Home Loan (HL)
A home loan is offered by lenders to individuals to residential property. A significant portion of the cost of the property is covered by a home loan. Borrowers will have to make a down payment and the remaining amount can be cleared in Equated Monthly Instalments (EMIs). The tenure of a home loan ranges between 5 years and 30 years.
Bank Name | Interest Rate | Processing Fee | Loan Amount/Tenure | |
SBI Home Loan | 8.50% p.a. – 9.65% p.a. (Floating Rate) | 0.35% onwards (min. Rs.2,000; max. Rs.10,000),currently NIL during the campaign period (Processing Fee) | Loan Amount At the discretion of the bank 1-30 Years Tenure Range | |
HDFC Home Loans | Special Home Loan Rates for Salaried & Self Employed: 8.75% to 9.65%* p.a., Standard Home Loan Rates for Salaried & Self Employed: 9.40% to 9.95%* p.a. | 0.5% or Rs.3,000, whichever is higher(Processing Fee) | Contact the bank for details Loan Amount 1-30 Years Tenure Range | |
Union Bank Home Loan | 8.35% p.a. to 10.75% (Floating Rate) for salaried and non-salaried individuals, 8.35% | 0.50% or ₹15,000 Maximum (Processing Fee) | ₹ Contact the bank for details Loan Amount 1-30 Years Tenure Range | |
PNB Housing Home Loan | 8.50% p.a. onwards (Floating Rate) for up to Rs.30 lakh | Up to 0.5% of the loan amount(min 10,000 in both cases, excluding taxes)(Processing Fee) | ₹ Up to 90% of the cost of the property Loan Amount 1-30 Years Tenure Range | |
LIC HFL Home Loan | 8.50% p.a. (Floating Rate) for salaried individuals for up to Rs.5 crore 8.75% p.a. for non-salaried individuals for up to Rs.5 crore | For CIBIL >= 725, Rs.50,000/- + GST and For CIBIL < 725, Rs.60,000/- + GSTFor CIBIL >= 725, 0.25% of loan amount subject to maximum of Rs.20,000/- +GSTand For CIBIL < 725, 0.30% of loan amount subject to maximum of Rs.24,000/- +GST(Processing Fee) | ₹ 10L -₹ 3Crs Loan Amount 5-up to 30 Years Tenure Range | |
Axis Bank Home Loan | 8.75% p.a. for salaried and 9.10% p.a. for self-employed (Fixed /Floating Rates) | Up to 1% (Processing Fee) | ₹ 10L -₹ 5Crs Loan Amount 1-30 Years Tenure Range | |
Aditya Birla Capital Home Loan | 8.60% p.a. onwards | Up to 1.00% of the loan amount + applicable tax (Processing Fee) | Contact the bank for details Loan Amount 1-30 Years Tenure Range | |
Karnataka Bank Home Loan | 9.27% p.a. -10.95% p.a. | Contact the bank for details (Processing Fee) | Up to ₹ 5Crs Loan Amount 1-30 Years Tenure Range | |
IDFC Home Loan | 8.85% p.a. onwards | Up to 3% (Processing Fee) | Rs.1 lakh – Rs.5 crore Loan Amount 5-30 Years Tenure Range | |
Bank Of Baroda Home Loan | 8.40% p.a to 10.60% p.a. (Floating Rate) for both salaried and non-salaried individuals | Contact the bank for information(Processing Fee) | ₹ 1L -₹ Up to 10 Crore Loan Amount Up to 30 Years Tenure Range | |
Canara Bank Home Loan | 8.40% p.a. to 11.75% p.a. | 0.50% (min. Rs.1,500; max. Rs.10,000) (Processing Fee) | Rs.1 lakh – Rs.3 crore – Loan Amount 30 Years Tenure Range | |
Kotak Mahindra Bank Home Loan | 8.75% p.a. onwards for salaried and non-salaried individuals, respectively | 0.5% of the loan amount (Processing Fee) | Loan Amount 10 Lakh to 10 Crore 1-20 Years Tenure Range | |
DBS Home Loan | Contact the Bank | ₹ 10000+ taxes (Processing Fee) | Up to ₹ 5Crs Loan Amount 1 – 25 Years Tenure Range | |
Sundaram Home Finance Limited Home Loan | Contact the Bank | Contact the bank for details (Processing Fee) | ₹ 1L -₹ 4Crs Loan Amount 1-25 Years Tenure Range | |
Bank of Maharashtra Home Loan | 8.35% p.a. to 10.90% p.a. | 0.25% (One time fee) (Processing Fee) | Loan Amount 1 – 30 Years Tenure Range |
Home Loan Features :
A vast array of institutions offer you the best home loan rates at the most competitive rates and affordable EMIs.
- Home Construction Loan: If you have a plot of land and lack financial support to construct a home on that piece of property, you may choose a house construction loan. Such borrowing is mainly made to construct or repair a major part of your home.
- Home Extension Loan: Should you already own a home, and feel the need to extend the building, add an annexe, or build another floor, etc., Home Extension Loan is your go-to option that finances such needs.
- Home Improvement Loan: All of us wish to improve and upgrade our homes for a better life. From your old-age furniture, fixtures to faulty lightning systems, Home Improvement Loan funds all your plans.
- NRI Home Loan: If you are a patriot, a Non-Resident Indian, and wish to own residential property in India, NRI Home Loan is your answer. Though the formalities for application may be a little different.
Home Loan Eligibility and Documents :
Read on to know the criteria required to apply for our Home Loan.
Home Loan Eligibility Criteria :
Age:
- You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person – 21 years to 58 years
- Self-Employed Person – 25 years to 65 years
Income
- Salaried Person – Minimum Rs. 10,000 per month
- Self-Employed Person – Minimum Rs. 2,00,000 per year
Employment
- Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person – Minimum 3 years of Experience in the current field
Credit Score
- A credit score of 750 is considered a good score for approval.
Documents required to apply for Home Loan :
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
- Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
Fees and Charges for Personal Loan :
The fees and charges of home loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:
- Loan Processing Fees : 0.25% to 2% of Loan Amount
- Loan Cancellation : Nill – 5% (according to Bank/NBFC)
- Stamp Duty Charges :As per the Value of the Property and State Tax
- Legal Fees : As per actuals
- Penal Charges : Usually 2% per month
- EMI / Cheque Bonus : Approx 500/-