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

    Avail home loans up to Rs.10 crore with interest rates starting at 8.55% p.a. with additional benefits such as extended loan terms and flexible repayment options. Simple documentation, quick processing, and an excellent customer service with a response time of 30 – 45 minutes makes BankBazaar a go-to place for all your housing loan needs.

    Bank Name
    Interest Rate
    Processing Fee
    Loan Amount/Tenure
    9.0% - 9.50% (Floating Rate)
    Up to 0.50% (min. ₹ 10,000 + GST)(Processing Fee)
    ₹ 8L Min Loan Amount 1-30 Years Tenure Range
    8.80%- 9.20% (Floating Rate)
    ₹ 12,000 (inclusive of GST) (Processing Fee)
    ₹ 20L - ₹ 5CrsLoan Amount1-30 YearsTenure Range
    8.95% - 9.15% (Floating Rate)
    ₹ 10000+GST (Processing Fee)
    -Loan Amount1-20 YearsTenure Range
    8.70% - 9.00% (Floating Rate)
    Up to 0.5% (max. ₹ 11,800) (Processing Fee)
    ₹ 5L - ₹ 10CrsLoan Amount1-30 YearsTenure Range
    8.90% - 9.50% (Floating Rate)
    0
    (Not applicable on plot loans) (Processing Fee)
    ₹ 12L - ₹ 5CrsLoan Amount1-20 YearsTenure Range
    8.80% - 11.75% (Fixed /Floating Rates) 9.25% (Floating Rates)
    Super Saver Plan*
    0.50% (min. ₹ 10,000) (Processing Fee)
    ₹ 5L - ₹ 10CrsLoan Amount1-30 YearsTenure Range
    9.00% (Floating Rate)
    ₹ 10000+ taxes (Processing Fee)
    ₹ 50L - ₹ 5CrsLoan Amount1 - 25 YearsTenure Range
    8.55% - 8.99% (Floating Rate)
    ₹ 5,000 to ₹ 10,000 + applicable tax (Processing Fee)
    ₹ 20L - ₹ 10CrsLoan Amount1-30 YearsTenure Range
    8.75% - 11.0% (Floating Rates) 8.70% - 10.95% (Female) (Floating Rates)
    Up to 0.5% (max. ₹ 11,800) (Processing Fee)
    ₹ 2L - ₹ 3CrsLoan Amount1-30 YearsTenure Range
    8.95% - 9.05% (Floating Rate)
    Up to ₹ 1 Cr - 0.25% (max ₹ 10,000 + GST)
    1 Cr to ₹ 5 Cr - 0.25% (max ₹ 25,000 + GST) (Processing Fee)
    ₹ 30L - ₹ 5CrsLoan Amount5-30 YearsTenure Range
    8.90% (Floating Rate)
    ₹ 5,000 + Applicable Tax (Processing Fee)
    ₹ 30L MinLoan Amount5-30 YearsTenure Range
    8.30% - 8.65% (Floating Rate)
    ₹ 2,000 to ₹ 10,000 + applicable tax (Processing Fee)
    -Loan Amount1-30 YearsTenure Range
    8.30% - 9.35% (Floating Rate)
    ₹ 7,500 to ₹ 20,000 (Processing Fee)
    ₹ 1L - ₹ 2CrsLoan Amount30 YearsTenure Range
    8.35% - 8.55% (Floating Rate)
    ₹ 1,500 to ₹ 10,000 (Processing Fee)
    -Loan Amount30 YearsTenure Range
    8.85% - 9.05% (Female) (Floating Rate) 8.90% - 9.10% (Floating Rate)
    0.25% (max. ₹ 11,800) One time fee (Processing Fee)
    ₹ 5L - ₹ 10CrsLoan Amount3-30 YearsTenure Range

    *Super Saver Plan

    SBI Bridge Home Loan – Best for Short-Term Requirements

    Key Highlights
    • Competitive interest rates.
    • No hidden charges applicable on your loan.
    • Repayment tenures up to 2 years.
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    1 Year 10.95% p.a. 0.35% of loan amount (min. Rs.5,000)* NIL
    2 Years 11.95% p.a. 0.35% of loan amount (min. Rs.5,000)* NIL

    *Processing fee waived until 31 May 2019

    Aditya Birla Capital Home Loan – Best for Low Interest Rate

    Key Highlights
    • For both salaried and self-employed individuals
    • Zero prepayment charges on floating rate type loans.
    • Loan tenures up to 30 years.
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at 8.55% p.a. Rs.5,000 to Rs.10,000 + applicable tax Floating rate: Nil
    Fixed rate : 2% of the principal outstanding

    Canara Bank Housing Loan – Best for Long Term Requirements

    Key Highlights
    • Attractive rates with extended tenures and flexible repayment options.
    • No prepayment and foreclosure charges.
    • Interest rate concession of 0.05% for women.
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    starts @
    8.70% p.a.
    0.5% of loan amount (min. Rs.1,500; max. Rs.10,000) Nil
    on floating rate loans

    Aditya Birla Capital Home Loan – Best Interest Rate for Women

    Key Highlights
    • For Women at reduced interest rates with simple documentation approval.
    • No foreclosure or part-payment penalties on floating rate type loans.
    • Low processing fees.
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at 8.55% p.a. Rs.5,000 - Rs.10,000 plus applicable tax Floating rate: Nil; Fixed rate: 2% of the principal outstanding

    Axis Bank Home Loan – Best Interest Rate for Salaried Employees

    Key Highlights
    • For salaried individuals interest rate concession of 0.05% p.a.
    • No hidden charges
    • No prepayment/foreclosure penalty
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to 30 years 8.80% p.a. 0.5% of loan amount (min. Rs.10,000) Nil

    Canara Bank Housing Loan – Joint Home Loan

    Key Highlights
    • Canara Bank allows you to add your spouse or an immediate family member by adding them as co-applicants while applying for a home loan.
    • Higher loan eligibility
    • 0.05% Interest rate concession for women borrowers.
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at
    8.70% p.a.
    0.50% of the loan amount
    (min. Rs.1,500; max. Rs.10,000)
    Nil
    on floating rate loans

    PNB HFL Home Loan for self-employed/businessman

    Key Highlights
    • PNB HFL offers eligible self-employed individuals home loans at lower interest rates with simple documentation and quick processing
    • Flexible repayment schemes
    • Loan term up to 30 years
    • No Prepayment charges
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to 30 years 9.00% p.a. 0.5% of loan amount (min. Rs.10,000) Nil

    LIC HFL Home Loan for Pensioners/Senior Citizen

    Key Highlights
    • LIC HFL offers pensioners and senior citizens the facility to avail housing loans for the purpose of purchase/construction of a property at lower interest rates
    • Can be availed before and after retirement
    • Loan repayment term up to 15 years
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to 15 years or Age 70 years Starts at 8.95% p.a. Up to 0.25% of the loan amount (max. Rs.25,000) Floating rate: Nil; Fixed rate: Nil or 2% of the loan amount

    SBI Privilege Home Loan for Government Employees

    Key Highlights
    • SBI offers government employees privilege home loans at competitive rates with minimal documentation and quick processing
    • Extended loan repayment tenures up to 30 years
    • Reduced interest rates for women borrowers
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to 30 years 8.60% p.a. Nil Nil

    Axis Bank NRI Home Loan

    Key Highlights
    • Axis Bank offers eligible NRIs affordable home loans at attractive interest rates with easy documentation, quick processing and instant approval
    • Minimal processing fee
    • Flexible loan tenures
    • Zero foreclosure charges
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    starts at
    8.90% p.a.
    Up to 1% of the loan amount (min. Rs.10,000) Nil
     

    HDFC Home Loan for Purchase

    Key Highlights
    • HDFC Bank offers housing loans to prospective borrowers looking to purchase a new house/flat at competitive rates of interest with minimal documentation and quick processing
    • Flexible repayment schemes
    • No prepayment and foreclosure charges
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at
    8.70% p.a.
    0.50% of the loan amount (max. Rs.11,800) Nil
     

    Indiabulls Housing Finance Loan for Construction

    Key Highlights
    • Suitable for those looking to construct a house/property of their plan
    • Competitive interest rates
    • Reduced rate of interest for women borrowers
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at
    8.70% p.a.
    0.50% of the loan amount (max. Rs.11,800) Nil
     

    DHFL Home Renovation Loan

    Key Highlights
    • Suitable for those looking to renovate/expand/extend an existing property
    • Attractive interest rates
    • Loan amount available up to 90% of the market value or 100% of the estimated cost of improvement
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    10 years
    Starts at
    9.75% p.a.
    Rs.2,500 or the applicable processing fee (whichever is lower) + GST Nil
     

    SBI Home Loan for under-construction property

    Key Highlights
    • Suitable for those looking to purchase an under-construction house/property from a registered builder/developer
    • Zero foreclosure/prepayment charges
    • Minimal processing fee
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at
    8.60% p.a.
    Rs.2,000 – Rs.10,000 plus applicable tax Nil
     

    PNB HFL Plot Loan: Best Home Loan for Plot and Construction

    Key Highlights
    • Suitable for those looking to purchase a residential plot for the purpose of construction of a house/property
    • Various repayment options
    • Low processing fees
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at
    10.10% p.a.
    Up to 0.50% of the loan amount (min. Rs.10,000) Nil
     

    Best Home Loan for Existing Customers: HDFC Home Loan for Existing Customers

    Key Highlights
    • HDFC Bank offers housing loans for its existing customers at lower interest rates with flexible repayment schemes.
    • Provides provision income tax statement online
    • Quick loan disbursal
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
    Starts at
    8.70% p.a.
    0.50% of the loan amount (max. Rs.11,800) Nil
     

    SBI Realty Home Loan: Best Home Loan for Land Purchase

    Key Highlights
    • Suitable for those looking to purchase a plot for the construction of a house/dwelling unit.
    • Attractive interest rates
    • Interest rate concession for women borrowers
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    10 years
    Starts at
    9.20% p.a.
    0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000) Nil
     

    HDFC Home Loan Balance Transfer: Best Home Loan Balance Transfer

    Key Highlights
    • Suitable for those looking to transfer their existing home loan balance to a new lender at reduced interest rates and better repayment options
    • Customised repayment schemes
    • No hidden charges
    Loan Tenure Rate of Interest Processing Fee Prepayment/foreclosure Penalty
    Up to
    30 years
     
    Starts at
    8.70% p.a.
     
    Up to 0.50% of the loan amount or Rs.3,000 (whichever is higher) + applicable taxes Floating Rate: Nil; Fixed Rate: 2% of the loan amount being prepaid through refinance
     

    Home Loan Eligibility

    Eligibility Criteria Requirement
    Age Minimum Age: 18 years and Maximum Age: 70 years
    Resident Type The applicant must be (any one):
    • Resident Indian
    • Non-Resident India (NRI)
    • Person of Indian Origin (PIO)
    Employment The applicant can be (any one):
    • Salaried
    • Self-employed
    Net Annual Income At least Rs.5-6 lakh depending on the type of employment
    Residence The applicant must have (any one):
    • A permanent residence
    • A rented residence where he/she has resided for at least a year prior to applying for a loan
    Credit score A good credit score of at least 750 or more obtained from a recognised credit bureau
     

    Documents required for Home Loans

    Documents required from all applicants

    Identity Proof (any one) Residence Proof (any one) Other Documents
    Driving License Copy of Electricity Bill/Water Bill/Telephone Bill Employer Identity Card
    PAN Copy of valid Passport/Aadhar Card/Driving License Duly filled loan application form affixed with 3 passport size photographs
    Voter ID   Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
    Valid Passport   Bank account statements for all the bank accounts owned by the applicant for the last six months

    Documents related to income proof

    For Self-employed Applicant/Co-applicant: For Salaried Applicant/Co-applicant:
    Income Tax Returns for the last 3 years Salary Slips for the last three months
    Certificate of Qualification (for Doctors/C.A. and other professionals) Copy of Form 16 or Income Tax Returns for the last two years
    Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years  
    Business License Details  
    Business address proof  
    TDS Certificate  

    Documents required from Non-Resident Indians (NRIs):

    Documents required from all Non-Resident Indians (NRIs) applicants

    Identity Proof (any one) Residence Proof (any one) Other Documents
    PAN Telephone bill Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
    Valid Passport Electricity bill Proof of residence indicating the applicant’s current overseas address
    Driver’s License Water bill Employer Identity Card
    Voter ID Card Piped Gas bill If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
      Valid Passport PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
      Driving License The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
      Aadhar Card The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

    Documents related to income proof for NRI

    For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
    Proof of income if the applicant/co-applicant is a self-employed professional/businessman. Valid work permit
    Business address proof Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
    Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years Salary slips for the last 3 months
    Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries. Bank statements indicating salary credit for the last 6 months
    Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months. Copy of the Identity Card issued by the current employer along with the latest salary slip (original).
      Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

    Property Papers:

    1. Agreement of Sale (any one):
      • Registered Agreement of Sale
      • Stamped Agreement of Sale
      • Allotment Letter
    2. Occupancy Certificate in case the property is a ready-to-move-in property
    3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
    4. Conveyance Deed in case of a new property
    5. Bank account statements indicating all payments made to the seller or builder
     

    Home Loan Fees and Charges

    Depending on the type of loan you are applying for, the following charges may be levied:

    • Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
    • Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
    • Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
    • Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
    • Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
    • Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
    • Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
    • Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
    • Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
    • Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
    • Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

    Quick Link to Other Home Loan Features

    Types of Home Loans in India

    Banks in India provide different types of housing finance options for different purposes. Here’s a list of the prominent types of housing loans in India, based on a study of products offered by some of the top banks:

    1. New Home Loans: New Home Loans are offered to eligible customers who are looking to purchase a house or property for the first time.
    2. Pre-approved Home Loan: Pre-approved home loans are offered by banks to eligible borrowers once his/her creditworthiness, income and financial position are taken into considerable for an in-principal approval of the loan.
    3. Home Purchase Loans: Home purchase loans are specifically given to borrowers looking to purchase a house or flat.
    4. Home Loan for Construction: Home loan for construction is offered to customers who are looking to construct their own house on an existing piece of land.
    5. Plot Loans: Plot loans are loans offered to customers looking to purchase a piece of land or plot for the purpose of constructing a house on it.
    6. Home Loan Top Up: Home Loan Top Up is a facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the existing home loan.
    7. Home Extension/Renovation Loans: Home loans for extension or renovation of home are offered to borrowers who wish to renovate/extend their existing house/property.
    8. Balance Transfer Home Loan: Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.
     

    Home Loan Rejection

    Do's Don't
    Ensure that you have researched on the loan you want to apply for Do not blindly sign the documents before you read every term and condition on it
    Read the fine print before taking the loan Do not forget to compare interest rates offered by different loan providers
    Look out for any charges applicable on prepayments and foreclosure Do not default on your monthly payments
    Make sure you pay the equated monthly instalments (EMIs) on time Do not apply for a loan just for the sake of it
    Ensure that you have a good credit score before you apply Do not sign the home loan agreement before reading the clauses
    Apply for a loan amount you are eligible for Do not request for a change in tenure unless you have considered all the aspects
    Submit all the necessary documents Do not submit an incomplete or mismatched loan application
    Ensure that you have stable employment Do not have too many ongoing loans
     

    What to do if your home loan application is rejected?

    You can always re-apply for a home loan if your first loan application was rejected by the lender. However, there are a few aspects you must consider before doing so.

    Credit score: Since housing loans are generally long-term retail loans, lenders look into the applicant’s repayment capacity before approving or rejecting a loan application. Your credit score plays a major role in deciding your repayment capacity against a loan.

    If you have a poor credit score on your credit report, chances of your loan application being rejected are high. The unsatisfactory credit score gauges your creditworthiness which banks and financial institutions consider before processing your loan application. Hence, it is advised to go through your credit score and credit report before you apply for a loan.

    In case you have a poor credit score, consider improving your score by making your debt repayments on time before you reapply for a housing loan again. If you do not know what your current score is, you can get your credit score along with the credit report on BankBazaar.

    Loan Amount: Since purchasing/constructing a home is a one-time investment, we often tend to overlook the financial costs involved in it. Banks and financial institutions fix the maximum loan amount you are eligible for by taking your present monthly income. There is a high chance your application was rejected because of the loan amount you have applied for.

    If the loan amount applied for exceeds your eligible loan amount, the lender can decide to reject your application. In such cases, you can consider increasing the down payment on your home loan to bring down the loan amount.

    Other Ongoing Loans: Banks can also choose to reject your home loan application if you have too many other ongoing loans. Since home loan lenders see to it that not more than 50% of your monthly income is being contributed to your loan repayments, any other ongoing long-term loans can result in your application being rejected.

    Having too many ongoing loans will not only impact your personal finances but also your repayment capacity. Hence, it is advised to clear the ongoing loans, if any, before you apply for a housing loan.

    Co-applicant: There can be instances where applications are rejected due to low income. In such cases, you can consider adding a co-applicant such as a member of your immediate family. This will increase the maximum amount you are eligible for as the income and creditworthiness of the co-applicant will also be taken into account while deciding your eligibility.

    Employment: In some cases, the employment of the applicant can act as the deciding factor on whether the loan application is being approved or rejected by the lender. Your application can be rejected if the lender learns that you have been switching between jobs frequently.

    Unstable employment can sometimes prove to have a negative impact on your loan application. On the other hand, stable employment with a recognised institution on your application can have a positive impact.

    In case your housing loan application was rejected, and you have only been working with the current employer for a short period of time. You can consider giving it some more time before re-applying for another one.

    Documentation: Housing loans include a lot of documentation such as identity proof, residential proof, bank account statements, income tax returns, income proofs, property papers, documents approved by concerned authorities, etc. Your loan lender can reject your loan application even if one of the required documents are not submitted.

    You can always consult the banks’ customer relationship executives to assist you with proper loan documentation.

    1. When do I make my home loan application?

      There is no particular right time for making your home loan application. As soon as you have figured out your budget and zeroed down on the property that you want to buy, you should apply for home finance.

    2. Is visiting the lending bank compulsory to avail home finance?

      Yes, mostly. Although a lot of loan processing work has been shifted to online platforms, still a loan applicant is required to visit the lending bank branch at least once to formally close the loan processing formalities. Many private banks have started sending their representatives to borrowers’ place to get documents and forms signed and verified.

    3. Will the lending bank provide the entire cost of the property that I wish to buy?

      No. Generally, banks only lend 80% of the cost of your property. The rest 20% is to be borne by the loan borrower. However, to ease out the process for customers, most banks have broken up this ration into 10-80-10 so that at the time of availing the loan, customers are only required to pay 10% of the total cost and the rest is paid by the bank.

    4. When does the repayment period start?

      Repayment of loan starts after the entire home loan is disbursed to the borrower. In case of under-construction properties banks allow payment of the partially disbursed amount. Towards this partially disbursed loan amount, customers are free to either repay the principal and interest amount both or just the interest amount or none at all.

    5. Can loan repayment be made ahead of schedule?

      Yes. All banks allow pre-payment of home loans. Some banks charge a pre-payment fee for that while others do not.

    6. Do I have the right to choose between base rate and MCLR for my home loan request?

      Current home loan borrowers who have a running home loan account can choose to continue with base rate or switch to MCLR. New home loan borrowers need to avail the new MCLR rates which are subject to change every set interval of time as mandated by the RBI.

    7. How long does it take for home loan to get sanctioned?

      Your home loan will get sanctioned as soon as all the required documents are submitted and verified successfully. This may take anywhere between 10 to 30 days.

    8. Do I get to avail tax benefits on home loan?

      Yes. Home loans are a great instrument to avail tax benefit. This is offered to both the interest and principal components of home finance. Under section 24(1) interest repayment of Rs.1,50,000 is eligible for exemption and on the same housing loan a principal amount of Rs.1,00,000 is eligible for exemption from tax.

    9. What is meant by EMI?

      EMI stands for Equated Monthly Installments. An EMI is made up of two components, principal and interest. Any loan availed by a borrower is repaid in EMIs over the loan tenure.

    10. What collateral do I need to furnish as security?

      Since home loan is a huge loan amount and the tenure also is long, hence, almost all banks ask borrowers to furnish some collateral as security against the loan. This include the papers of property for which loan is being sought, some other property papers, any fixed deposit schemes or insurance schemes etc. that are on the loan borrower’s name.

    11. Can I apply jointly for a home loan with my spouse? Will both our incomes be considered for loan quantum?

      Yes. You can apply jointly in your and your spouse’s name. Both of your incomes will be considered for determination of loan quantum.

    12. What documents do I need to submit to avail home loan in India?

      Generally, all banks ask for proof of address, proof of identity, bank account statements and salary details from home loan borrowers. This list may differ a bit from one bank to another.

    13. How can I make EMI payments against my home loan?

      Home loan EMI payments can be made to the bank either by using offline channels like cheque, demand draft and cash or by availing the net banking facility that all banks offer to their home loan customers. Post dated cheques and Standing Instructions are another popular way to make EMI payments.

    14. If I deposit my property documents as security with the bank, when will I get those back?

      Any property document that you submit as security collateral is returned to you only once the entire home loan amount is repaid and the home loan on your name is closed.

    15. Can I avail home finance for renovation or construction of house?

      Yes. Home loans are offered under various sub-heads. Housing finance for renovation of property or construction of house is also offered by all major banks in the country.

    16. Can I switch from fixed to floating rate of interest and vice versa during the tenure of my home loan?

      Yes. Most banks allow switching between fixed and floating rates. However, customers may be charged a particular fee for the same.

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    Home Loan Reviews

    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a home loan with CANARA BANK and to get my application processed it has not took a long time. There was no delay. The interest rates moderate because they keep on changing the rates . Customer service is very good they are very professional .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on May 22, 2019
    • HDFC Limited Home Loan
      "Good home loan service"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from HDFC ltd. Bought my loan 10 years back. I had a salary account with them, hence i have selected this bank. I have bought the loan amount of Rs. 5.50 lakhs. I am paying the EMI amount of Rs. 6800. I have selected the tenure period of 20 years. I have paid the processing fee of Rs. 6000.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 22, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through HDFC LTD which i have directly applied with bank The .rate of interest and the processing fee was nominal .I have applied for the loan amount of 25lakhs for the tenure of 12years ,still loan is active ,The agent gave all the information about the loan process .
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC LTD. The process was done on smooth and received a loan amount 12 lakhs for the duration of 10years. The rate of interest and processing fee is nominal in this bank.The good which I would like to share is documentation process was done on easy.
      Was this review helpful? 0
      , chennai
      Reviewed on May 21, 2019
    • review Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken my Home loan from GIC HOUSING FINANCE LTD and the process in getting the loan was pretty much simple where it just took two weeks for the disbursement of the loan amount. The interest rate with them is also pretty good but after getting loan the response from their end has not been that good. They don't have a mobile application or a website to do things online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The customer service is good and support on time. The rate of interest is good and low when compare to other bank. The fee also applicable and nominal.
      Was this review helpful? 0
      , indore
      Reviewed on May 21, 2019
    • review Home Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I am using the home loan with GIC HOUSING FINANCE LTD since from last last year, as per my expectation I received a loan amount for the duration of 24 years. The rate of interest is high when compare to other.The fee is nominal. On time I received a loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • ASPIRE HOME FINANCE CORPORATION LIMITED Home Loan
      "Best Service"
      0.5 2.0/5 "Expected more"
      I have taken Home loan through Aspire Home Finance corportation Limited .I have applied for the loan amount of 4 lakh for the tenure of 10years ,The rate of interest and processing fee was high ,loan amount got sanctioned on time it was sufficient,The agent gave all the relevant details and also submitted documents on time .
      Was this review helpful? 0
      , thane
      Reviewed on May 20, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through HDFC Ltd through Online .The service is good so far i have taken the loan amount of 50lakhs for the tenure is 30yearrs ,still the loan is active ,The rate of interest and processing fee was nominal ,I have submitted documents and the agent gave all information about the loan process .The agent was good ,loan amount got on time,it was sufficient as welll.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2019
    • LIC Housing Home Loan
      "Percentage should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have housing loan from LIC, as per my experience the interest rate is huge as compared to others. In 2014 I took the loan amount around Rs 30 lakhs, the agent came to my place and completed the documentation process, it would be if they reduce the interest.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 20, 2019
    • DHFL Home Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      Taken my housing loan from DHFL. So far i never had a chance to speak with their call centre people. When i had sanctioned my loan the interest was 10.35% which is a floating interest rate. They have charged me some processing fee. Total tenure period of the loan is 20 years. Within a month, they have sanctioned the loan. Initially, sanctioned the loan was a quick enough but disbursing the amount is took some time. The loan is easy to get sanctioned.
      Was this review helpful? 0
      , thane
      Reviewed on May 20, 2019
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my housing loan with HDFC LIMITED a while ago, the loan amount which they have given to me was sufficient, the rate of interest they have charged me was sufficient, the processing fee they have charged me up to 8000 which was minimal, still this loan is running, so far i did not face any issue.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The rate of interest was nominal. Only the drawback which I felt was need to visit often to office for further process.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a home loan STATE BANK OF INDIA for more than one year. As per expectation I received a loan amount as per my expectation for the tenure of twenty years. The rate of interest and processing fee is nominal when compare to other banks.
      Was this review helpful? 0
      , noida
      Reviewed on May 20, 2019
    • Indiabulls Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My housing loan was taken with INDIA BULLS , the services was good and process was smooth , i receive the loan on time . The tenure period is sufficent and they charge fine rate of interest which is nominal in the market . They gave option of preclosere and processing fee is nominal
      Was this review helpful? 0
      , kolkata
      Reviewed on May 20, 2019
    • Punjab National Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Punjab National Bank directly applied ,rate of interest and the processing fee was nominal ,loan amt was 8 lakhs for the tenure of 12years ,the loan amount on time ,loan amount was sufficient ,documents submitted no issues ,still the loan is on process.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • LIC Housing Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The experience of applying the home loan with the LIC HOUSING FINANCE is very good and i had a good experience with this bank. i got the loan amount very good also the rate of interest was satisfactory with this loan. I am using from last 2 years the duration for repaying the loan is for 12 years with this loan.
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      , hyderabad
      Reviewed on May 19, 2019
    • LIC Housing Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the home loan with the LIC HOUSING FINANCE since from last 2 years the loan amount given was satisfactory also the documentation process was simple and easy to get the loan with this bank. the rate of interest was nominal which is satisfactory in this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 19, 2019
    • LIC Housing Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan with the LIC HOUSING FINANCE where using it since fro last 10 years and the duration for repaying the loan is for 15 years. The loan amount was nominal also the rate of interest was nominal as per the market value.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 19, 2019
    • United Bank Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and easy to get the home loan with the UNITED BANK OF INDIA. The loan amount was good and the rate of interest was 10% which was fixed and now changed into flexible rate of interest was applicable which is higher.
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      , kolkata
      Reviewed on May 19, 2019
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