs. 50,000)
IDBI Bank
8.35% onwards
Up to Rs 10,000
Kotak Mahindra Bank
8.85% onwards
Up to 2% of loan amount
Home is where the heart is!
Regardless of their economic category, every individual desires a sweet abode they can call home. Some people get the privilege to own one, and some just keep it on their bucket list for years and years. But gone are the days when people had to wait for decades to invest in their house; now, with the help of convenient home loans, it is a matter of days. A home loan helps those who want to invest in a house but don’t have the right financial position to do so.
With the help of a home loan, an individual can easily purchase or build a home of their own and repay the amount in easy EMIs. A Home is more than just a property for people, it’s a space for them to create memories with their loved ones. Therefore, the urge to own a house is more than just a status symbol in India. The concept of Home Loans has helped crores of people buy a space they can call their own.
What is a Home Loan?
A Home Loan or mortgage loan is provided by any lender to any borrower for the purpose of purchasing any residential property. This Loan is majorly taken by those who want to buy a house but don’t have the full purchase price available upfront. This is a secured loan where the house itself works as collateral.
How Does a Home Loan Work?
A Home loan works by providing individuals with a lump sum of money that they can use for their House Purchase and repay within the given repayment tenure, keeping the interest rates in mind. Let’s break down the steps for you:
- Home Loan Application Submission
- Eligibility and Credit Check of the Borrower
- Loan Approvals
- Disbursements
- Repayment terms
- Monthly Payments
- Prepayment and Penalties
- Use of the Loan for Property Purchase
- Completion of the Loan
Benefits of a Home Loan
- Own a property and build equity over time
- Manageable Monthly Payments
- Tax Benefits
- Various Loan Options
- Long-term Investment
- Credit Building
- Balance Transfer Facility
Required Documents to Apply for a Home Loan
- PAN card
- Aadhaar Card
- Driving License
- Home Utility Bill
- Income-related documents such as Bank account statements
- Employment/ business-related documents, such as salary slips or profit and loss statements, and
- property-related documents
Required Eligibility to Apply for a Home Loan
- The age limit of the applicant must be 23 to 65
- The CIBIL Score of the applicants must be 700-750
- The applicant must have a stable source of income
- The applicant must be an Indian Resident
Category
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