A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    Home Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.45% Floating
    0.35% (max. ₹10,000)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.45% - 10.25% Floating
    0.5% (min. ₹7500) One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.65% - 11.25% Fixed/Floating
    5,000 to 0.25% One time fee
    5L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Home Loan Reviews

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    Home Loan BYTES FROM OUR KITCHEN

    You're eligible for a Home Loan if you:

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    Are legally adult enough to handle it

    Have still got it

    Get a regular pay check

    Make more than a basic buck


    Your eligibility depends on

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    02
    03

    EMI limited to about 50%
    of monthly income

    Loan capped @ 75% - 85% on property value

    EMIs of other loans lower
    your eligibility


    Boost your eligibility by

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    Making your spouse a co-applicant

    Choose longer tenure loans of up to 20 - 30 years

    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

    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

    • Housing loans have scope for rate cuts, banks may take a while to grant these benefits

      Leading banks like State Bank of India and ICICI Bank declared a cut in home loan rates. This was declared at a 10 basis point cut. This declaration comes after the implementation of Marginal Cost of Funds based Lending Rate (MCLR) system. This system has been made mandatory by the Reserve Bank of India. This has come into effect from 1st April 2016.

      Potential home buyers and present home loan borrowers can expect much more in store for them due to Reserve Bank of India’s decision to cut down the repo rate by 25 basis points. Repo rate is the rate at which it lends to commercial banks. RBI has also launched many other measures which are believed to play a significant role in getting the interest rate lower within the economy. Though some banking experts are of the opinion that significant reduction in interest rates by banks will take a while as banks are presently burdened with increasing non-performing assets and more provisioning.

      BankBazaar News About Loan

      26th April 2016

    • Customers might get home loans worth Rs. 1crore for a period of 30 years

      With an aim to increase demand for home loans and buying houses, banks can be extending home loans for a period of 30 years. This step is being seeing as a progressive blessing for builders and real estate developers. State Bank of India and Housing Development Finance Co. are actively backing this step and pushing towards its realisation. Please note that as this loan tenure lasts over 20 years, they are being given only for properties which cost more than Rs. 1 crore. This is a blessing for high income youngsters, who have the ability to earn higher with the passage of time. You can also get a home loan from any leading bank. To get the best deal, make sure that you refer to a neutral third party financial website.

      BankBazaar News About Loan

      18th April 2016

    • The cut in repo rates mean that Home loans will get cheaper very soon

      In the past 14 months, the Reserve Bank of India (RBI) cut repo rates by 150 basis points (bps). This is including the 25-bp cut on Tuesday. This said, borrowers are still unable to reap the benefits. This is because the transmission, has been 50-60 bps, at best. In the next month, there would only be a 25 basis point reduction. However, soon this could change for the better.

      Monetary transmission could be improved because of these reasons: the Introduction of the marginal cost of funds-based lending rate (MCLR), likely improvement in liquidity, the recent cut in small savings rate and more open market operations.

      BankBazaar News About Loan

      7th April 2016

    • New home loan schemes to fuel your home ownership dream

      The Budget 2016-17 is the hottest news, but what does it mean for the home buyer? The common man may be slightly disappointed since there is no increase in tax exemptions. However, it is that the Finance Minister has kept the salaried tax payer in mind. There are many pieces of good news for those on the lookout for property in the affordable segment. For example, first time home buyers are granted an additional deduction of Rs. 50,000 if the loan amount they are applying for is less than Rs.35 lakhs. For this advantage, the loan must be sanctioned in 2016-17 and the cost of the house must be below Rs.50 lakhs.

      BankBazaar News About Loan

      6th April 2016

    • Home loans will be cheaper once the revised interest rates come into effect on 1st April

      On April 1st Banks will announce revised interest rates, making earnings on deposits lower. This will also mean home and car loans will be cheaper. The bank deposit rate will be brought down by the reduction in small savings rate by the government.

      Lenders can wait until the monetary policy review, which is due on April 5th, before they make a call on rates. It is expected that the Reserve Bank of India (RBI) will reduce interest rate by a minimum of 25 bps.

      BankBazaar News About Loan

      4th April 2016

    • Additional Deduction of Rs 50,000 on Home Loans Up To Rs 35 lakh

      The proposed budget for the year 2016 is likely to bring some good cheer for first time home loan buyers. All first time loan applicants who are availing loans up to the value of Rs 35 lakhs, where the value of the house to be purchased does not exceed Rs 50 lakh, will be given an additional deduction of Rs 50,000 on their home loan interest. With the costs of houses and apartments only shooting up by the day, this proposal has been a rather welcome move.

      In India, home loan buyers can claim tax benefits from not only the principle component but also the interest component of their home loan. Under the ‘Income from House Property’ clause, individuals can obtain a maximum deduction of Rs 2 lakh on a ‘self-occupied’ house.

      Ahead of the announcement of the 2016 Budget, industry experts and tax payers have been anticipating a rise of Rs 1 to Rs 3 lakh in the limit of home loan tax deduction, which currently is provided at a mere Rs 2 lakh and considered rather insufficient. Apart from interest, one can also make a claim, under Section 80C, on their principal loan EMI repayment, up to the total amount of Rs 1, 50,000.

      Requests have poured in from home buyers and tax experts to introduce an independent section for deduction on housing loan principal re-payment. The need for this arises due to the fact that the repayment on the principal home loan amount is currently grouped with various other tax saving components under Section 80C, and provides little tax relief to prospective home buyers. Inclusion and implementation of this demand will be greatly helpful to all home loan borrowers who will not only have more disposable income but will also encourage investments.

      BankBazaar News About Loan

      8th March 2016

    • Arun Jaitley’s Tax Expectations about Budget 2016

      Despite the fiscal front having challenges, Budget 2016 is foreseen to give tax payers some relief. Finance Minister Arun Jaitley had proclaimed more tax benefits for taxpayers in the last 2 budgets, making people expect more tax sops. Income tax exemption limit may be increased, according to analysts. This step will be taken to increase consumption. Also, more tax deductions are expected to be announced in order to encourage savings.

      One of the income tax chances that are expected by experts is the basic income tax exemption limit being increased from Rs. 2.5 lakh. It is believed that this number should be concurrent to inflation and subsequently increased automatically each year.

      BankBazaar News About Loan

      01st March 2016

    • CREDAI House Loan Fair Begins

      The Confederation of Real Estate Developers Association of India (CREDAI) launched a housing loan fair from the 6th -8th of February, 2016. The Fairpro 2016 at Chennai Trade Centre will be the next such event, which will take place from the 19th-21st of February. A number of banks, among them KVB, HDFC, ICICI and Axis are participating in the hope of enticing prospective buyers with attractive schemes.

      There is generally a slump in housing loans following a natural calamity, followed by a surge after a short time. HDFC is looking at capitalising on the flood relief efforts currently being undertaken by the Chennai government and civic bodies, since residents will now begin to make decisions about housing.

      The loan fair will also be a good stage for creation of potential investors in the real estate sector, with buyers able to assess their loan eligibility from the participating banks and leave with a sanctioned loan.

      The fair also generates a significant amount of money for the banks, who earned around Rs.110 crore from it in 2015.

      BankBazaar News About Loan

      16th February 2016

    • Car and Home Loan Sectors Set for a Boost in 2016

      The Indian economy is seeing a resurgence, with home and car loan demand on the upswing, according to the ICICI Bank CEO. Government measures to stimulate coal and iron ore production and transport projects have led to a demand for commercial vehicles. Home loans have seen a rise as more first-time home buyers are joining the workforce each year, leading to demand.

      She also stated there was no competition between full service banks and small finance ones, instead saying they would complement the current system. The full service banks would provide a bigger product range and build long standing relationships with their customers, with the small finance ones emphasizing on different payment alternatives and convenience to the customer.

      BankBazaar News About Loan

      8th February 2016

    • Wooing the lady with lucrative home loan deals

      Women loan applicants are being offered fabulous loan options with reduced interest rates and other perks. Yes, it pays to be a woman when you look at the customized schemes and other terms and conditions. Public and private sector lenders as well as NBFCs are competing with each other to entice women to apply for their home loan products. Some of the perks are on the platter even if you are woman co-borrower.

      When buying a house or apartment with the aid of a bank loan, the interest rate will be less for a lady client. For instance, SBI’s ‘Her Ghar’ housing loan products proffer a reduction of five basis points (bps) for females. The present interest rate for women is 20 bps above the base rate of 9.3 percent. You may feel that this rebate is not much. But since the loan sum tends to be quite high, it certainly counts. For instance, you can save INR 48,000 on a housing loan of INR 50 lacs, over a 20 year tenure.

      BankBazaar News About Loan

      19th January 2016


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