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 | 6.90% - 8.55% | Up to 1% (min of ₹10,000) + GST as applicable |
Citibank | BANK | ₹2,10,000 | ₹10,00,00,000 | 1 Year | 25 years | 6.75% - 8.03% | ₹10,000 + 0.20% of the Loan Amount + GST as applicable |
DHFL | HFC | ₹1,00,000 | ₹30,00,000 | 1 Year | 30 years | 8.75% - 11.07% | ₹2,500 + GST as applicable |
HDFC Bank | BANK | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 20 years | 6.80% - 8.00% | 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 | 6.90% -8.05% | 0.5% + GST as applicable |
IDFC | BANK | ₹10,00,000 | ₹10,00,00,000 | 1 Year | 30 years | Salaried: 7.00% - 10.35% | ₹10,000 to 0.20% of the Loan Amount + GST as applicable |
Indiabulls | NBFC | ₹15,00,000 | ₹30,00,00,000 | 1 Year | 30 years | 8.99% | ₹10,000 to 1.00% + GST as applicable |
IndusInd Bank | BANK | ₹1,00,000 | ₹1,00,00,000 | 1 Year | 30 years | 8.00% - 15.00% | ₹5,000 to 2% + GST as applicable |
Kotak Mahindra Bank | BANK | ₹5,00,000 | ₹10,00,00,000 | 5 years | 20 years | 6.75% | 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 | 6.90% - 7.90% | ₹10,000 - ₹15,000 + GST as applicable |
PNB Housing Finance Ltd. | HFC | ₹50,000 | ₹75,00,000 | 1 Year | 30 years | 7.35% - 9.10% | 1% + GST as applicable |
Punjab National Bank | BANK | ₹1,00,000 | ₹500,00,000 | 3 Months | 30 years | 6.80% - 9% | 0.35% + GST as applicable (Min- ₹2,500/; Max- ₹15,000/) |
State Bank of India | BANK | ₹5,00,000 | ₹200,00,000 | 5 years | 30 years | 6.80% - 7.35% | ₹10,000 + 0.20% + GST as applicable |
Tata Capital | NBFC | ₹2,00,000 | ₹500,00,000 | 1 Year | 30 years | 6.90% - 8.75% | 0.5% + GST as applicable |
Reliance Home Finance Ltd. | HFC | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 30 years | 9.75% | Up to 2% + GST as applicable |
Vastu Housing Finance Corporation Ltd. | HFC | ₹500,000 | ₹50,00,000 | 1 Year | 20 Years | 12.5% - 16.5% | Up to 2% + GST as applicable |
Try Applying for a higher Loan Amount as most bank reduce interest rates as loan amount increases
Try Adding the income of a co-applicant like a working spouse
Financebuddha can help you consolidate all your loans into one to increase your eligibility
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 6.70% 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 Sep,2023 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.
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 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.
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 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.
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.
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.
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.
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.
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.
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.
Home loan features are unique as compared to other loans. Few basic features are listed here:
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: 6.90% - 8.55% 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 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: 6.80% - 8.00%
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 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: 8.75% - 11.07% 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
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: 6.90% - 8.05% 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 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.
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:
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.
To avail a top-up home loan, one has to fulfill the following eligibility criteria:
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.
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.
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:
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:
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.
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.
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) |
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.
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.
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.
With this alternative you get a longer reimbursement time of up to 30 years. This implies an upgraded advance sum qualification and littler EMIs.
Break down of the steps involved:
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.
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.
Follow these steps to apply for a Home Loan online with Finance Buddha:
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