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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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02
03

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.

One Loan, Two Homes:

Want to help rebuild flood ravaged Tamil Nadu? Apply for a Home Loan on BankBazaar.com between 1st Jan- 31st Jan 2016 and for every loan that is successfully disbursed, we will donate Rs.1,000 to HABITAT FOR HUMANITY, INDIA towards their efforts to help rebuild Tamil Nadu. Why not help someone find a new home, as you discover one for yourself?

Usher in 2016 with a Home Loan from BankBazaar.com:

New Year, resolutions and plans galore. Why not add a new home of your own to the mix? Avail a complication free, speedy and reliable Home Loan on BankBazaar.com and win a smashing surprise from Amazon. ‘Home Sweet Home’ was never more sweeter than this!!

What must you do?

  • Log into BankBazaar.com.
  • On the homepage, click on the very prominent ‘Home Loan Sale’ banner.
  • Tell us more about you via the simple Home Loan wizard that follows.
  • Submit your application and relax. Your part is done.
  • If approved, you win Amazon e-Gift card worth Rs.10,000.
  • The gift card will be mailed to your registered email ID. Look out for that ping.
  • Voila!! How about buying something fancy for your new home? Thanks to the gift card.
Eligibility Criteria:
  1. You must be above 18 years to participate.
  2. Home loan application forms submitted on the BankBazaar.com website between 10th Jan 2016 and 6th Feb 2016 are eligible. Applications across other online/mobile mediums aren’t counted.
  3. Note that ONE Applicant- ONE gift card rule is in force.
Timeline:

10th Jan, 2016 00:00:00 AM IST to 6th Feb, 2016 at 23:59:59 PM IST

Participating Banks:

Home Loans applied for from select partner banks are eligible for this offer. A prominent Amazon Gift Card Badge on the application page indicates that the offer applies to that particular Home Loan.

Terms & Conditions:
  1. Applications received post the end of this offer will not qualify for the e-gift card.
  2. The gift card will only be confirmed after the home loan application has been accepted by the concerned bank. The card will be mailed to the customer’s registered email address.
  3. E-Gift cards cannot be transferred, sold, modified, replaced or cancelled after issue.
  4. BankBazaar.com reserves the right to modify, add or discontinue this offer, and the associated terms and conditions, without any prior notice.

What are you waiting for? Your ideal home loan is just a couple of clicks away. HURRY!!


News About Home Loan

  • 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

  • 19 percent contribution to home loan growth by small towns

    Home loan portfolio is one arena where both public and private lenders are concentrating a lot these days. According to a report covered by Times of India, small towns are the predominant engine behind the steep upsurge in the housing loan market. A range of perks, offers and rebates are thrown in by builders and marketers to entice customers, not to mention partner banks promising swift loan approval. There is a mounting ambition to live in one’s own home, bought with one’s own hard earned money. This is especially true for two tier cities and small towns. The spotlight is now on smaller banks as shown below.

    Details for home loan portfolio growth in the current financial year:

    Syndicate Bank – 76 percent,

    Central Bank & Andhra Bank - 30 percent,

    ICICI Bank - 28 percent,

    HDFC - 23 percent.

    SBI – 15 percent.

    BankBazaar News About Loan

    25th November 2015

  • Home loan disbursal stands at INR 1012 crore

    Commercial banks in Orissa gave out over INR 1012 crore of home loans in the first half (April-September) of the present financial year according to a statement released by the State Level Bankers’ Committee (SLBC). In house loan sector, the sum has been distributed to 11,978 customers. Giving a detailed account of remaining amount, INR 9567.05 crores is pending in the housing mortgage segment alone, which will be distributed to 180,604 loan account holders. Likewise, the remaining balance in student loan sector stands at INR 2182.59 crores as of last September in 73,072 accounts. Among public sector banks, SBI had the maximum disbursal of INR 377.28 crore to 3,733 accounts. Next comes UCO Bank with INR 66.76 crores to 586 loan accounts. Among private lenders, Axis Bank is leading with INR 101.15 crores to 454 mortgage accounts, followed by ICICI Bank with INR 96.60 crores of distribution to 312 accounts.

    BankBazaar News About Loan

    17th November 2015

  • RBI Governor Offers boost to PM’s target of ‘Housing for All’ by 2022

    Honorable Prime Minister Narendra Modi’s ambitious initiative ‘House for All’ finds encouragement in RBI Governor, Mr. Raghuram Ranjan’s bold move in slashing repo rates by 50 bps. It is indeed a fillip in the plan to put a roof over the country’s populace of 1.3 billion citizens. Home loans rules and interest rates are expected to ease out a bit in time. Rajan’s schemes are beginning to bring positive outcomes in a fillip to Modi’s goal for 2 crore homes by 2022. SBI, India’s largest public bank informed on the same that it is gauging the effect of the decrease in risk weights and might contemplate further lowering of mortgaging expenses for house purchasers after having dropped its home loan interest rates recently. In the Indian real estate arena, loan penetration is pretty less and hence this move is definitely a start to expand the same.

    BankBazaar News About Loan

    02nd November 2015

  • RBI rate cut – folks not over the pleasant shocker!

    One week into the path-breaking repo rate cut of 50 bps from RBI, the customers and real estate stakeholders still seem to be celebrating. This bold step of reducing the rates to 6.75 percent by RBI Governor, Raghuram Rajan, was quick to garner support with many banks announcing rate cuts in their individual home loan policies too. This decision is expected to give that much-needed lift to housing demands in our country as the economic growth had quite braked in the second financial quarter. Many financial analysts have been insistent about a rate cut at this time where inflation showed signs of going on a hiatus. Mr. Rajan too maintained this as his priority, which has paid off.

    BankBazaar News About Loan

    27th October 2015

  • RBI rate slash to give a new lease of life to home purchasers

    With the RBI's reduction in home loan interest rates, this welcome step can boost the already-besieged housing loan arena. The thought was echoed by Mr. Sushil Mohta, the Chairman of Confederation of Real Estate Developers' Association of India (Credai), which is the authoritative body of all chief constructors in West Bengal. According to him, if interest rate on housing loan dipped under 10 percent, it could have a significant effect on the mindset of potential house buyers.

    The rate cut will also be music to the ears of prevailing clients as many of them have availed house loans on floating rates rather than fixed rates. Once the particular bank slashes the interest rates, the EMI disbursement will be way less. And the money thus saved could be used for better investment or to settle the loan faster. It is about keeping up the morale of the customers, after all.

    BankBazaar News About Loan

    21st October 2015

  • 2015 festive season sees increased loan offers

    With the festive period approaching, banks and financiers, fraught with the dawdling of settling business loans, are coming up with new offers with their housing loans among others. They have even repackaged their current home loan products. Axis Bank, for example, is about to unveil celebratory offers including rebates on processing charges of house and automobile loans. The bank is also preparing to merge every one of their insurance product and have distinct vehicle loan policies and have them affiliated with renowned enterprises.

    Mr. Jairam Sridharan, the head of retail banking in Axis Bank is positive about the numerous schemes that are hitting the market. Progress in the retail arena has been vigorous. He also admits that weak performance in major market like Delhi continues. He is hoping that the new schemes will bring about a paradigm shift. This trend is quickly taken up by other major public banks like Bank of Baroda and State Bank of India.

    BankBazaar News About Loan

    7th October 2015

  • Cheaper home loans with unbelievable rate cuts, RBI

    RBI has publicized the much-awaited and welcome slashes in home loans, which is a 50 bps deduction in the policy rate to 6.75 percent. This is a huge relief for prospective home purchasers as most banks and financiers will be forced to bring down the lending rates. The decreased repo rate, the rate at which RBI advances to banks from 7.25 percent, has come as a huge shock to the housing loan market which had anticipated a mere 25 basis point cut. But again, it is doubtful that banks will reduce their standard lending rate even by a single point. But according to Mr. P Srinivas, the CEO and MD of United Bank of India, the transmission will soon happen, benefitting the customers in general. Mr. B K Batra, MD of IDBI too echoed the thought. India’s biggest public sector bank, SBI has brought down its base rate at 9.70 percent, while private bank, HDFC has fixed its floor lending rate at 9.35 percent.

    BankBazaar News About Loan

    30th September 2015

  • Home Loans to be offered at an interest rate of below 6% by the Maharashtra Government.

    In an effort to provide affordable housing schemes to individuals, the Maharashtra Government would be reducing the interest rates on home loans. As per a senior state Government official, the home loan interest rates will range between 5.6% and 6% for a particular portion of the loan amount. Currently, the Maharashtra State Government is working with the Centre to finalize on this reduction.

    This move has been initiated by the Government to help individuals who find it difficult to pay high EMIs and house rents. The Government is planning to actually ask banks to offer loans at a subsidized rate, with the difference amount being paid by them. With the final decision still pending on this, the Government has to still take permissions from the Central Bank for the same.

    BankBazaar News About Loan

    4th September 2015

  • Tax Benefits on Home Loan Repayment

    One of the many things that motivate people to purchase a home is the tax incentives that accompany a home loan. However, a home loan has many purposes – construction, upgradation, repairs & renovation. It is important to understand that the tax benefit depends on the purpose of the home loan. The EMI is a combination of the principal repayment and interest component and under section 80C of Income Tax Act 1961, the principal repayment component can be presented for tax deduction with a limit of Rs.1.5 lakhs. Similarly, the upper limit for tax deduction on interest component has been set at Rs.2 lakh a year. This provision can be claimed only if the loan has been availed for a self-occupied property.

    For a home loan taken for renovation, alteration or repair, tax deduction can be claimed under 24(b) and the limit for this is set at Rs.30,000 a year for self-occupied property. Also, for home loans availed on or after 1st April 1999, a person can claim deduction up to Rs.2 lakhs only. In case the loan was taken for the purpose of house construction, the same should have constructed completely within three years and the lender must certify that the home loan was taken only to construct or buy a house.

    If your loan concerns a residential property that has been rented out, there is no cap for tax deduction irrespective of if the home loan has been taken for repair, renovation or construction.

    BankBazaar News About Loan

    19th August 2015


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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!

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

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!

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.

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.

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?

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.

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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