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
    9.05% - 9.30% (Floating Rate)
    Up to 0.50% (min.₹ 10,000 + GST)(Processing Fee)
    ₹ 8L Min Loan Amount 1-30 Years Tenure Range
    8.90% – 9.75%(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
    8.60% - 8.95% (Floating Rate)
    Up to 0.5% (max.₹ 11,800) (Processing Fee)
    ₹ 5L -₹ 10CrsLoan Amount1-30 YearsTenure Range
    8.85% - 8.95% (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
    9.5% - 9.65% (Floating Rate)
    ₹ 10000+ taxes (Processing Fee)
    ₹ 50L -₹ 5CrsLoan Amount1 - 25 YearsTenure Range
    9% – 12.50% (Floating Rate)
    ₹ 5,000 to₹ 10,000 + applicable tax (Processing Fee)
    ₹ 20L -₹ 10CrsLoan Amount1-30 YearsTenure Range
    8.80% - 12% (Floating Rates)
    Loan amount up to Rs.30 lakh - Up to Rs.10,000
    Loan amount above Rs.30 lakh - 0.50% - 1% (Processing Fee)
    ₹ 2L -₹ 3CrsLoan Amount1-30 YearsTenure Range
    Salaried – Up to 10%
    Self-employed – Up to 12% (Floating Rate)
    ₹ 5,000 + Applicable Tax (Processing Fee)
    ₹ 30L MinLoan Amount5-30 YearsTenure Range
    8.55% – 9.25% (Floating Rate)
    0.35% (min. Rs.2,000; max. Rs.10,000) (Processing Fee)
    -Loan Amount1-30 YearsTenure Range
    8.70% to 9.70% (Floating Rate)
    Loan amount up to Rs.50 lakh – 0.50% (min. Rs.7,500; max. Rs.12,500)
    Loan amount above Rs.50 lakh – 0.25% (min. Rs.7,500; max. Rs.20,000) (Processing Fee)
    ₹ 1L -₹ 2CrsLoan Amount30 YearsTenure Range
    8.70% - 8.95% (Floating Rate)
    0.50% (min. Rs.1,500; max. Rs.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

    Home Loan EMI Calculator



    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 Ltd. Home Loan for Purchase

    Key Highlights
    • HDFC Ltd. 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
    8.60% 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 Ltd. Home Loan for Existing Customers

    Key Highlights
    • HDFC Ltd. 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
    8.60% 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 Ltd. 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
    8.60% 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
     

    Home Loan Documents Required

    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

    Income Proof Documents

    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 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

    Income Proof Documents 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. Which factors determine my home loan eligibility?

      Banks/financial institutions consider the following factors when determining your loan eligibility:

      • Age
      • Annual Income
      • Occupational stability
      • Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
      • Number of co-applicants
      • Co-applicants' income
      • Credit score
      • Other ongoing loans, if any
    2. What is the difference between a fixed rate and floating rate home loan?

      The rate of interest associated with fixed rate loans remain unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating rate loans can be revised from time to time depending on the RBI key policy rates. The equated monthly instalments can increase or decrease depending on the prevailing RBI rates in the case floating rate type loans.

    3. Can I prepay my outstanding home loan amount?

      Yes, you can choose to prepay your outstanding loan amount either partially or in full before the completion of your loan tenure. While banks do not charge any prepayment fee on floating rate loans, fixed rate home loans attract a penalty up to 2% of the loan amount if prepaid through refinance.

    4. Can I avail tax deductions on my home loan?

      Yes, you can avail tax benefits on both the interest and principal component paid against your home loan. As per Section 80C of the Income Tax Act, you can avail deductions up to Rs.1.50 lakh on the principal amount repaid annually.

      Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to Rs.2 lakh on the interest repaid against a home loan annually.

    5. Who can be a co-applicant?

      The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.

    6. What is Pre-EMI?

      Pre-EMI is defined as the interest that is to be paid to the loan provider until the entire loan amount is disbursed. The Pre-EMI is payable on a monthly basis until the last disbursement, post which the regular EMI will be applicable comprising the principal and interest components.

    7. What are the types of home loans available?
      • Home Purchase Loan: Suitable for those looking to purchase a new house/flat or an under-construction property.
      • Home Construction Loan: Can be availed by those looking to construct a house/property according to his/her plan.
      • Home Conversion Loan: Suitable for those looking to purchase and move to another property when they have already bought a house with a home loan.
      • Plot Loan: Can be availed by eligible borrowers looking to purchase a residential plot for the purpose of construction of a house/dwelling unit.
      • Home Improvement Loan: These loans are sanctioned to those looking to repair/improve/renovate an already existing property.
      • Home Extension Loan: Suitable for those looking to extend/expand/alter the structure of an existing property.
      • Home Loan Balance Transfer: Can be availed by those who wish to transfer their outstanding home loan balance from their existing lender to another lender due to reasons such as reduced interest rates or better customer service.
      • Home Loans for NRIs: These home loans cater to the housing needs of NRIs in the country. They also include PIOs and OCIs.
    8. What is MCLR?

      Marginal Cost of funds based Lending Rate is the benchmark rate set by a lending institution below which they cannot provide loans to their customers.

    9. Can I switch from a fixed rate to a floating rate during my home loan tenure?

      Yes, you can switch from a fixed to floating rate of interest on your home loan during the repayment tenure. However, you will be charged a conversion fee by the lender in such cases.

    10. When does my loan repayment period begin?

      The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.

    11. Can I take 2 home loans at the same time?

      Yes, you can take 2 home loans at the same time provided that your lender approves your eligibility to manage 2 Equated Monthly Instalments (EMIs) at the same time. However, the tax benefits on the second house will be different and you will be required to establish the property as self-occupied or let-out property.

    12. Can I get 100% financing on a home loan?

      No. Banks/financial institution do not grant 100% of the property value as home loan. Home loan lenders establish a margin on their loan i.e. the percentage of the cost that the lending institution will be covering. For example, if the margin on the loan is set at 10%, the bank will cover 90% of property value. In such cases, you will be required to a make a down payment of the balance amount, i.e. 10% in order to cover for the rest of the cost.

    13. Does having a personal loan affect home loan eligibility?

      When determining your home loan eligibility, the lender makes sure that your monthly repayments are not being affected by any other ongoing loans such as personal loan, two-wheeler loan, etc. However, other ongoing loans ultimately tend to affect your eligibility as your overall spending power is reduced. If your other loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.

    14. Is personal loan better than home loan?

      If you are buying a house, home loan is the best option. Usually you will not be eligible for a personal loan for as high an amount required for the purchase of a house. If you want extra money for non-specific personal needs, then go for a personal loan. Home loans also have an added advantage of top-up loans wherein you can request a top up on your loan amount to cover additional needs such as furnishing your house.

    15. Can I buy a house with two loans?

      No, you cannot avail two home loans for the same property. Any such practice will be considered fraudulent. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) ensures that fraudulent practices such as availing two housing loans for the same asset/property are prevented.

    16. How do joint home loans work?

      A joint home loan can be availed by adding a co-applicant such as your spouse, parents, or an immediate family member on your application. Adding a co-applicant will increase your home loan eligibility as the lending institution will also be considering the co-applicant's income and credit score when determining your loan eligibility. All co-owners of the property are required to be the co-applicant for a loan. However, the co-applicants need not necessarily be the co-owner of the concerned property.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Home Loan Reviews

    • ICICI Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am holding my housing loan with ICICI bank from long time, the loan amount which they have given to me was sufficient as the have tie up with infosys so whatever i applied for amount 100% it use to be approved, no issue with rate of interest as they have given to me less, so far there is no issue.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 24, 2019
    • review
      review Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding housing loan with GIC housing finance from long time, the loan amount which they have given to me was sufficient , they have given me as per my requirement, they have not charged me processing fee as it was waived off. Still this loan is running.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 24, 2019
    • SBI Home Loan
      "Good loan services"
      0.5 5.0/5 "Blown Away!"
      Once my builder had a tie up with SBI, i have chosen the same bank for my home loan. I have a salary account with them hence its easy to pay the EMI. They have given me a floating interest rate of 8.35% and there was no processing fee. I bought the loan amount of Rs. 27 lakhs. I got the loan within 10 days. When i approach for the loan, they are asking sign for life insurance without the customer's knowledge and they are not explaining about the policy details.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 24, 2019
    • Tamilnad Mercantile Bank Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have take a home loan in TAMILNAD MERCANTILE BANK for more than one year which was applied directly to bank.The process was smooth and on time got sanctioned from bank. The amount is sufficient for the duration of 10 years. The interest rate and processing fee are nominal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2019
    • SBI Home Loan
      "GOOD"
      0.5 3.5/5 "Pretty good"
      The service of the bank is not good also there is a response which is not good. The rate of interest was lesser so i have taken. I am using the loan since from last 5 years. The loan amount given was sufficient and i got a one shot loan amount. The duration for repaying the loan was 16years, the rate of interest was 8.75%.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2019
    • Bank of Baroda Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a home loan and It was with BANK OF BARODA .I was highly impressed. My home loan was approved in few days.Loan amount is satisfactory . They are awesome and they take care of you need very well.The good thing about BANK OF BARODA is their customer service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2019
    • ICICI Bank Home Loan
      "Good loan service"
      0.5 5.0/5 "Blown Away!"
      The given interest rate are reasonable in ICICI. Because of the best interest rate and convenient i have chose the home loan from ICICI. ICICI service is fine. They have sanctioned the loan on time and the documentation process was fine and smooth.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2019
    • DHFL Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the loan from last 5 years, the documentation process was done quickly also i got the loan amount but it took some time. The loan amount was sufficient. The rate of interest was 10% approximately. The duration for repaying the loan for 20 years. The locking period is for 1 year.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2019
    • Axis Bank Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I had taken a Home Loan from them a long time back and the experience i had with AXIS BANK has been good. The process was good and there was no added charges made by them. The interest rate with them has been good when compared with the maket rate, the customer support response has also been pretty good and they where helpful.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 23, 2019
    • HDFC Limited Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have home loan with HDFC BANK . I got the service while taking the loan it was very great experience . They charge rate of interest and i am fine with that . The customer executive is very responsive they help me through out the process . Overall it is good .
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 23, 2019
    • HDFC Limited Home Loan
      "Good loan services"
      0.5 4.0/5 "Great!"
      Long back, i have taken my home loan from HDFC. When i purchased the loan the interest rate was 8.5% and now increased upto 9.7%. I have been paying the EMI of RS. 8700 and it will be directly deducted from my account. It took 1 week to sanctioned the loan. Total tenure period of the loan is 20 years.
      Was this review helpful? 1
      , visakhapatnam
      Reviewed on Jun 22, 2019
    • SBI Home Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      SBI is a government bank, the process was very slow each and everything, I have to keep visiting the branch. The customer service is average. The rate of interest is less which was somewhere around 8.5%. The processing fee was 25K for loan amount of 23L. But there were multiple charges like mortgage, d-mortgage, etc for processing the loan.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 22, 2019
    • Bajaj Finserv Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Currently have a home loan with Bajaj Finserv because they have provided me a same interest rate for home loan as well as top up loan. It was done recently before 2 to 3 months. The interest rate was 9.3% but its high compared to government bank and still am satisfied.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 22, 2019
    • ICICI Bank Home Loan
      "Better experience"
      0.5 4.0/5 "Great!"
      I took a home loan with ICICI BANK and when I went for topup to buy another property so moved with SBI who has offered me a good benefit. The customer service is good with ICICI. The loan tenure is 20 years. There is no charges for preclosure. The charges are transparent and it was clearly mentioned on their booklet.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 22, 2019
    • Axis Bank Home Loan
      "Good experience"
      0.5 4.0/5 "Great!"
      Axis Bank has provided me a maximum amount of loan to purchase the home, they have provided me 100% funding which am most happy. I have closed the loan. The customer service is better. There was a processing fee and the interest rate is nominal.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 22, 2019
    • ICICI Bank Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I took home loan from ICICI Bank, the process was very flawless the executive came to my place and done the process the process. I got the loan within one wee, they sanctioned required amount with the attractive interest rate. They do have balance , part payment, foreclosure option.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 22, 2019
    • HDFC Limited Home Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      My home loan is active with HDFC Limited, I have taken the amount of Rs. 28 lakhs for the duration of 30 years. The interest rate was economical and they taken some processing fee it was minimal . The loan formalities are very simpler and they took less time to sanction the loan amount.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2019
    • LIC Housing Home Loan
      "Very Good experience"
      0.5 4.0/5 "Great!"
      I have enquired about the home loan with different banks and since the interest rate is less, i have gone with the LIC. They have offered me a interest rate of 8.7% and they have provided me a loan within 7 days. Total tenure period of the loan is 15 years and i have been paying the EMI of Rs. 25000 every month. If they included the customer insurance it would be fine.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2019
    • HDFC Limited Home Loan
      "Process should be customer friendly"
      0.5 4.0/5 "Great!"
      I have applied my home loan with HDFC. Since the interest rate is quite high i have denied the same. I went to them because i get a good service from them. I was applied the loan amount of Rs. 25 lakhs but they have offered me a interest rate of 10% with some processing fee as well.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 22, 2019
    • review Home Loan
      "BEST"
      0.5 5.0/5 "Blown Away!"
      I am using the home loan from last 3 years with AADHAR HOUSING FINANCE LTD the documentation process was quick and the loan amount got was quick. The loan amount given with the bank was good, the rate of interest was 7% approx. The duration for repaying the loan is for 10 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 22, 2019
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