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User reviews
  • I have arranged my own funds that is why I have not taken a housing loan with DHFL. At that time of applying I had checked with other banks as well, however DHFL interest rate was very high which is 15%. Processing fee charged was zero percent with other Banks. Where as DHFL processing fee was rs 1000 approximately.
    06:42 PM - Mar 06, 2015

    , chennai
    0.5 3.0/5 "Satisfactory"
  • Actually when I approached DHFL for the housing loan they were in need of 3 years IT returns, however when I had only 2 years IT returns. So I had planned to take a housing loan after 3 months of time and I might approach DHFL for the same. Customer service offered by them was really high and processing fee charged by them was 14% which is on the higher side where as other banks are providing 10% only./
    04:28 PM - Mar 06, 2015

    , chennai
    0.5 2.0/5 "Expected more"
  • Not at all satisfied with Axis bank because for one week I did not receive any response from the executive so I went with other bank for home loan. Response and customer service was very poor. In respect to interest rate no problem because it is standard. No idea about processing charge as we did not discuss about it.
    12:05 PM - Mar 05, 2015

    , kolkata
    0.5 2.0/5 "Expected more"
  • Follow up is very good with DHFL for the housing loan. Once after I finalising the property I will apply for the housing loan. I did not discuss much with them. Response provided by them was really good. I got a call from them on time and the rate of interest is high when compared with others.
    05:54 PM - Mar 06, 2015

    , chennai
    0.5 4.0/5 "Great!"
  • Drawback in LIC Housing finance is that, delay in updating details. Whenever we want to update the contact details, they donâ??t listen to customers and they will take a long time to complete the procedure. Moreover they did not call customers to ask feedback where we have to run behind them to get things done. Interest rate for home loan is as per the market. Now the interest rate is floating and it is 10% where later it may increase.
    03:50 PM - Mar 05, 2015

    , hyderabad
    0.5 3.5/5 "Pretty good"
  • I am holding a housing loan with ICICI Bank. My opinion about them is rate of interest offered by them was 10.25% which is a floating one. They helped me in many ways. The best thing is they have recommended the lawyer for documents registration and he completed all the formalities. They have even given suggestion for interior decorators as well.
    06:24 PM - Mar 04, 2015

    , hyderabad
    0.5 5.0/5 "Blown Away!"
  • I am yet to finalise the property. I am still searching for the property. I dont have any idea of what the interest rate is, nor I dont have the clear information about the housing loan of DHFL as I dont recall very well. I have planned to apply after 4 or 5 months. Customer service offered by them was good and within a span of 1 day I got a response from them and they were able to provide all the information.
    05:21 PM - Mar 06, 2015

    , chennai
    0.5 4.0/5 "Great!"
  • Glad about ICICI bank and the sales staff were really supportive and cooperative. I am impressed with the service of ICICI bank and officials were helping entirely and they played important role during home loan process. They took ownership to complete the process. Interest rate is equal to other banks and it is floating throughout the tenure.
    12:53 PM - Mar 05, 2015

    , mumbai
    0.5 5.0/5 "Blown Away!"
  • My experience with Standard Chartered Bank was not good for the Home loan which I have taken. There is no proper follow up done by the customer service executives as I had to do a follow up with them every time. They charged me for insurance and later I got it reimbursed to my account. In addition they are demanding for the unnecessary documents for which I had to pay extra and get it done. It would be better if there is an option to submit the documents online and if incase if any attestation required they can send it to us. And also I would request them to intimate in prior before they could visit the property for valuation.
    06:19 PM - Mar 04, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
  • DHFL housing loan is ok . I had already approached RECCO as it is next to my place. I got a positive response from them as well so I took a housing loan from them. One of my friend has advised me to apply at DHFL. Nothing wrong with DHFL rate of interest and processing fee charged by DHFL is quite similar to others. I have planned to approach DHFL for the two wheeler loan shortly.
    05:03 PM - Mar 06, 2015

    , chennai
    0.5 4.5/5 "Excellent!"
  • My home loan application with Axis bank could not processed to the next level because they informed that my office have no branch in India. They directly informed that I am not eligible and they did not guide me with alternate options. They could have been informed that I can take loan with co-applicant. I am not that much impressed with Axis bank. Other than that rate of interest is similar to other banks. Response was not up to the mark.
    12:52 PM - Mar 05, 2015

    , mumbai
    0.5 2.0/5 "Expected more"
  • ICICI services was pathetic for the home loan which I have applied . I applied in the month of May at 2014 and I got my approval email in the month of January 2015. I am holding my salary account for the past 11 years and and I expected them to treat me as a privilege customer which didnâ??t happen. I was totally disappointed with the service provided by them. I would suggest they should serve the customers within the time limit provided and also provide a proper follow ups.
    05:16 PM - Mar 04, 2015

    , jaipur
    0.5 1.0/5 "Really Bad"
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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 06 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

  • 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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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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