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User reviews
  • With ICICI, I had a very nice experience in terms of home loan. There was good coordination between the customer service team and they were friendly in nature. Due to the property location changes, I was not in a position of availing home loan.
    06:30 PM - Jan 28, 2015

    , hyderabad
    0.5 4.0/5 "Great!"
  • Since my property was not approved by Noida Authority, I was not able to avail home loan from ICICI. Even at present, am not much interested. The experience whatever I had was so good.
    04:32 PM - Jan 28, 2015

    , noida
    0.5 4.5/5 "Excellent!"
  • It was really good experience with ICICI in terms of home loan. There were few calls with customer service executive and the interaction was good.Interest rate provided is quite higher.
    01:58 PM - Jan 28, 2015

    , hyderabad
    0.5 4.0/5 "Great!"
  • Deal provided by ICICI for home loan is good. In the terms of procedure, its great. The interest rate is quite the same like other banks as well as processing fees is lower. There are no charges for pre closure.
    11:41 AM - Jan 28, 2015

    , new delhi
    0.5 4.0/5 "Great!"
  • Karnataka bank offers home loan with interest rate 10.75% which is at higher end. Processing fees is quite nominal Customer service is quite ok. It would be better if they could reduce interest rate it would be fine.
    10:31 AM - Jan 28, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
  • I didn't much interact with ICICI as it was short time I had approached in terms of home loan. Rate of interest is quite the same like other banks. Due to the pre closure charges which was there, I didn't continue further.
    06:13 PM - Jan 28, 2015

    , bangalore
    0.5 2.0/5 "Expected more"
  • Am satisfied with ICICI services in terms of home loan. As am a existing customer, I am very well attached to the bank people. Since I had postponed the plan of availing home loan, I closed the application. Terms and conditions was pretty much ok.
    03:41 PM - Jan 28, 2015

    , kolkata
    0.5 4.0/5 "Great!"
  • ICICI was like responding after 2 days of home loan application. Its a pre approval loan which was intimated on a delay. Charges are quite comparable like other banks. It would be better if they could respond to the customers on a timely basis.
    12:40 PM - Jan 28, 2015

    , new delhi
    0.5 3.0/5 "Satisfactory"
  • Charges of AXIS bank in terms of home loan is quite good and competitive. The interest rate is 10.15% which is reasonable. Recently, I had taken up the loan where I get charged for pre closure.
    11:05 AM - Jan 28, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • Karnataka bank offers home loan with interest rate 10.75% which is at higher end. Processing fees is quite nominal Customer service is quite ok. It would be better if they could reduce interest rate it would be fine.
    10:31 AM - Jan 28, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
  • Availing home loan from HDFC limited is good. So far so now, the experience is quite good. Customer relationship officer are much interactive and provide a clear information. Its 10.15% interest rate which is quite ok. In terms of processing charges, I did face an issue where they had deducted incorrectly and there was no proper information.
    06:13 PM - Jan 28, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
  • Personal experience with ICICI in terms of home loan was good. There was continuous follow ups as well as response provided. It was due to technical issues, I was unable to get home loan. Rates are competitive.
    03:13 PM - Jan 28, 2015

    , new delhi
    0.5 4.0/5 "Great!"
  • I have a very long term relationship with HDFC limited in terms of home loan previously. That was the reason I approached HDFC limited. Even the response was faster.Processing was so easier and within a week, home loan had got disbursed. Everything was transparent.
    12:39 PM - Jan 28, 2015

    , new delhi
    0.5 5.0/5 "Blown Away!"
  • In terms of home loan, IDBI had waived off the processing charges due to the deal. The interest rate is 10.50% for plot and construction loan. IDBI provides part payment option with 0% charges.
    11:04 AM - Jan 28, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • Since the property had been approved by DHFL, I am in a idea of going ahead for home loan. Added to it, its DTCP approved where DHFL is ready to offer home loan with quite better interest rate. Processing fees is quite higher.
    10:30 AM - Jan 28, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • It was nice experience however when personally visited the branch, there is a huge wait, where it would take time for response. ICICI customer service team did approach in friendly manner in terms of home loan. It would be more comfortable if they address the customer queries at initial point of time and provides solutions.m
    04:58 PM - Jan 28, 2015

    , pune
    0.5 5.0/5 "Blown Away!"
  • ICICI provides personal banking to the customers. This bank prefers the customers to be flexible as well as provide doorstep services. They do fix the verification as well based on customer's requirements. It was all within short span of time. It was quite ok interest rate and comparable as well for home loan.
    02:24 PM - Jan 28, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • From ICICI, I haven't got a much response from their customer service team. Terms and conditions for home loan are quite ok however if the response could be there, it would be fine. Rate of interest is affordable.
    12:00 PM - Jan 28, 2015

    , pune
    0.5 3.5/5 "Pretty good"
  • As per my point of view, ICICI services in terms of home loan is quite good. There was good response from their customer service team. Advantage is interest rate and charges are nominal.
    10:32 AM - Jan 28, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • While inquiring about home loan applied for my NRI son Mr Rakesh Narayan Lal & Mrs Smita Lal, i was highly disappointed to get the poor & casual response and reply by the executive of your Ghaziabad and Delhi(Munirica office)team. I personally felt that we should have tried some where else. Hope you will look into your system to improve response to customers irrespective of fact whether the loan can be sanctioned to customer or not. we are associated with HDFC in one or other way since long and also was looking ahead for education loan for my son for higher study at abroad. These incidences has has compelled me to think again to go with HDFC. Thanks & Regards A. N. Lal
    10:05 PM - Jan 27, 2015

    , ghaziabad
    0.5 2.5/5 "Just OK"
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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 28 Jan 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

  • 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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YOUR SEARCH ENDS hERE
Compare multiple options and choose the one that best suits you

Compare the best home loan offers in town and locate the lowest rates!

Offers to Compare
Over 25 offers to compare!

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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