Get Personal Loan in 2 Hours! Apply for Instant Personal Loan Apply NowX

Home Loan starting @8.0%- Compare & Apply Online

4.8 stars based on 1261 reviews

Home Loan Details

Property Details

Employment Details

Personal Details

Co-Applicant Details

Best Home Loan Offers from Top 18 Banks/NBFCs (updated 23 Apr,2019)

Home Loans Interest Rate Comparison of Top Banks/NBFC (updated 23 Apr,2019)

Banks/NBFC Institution Type Minimum Loan Amount Maximum Loan Amount Minimum Tenure Maximum Tenure APR 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 ?

Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases

Not getting the desired Loan Amount?
Not getting the desired Loan Amount?

Try Adding the income of a co-applicant like a working spouse

Have multiple existing loans?
Have multiple existing loans?

Financebuddha can help you consolidate all your loans into one to increase your eligibility

Home Loan Details

What is a Home Loan?

Home Loan is a loan 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 23 Apr,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

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 Loan:

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 Loan:

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 Loan:

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 Loan:

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 Loan:

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 Loan:

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 Loan:

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 Loan:

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 Loan:

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.

Top Home Loan Providers

1. 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

2. HDFC Bank Home Loan

HDFC is among one of the top provider of finance for housing 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

3. 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

4. Bajaj Finserv Home Loan

Bajaj Finserv offers home loan 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

5. 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

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 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

  • 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

  • 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

  • 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 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?

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.

How is my loan eligibility calculated?

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.

My loan got rejected even though I have a decent salary package?

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

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.
Unable to Decide? Get in Touch with Us
query@financebuddha.com
+91

Learn How to Manage Your Money to Retire Wealthy!