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User reviews
  • I just compared with several banks but the processing charge is very high in HDFC Limited for home loan. Interest rate is fine because it is only 0.5% high than others. I was planning to take home loan so I opted HDFC but I was unable to find suitable property and that the only reason to drop the deal. If HDFC do something to reduce the processing charge, it would be nice.
    03:36 PM - Mar 30, 2015

    , delhi
    0.5 4.0/5 "Great!"
  • I got a public sector bank as an option so that is the reason I didn't avail this Home Loan through HDFC. I felt the interest rate offered was very high and that's the reason I chose Public sector for the loan. I got an immediate response from HDFC and I am happy about that. I feel HDFC is the Best in private sector.
    01:27 PM - Mar 30, 2015

    , nagpur
    0.5 4.0/5 "Great!"
  • In the year of 2012 I have taken home loan with HDFC Limited and they responded really fast and everything was on time. Offered interest rate was 10.15% which is floating for all the months. Unable to recall the charges but that were nominal and satisfied with customer support.
    12:32 PM - Mar 30, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • I was unable to get this Home Loan with HDFC since the eligibility criteria for availing this loan didn't match with their expectation. The customer service provided was very good and they updated the status of my loan through mail and the document verification was simple as well. They looked up my salary certificate and they said its unable to offer an huge amount of 13 lakhs for that slip. The rate of interest offered was nominal and I suggest it would be better if they understand the customer situation and have a better option to offer the expected loan amount.
    03:17 PM - Mar 30, 2015

    , kolkata
    0.5 4.0/5 "Great!"
  • That time my deal was unable to finalize thus I dropped the plan of home loan whereas the services are good in HDFC Limited. No doubt that everything was good and the executives assisted well in all the aspects. Completely satisfied with interest rate as they offered 10.2%.
    01:13 PM - Mar 30, 2015

    , delhi
    0.5 5.0/5 "Blown Away!"
  • Home loan process with ICICI bank was happened immediately and they were prompt in reverting. Service charges and processing charges are same to other banks. Pretty descent experience with ICICI bank. Starting of two years, the interest rate 10.1% is fixed and it will be floating in followed months. I got option for ten years of fixed but did not go for it.
    12:30 PM - Mar 30, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • Problem is with my end because I could not identify the property thus the deal of home loan got closed with HDFC Limited. Other than that follow up was very proper. I actually postponed the plan of home loan for next six months so if I have requirement sure would come back to HDFC. Rate of interest that offered is lowest in the market. Great if HDFC sanction loan also to the property under rural areas.
    03:11 PM - Mar 30, 2015

    , delhi
    0.5 5.0/5 "Blown Away!"
  • The service provided by LIC in the process of availing this Home Loan was awesome.The response was very good and I am happy with the interest rate offered by LIC which is low. Since its a government insurance they streamline everything good and I am satisfactory. I will surely recommend this to my friends and relatives.
    12:48 PM - Mar 30, 2015

    , coimbatore
    0.5 4.0/5 "Great!"
  • Infact HDFC Limited contacted me very late on home loan application so I have taken loan with other bank. My previous experience with HDFC was good but now they did not contact on time thus suggesting them to give atleast initial call immediately as I got it after two weeks of time. They were offered 10.15% of interest.
    12:29 PM - Mar 30, 2015

    , mumbai
    0.5 3.0/5 "Satisfactory"
  • I feel SBI is the Best Bank in public sector and they are the best competitor for all other private and public banks as well. I felt the documentation process was very easy while availing this Home Loan. The best part is I got a Max gain account through SBI and I am really happy about this. The interest rate offered was very low and the processing fee were waived off.
    01:29 PM - Mar 30, 2015

    , nagpur
    0.5 5.0/5 "Blown Away!"
  • I had LIC as an Handy option so thats the reason I didn't avail this Home Loan from HDFC. The interest rate provided by HDFC was little high compared to LIC.I had a regular follow up from HDFC about the loan and I am happy with the customer service provided by HDFC. Surely I will recommend about HDFC to my friends and relatives.
    12:42 PM - Mar 30, 2015

    , coimbatore
    0.5 4.0/5 "Great!"
  • I was unable to get the Home Loan with HDFC as they did not offer me the expected amount and the amount which they offered was very low.Initially I was requesting for 39lakh and they offered around 29lakh. The best feedback for HDFC will be the loan execution is very fast and the customer service is best.I think they can value customer opinion and they should have an option of increasing the loan amount.
    11:54 AM - Mar 30, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
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Fees & Charges

Promised Interest Rate

Customer Service

Responsiveness

Home Loan BYTES FROM OUR KITCHEN

You're eligible for a Home Loan if you:

01
02
03
04
That's 21 years old, same time that everything besides milk becomes legal too

Are legally adult enough to handle it

Less than 65 years of age, because sanguine golden years are for playing golf

Have still got it

Salaried or self-employed - whatever puts food on your table

Get a regular pay check

There's a minimum amount for that regular pay check

Make more than a basic buck


Your eligibility depends on

01
02
03
So you'll have enough for life's other goodies

EMI limited to about 50%
of monthly income

So you have something to call your very own from the get go

Loan capped @ 75% - 85% on property value

So you don't bite off more than you can chew. Trust us, it's less painful this way

EMIs of other loans lower
your eligibility


Boost your eligibility by

01
02
03
Her income will bolster your eligibility and make good on your wedding vows of sharing, caring and avoiding doing the dishes.

Making your spouse a co-applicant

We've all learned that haste makes waste

Choose longer tenure loans of up to 20 - 30 years

They will always remain older, wiser and more credible than their offspring.

Alternatively add your parents as co-applicants


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

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

Home Loan Interest RatesUpdated on 31 Mar 2015

Home Loan Details
Interest Rate (Monthly reducing balance) 10% - 10.5%
Processing Fees 0.5% of Loan
Loan Tenure 1 year to 20-30 years
Partial pre-payment Charges Nil
Pre-closure Chargest Nil

Wondering What a Home Loan is? – An Overview:

Home or housing loans are advances made to borrowers who require funds to purchase houses/flats/land. They can also be availed of for construction, extension and renovation of houses. Lenders can be banking or non-banking financial institutions.

Features of Home Loan:

The salient features are outlined below:
  • They are secured advances.
  • Collateral is usually the property that is being funded. Existing property can also be put up as security.
  • Interest rates are flexible being either Fixed, Floating or a combination of fixed and floating.
  • Home loan interest rates are lower when compared to unsecured personal advances.
  • The advance can be used to fund property for residential or investment purposes.
  • Amounts offered are higher than under other types of loans; up to 85% of the property value.
  • Repayments are made in EMIs (Equated Monthly Instalments).
  • Pre-payments are allowed, to reduce liability.
  • They are long-term in nature; tenors usually vary between 5 - 30 years
  • Non-interest charges include processing fees, pre-payment charges, inspection fees, documentation fees etc.
  • Co-applicants/joint-applicants are allowed.
  • They qualify for tax benefits as per provisions of the IT Act, 1961 (subject to changes).

Home Loan Eligibility - Getting In On the Deal:

Every lender assesses a customer differently but, by and large, the basic criteria a borrower should satisfy to be eligible for a home loan are outlined below:
  • Age: The minimum age at the time of application should be 21 years. Repayments have to be completed before the age of 60 or 65.
  • Employment: Ability to service interest charges, as reflected in the borrower’s earning capacity, is important. Borrowers should:
    • Be salaried employees or self-employed persons (professional/non-professional)
    • Have been in employment/business for at least 3 years of which current employment should account for at least 1 year.
  • Income: A minimum income varying between Rs.5 - 7 lakhs would be required. This depends on the nature of employment i.e. salaried or self-employed.
  • Residence: At least one year of stay at the current residence is required to display stability.
  • Credit Rating: A good credit score is required (a score of 750-900 from CIBIL is considered good). Besides this, a healthy financial background is vital for approval and to determine the interest rate and loan amount.

Documents Required for Home Loan - For the file!

Documents to be submitted differ according to the eligibility requirements. The following, however, are commonly requested for:
  • The application form which has to be signed and affixed with the specified number and size of photographs.
  • Proof of identity, address, employment, income and tax paid as per KYC requirements. This usually includes:
    • Passport/Voter ID//Driving License/Ration Card/Utility Bills/Lease Agreements/Property Deeds/Salary Slips (3 most recent months)/Salary Certificate/Bank Statements (3-6 most recent months)/Audited financial statements/Form 16/ITR/Business deeds e.g. MOA, Partnership Agreement etc./Appointment Letter
  • Documentary evidence of the property to be funded.
  • Cheques for payment of fees charged to process the application.
In case of a joint application, the co-applicant will also be required to furnish similar paperwork.

Beat the Heat - Apply Online:

The trials and tribulations one has to go through in order to figure out where to get the best offer from can be truly taxing to the mind, body and spirit.
Performing the age-old task of going to each financier, finding out what offers are available, collating the information, calculating EMIs, submitting the required documents and following up on applications can take a toll on any potential borrower.
The best way to save on time, money and effort is to go online. Applying for home loans online is gaining popularity in India and fast becoming the mode of choice for many borrowers.

Why BankBazaar? Check it out!

BankBazaar is India’s leading portal for financial services where different home loan offers can be compared at one place and applied for without having to visit any lending institution.
Here’s what users can do:
  • Define loan parameters to receive free quotes, instantaneously, in an easy-to-understand manner.
  • Compare offers to identify the right lender to deal with.
  • Make real-time home loan comparisons to find the lowest rates in the market. At BankBazaar, interest rates are constantly monitored and updated to reflect the latest changes made by financiers.
  • Avail exclusive discounts and deals for huge savings through BankBazaar’s active collaboration with leading financial institutions.
  • Check eligibility online using BankBazaar’s home loan eligibility calculator and get immediate e-approvals.
  • Determine repayments using BankBazaar’s home loan EMI calculator which also provides amortization tables.
  • Browse user reviews to gain insights on service provided by various institutions.
  • Apply online for the chosen product directly through the site.
  • Receive end to end guidance from a dedicated customer care team for smoother processing leading to quick disbursal of money.
  • Get regular status updates.
Obtaining the right home loan is crucial to proper financial planning. It all begins with a successful search process that facilitates quick receipt of funds and guarantees peace of mind.

News About Home Loan

  • Home Loans for Maharashtra
    Government employees.

    The Maharashtra Government announced that it would be providing home loans to all its employees amounting between Rs 20 lakhs to Rs 50 lakhs, keeping in mind the skyrocketing housing prices in the urban areas. The bank said that the loan amount will be determined based on the grade of the staff with an eligibility criteria attached. Government employees should have completed five years of service along with the same number of years left to qualify for the home loan.


    If both the spouses are Government employees, then the home loan will be given only to one of them with the new property being bought in the name of the individual opting for the house loan. The sixth pay commission has broken down the cities in Maharashtra into two categories, ‘X’ and ‘Y’ depending on existing property rates. For individuals residing in ‘X’ cities, the home loan amount would be Rs 50 lakhs, in ‘Y’ cities it would be Rs 30 lakhs and for the remaining areas it would be around Rs 20 lakhs.

    16th March 2015

  • RBI’s Repo Rate Cut Likely to
    Make Home Loans Cheaper

    The Reserve Bank of India cut repo rate by 25 basis points bringing the policy repo rate to 7.5% from 7.75%. This second rate cut in the last two months is expected to make home loans cheaper. This move comes days after the release of Union Budget wherein the government had planned to collaborate with the RBI to target inflation. The RBI rate cut is likely to give a boost to the economy while also bringing down the loan EMIs. This cut in the policy key rates will lead to a reduction in lending rates by banks and also drive the banks to drop interest rates on home and car loans. RBI quoted its pledge to exercise fiscal responsibility and be pre-emptive in its policy for monetary accommodation as the main reasons for the rate cut.


    With the rate cut leading to lower EMIs, this might well be the right time to apply for a home loan if it is on your agenda. Check out various home loan options on BankBazaar.com to plan your finances accordingly.

    6th March 2015

  • Plot Loans Offer Lower
    Loan-to-Value

    Plot loans offer lower ‘loan-to-value’ than home loans which means that the interest paid out will be higher. Loan-to-value offered by home loans is 80-85 per cent of property price but plot loans offer only 60 per cent of the property price the rate of interest charged on a plot loan is usually at par with the rates applicable to a home loan. In case of plot loans, a customer is not eligible to claim income tax deduction for principal repayment or for payment of interest.

    There are many restrictions and conditions placed on plot loans by the bank. Banks such as HDFC restrict the loan amount based on the location of the plot especially if it is located in the outskirts of the city. Also, plot loans are not available for purchasing land for agricultural purposes. It can be used only for buying a plot for residential use, investment purposes and so on. Banks normally have other restrictive clauses that require the borrower to finish construction within a stipulated period of time.

    20th February 2015

  • One Stop Shop for Home Loans –
    CREDAI Home Loan Mela Feb 2015

    Those who’ve done it will be well aware that searching for the right home loan is a time consuming process. Keeping that in mind, the Confederation of Real Estate Developers’ Association of India, better known as CREDAI, has taken a unique initiative to simplify that task for Chennai residents by organizing a Home Loan Mela this February. The event, which will take place between February 13th to February 15th at Vijay Mahal in Pondi Bazaar, is being organized to help bring customers a step closer to building their dream house. The Home Loan Mela will feature some of the country’s leading banks like ICICI, SBI, Axis Bank, HDFC, Punjab National Bank, Karur Vyasya Bank, Oriental Bank of Commerce, Sundaram BNP PARIBAS, India Bulls, LIC Housing Corporation and more. Customers can benefit not only from the wide range of choices available for home loans but also gather valuable information pertaining to home loans under one roof at the Home Loan Mela this February.

    12th February 2015

  • Getting Low Cost Housing Loans
    Just Got Easier

    As a welcome sign from RBI for banks to reduce rates, norms have been eased for applicants seeking home loans for low-cost housing. This means you can now easily get home loans with minimal conditions. RBI has also allowed banks to provide loans in return for long-term infrastructure bonds as security. However, this new rule and minimal conditions for home loan does not apply for home loans in case the long-term infrastructure bonds is in the name of other banks.


    In short, getting to the actual amount of home loan disbursed, one can expect a maximum amount of Rs 10 lakh. The loan repayment period is fixed based upon the time duration of the maturity of the bonds which is pledged as a surety for the low cost home loan. This new rule comes on the back of the RBI’s recent decision to allow money lending against long-term infrastructure bonds raised by the banks. Further, the loans against such bonds do not have to comply with the mandatory reserve requirements.

    1st December 2014


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This is our forte- helping you compare the finest deals. Additionally, we'll handpick offers that suit your profile and present the best rates from several banks, so you can make a thoroughly-informed decision.

Breaking Down Offers
Breaking down offers

We're obsessed with giving you a 365 degree view of offers. So, we'll break it down for you - EMIs, eligibility, maximum amount that can be borrowed, fees, hidden charges... no more getting fooled by the fine print!

Why Apply Online
Preferred over builder

There's a good reason by thousands of customers choose BankBazaar - we support you in many more ways than a builder would through the process - multiple options & timely handheld support.

Cheaper then Dealer
Why apply online?

You don't have to fight for parking space! Jokes apart, applying online will help you save time and money; plus, you'll be able to use the services of our super-friendly customer service team at anytime and get all your queries answered.

Comparing Best Loans
Done comparing! Now what?

We showcase the best loan offers and help you compare them... what next? Well, we'll aid you in applying to the bank of your choice and work with you right up to the delivery of the loan!

Still have a gazillion questions?
Still have a gazillion questions?

Think of BankBazaar as your loan-savvy buddy! Our customer support team is at your service to clear doubts on eligibility, offers, procedures and documentation, and help you apply. They'll even co-ordinate with the bank to get you your loan on time.

Connect to the Bank
We'll connect you to the bank

We know the bank guys really well! So, if you want to talk to a bank representative or get help on your loan application, we won't just connect you to them; we'll also do the follow-up on your behalf.

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