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Home Loan Overview

The home loan also known as housing loan is the amount borrowed by the individuals from the financial institutions for a fixed tenure for buying, renovating or constructing a residential property. In India, owning a house is one of the key signs of success but, for an average Indian, it gets difficult to generate the required income in such a short period of time. And with the property rates skyrocketing even in smaller cities, the dream of every average Indian tends to diminish as it becomes impossible to buy a residential property just with the savings. The housing loans are the largest selling banking products where different financial institutions offer different types of house loans with different tenures and interest rates. Homes loans are one of the most popular products offered by financial institutions. Every home loan is charged with an interest on the loan amount and has to be paid out in the given period of time along with the principal amount.

Home Loan India Benefits and Features

This financing facility comes with a number of benefits to lure aspiring homeowners. A home loan is one of the cheapest borrowing tools which comes with a low rate of interest. Unlike other loans, there's zero prepayment penalty on home loans with floating interest rates.

1. Excellent customer service 

2. Provide doorstep services to the customer 

3. Home balance transfer facility

4. It helps you find your dream house 

5. Provide wide range product

6. Multiple repayment options

7. Quick loan processing 

8. Simple documentation 

9. Provide post disbursement services

10. Provide balance transfer facility

House Loan Fees and Charges

To apply for a housing loans in india you have to pay fees and charges applied by the bank. It covers all charges and fees made by a bank to their customers. The following charges are taken from Home Loan (HL) i.e. processing fee, penal interest, EMIs bounce charges etc.

TYPE 

CHARGES

Processing Fees

0.5% to 1% of the total home loan amount plus the additional GST

EMIs Bounce Charges 

Rs.2500

Penal interest 

2% per month

Interest Rate

Start at 6.70% per annum

Loan Amount

Upto Rs.10 crore

Housing Loan Eligibility Criteria 

Before applying for a home loan you should fulfil all basic eligibility criteria as prescribed by the bank. You will get your loan amount very soon if you meet all the required eligibility criteria once the documentation is done.

Age

18 years to 70 years 

Resident Type

Indian Resident, NRIs, PIOs

Employment 

Salaried and Self employed 

Net Annual Income  

At Least Rs.5 to 6 lakh depending with the type of employment

Residence

A permanent residence 

A rented residence he/ she has resided for at least 1 year period to applying for a home loan

Credit Score

At least 750 or more

What are the Documents Required in Home Loan India?

Any applicant who is going to avail a home loan must have to submit the following documents. These documents are the requirements for the lenders who are providing you the amount of loan.

1. Fully filled signed application form 

2. Passport size photograph

3. ID Proof : Aadhaar Card, PAN Card, Driving License, Passport, Voter identification, Employment id

4. Address Proof : Aadhar Card, Rental agreement, Voter id, Driving license, Passport, Employment id 

5. Income Proof : For salaried employees = 3 months salary slip, last 2 years ITR Return or form 16, Bank statement for last 2 months showing that the salary has been credited

6. For Self employed individuals / professionals = 2  years ITR return, Profit & loss account and Balance sheet computation with CA seal and sign, Bank statement for the last 6 months.

Property Papers:

  1. Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  2. Occupancy Certificate in case the property is a ready-to-move-in property
  3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  4. Conveyance Deed in case of a new property
  5. Bank account statements indicating all payments made to the seller or builder

Home loans Top Schemes and Offers 

There are many top schemes and offers for getting a home loan that is : 

1. SBI Bridge Home Loan – Best for Short-Term Requirements

2.  Aditya Birla Capital Home Loan – Best for Low Interest Rate

3. ICICI Bank Extra Home Loans– Best for Long Term Requirements

4. Canara Bank Housing Loan – Best Interest Rate for Women

5. Axis Bank Home Loan – Best Interest Rate for Salaried Employees

6. SBI Home Loan – Joint Home Loan

7. HDFC Reach Home Loans for self-employed professionals

8. LIC HFL Home Loan for Pensioners/Senior Citizen

9. SBI Privilege Home Loan for Government Employees

10 .Axis Bank NRI Home Loan

11. HDFC Ltd. Home Loan for Purchase

12. Indiabulls Housing Finance Loan for Construction

13. DHFL Home Renovation Loan

14. PNB HFL Plot Loan: Best Home Loan for Plot and Construction

15. HDFC Ltd. Home Loan for Existing Customers: Best Home Loan for Existing Customers

16. SBI Realty Home Loan: Best Home Loan for Land Purchase

17. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer

Home Loan Do’s when applying 

1. Ensure that you have researched on the loan you want to apply for

2. Read the fine print before taking the loan

3. Look out for any charges applicable on prepayments and foreclosure

4. Make sure you pay the equated monthly instalments (EMIs) on time

5. Ensure that you have a good credit score before you apply

6. Apply for a loan amount you are eligible for

7. Submit all the necessary documents

8. Ensure that you have stable employment

Home Loan Don'ts when applying

1. Do not blindly sign the documents before you read every term and condition on it

2. Do not blindly sign the documents before you read every term and condition on it

3. Do not default on your monthly payments

4. Do not apply for a loan just for the sake of it

5. Do not sign the home loan agreement before reading the clauses

6. Do not request for a change in tenure unless you have considered all the aspects

7. Do not submit an incomplete or mismatched loan application

8. Do not have too many ongoing loans 

How to get a home loan with ease?

Proceed with the following steps to avail a home loan with ease.

  • Check your credit reports and rectify errors, if any.

  • Estimate EMIs with a house loan calculator and decide on the loan amount as per repayment capacity.

  • Keep all the necessary documents handy.

  • Compare the available offers for the best housing loan option.

  • Ensure to meet all eligibility before applying.

What are the Types of Home Loan In India?

Basis the different requirements for housing loans and varied customer profiles, the types of home loan are –

Home Loans for New House Purchase: New Home Loans are offered to eligible customers who are looking to purchase a house or property for the first time.

Pre-approved Home Loans: Pre-approved home loans are offered by banks to eligible borrowers once his/her creditworthiness, income and financial position are taken into consideration for an in-principle approval of the loan.

Home Purchase Loans: Home purchase loans are specifically given to borrowers looking to purchase a house or flat.

Home Loans for Property Construction: Home loan for construction is offered to customers who are looking to construct their own house on an existing piece of land.

Plot Loans: Plot loans are loans offered to customers looking to purchase a piece of land or plot for the purpose of constructing a house on it.

Home Loan Top Up: Home Loan Top Up is a facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the existing home loan.

Home Extension/Renovation Loans : Home loans for extension or renovation of home are offered to borrowers who wish to renovate/extend their existing house/property.

Balance Transfer Home Loan: Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.

Compare home loan interest rates offering by Top Banks in India

BANKS 

INTEREST RATE

AXIS Bank Asha Home Loan

Starts at 10.05% onwards 

AXIS Bank Shubh Aarambh Home Loans

Starts at 7.75% onwards

AXIS Bank Fast Forward Home Loans

Starts at 7.75% onwards

AXIS Bank Home Loan

7.75% to 9.40%

AXIS Bank Empower Home Loan

Start at 9.55% onwards 

AXIS Bank Super Saver Home Loan

8.15% to 8.30%

AXIS Bank TopUp Loan

8.90% to 9.15%

SBI NRI Home Loan

6.95% onwards

SBI Flexipay Home Loan

7.40% onwards 

SBI Privilege Home Loan

6.95% onwards 

SBI Regular Home Loan

6.95% onwards 

SBI Shaurya Home Loan

6.95% onwards 

SBI Pre-approved loan

6.95% onwards 

SBI Realty Home Loan

7.65% onwards

SBI Home Top Up Loan

7.90% onwards

SBI Bridge Home Loan

9.50% to 10.50%

SBI Tribal plus Home Loan

6.75% onwards

SBI Earnest Money Deposit

10.45% onwards

SBI Reverse Mortgage Loan

8.05% onwards

SBI CRE Home Loans

7.45% onwards 

HDFC Bank Home Loan

6.95% to 7.50%

Kotak Mahindra Bank Home Loan

7.40% to 9.70%

Yes Bank Home Loan

9.60% to 10.55%

Citi Bank Home Loan

7.34% to 8.29%

ICICI Bank Home Loan

6.95% to 8.05%

Standard Chartered Bank Home Loan

Starting at 8.71%

IDBI Bank Home Loan

7.80% to 8.80%

RBL Bank Home Loan

9.75% to 10.05%

HSBC Bank Home Loan

8.55% to 8.655

HSBC Bank Smart Home Loan

11.005 to 11.505

IndusInd Bank Home Loan

8.00% to 15.00%

Bank of Baroda Home Loan

6.85% to 7.75%

Bank of India Home Loan

6.85% to 7.755

Canara Bank Home Loan

6.90% to 8.90%

Indian Bank Home Loan

7.55% to 8.40%

Punjab National Bank Home Loan

Starting at 7.00%

Home Loan Purposes 

Home loans serve the primary purpose of purchasing a property or facilitating the construction of one for home buyers. Different types of home loans are taken for different purposes such as :

  • Purchase of Land 

  • Readymade Home Purchase 

  • Home Construction 

  • House Expansion or Extension 

  • Home Conversion 

  • Home Renovation 

  • Loans Against Property or Mortgage Loan

How to apply for Home Loan 

There are two ways to apply for home loans :

1. Offline method : By visiting nearest bank branch

2. Online Method :

  • First of all first visit to official website of the Bank

  • In retail section go to the “loans”

  • Now click in home loan

  • After that go to “home loan”

  • Now click on apply now and fill application form 

How to Calculate Home Loan EMI Amount 

Since housing loans are generally huge amounts, paying them in EMIs or Equal Monthly Instalments helps in evenly distributing the loan burden. Calculating EMI manually is often confusing as a result of which people often end up with the wrong results. A Home Loan EMI calculator is a simple online tool to instantly calculate the Equal Monthly Instalments that you need to make to repay your home loan. A home loan EMI calculator can give an accurate answer within seconds. The following formula is used to calculate EMI of Home Loan :

EMI = [PXRX(1+R)^N] / [(1+R)^N-1]

Where,

P stands for Loan Amount

R stands for Interest Rate

N stands for tenure in number of months 

Bank offered Financial Products 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FAQ's On Housing Loan 

1. What is Home Loan?

Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the land or as a security till the repayment of the loan.The home loan also known as housing loan is the amount borrowed by the individuals from the financial institutions for a fixed tenure for buying, renovating or constructing a residential property.

2. How much tenure is provided by the Home Loan?

The repayment tenure is up to 30 years provided by the  Home Loan.

3. Which factors determine my home loan eligibility?

Banks/financial institutions consider the following factors when determining your loan eligibility:

  • Age Annual Income

  • Occupational stability

  • Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]

  • Number of co-applicants

  • Co-applicants' income

  • Credit score

  • Other ongoing loans, if any

4. When does my loan repayment period begin?

The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.

5. How much is the interest rate of Home Loan?

The Interest rate of Home Loan starts at 6.70% per annum onwards.

6. How to Apply for a Home Loan

You can reach out to us in various ways to apply for a home loan

  • Online : You can easily apply for a housing loan online by just filling up your basic details.

  • Visiting our Branch : Another way to apply for a home loan is to visit one of our country-wide branches and our executives will walk you through the entire process.

  • Through the phone : Applying for a home loan just a phone call away! 

  • Through a Virtual assistant : You can even apply for your home loan with the help of a loan processing virtual assistant.

7. What is the maximum loan amount of Home Loan?

The maximum loan amount of Home Loan is upto Rs.10 crore.

8. Is age an important factor to apply for Home Loan?

Yes, the age is an important factor to apply for Home Loan is from 18 years to 70 years.

9. Who is eligible to take a Home Loan?

Salaried and self employed are eligible to take a Home Loan.

10. Who can be a co-applicant to my home loan?

The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.

Last Updated on : 09/Nov/2020

Know More About

Home Loans

You're eligible for a Home Loans if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Home Loans Interest Rates

Updated on 25 Nov 2017

Home Loans Details
Interest Rate (Monthly reducing balance) 10.05% - 0%
Processing Fees Varies with bank
Loan Tenure 1 year to 35 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Home Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959