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Home Loan Details

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Best Home Loan Offers from Top 18 Banks/NBFCs (updated 05 Nov,2019)

Home Loans Interest Rates Comparison of Top Banks/NBFC (updated 05 Nov,2019)

Banks/NBFC Institution Type Minimum Loan Amount Maximum Loan Amount Minimum Tenure Maximum Tenure Interest Rates Fees & Charges
Axis Bank BANK ₹3,00,000 ₹500,00,000 1 Year 30 years 8%  - 11%  Up to 1% (min of ₹10,000) + GST  as applicable
Bajaj Finserv NBFC ₹20,00,000 ₹350,00,000 10 Years 20 years Salaried: 8.85% - 10.30% Up to 0.80% + GST  as applicable
            Self Employed: 9.25% - 11.15% Up to 1.20% + GST  as applicable
Citibank BANK ₹2,10,000 ₹10,00,00,000 1 Year 25 years 8.00%  - 16.00% ₹10,000  + 0.20% of the Loan Amount + GST  as applicable
DHFL HFC ₹1,00,000 ₹30,00,000 1 Year 30 years 10% - 19.07% ₹2,500 + GST  as applicable
HDFC Bank BANK ₹1,00,000 ₹10,00,00,000 1 Year 20 years 8.80%  - 9.55%   Up to 0.50% or ₹ 3,000 (whichever higher) + GST  as applicable
ICICI Bank BANK ₹5,00,000 ₹3,00,00,000 1 Year 30 years 8.35% -9.10%  0.5% + GST  as applicable
IDFC BANK ₹10,00,000 ₹10,00,00,000 1 Year 30 years Salaried: 8.90%  - 10.35%  ₹10,000 to 0.20% of the Loan Amount + GST  as applicable
            Self Employed: 9.05%  - 10.8%  
Indiabulls NBFC ₹15,00,000 ₹30,00,00,000 1 Year 30 years 8.80% ₹10,000 to 1.00% + GST  as applicable
IndusInd Bank BANK ₹1,00,000 ₹1,00,00,000 1 Year 30 years 8.00%  - 16.00% ₹5,000 to 2% + GST  as applicable
Kotak Mahindra Bank BANK ₹5,00,000 ₹10,00,00,000 5 years 20 years 8.90% 0 for online application; Offline application - Upto 1.25% + GST  as applicable
LIC Housing HFC ₹1,00,000 ₹10,00,00,000 1 Year 30 years 9.15% - 10.10%  ₹10,000 - ₹15,000 + GST  as applicable
PNB Housing Finance Ltd. HFC ₹50,000 ₹75,00,000 1 Year 30 years 9.00%  - 12.50%  1% + GST  as applicable
Punjab National Bank BANK ₹1,00,000 ₹500,00,000 3 Months 30 years 8.70%  - 9%  0.35% + GST  as applicable (Min- ₹2,500/; Max- ₹15,000/)
Standard Chartered Bank BANK ₹10,00,000 ₹35,00,00,000 1 Year 25 years 9.31% - 9.85% Up to 1% + GST  as applicable
State Bank of India BANK ₹5,00,000 ₹200,00,000 5 years 30 years 9.10%  - 9.45%  ₹10,000  + 0.20% + GST  as applicable
Tata Capital NBFC ₹2,00,000 ₹500,00,000 1 Year 30 years 8.8% - 11.25% 0.5% + GST  as applicable
Reliance Home Finance Ltd. HFC ₹1,00,000 ₹10,00,00,000 1 Year 30 years 8.90% Up to 2% + GST  as applicable
Vastu Housing Finance Corporation Ltd. HFC ₹500,000 ₹50,00,000 1 Year 20 Years 12.5% - 15.5% Up to 2% + GST  as applicable
Rate of Interest is high ?
Rate of Interest is high ?

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Home Loan Details

Home Loan

Home Loan is a mortgage facility offered by lenders to borrowers for various housing needs such as purchase of a new home, under-construction home, land or plot for building a house or renovating an existing home. This facility is provided at interest rate starting from 8.0% p.a. and a tenure that is up to 30 years.

Housing is one of the most basic needs for humans along with food and clothing. Every youngster strives to build a house and makes it the first priority. This is preferred over other expenditure in household and basic needs. Housing is a major investment that allows a family to cut down on much other expenditure. The potential homeowner must first look out for the family’s monthly income and then look out for a loan which is generous so that he need not spend his entire life repaying the loan.

It is much known thing that if you own can land, then it is easy to build a space for yourself which is comfortable and unique. Several home loans are now available from various banks in order to fulfill your dreams. Plot Loans or Land Loans are also avaialable in a varied range like loans for plot, construction, renovation etc. it provides robust service which includes fast approval of loans. Lenders make sure that they provide high standards of principles, integrity and simplicity.

Revised rates as of 05 Nov,2019 in different banks are listed above. This information will help you in comparing the rates between different banks before applying for a home loan. Grab the opportunity to enjoy the benefit for the whole year 2019. Slash in home loan rates will definitely give opportunity for those who were waiting for the right time to take a home loan.

Types of Home Loans in India

Owning a plot or home is the dream of every man. It also provides financial stability as well as emotional security. In India, there has been great demand for loans from the very start. Several companies that work under many banking sectors are helpful in providing faster approval of loans. When it comes to loans there are many categories that includes:

Home Construction Loans

Home loans are given to those people who are likely to build a new house in the way they desire instead of buying a property that has been already constructed. The process in which home construction loans are obtained is slightly different from that of the common loans provided for housing. When applying for home construction loans the borrower must have an idea of the cost that will incur and apply for the loan accordingly. House construction loans in most cases are easy to obtain once the borrower provides the necessary documents to support his claim.

House Purchase Loans

One of the most popular and commonly availed loans would be home purchase loans. These loans are used when a person buys a property from another owner. It is also necessary to take adequate care in buying properties from another owner. The loans are given on both fixed and floating interests or even as hybrid loans. These kinds of hybrid loans are the ones which include floating interests and fixed interests combined in an ideal way. Almost all the banks give out home purchase loans. This loan includes a little elaborate process when compared to home construction loans.

House Improvement Loans

House improvement loans are those that are provided when a property has to undergo renovations and other repair works. The kind of expenses that are covered under this includes painting works, repair works both internally and externally, electrical work, plumbing works, waterproofing the house and also when constructing underground tanks or overhead tanks.

NRI Home Loans

For the application of NRI loans the applicant must be of a minimum age of 25 years and the age limit would 60 years. The applicant must be working abroad at least for a period of 1-3 years. Only a person holding a degree of diploma, graduate, post graduate or any kind of professional degree is eligible. The loan is provided for a maximum of 20 years of tenure and no loans will be provided for office premises.

House Extension / Expansion Loans

Expansion or extension loans for homes are given out when people tend to expand or extend their present house. This includes addition of an extra bedroom, living room, a bigger bathroom or a new floor or a space for balcony. It is nothing but the modification in the structure of a house.

House Conversion Loans

These are the loans that are provided to such people who wish to move into another home with the existing loan. If incase the person wants to move into a new place they have an option of moving by paying some extra amount or pre-payment on the prior loan. When this is done there is no need of paying loan for the previous home.

Bridged Loans

These loans are otherwise called as short term goals which are taken up by owners of a residential property. Bridge loans help people to bridge the space between an old house and a newly purchased plot. These kinds of loans are extended for not less than 2 years which will later require finance documents of the new house.

Stamp Duty Loans

When a property is bought, it is necessary to pay the stamp duty as well, apart from the price of the house. A specific amount of registration fee must also be paid, if the property’s value comes to ten lakhs.

Land Purchase Loans

As the name itself mentions, land purchase loans are provided in order to buy lands or plots. These loans are provided for both investment purpose and also residential or housing purpose. The banks provide upto 85% loans when purchasing a plot or land. These loans are mostly taken in order to build a house.

Features and Benefits of a Home Loan

Home loan features are unique as compared to other loans. Few basic features are listed here:

  • Purpose: For resale or construction, purchase of fully constructed house from builders, extension or renovation of existing house.
  • Loan Amount: Home loans amount totally depends on the requirement; however there is limit is loan amount which is ranging from Rs.2 lac to Rs.200 lac, and this is calculated on applicant’s eligibility, repayment capacity and income.
  • Security: All home loans are secured wherein collateral is a must.
  • Loan Tenor: 20 years is the maximum loan tenure offered for home loan.
  • Of course, there are a lot of benefits in availing a home loan:
  • Increases the probability of acquiring a house. Many, especially in India will not be able to buy a house will full cash readily available. This is where home loan creates an opportunity for low-class and middle-class community to have a home of their own.
  • This helps in capital appreciation; there is no doubt property prices have boomed in the past 5 years. Investment in home is always a safe and smart move. The value of land always increases and thus appreciation for your investment can be visibly seen within few years.
  • Applicants can avail tax benefit from home loans. Under Section 80CCE of the Income Tax Act, 1961 repayment of principal up to Rs 100,000 on home loan is subject for tax deduction. Once all prescribed conditions are met, this benefit can be availed.

Axis Bank Home Loan

Axis Bank is the third largest private sector bank in India, It offers a number of loan products including home loans. An Axis bank home loan starts with a minimum loan amount of 3 Lakhs and a maximum loan amount depends on the borrower's profile (eligibility). Axis bank home loan comes with Great customer support, fast problem-solving potential and fast loan disbursal. The Axis bank home loan comes with low interest which makes this bank one of the most preferred banks of India. The bank has no prepayment charge for floating interest rate borrowers and charges 2% of the outstanding principal amount prepaid on fixed interest rate home loans.

Details:

Interest Rate: 8% - 11% per annum

Processing Fee & Charges: Up to 1% (min of ₹10,000) + GST as applicable

Minimum Loan Tenure: 1 year

Maximum Tenure: 30 years

Minimum Loan Amount: ₹300,000

Maximum Loan Amount: ₹50,000,000

Prepayment / Foreclosure Charges: NIL

HDFC Bank Home Loan

HDFC is among one of the top provider of home loans in India. It offers easy documentation, doorstep assistance to its customers along with flexible repayment options. HDFC provides special benefits to the women applicants as they can get reduced interest rates starting at just 8.35% per annum. HDFC Home Loans have many benefits which include Home Loan Balance Transfer at zero processing fees. The bank facilitates fast processing and quick disbursal in a hassle-free way.

Details:

Interest Rate: 8.80% - 9.55%

Processing Fee & Charges: Up to 0.50% or ₹3,000 (whichever higher) + GST as applicable

Minimum Loan Tenure: 1 year

Maximum Tenure: 20 years

Minimum Loan Amount: ₹100,000

Maximum Loan Amount: ₹100,000,000

Prepayment / Foreclosure Charges: NIL

DHFL Home Loans

DHFL is one of the largest home loan and housing finance company in India. It provides total transparency and flexibility in all DHFL Home Loan products to its customers. DHFL provide funds to purchase a built-up property or to purchase an under construction house/ flat. DHFL provides you flexible repayment options and the tenure period varies from 1year to 30 years.

Details:

Interest Rate: 10% - 19.07% per annum

Processing Fee & Charges: ₹2,500 + GST as applicable

Minimum Loan Amount: ₹100,000

Maximum Loan Amount: ₹3,000,000

Minimum Tenure Period: 1 year

Maximum Tenure Period: 30 years

Prepayment / Foreclosure Charges: NIL

Bajaj Finserv Home Loan

Bajaj Finserv offers home loans with many benefits which include, low-interest rate, no foreclosure charges are applicable for closing the loan amount, huge loan amounts and long tenures. Bajaj Finserv offers flexible schemes are offered for any existing loans. All these make Bajaj the most preferred choice over other banks and non-banking financial institutions.

Details:

Interest Rate: Salaried: 8.85% - 10.30% per annum

                        Self Employed: 9.25% - 11.15% per annum

Processing Fee & Charges: Salaried: Up to 0.80% + GST as applicable

                                            Self Employed: Up to 1.20% + GST as applicable

Minimum Loan Amount: ₹2,000,000

Maximum Loan Amount: ₹35,000,000

Minimum Tenure: 10 years

Maximum Tenure: 20 years

Prepayment / Foreclosure Charges: NIL

ICICI Bank Home Loan

ICICI Bank provides housing finance in a quick, easy and transparent way which is light on your pocket. It facilitates fast processing along with quick disbursal. The rate for the home loans is affordable to common people with repayment tenure of up to 30 years.

Details:

Interest Rate: 8.35% - 9.10% per annum

Processing Fee & Charges: 0.5% + GST as applicable

Minimum Loan Amount: ₹500,000

Maximum Loan Amount: ₹30,000,000

Minimum Tenure Period: 1 year

Maximum Tenure Period: 30 years

Prepayment / Foreclosure Charges: NIL

Home Loan for Under-construction Property

Home loans are considered among one of the best credit products. Home loans are designed in various ways according to the need of the homebuyer. If you take a home loan for a property which is not yet completely constructed, it is called an under construction home loan. An under construction home loan is offered by many banks in India. The disbursal of the loan amount is done in small parts as the construction progresses. The builder will pay interest on this loan amount until the construction is completed and the home is handed over to the buyer. The customer will start paying EMI for the same only after possession. The builder and the loan provider will have an agreement stating when the loan will be disbursed by the bank and at what stages of the project. The lender will justify if the builder has completed the construction as per the agreement within the given timeframe. The lender releases the next instalment only if the first stage of the construction is done at the right time.

Features & Benefits

Cheaper Property Price: The prime benefit of buying an under construction home is the better price. The price of a ready to move home is much higher than an under construction property. One can save a minimum of 30% - 40% of the property price while purchasing it when it is still under construction.

Can negotiate with the Lender: One gets an option to negotiate with the lender if the applicant's credit score is very high. A loan against property is a deal of better profit for the lender as the disbursement of the loan does not happen at once. But the interest on the total amount will start accumulation form the day of the first disbursal. Hence the profit of the lender increases.  One can take advantage of the same by negotiating the interest rate as the lender will never want to lose a valued customer

A Good Way of Investment: The purchase of an under construction property is considered one of the best ways of investment. The property price may increase by 30% to 40% once the home becomes ready to move. If you sell the home at that time, you will earn a really good profit.

Income Tax Benefits: The tax benefit of an under construction home loan is higher than a general home loan. A home loan borrower can claim Income Tax exemption on interest payments of up to ₹200,000 under section 24B and ₹150,000 on principal repayment under Section 80 C. A house loan taken for an under construction property can claim for tax benefits only after the Occupancy Certificate is received from the builder. In other words, one may say that the tax benefits are applicable only after the Possession. There is one more section, Section 80EE which provides an additional deduction of ₹50,000 over section 80C and section 24B which is applicable for those who have taken a home loan between April 1, 2016, and March 31, 2017.

The time frame of a home loan under construction is divided into two parts. The time period when the loan has been taken to the time before starting of the construction of the home is known as "pre-construction period". Until construction is complete or acquisition is made, the period is called “Prior Period”. The interest which is being paid in these both periods is called PPI (Prior period Interest).

The Exceptions

There are a few conditions when one cannot claim tax benefit for an under construction home loan:

  1. Cannot claim tax benefit if the house is sold within 5 years.
  2. The construction must be completed within 5 years.
  3. The tax benefit should be claimed in five instalments.
  4. Repayment of the loan in prior period cannot claim a tax deduction.

Eligibility Criteria

  1. Age: Minimum: 18 yrs and Maximum: 70 yrs.
  2. Annual Income: ₹500,000 - ₹700,000 depending on the type of employment, EMIs offered up to 50% of net income.
  3. Type of Employment: Salaried, Salaried Professional, Self Employed Business, Self Employed Professional, Student, Retired, and Homemaker.
  4. Employment: Minimum of 2 years in current job/business/profession.
  5. Status of Residence: At least 1 year at the current address
  6. Credit score: 750 or above

Home Loan Top-up

Home Loan Top-ups are the loans which are offered on the existing home loans. The interest rate of this loan is usually lesser than what a borrower would have to pay for a personal loan. A top- up loan can be availed for any purpose like- for bearing a wedding expense, to finance a vacation, to renovate your house and so on. On the other hand some banks offer this loan to be used exclusively only for the purpose of repairs and renovations of the house.

Eligibility Criteria to avail Home Loan Top-Up

To avail a top-up home loan, one has to fulfill the following eligibility criteria:

  1. The first and the most important thing to have a home loan top is to have a home loan with the bank.
  2. The second important thing required to have a home loan top up is to have a regular repayment record for at least 2 years.
  3. There should be a valid mortgage in the name of the bank against your home loan.

Features of a Home Loan Top-up

  • A home loan top-up can be availed for any purpose. There is no restriction on the use of a top-up home loan, and it need not be home improvement-related. It can be used for any personal or business use.
  • Top-up home loans are available for up to 20 to 30 years until the tenure period of your home loan. But it also depends on your home loan provider your profile as a borrower.
  • The borrower's profile on which top-up home loan eligibility depends on borrowers age, income, and the loan amount which the borrower took initially etc.
  • The maximum amount one can get through a top-up home loans differs from bank to bank.
  • For the top-up loans, the interest rates are similar to that of the home loan interest rate.
  • No security or collateral is required to give against you top up home loan, this is because you have already given a collateral for your home loan and  this loan come under the home loan only.

Benefits of a Home Loan Top-up

  • Interest rates lower than a personal loan.
  • Long tenure period in comparison to a personal loan.
  • No restriction on the use of the money.
  • Large loan amount can be availed.
  • Can be availed for any purpose.
  • No Security or collateral is required, as the lender has all the borrower details from the existing home loan account.
  • Processing time is faster.
  • Less paperwork involved.
  • Disbursal is quick.

Tax Benefits of a Home Loan Top-up

  • For a home loan tax deduction up to ₹150,000 is possible on the principal amount, this deduction is possible under section 80C of the Income Tax Act. Tax deduction up to ₹200,000 can also be claimed in respect of interest payment in a financial year under section 24.
  • Deduction on interest payment against a top-up home loan taken for repair or alteration is ₹30,000. And it should be noted that the available deduction on interest is within the total limit of ₹200,000.
  • You need to possess receipts and other relevant documents to prove that top-up loan has been used towards acquisition, construction or renovation and repair of the house or residential premise. On the principal repayment no deduction can be claimed in case the funds have been used towards renovation, repair or alteration of the residential property.

Home Loan Balance Transfer

A house is the basic requirement of every person in this world. It is the place where we live with our loved ones whom we call as our family. Home is not just a shelter but it is the place where we make memories for life time. Nowadays many people in big cities like Chennai, Bangalore, and Delhi etc. live in rented house, but somewhere in their heart there is a dream of living in their own home. But many are not able to change their dream into reality because they lack financially. Some people spend years to save money to purchase their own dream house.

Home loan is the best option available nowadays to go with and purchase one’s own house. Many Banks and NBFC provide home loan at different interest rates. Getting a home through home loan is such a hassle. And that too if the lender turns out to be bad, the entire home loan experience is spoiled. Also if the interest rate is high, the borrower gets overburdened with high EMIs. In such a case, Home Loan Balance Transfer helps to switch the loan account to another FI where there are better facilities available at lower interest rates.

Home loan balance transfer includes the way towards exchanging your current ongoing Home loan to another Bank or NBFCS. Individuals for the most part select a Balance transfer on the off chance that they are able to find or get a Bank or NBFC which are offering them a lower interest rate and better administration of the loan account.

Home loan balance transfer involves the fore-closing of the current home loan with the original lender and shifting the loan account with the remaining balance to another lender, be it a Bank or a NBFC, at a lower interest rate. Hence the overall outcome is that the interest rate and hence the EMI gets reduced significantly and this is realized from the first month itself.

So as to decide on this all you have to do is simply to fill the Home Loan Balance Transfer application frame alongside computing investment funds on top up and home advance adjust exchange. Parity exchange alternative is picked by a great many people as it will bring down the regularly scheduled payments by paying lower repayment sum. This saving can be utilized on other valuable things. It offers alluring financing costs that will turn your home credit to be substantially less demanding to the pocket and reasonable. 

Differences between Home Loan and Home Loan Balance Transfer

Home Loan:

When a person borrows sum amount of money from any bank or any NBFC to purchase either a constructed house or to construct a house then this borrowing of money from these kinds of institutions are referred as Home loan. When you take a home loan you have to give or keep something as a security to the bank. Like you can give your land papers or any kind of property papers whose price is worth as that you are taking as a credit from the bank. This kind of loan is called as mortgage loan.

Home Loan Balance Transfer:

This is a choice accessible to the individuals who have been paying home advance EMIs with a bank for over 12 months. It offers them to move the current credit to an alternate bank that offers bring down loan cost and better administrations. There is no possession exchanging included. It just moves the home advance starting with one bank or NBFC then onto the next one for more appealing advantages. Lower loan fees will help in expanding the funds on a person.

Benefits of Home Loan Balance Transfer

Home loan has many benefits. If there have been no benefits then no one would have opted for home loan balance transfer.

The benefits are mentioned below:

  • This offers cut down financing costs i.e. lower rate of interest: As there is security accommodated the advance as home loan, the hazard for the bank is low, because of this reason a similar reason rate of interest on advance is low.
  • Offers pre-installment: Many have the inquiry whether the balance transfer will hinder the shot of advance pre-installment. The appropriate response is no, regardless of the possibility that you did an adjust exchange of your home credit, it can be pre-shut at your watchfulness.
  • Smooth and hassle free process: Moving home advance starting with one bank then onto the next is not an intense and tedious assignment; this can be effectively finished with the assistance of least documentation.
  • Top-up scheme offered will be higher in contrast to what is offered from home advance bank: The credit reimbursement will be speedier with less sums towards intrigue; this will help in getting tremendous measure of advance for top-up necessities.
  • Money saving as your Interest sparing apply to your current EMI, exceptional chief sum, and existing rate of premium charged by your bank.
  • Reduction in month to month EMI installment up to 5% relying upon the bank you exchange home credit.
  • No extra charges separated from conditional preparing expense: Only expense banks charge handling charge on home advance adjust exchange in addition to no extra cost will be included in the exchange.
  • Safeguard CIBIL score: There is no need of CIBIL necessities for an adjusted exchange or you can say simply for balance transfer. This will help you to have the CIBIL scoring in place.
  • Option from multiple FIs: Lot of choices is accessible to pick the best banks that offer great offices.

When should you go for home loan balance transfer?

One should go for a home loan balance transfer whenever you find that your lots of money is being spent on the home loan EMI because the rate of interest of your home loan is quite high. and you find another bank or NBFC which is giving home loan at lower interest rates as compared to your interest rate, then you should definitely switch your home loan from the original lender bank to the another bank whose interest rate is lower.

You should avail balance transfer when:

  • Lower interest rate is offered by other Bank.
  • Enthusiasm on your credit, by considering the correct reimbursement history and for the most part lovely connection between both.
  • A good reputation of around 12 to 18 months of regular payments of home loan EMI’s.
  • Bring home credit to clear a current home advance
  • Any remaining installments will be made to the new bank to which the adjust is exchanged
  • Transfer the current ongoing home-advance at the lower rate of interest that are not as much as the original advance.
  • Easy and high top-ups available.
  • The procedure of obtaining a home advance is presently peaceful and the sum due for the portions is computed on an individual premise.

Home Loan Balance Transfer Eligibility Criteria

  • Annual or Monthly income: whether you are salaried or self-employ you should have decent salary so that you can pay your monthly EMIS.
  • Savings and credit history: you should provide your last few months bank statements.
  • Work experience: when you are salaried person you should be working from certain years or the organization in which you are working should be an authorized or well know.
  • Qualifications: how much you are qualified can also be asked by some of the banks.
  • Age: for salaried person your age should be 21 to 60 years. Whereas for the self-employed the age limit is up to 65 years.
  • Probability of borrower continuing in same occupation
  • Number of dependents: many Banks need to know how many dependents you are having in your family and they even ask for your Gross family income.

When you are applying for Home loan balance transfer you can either apply alone or you can go with a co-borrower, for example with your spouse or father. It is not essential that the co-borrower should be the co-owner of the Property.

Salient Features of Home Loan Balance Transfer when you apply with Finance Buddha

  • You can transfer your current Home loan from the original lender Bank/ NBFC to another Bank or non-banking financial company and you can get an additional amount as top-up.
  • Easier Repayment options which you can choose according to your needs and comfort.
  • Lower Interest Rates that are affordable to you and which are easier on you and your pocket.
  • There are No hidden charges.
  • You have many banks as an option with Finance Buddha from which you can choose according to your eligibility.

Things You Should consider before going for a Home Loan Balance Transfer

  • Do an exhaustive comprehension on your current home credit to comprehend the financing cost and different advantages advertised.
  • Do a comparison with different banks that offer home credit for same advance sum. The advantages and components will vary as per the credit sum, in this manner think about for the remarkable advance sum that is yet to be reimbursed.
  • Go through the new bank's survey to comprehend its elements and level of client benefit
  • Post all these on the off chance that despite everything you feel there is benefits offered by different banks when contrasted with what you are getting from the current bank, begin the home advance adjust exchange techniques.
  • It is critical to know that NOC-No Objection Certificate and other applicable reports are required from the current bank alongside different archives.
  • Identify the explanation behind decrease in FICO assessment, it could be mostly a result generally installments of Visas, advance EMIs and so on. Defaulting and late installment is the center factor for awful FICO assessments along these lines guarantee to have a decent reputation constantly.
  • Keep as a primary concern to never default any installments in the coming years. Make all installments on time additionally keep adequate supports in your record for ECS.
  • If you have excessively numerous dismissals from Credit cards and individual or home advances, enjoy a reprieve and quit applying. This will help in raising the score and after that apply however Credit scoring doesn't have much part in home advance adjust exchange it regards keep a decent record regardless.
  • Loans drawing near to residency fulfillment are incredible news! Be that as it may, don't make utilization of this opportunity to apply for another one. It is prudent to give no less than 3-6 months break before applying for a new one.
  • Remember to dependably keep adequate adjust in your Visas; this will help in investigating appropriate credit use. Utilizing excessively or too less of credits is not an awesome sign.
  • Check which rate important to pick amongst settled and coasting loan cost. Sadly just couple of banks offers this alternative, while most banks offer simply skimming rate of premium.

The distinction amongst settled and gliding rate of intrigue is specified underneath:

Factors

Floating Interest

Fixed Interest

Flexibility

Flexible according to market volatility

No flexibility

Risk of uncertainty

High

Low

Protection against cash rate fluctuations

No

Yes

Cheaper

Comparatively cheaper

Not as cheaper as floating interest rate

Pre-Payment Penalty 

Not applicable

Applicable

Option to lower interest rate in future

Available

Not available

Transparency on interest calculation

High

Low

During inflation

Not beneficial

Beneficial

Hedging against market volatility

Not possible

Possible

Suitable for risk averse customers

No

Yes

Stability

Not stable EMI amount and Loan Tenure

Stable EMI amount and Loan Tenure

Aside from all the above recorded ones, the bank will consider the area of the borrower, advance sum necessity, FICO rating, advance term, credit sort and in particular the age of the candidate. The more youthful you are, more advantages can be profited and getting credit will be simpler for longer residency. On the off chance that you have a decent reputation of existing bank's EMI installment, it will enable you to return home credit adjust move in a bother free and basic way.

Top Banks for Home Loan Balance Transfer

HDFC Bank Home Loan Balance Transfer

Loan Amount

Maximum Funding*

Up to and including Rs.30 lacs

90% of the property cost

Rs.30.01 lacs to Rs.75 lacs

80% of the property cost

75% of the property cost

75% of the property cost

 

Adjustable Rate Loan- RPLR: 16.30%

Loan Slab

Interest Rates (% p.a.)

RPLR Minus Spread

For Women* (Any Loan Amount)

9.40 to 9.90

RPLR - (6.90 to 6.40)

Any Loan Amount

9.45 to 9.95

RPLR - (6.85 to 6.35)

TruFixed Loan – 2 & 3 Year Fixed Rate Variant- RPLR: 16.30%

Loan Slab

Interest Rates During The 2 & 3 Year Fixed Rate Term (% p.a.)

Post The Fixed Rate Term The Applicable Interest Rates Shall Be The Prevailing Rate Of Interest Under Adjustable Rate

For Women* (Any Loan Amount)

9.50 to 10.00

RPLR - (6.80 to 6.30)

Any Loan Amount

9.55 to 10.05

RPLR – (6.75 to 6.25)

TruFixed Loan – 10 Year Fixed Rate Variant -RPLR: 16.30%

Loan Slab

Interest Rates During The 10 Year Fixed Rate Term (% p.a.)

Post The Fixed Rate Term The Applicable Interest Rates Shall Be The Prevailing Rate Of Interest Under Adjustable Rate

For Women* (Any Loan Amount)

9.70 to 10.20

RPLR - (6.60 to 6.10)

Any Loan Amount

9.75 to 10.25

RPLR – (6.55 to 6.05)

HDFC Bank Home Loan Repayment Facilities:
Step Up Repayment Facility (SURF)
  • SURF offers an alternative where the reimbursement plan is connected to the normal development in your salary. You can profit a higher measure of credit and pay bring down EMIs in the underlying years. In this manner, the reimbursement is quickened proportionately with the expected increment in your pay.
Flexible Loan Installments Plan (FLIP):
  • FLIP

FLIP offers an answer for suit your reimbursement limit which is probably going to change amid the term of the credit. The credit is organized such that the EMI is higher among the underlying years and in this manner diminishes in extent to the salary.

  • Tranche Based EMI

On the off chance that you buy an under development property you are for the most part required to benefit just the enthusiasm on the credit sum drawn till the last payment of the advance and pay EMIs from there on. On the off chance that you wish to begin key reimbursement promptly you may select to tranche the advance and begin paying EMIs on the total sums dispensed.

  • Quickened Repayment Scheme

This choice gives you the adaptability to expand the EMIs consistently in extent to the expansion in your pay which will bring about you reimbursing the credit substantially quicker.

  • Telescopic Repayment Option

With this alternative you get a longer reimbursement time of up to 30 years. This implies an upgraded advance sum qualification and littler EMIs.

The Simple Procedure Steps:
  • Analysis of the cost benefit.
  • Get NOC from the previous Bank
  • Apply for the new Bank.
  • Complete the documentation with the new Bank.
  • Credit Approval.

Break down of the steps involved:

  • First calculate your total saving and the extra sum which will cost for the switching of the home loan.
  • Get a NOC (Non Objection certificate) from the original lender Bank.
  • Apply with the bank to which you want to shift your current home loan.
  • In case if the document required vary from the first bank than submit the additional document required.
  • Last step is complete the documentation process with the previous (existing) and the new bank.
Eligibility Criteria
  • If salaried you age should be 21-60, if non salaried your Age should be 21-65.
  • You should have minimum of 2 years work experience.
  • At least 1 year of tenure with the previous Bank.
  • Your monthly salary should be such from which you can easily pay the monthly EMIS.
Documents Required
  • Identity proof (voter ID, driving license, Aadhar card)
  • Address proof( ration card, electricity bill, phone bill, passport card)
  • Bank statement for last 3 month and Bank passbook for last 6 months.
  • Salary slip of recent months.

ICICI Bank Home Loan Balance Transfer

Eligibility:
  • Age should be between 26 – 60 years.
  • Minimum 2 years of work experience.
  • Your minimum monthly salary should be 17,000 and your net monthly income should be 20,000.
Documents Required:
  • Identity proof ( voter ID card, driving license, Aadhaar card)
  • Address proof
  • Passport size 2 photograph.
  • Last 3 months salary slip.
  • Last 3 months bank statement.

Axis Bank Home Loan Transfer

Eligibility:
  • Age should be between 21 to 60 years.
  • Maximum loan amount is 15 lakhs.
  • Minimum 15,000/- should be the monthly income.
Documents Required:
  • Identity proof ( voter ID card, driving license, Aadhaar card)
  • Address proof
  • Passport size 2 photograph.
  • Last 3 months salary slip.
  • Last 3 months bank statement.

Citibank Home Loan Balance Transfer

Citi bank is the best bank you can go with the for the Home loan balance transfer. It offers you low interest rate with fast processing speed. And the process with Citibank is very smooth and hassle free.

Eligibility:
  • Age should be 26-60.
  • Monthly income should be minimum 30,000.
Documents Required:
  • No Guarantor is required.
  • Identity proof ( voter ID card, driving license, Aadhaar card)
  • Address proof
  • Passport size 2 photograph.
  • Last 3 months salary slip.
  • Last 3 months bank statement.

Home Loan Tax Rebate on 2 separate Home Loans

Yes, you can still get a home loan tax loan rebate even if you have two separate properties both registered in your name. Even if the property is in two different cities of India, it is still possible to get home loan tax rebate. However, the limit for both together will be only upto INR 200,000 for the owner of the property. However, only one house can be claimed as self-occupied and the other should be claimed as rented or let-out. Any rent from the let-out property will be considered as part of your income for income tax evaluation for a particular assessment year. If you really want to save tax and not show as let-out then buy the other property on your spouse’s name.

How to apply for a Home Loan Online on Finance Buddha?

Follow these steps to apply for a Home Loan online with Finance Buddha:

  1. Check for the best offers and best suitable bank for you.
  2. Fill up the home loan application form completely available on the website.
  3. Submit the filled application form along with the documents required.
  4. Payout the home loan processing fees.
  5. Sign the loan agreement and acceptance.
  6. Your Home loan will be sanctioned and disbursed.

Why apply for a Home Loan with Finance Buddha?

  • At Finance Buddha portal one can compare different home loan offers and the interest rate at which loan is offered from various banks.
  • No need to visit any lending institution. The entire process is completed while sitting at home.
  • The website is user-friendly and provides you with complete information regarding all the home loan products.
  • One can compare offers and other eligibility criteria with different banks to choose the right bank for themselves.
  • At Finance Buddha, interest rates and offers by different bank are totally genuine.
  • One can check home loan eligibility before applying for the home loan easily on the finance Buddha website and can get to know whether he/she is eligible for a home loan or not using the home loan eligibility calculator? And if yes for how much loan amount.
  • You can calculate the EMI of their home loan before availing it using a home loan EMI calculator.
  • One can easily apply online for a home loan product directly through the Finance Buddha website in no time.
  • Finance Buddha team will provide you end to end guidance with a dedicated customer care team for smoother processing and disbursal of your home loan.
Home Loan Frequently Asked QuestionsView All

What is a Home loan?

Home Loan is a secured loan given by a bank against the security/hypothecation of an underlying property. In the event of failure to repay by the borrower, the bank can, subject to laws of India, attach/sell the underlying property and recover the principal amount and any outstanding interest thereon. A home loan can be availed for buying an under-construction property, resale property or even to construct a house on a vacant piece of land.
Loan eligibility is dependent on primarily the following factors:
  1. Cumulative net monthly salary of the applicant and co-applicant.
  2. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current home loan that your are trying to apply for) exceeds 50-60% of your total net take home salary.
  3. Loan to asset Value (LTV) ratio of 75% which means that the customer has to fund the remaining 25% through his savings or any other source.
The final decision to grant a loan lies with the credit department of a bank. Some of the reasons why a loan can be rejected are:

Possible Issue:
Already running several loans and hence a bank may not be comfortable with your existing leverage levels vis-a-vis your salary level.
Possible Way Out:
a)If you have a spouse who is also working, you can add her as a co-applicant to boost the combined salary levels or
b) Try to pay off some of your debt so that your leverage levels can come down or
c) Do a balance transfer/debt consolidation/re-financing of your existing loans such that the rate of interest on loans can also come down and additional loan can also be provided
Possible Issue:
Issues in your credit history as reflected in your CIBIL, Equifax reports.
Possible way out:
a) If the issue is a minor one like some delay in payment of credit card due then we can try your application in some other bank who can possibly take a lenient view on the deviation.
b) If you think that the credit report is erroneous and you have sufficient documentary proof we will represent the case to the bank and try to convince the credit team.
c) If the issue is a major one like write off, settlement of any past dues etc then it might be difficult to obtain a loan. Certain mitigation factor like if you/your spouse/your parents have an own house in India can give comfort to certain banks to give you a loan.
Possible Issue:
Most banks have certain internal credit parameters to evaluate a loan which is kept confidential and not shared with us. Several demographic, financial and credit aspects go into these internal evaluation. You might not have met the minimum cut off for obtaining a loan.
Possible way out:
Finance Buddha can re-apply for your loan in one of the other 10 plus lenders that we are affiliated to

Home Loan ReviewsView All

Prakhar Singh

5 / 5

HDFC required very less documents physical documents for my home loan in Delhi. The interest rate charged was 8.65% per annum and I had to pay ₹10,000 as processing fees. Overall a good experience.
Vipra Singh

5 / 5

The executive assigned for my home loan by HDFC was not good, he provided me wrong information about the product so, that I can purchase it and he can get his commission. Apart from the executive, everything went well.
Anirudh Chawla

5 / 5

DHFL charged me comparatively less rate for my home loan. Executives were good and polite they also provided me information about the processing and regarding government scheme too. Because of them, I was able to avail the PMAY government scheme which made my home loan cheaper.
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