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HOME 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. 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 housing 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.

Benefit of Home Loan

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

Fees and Charges of Home Loan 

To apply for a home loan 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 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

Eligibility Criteria for Home Loan 

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

Documents Required for Home Loan  

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.

Types of Home Loan 

1. Purchase of land and construction of a house thereon

2. Construction of house, where in the plot, land already owned by the candidate

3. To buy built up new or second hand / semi built up house or flat

4. To extend, repair, renovation and improvement of existing house or flat

5. To buy a flat under construction or proposed to be constructed

6. For home furnishing, furniture / fixtures embedded to structure 

Compare other bank home loan interest rates 

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%

How to apply for Home Loan 

There are two ways to apply for home loan :

1. Offline method : By visiting nearest bank branch

2. Online Method :

  • First of all first visit to official website of 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 EMI of Home Loan 

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 

Financials products offered by Bank 

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

Home Loan Frequently Asked Questions 

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. How much is the interest rate of Home Loan?

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

4. How to apply for Home Loan?

You can apply online or offline by visiting the nearest bank branch for Home Loan.

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

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

6. 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.

7. Who is eligible to take a Home Loan?

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

Last Updated on : 24/Aug/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