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

    We found 42 Home Loan
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    Interest Rate Range
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    Tenure Range
    8.6% - 8.95% Floating
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    8.40% - 8.85% Floating
    0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free Paperless approval available
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    8.35% - 8.70% Floating
    Up to 0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    8.35% - 9.25% Floating
    0.50% (min. ₹10,000) + applicable tax
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    8.35% - 11.75% Fixed/Floating
    0.50% (min. ₹10,000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
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    8.25% Floating
    0 One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + applicable tax One time fee
    20L - 10Crs
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time : Within 30 minutes
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    8.6% - 8.95% FIXED:3 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    Perks
    Fees & Charges
    Value Adds
    8.6% - 8.95% FIXED:5 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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    9.0% - 9.25% FIXED:10 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5,900) One time fee
    5L Min
    1-30 Years
    Response Time : Within 30 minutes
    Rs.5,000 Amazon voucher free
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  • Home Loan is Rated as "Great!" by 24968 Users

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    Home Loan BYTES FROM OUR KITCHEN

    Home Loan

    You're eligible for a Home Loan if you:

    01
    02
    03
    04

    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

    01
    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

    01
    02
    03

    Making your spouse a co-applicant

    Choose longer tenure loans of up to 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 22 Oct 2017

    Home Loan Details
    Interest Rate (Monthly reducing balance) 8.35% to 18%
    Processing Fees Varies with bank
    Loan Tenure 1 Year to 30 Years
    Partial pre-payment Charges Varies with bank
    Pre-closure Chargest Varies with bank

    What is Home Loan or Housing Loan?

    A home loan or housing loan is an amount borrowed by individuals for a fixed tenure from financial institutions to buy, construct, repair or renovate a residential property. Lenders charge an interest on the amount borrowed, which has to be paid by the borrowers along with the principal amount.

    Home loan or housing loan is one of the most popular products offered by banks and NBFCs to customers. Home loan is also the largest selling banking product and the one that ensures the longest banking relationship with the lender. Owning a home of your own is generally an obvious as well as a major decision in a person’s life. However, the cost of construction or purchase of property is quite high and this is where home loans play a major, almost indispensable role for majority of home buyers. 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.

    Apply for Home Loan Online

    Latest Updates on Housing Loan Interest Rate

    RBI Retains Repo Rate At 6%, Cuts SLR to 19.5%

    On Wednesday, the Reserve bank of India kept its key lending rate or repo rate unaltered at 6%. Nevertheless, they had also made clear that the implications of GST had worsened the economy’s prospects in the short term. The repo rate is the rate at which the RBI lends to other banks.

    • The Reserve Bank of India had however cut the Statutory Liquidity Ratio (SLR) by 50 basis points to 19.50%.
    • The SLR is the proportion of deposits a bank is required to maintain in the form of gold, government bonds, etc.
    • The decision to keep the repo rates unchanged was grounded on a 5:1 majority in the opinion panel within the Monetary Policy Committee (MPC).

    The cut in SLR is done in order to provide more funds for banks to lend to various industries and consumers. More funds would pull down a banks’ costs, depleting their dependence on high fixed deposit return. Lower costs will in turn mandate them to reduce interest rates they charge all types of borrowers.

    On the flipside, experts were uncertain on the extent that this cycle will play out, taking into consideration that banks, with excess liquidity, are currently holding more than the required 20% of their deposits in government bonds.

    Why Home Loan:

    In the last few years, real estate has been one of the most lucrative investment options for investors. No matter how profitable it sounds, the rising stature of real estate as an investment option has led to soaring prices of property in the country. Both land and buildings have become extremely expensive for customers to buy. This has led to a surge in the number of home loans that are applied for each day.

    • Even though rising prices of real estate is one reason for borrowers availing home loans, another major reason behind this is that property transactions are generally hefty as compared to other day to day financial transactions. As such, it is not at all necessary that the buyer will have the entire property cost available with him or her, at the time of buying property. This is where home loans step in and bridge the gap between property seller and buyer.
    • Banks chip in to pay on behalf of property buyer in return for a particular rate of interest. The general rule is 80-20 which means that banks offer only 80% of the value of home to customers and the rest 20% is to be borne by the property buyer. This serves as a win-win situation for both banks and property buyers, since, banks are able to make profits by loaning out money while buyers are able to assimilate the entire cost of property and pay it back over a fixed period of time.
    • Home loans are eligible for certain income tax exemptions which can be used to save up on the amount of income tax that an individual pays every financial year. Under section 24 of the Income Tax Act, tax benefit can be claimed on up to Rs.1.5 lakh out of the interest component of your home loan. In case you are staying in the house bought on loan, then you can claim a maximum exemption of Rs.1 lakh on the principal amount of the home loan too.
    Home Loan

    Why to Apply for a Home Loan on BankBazaar.com?

    BankBazaar is India’s leading portal for financial services where different home loan offers from various banks 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 and banks.
    • Check home loan eligibility online using BankBazaar’s home loan eligibility calculator and get immediate e-approvals.
    • Determine repayment amount as well as schedule 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 home loan product directly through the BankBazaar website.
    • Receive end to end guidance from a dedicated customer care team for smoother processing leading to quick disbursal of money.
    • Get regular status updates via emails and SMS for easy processing of your home loan.

    How to Apply for Home Loan on BankBazaar.com?

    Step 1 – As the first step, the applicant of the fill up the home loan eligibility form that is available online. This must contain all the data required to process the home loan application.

    After submission, the home loan tool checks automatically for the applicant’s eligibility and displays personalised home loan eligible options.

    Step 2 – As the second step, the user can choose to compare different home loan options offered on the page and then apply for the one that suits him/her the best.

    Step 3 – The final step in this process is receiving the immediate e-approval from Bankbazaar after successfully submitting the home loan application online.

    Home loan Interest Rates – October 2017

    Interest rate charged on any home loan scheme is one of the primary features. The rate of interest is what generally helps a customer decide in favor of or against a home loan scheme or lending entity. Fixed rate of interest and floating rate of interest are the two types of interest rates that banks normally ask customers to choose from at the time of home loan application. The table below will let you examine the best floating interest rates from various banks/financial institutations in Indian according to the tenure of the home loan.Check Here: Home Loan Rate of Interest

    Home Loan Interest Rates from Top Banks as on Sept'17
    Bank Name Floating Interest Rate MCLR Rates
    SBI 8.35% - 8.70% 8.00%
    Axis Bank 8.35% - 11.75% * 8.25%
    HDFC LTD 8.35% - 8.60% * 8.15%
    ICICI Bank 8.40% - 8.85% * 8.20%
    Bank of Baroda 8.35% - 9.35% 8.35%
    DBS Bank 8.40% to 8.45% * 8.20%
    Bank of India 8.45% - 8.60% 8.30%
    Canara Bank 8.45% - 8.65% 8.45%
    Yes Bank 9.35% to 10.50% * 8.80%
    Indian Overseas Bank 8.55% to 9.05% 8.55%
    Karnataka Bank 8.60% to 8.90% 9.20%
    Oriental Bank 8.45% to 8.55% * 8.45%
    Syndicate Bank 8.60% 8.50%
    Citi Bank 8.60% to 9.10% 8.05%
    Kotak Mahindra Bank 8.50% 8.60%
    Corporation Bank 8.75% 8.75%
    United Bank of India 8.55% 8.75%
    HSBC 8.65% to 8.75% 8.05%
    Federal Bank 9.59% to 9.84% * 8.90%
    Allahabad Bank 8.75% to 9.25% 8.45%
    Central Bank of India 8.30% 8.30%
    UCO Bank 8.55% to 8.70% 8.45%

    * Customised Rates Offered Only On Bankbazaar

    Factors that Determine Home Loan Rate of Interest

    • Prime Lending Rate (PLR): PLR is the point of reference interest rate that banks use to assess interest rates on different products. For instance, the home loan interest rate for a particular bank would be PLR + 0.5%. Assuming the PLR of the bank is 8%, the interest rate for their home loan product would be 8.50%.
    • Cash Reserve Ratio (CRR): CRR is the minimum percentage of the total deposits made by the customers that the bank has to hold as reserves. This can either be in the form of cash or as deposits with the RBI. The higher the CRR, the higher the interest rate that a customer pays. This is because the amount of liquidity in the system reduced with an increase in CRR.
    • Repo Rate: Repo Rate is the rate of interest at which the Reserve bank of India lends money to other banks. Quite naturally, the leaser the rate at which banks get their loan, the lesser the rate a customer pays. Therefore, lesser the repo rate, lesser the rate of interest for the end customers.
    • Reverse Repo Rate: This is the exact opposite of ‘Repo Rate’. This is the rate at which banks lend to the Reserve Bank of India. The banks are very happy to lend to the RBI if the Reverse Repo Rate is high. This means that the bank would gain attractive profits, which may then be passed on to customers in the form of lower interest rates.
    • Statutory Liquidity Ratio (SLR): SLR is the reserve required for commercial banks to maintain. SLR can be maintained in the form of gold, government securities, etc. Only after the SLR has been met can a bank offer credit to its customers.
    • Benchmark Prime Lending Rate (BPLR): BPLR is the rate at which a bank lends money to its customers. The RBI in place the BPLR as banks often loaned money at extremely low interest rates. With this in place, no bank can lend below the BPLR. This can visibly affect the interest rate that the bank offers a customer. Higher the BPLR, the higher the interest rate that a customer has to pay.

    How to Use Bankbazaar Home Loan EMI Calculator?

    The Home Loan EMI calculator offered by Bankbazaar is an easy-to-use tool that is available online.

    • There are two sliders in the home loan tool – Loan Amount and Tenure.
    • All you need to do is choose the desired loan amount and select the tenure of the home loan, respectively, on these sliders.
    • The minimum tenure for a home loan stands at 6 months and the maximum tenure stands at 30 years.
    • You can also choose the rate of interest and processing fee that will be associated with your home loan amount.
    • There is an option for choosing pre-payment on this tool. Choose ‘Yes’ or ‘No’ as per your needs.
    • After you enter all the required boxes, click on calculate.

    The monthly amount to be paid by you will be displayed below the ‘Calculate’ button. A pie chart is also presented along with the data for your better understanding of the home loan and the associated charges (interest and processing fee).

    How to Track Your Home Loan Application Status On BankBazaar.com?

    Bankbazaar allows you to track your home loan application easily.

    • All you need to do is go to the ‘Track Your Application Status’ page i.e /verifyOwnershipForm.html
    • Enter the Application ID.
    • Click on ‘Track Application’ and know the status of your home loan application.

    Types of Home Loans:

    Depending upon the type of property being purchased and the quantum of loan being availed, home loans can be classified into the following different types. In India, banks and NBFCs generally offer home loans under any one of the following listed variants of housing loans.

    • Home Purchase Loans

      As the name itself indicates, home purchase loans are specifically given for purchase of flats or homes. These are the most popular type of home loan and are availed by most home loan borrowers. Almost all banks and Non-Banking Financial Corporations offer home purchase loans.

    • Home Loan for Construction

      Home loan for construction is offered to customers who want cash to construct their own house on an existing piece of land. The catch is that the land for construction should have been bought within a year of availing the loan for the cost of land to be counted as part of this loan. In case the land was bought earlier than one year, then the cost of land is excluded from the loan amount. The formalities for construction loan are slightly different than those for regular home loans. The loan applicant needs to give a lump-sum construction cost estimate to the lending entity and thereafter the lender evaluates and decides to sanction or reject the loan.

    • Plot Loans

      Plot loans are loans offered by banks for purchase of land or plot. These loans are not necessarily offered by all banks or NBFCs.

    • Home Extension/Renovation Loans

      Home loans for extension or renovation of home are offered to those home loan borrowers who already have a house but are looking for further construction or renovation on their existing piece of property. For example, addition of an extra room or renovating a staircase etc.

    • Home Conversion Loan

      If you have already taken a home loan for purchasing a house, but wish to shift to another house, then you can opt for a home conversion loan. It will help you in transferring the current loan to your new house.

    • 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.

    • NRI Home Loan

      NRI Home Loans are specially designed for Non-Resident Indians (NRI) who wish to purchase a residential property in India. The requirements and procedure of availing this loan is different from the regular home loans.

    • Stamp Duty Loans

      Stamp Duty Loans are offered by banks to cover the stamp duty charges, which is incurred while purchasing a property.

    • Bridged Loans

      Existing homeowners who want to buy a new house can apply for a Bridged Loan, which will fund the new house. Generally, the tenure of this loan is below 2 years and it requires the borrowers to mortgage the new property with the lender until the loan is repaid.

    How to Choose the Right Home Loan Product?

    Purchasing a house means investing in a lifetime asset. If you are buying a house, it is plausible that you will be in need of a good home loan.

    There are several home loans available in the market today. Each of these loan come with a myriad of benefits and features. On Bankbazaar, you can compare various home loan products offered by different banks. You can also get a quote from the home loan providers and apply for a home loan on the Bankbazaar portal. Choose the product that suits your needs and requirements.

    Features of Home Loan:

    Some of the most prominent features of home loans are outlined below.

    • Home Loans are secured advances.
    • This means that home loans are offered in turn for a security deposited by the loan borrower. 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. The Indian government has come up with the new marginal cost of funds based lending rate or MCLR which is to be used by banks to decide the rate of interest at which they can lend money to a home loan applicant. Earlier base rate used to be the rate based on which banks used to decide their lending rate. MCLR is a more flexible rate which takes into account a lot of factors like funding composition and strategies. MCLR will be reset by banks after every specific interval of time. For example, if a bank decides to reset their MCLR annually then your home loan rate will get reset after every one year.
    • Home loan interest rates are lower when compared to unsecured personal advances. Unsecured personal loans have a higher risk ratio associated to them since the bank does not have any security deposit to fall back on in case of a loan default. Hence, these loans are charged a higher rate of interest as compared to home loans which expect the borrower to deposit some kind of collateral as security.
    • The advance can be used to fund property for residential or investment purposes.
    • Whether you need a house to stay in or for investment purposes, home loan can be availed from a bank of your choice.
    • Amounts offered are higher than under other types of loans; up to 85% of the property value.
    • Considering the cost of buying property as compared to any other commodity, the loan amount offered and sanctioned is substantial as compared to other types of loans. Hence, the loan tenures offered for home loans are also longer than those for other types of loans.
    • Repayments are made in EMIs (Equated Monthly Installments).
    • Since, the amounts sanctioned towards home loans are usually huge and the tenure also is long, the repayment of home loans is done in equal monthly installments.
    • Pre-payments are allowed, to reduce liability.
    • Pre-payment of home loan is allowed by all banks, private and public. Earlier, some banks used to charge pre-payment fees for earlier than stipulated repayment of home loan amount. However, these days most public and private banks let borrowers pay off their home loan as and when convenient. Most banks have stopped charging any pre-payment charges for the same.
    • They are long-term in nature; tenors usually vary between 5 - 30 years
    • Since the loan quantum for home loans is generally greater than all other types of loans, the repayment period also is longer than that for any other loan type.
    • Non-interest charges include processing fees, pre-payment charges, inspection fees, documentation fees etc. Apart from the interest charged on home loan amount, there also are various charges that are levied while the loan sanction process is underway. These charges are communicated to loan applicants at the time of application.
    • Co-applicants/joint-applicants are allowed.
    • Home loans allow for joint loan applications. Since the loan quantum is high and the tax benefit also is good, banks allow for co-application or joint application of home loans.
    • They qualify for tax benefits as per provisions of the IT Act, 1961 and hence, make for a good investment option.

    Home Loan Eligibility:

    Home loans are secured advances and therefore the eligibility criteria for these loans is laid out differently by different banks. Here are some of the most important factors that feed into determining home loan eligibility criteria for almost all banks in India.

    • 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 with respect to employment as well as financial. This is an indirect indicator but is taken into account by almost all banks while calculating home loan eligibility.
    • 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.
    • Parallel debt channels: While sanctioning home loan to customers, banks also look into the current credit standing of the loan applicant. If a borrower has other home loans, personal loans or car loans in-progress then the lending entity calculates the loan quantum eligibility accordingly. Banks do this to make sure that the loan applicant is able to pay the minimum monthly installment towards his/her home loan.

    Documents Required for Home Loan:

    Documents to be submitted differ according to the eligibility requirements. The following, however, are commonly requested for from all the applicants:

    The application form which has to be signed and affixed with the specified number and size of photographs.

    Proof of identity (Copy of Passport/Voter ID/PAN Card/Driving License).

    Proof of address (Copy of latest Electricity Bill/Telephone Bill/Property Tax Receipt/Voter ID/Passport).

    Last 6 months’ Pass Book/Bank Account Statement.

    Business proof in case of non-salaried individuals.

    Statement of Personal assets and liabilities.

    Identification of signatures from present bankers.

    Documents Requested from Guarantors:

    • Identity and address proof.
    • 2 passport sized photos.
    • Proof of business.
    • Statement of Personal assets and liabilities.
    • Identification of signatures from his/her present bankers.

    Additional Documents Requested from Salaried Applicants:

    • Salary certificate from the employer (original).
    • Copy of ITR or Form 16 for last 2 years.

    Additional Documents Requested from Non-Salaried/Self-Employed/Professionals/Other IT Assesses:

    • Copy of challans proving that Advance Income Tax has been paid.
    • Copy of ITR/Assessment Orders of 3 years.

    Top Banks That Offer Home Loan in India:

    India has a long list of both private and public sector banks that offer home loans. The main confusion which plagues most first-time home loan applicants is which bank to apply with. There are pros and cons applicable to every bank. Public sector banks are more stable and less likely to go bankrupt in the long run than private sector banks. Alternatively, private sector banks offer smoother customer service and processing time as compared to public sector banks.

    One of the most popular strategies that customers employ is to avail home loan from the bank where their salary account or savings account is hosted. This eases out the approval process a bit since all the KYC details and financial data is already available with the lending bank.

    Various surveys have come up with a list of most popular banks for home loans in India. However, the 5 names which are always present in these lists are:

    • State Bank of India
    • ICICI Bank
    • LIC Housing Finance
    • HDFC Bank
    • Axis Bank

    While SBI is the most trusted brand because of its public holding, HDFC despite being a private lender is popular since it is basically aimed at offering housing finance to customers in India. Most customers look for an established brand name before zeroing down on a particular bank name. The main reason for this is home loan as a product is a long-term offering and it is wise to choose a bank that has been around for some time and one that has a substantial customer base.

    Apart from banks, there are several NBFCs or Non-banking financial companies which offer home loans to customers. These companies too, offer home loan to customers. The biggest differentiating factor is that the eligibility guidelines for NBFCs are slightly flexible than those of banks. Also, the loan amount sanctioned by an NBFC is generally greater than that sanctioned by any bank, public or private. Top NBFCs that offer housing finance to customers in India are India bulls Housing Finance, Dewan Housing Finance, Reliance Capital, Shriram Transport Finance, Muthoot Finance, LIC Housing Finance.

    Fees and Charges Applicable to Home Loans:

    Apart from the rate of interest that is charged on home loan products, there are various fees and charges that are applicable to housing finance offered by different banks. These charges may differ in value from one bank to another, however, the types of charges remains the same for almost all banks.

    • Processing Fee:

      Banks generally charge a fee for processing your home loan request. These charges vary with different banks. This fee is non-refundable and is either a specific percentage of the loan amount or a fixed amount of money. There are times when banks are willing to negotiate on the processing charges and lower this fee or waive it off completely depending upon certain terms and conditions.

    • Late payment charges:

      Late payment charges are levied by almost all banks when a loan borrower is late in paying loan installment. There are times when financial crunch or some other financial liability or plain oversight might result in non-payment of home loan installment on time. This results in a late payment fee being levied by the bank.

    • Pre-payment charges:

      Most banks have stopped charging any kind of fee for pre-closure of home loans. However, some banks still charge some percentage of home loan balance as pre-payment charges. This fee is typically levied when any home loan customer repays his/her home loan prior to the stipulated home loan tenure.

    • Conversion charges:

      Typically, home loans are offered by banks either on a fixed interest rate or on a floating rate of interest. The customer does have a choice of switching between these two rates. Every time a customer applies for switching from fixed rate to floating or vice versa, conversion charges are levied by the bank. These charges are some specific percentage of the principal outstanding amount.

    • Legal Fee:

      Legal fee is charged in order to pay the lawyer who does the task of verification of property that is being bought with the loan amount. Most banks do not have in-house lawyers and as such pay fees and recover it from home loan customers.

    • Administrative Fee:

      Some banks charge administrative fee separately from the processing charges. This fee is levied to pay for the administrative cost that the bank incurs for processing of home loan application. Broadly speaking, administrative fee is levied by banks to compensate for the back-end administrative processes that are performed while processing of home loan applications.

    • Statement of account:

      One copy of home loan statement is provided by the bank free of cost, more than that is chargeable. This fee is generally specific to the bank and hence varies from one bank to another.

    Online Application of Home Loan:

    The days of running from pillar to post to submit just one loan application form are over. Online home loan platforms like BankBazaar are the latest fad. You no longer need to perform 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. The easiest way is to go online and compare various home loan offers in the market and then make a list of your chosen lenders. This saves a lot of time and effort of home loan borrowers as well as financial institutions.

    With technology leading the way in almost every sector, online information gathering and application of home loans is gaining momentum. Online application is a time-saving and convenient way to apply for loans and is fast becoming the preferred mode of choice for many loan borrowers.

    Points to Watch Out for While Choosing a Home Loan:

    Buying a house can be one of the most important financial decisions of an individual’s life and as such there are a host of things that one needs to be careful about while availing home loan.

    Listed below are some of the most prominent points that should be kept in mind when one is looking to obtain housing finance.

    • Perform thorough research:

      The first and foremost point which marks the beginning of any home loan application is finding about various home loan schemes in the market and the various banks and lending institutes that are running those. A thorough research will give not just specific details about different loan schemes but will also help you understand the various pros and cons that lenders might have.

    • Learn About Interest Rates:

      For any home loan borrower, there are two types of interest rates that they can choose from. These are fixed and variable interest rates. Choosing one of these and knowing why to choose it is a major step that determines your home loan repayments installments and the overall interest amount that you pay towards your home loan.

    • Find Out the Various Fees and Charges:

      Different banks charge different amounts as loan processing charges. Apart from this there are various other types of fees and charges that banks levy from their customers. Checking on these charges can help you save quite a bit of money when applying for home loan.

    • Check Your CIBIL Score:

      Home loans are huge financial liabilities and as such banks make sure that you have the necessary financial capability to repay the same. This is why credit scores of loan applicants pay a huge role in deciding the home loan eligibility. Applicants with a mediocre or a poor credit score may end up with their home loan application being denied or with a higher rate of interest being charged.

    • Understand Pre-Closure Terms and Conditions:

      Certain banks allow free pre-closure of home loans while other charge a specific pre-payment fee. Depending upon your preference, you should find out all about pre-closure terms and conditions and then apply for home loan with the bank of your choice.

    • Read the Fine Print Carefully:

      Home loan is a huge as well as long financial liability. Hence, reading everything that is listed in the home loan document that you sign is a primary step. Most home loan applicants get their loan agreement reviewed by a private lawyer so as to ensure that all terms and conditions listed in the document are in-line with their understanding of the financial product.

      Generally, a host of tiny but crucial information is listed in the fine print that comes along with your loan document. Reading through the full document is crucial to you not feeling cheated at any point of time, later.

    • Understand Your Financial Stand:

      Availing a home loan scheme that suits your financial stand and zeroing in on a house that is well-aligned with financial capacity is a sure way to ensure a comfortable loan tenure. There are times when customers make the mistake of buying a property that is way too expensive for their pocket. At other times, customers may end up availing a loan that has installments which are too high for them to pay. Any such situation will lead to delayed repayments and thereby a higher final amount being paid to the bank as interest and fees.

    Home Loan FAQs:

    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. Is taking a home loan a smart investment move?

      Any kind of property is considered an asset and hence buying a property is considered as a wise decision. Also, real estate prices have been appreciating on an annual basis. If you are confident that your income is sufficient to cover you for a long term liability like home loan then you can surely avail one to buy a property.

    10. 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.

    11. 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.

    12. 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.

    13. 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.

    14. 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.

    15. 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.

    16. 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.

    17. 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.

    Home Loan Checklist:

    If you only look at rates of interest while choosing a home loan, you are doing it wrong. Learn how to apply for a home loan:

    • Processing Fee: The processing fee is a part of the home loan. If the processing fee is higher, the loan gets expensive. The idea is to avail a home loan with zero processing fee.
    • Payback: Some of the banks or lenders might not offer an option for pre-payment. Others might charge penalties for pre-payment. It is advisable that you go for a home loan that offers pre-payment and have low charges associated with it.
    • Tenure: You will be paying lower equated monthly instalments if the tenure is longer. However, do remember that you will be paying a larger amount effectively if the tenure is too long.
    • Waiting Period: Most home loans come with waiting period. It is good to choose a home loan that is associated with shorter waiting period so that you can save on the interest.

    Reasons for Home Loan Rejection

    • Builder not approved by the bank offering the loan
    • Builder has been approved but not the property
    • Rejections related to valuation
    • Defaulter tenants earlier
    • Issues with the credit history
    • Instability with employment

    How to Avoid Home Loan Rejection?

    It is clear that there can be several reasons for rejection a home loan. Maintaining a good credit score or earning a good salary is not always enough to get a home loan. The reasons mentioned above can also lead to home loan rejections. Thus, the best way to avail a home loan without any problem is by doing proper research about the property and builder. A property that has disputes or a builder that is not approved by the bank can also lead to rejection of a home loan.


    Tips to Increase Home Loan Eligibility

    Home loan eligibility is a process that is carried out by the lender or bank to determine the eligibility factor of the home loan applicant. Some of the factors that are taken into consideration are credit history, age of the applicant, income, etc.

    Read on to find more about: How to Increase Home Loan Eligibility

    Tax Benefits on Home Loan:

    Tax Benefits have been announced by the Government of India as a part of Budget 2016. The home loan borrowers must remember to claim all the extra benefits when they plan their taxes for the next financial year.

    Read on to find more about: Home Loan Tax Benefit


    Read Home Loan news or Enjoy it on the go Google Play

    • Property Advisors Anticipating Steep Growth in Sales

      The renowned property advisors of the nation are expecting an exponential growth in the real estate sales, after the implementation of RERA and goods and services tax (GST) for the first time. Between September to December 2017, the advisors are eyeing a rise of nearly 50% from the previous year.

      This festive season developers are bringing in many new offers and schemes to regain sales that were disrupted due to the on-going demonetization and real estate legislation. The big-wig builders like Tata Housing Development Co. Ltd, Puravankara Ltd, etc. are offering huge discounts, subvention schemes, and freebies, particularly for ready-to-move-in apartment. This move is expected to encourage homebuyers to make a smart investment.

      19th October 2017

    • Real Estate Developers to Exclude GST for Home Buyers this Festive Season

      The real estate developers are offering GST waivers this festive season to attract home buyers besides the usual interest subvention scheme and freebies.

      According to Amarjit Bakshi, MD, Central Park, the real estate industry has been undergoing so many changes giving way for development such as demonetization, RERA, and GST. There has been high demand for mid-to-high-end housing segments in India.

      GST has impacted the cost of construction for developers positively who are now able to use input credits for materials and services. Supertech is offering customers GST waivers this festive season for all the ready-to-move-in flats across all projects in 50 locations.

      Developers are now offering easy payment schemes, extended discounts, and small appreciation gifts like mobile phones, gold coins or other discounts. They are also not putting the burden of GST on their customers.

      16th October 2017

    • Market Rates Will Be a Main Factor Affecting Your Home, Personal Loans In The Future

      Though many regulations are laid by the banking regulators on home and personal loans, the concerned bank gets to decided the final offer. Recently, Dr Janak Raj, headed a Reserve Bank of India Committee in which he suggested that interest rate on personal and home loans should be based on either the T-bill, certificate of deposit rate, or the RBI's repo rate.

      He suggested this idea so that the interest rate is not left to the discretion of the bank. He further stated that banks should stop charging a conversion rate everytime they change the interest rate.

      In a statement, The Reserve Bank of India stated that the MCLR and base rate is not in sync with the global practices on pricing of bank loans. It is known that banks are very quick to increase their interest rates when the RBI increases their rates and very slow to reduce it when the RBI drops their rates. Will there be any changes in the way interest rates are calculated on your personal and home loans? One must wait and watch.

      9th October 2017

    • RBI Cuts GVA Growth Estimate to 6.7% P.A, Keeps Their Repo Rate Unchanged

      Recently, Governor Urjit Patel headed a six-member Monetary Policy Committee of Reserve Bank of India. In this meeting, the committee decided to leave their repo rate changed. The current repo rate at 6% p.a. They also did not make any changes to their cash reserve ratio which currently stands at 4% p.a.

      The Statutory Liquidity Ratio (SLR) requirement is cut by 50 basis points and has fixed it at 19.5% p.a. The GVA growth projection for the year 2017-2018 was 7.3% p.a was revised downward and is now brought down to 6.7% p.a which evenly balances the risks.

      The minutes of the Monetary Policy Committee will be published by 18 October 2017.

      5th October 2017

    • Piramal Finance Limited to Offer Home Loans

      Piramal Finance Limited (PFL) is making an entry into the highly competitive segment of housing finance. Piramal Housing Finance Private Limited, a completely owned subsidiary of PFL will provide home loans and offer loans against property and construction finance to small developers. Given the market relevance, scale, and size of the wholesale lending business, Piramal Finance said, it was a gradual but natural move to assess opportunities within the retail lending space. The business of retail housing finance will focus on metros in its initial stages and then look to establish a pan-India presence, including operations in tier two and tier three cities and towns.

      The retail construction finance wing will primarily focus on local developers in tier 1 cities and top developers in tier two and three areas. According to PFL, it will garner its wholesale lending unit to develop relationships in the market of home loan. The company thinks that to build a good housing finance business, it is compulsory to build a connection between lending units, developers, and consumers. Making full use of the successful track record of its parent, the housing finance arm of FL will seek to fund the entire spectrum of real estate- from luxury to affordable.

      4th October 2017

    • Delay in Loan Repayment Pressurising Home Finance Companies

      Developer loans paid out by housing finance companies (HFCs) are facing a delay in repayment due to stretched balance sheets and project delays.

      The asset quality indicators of HFCs have deteriorated Q1 of FY18. The increase in gross non-performing assets from 0.84% to of gross advances as on March 31 to 1.15% as on June 30 is attributed to the deterioration.

      20th September 2017

    • New Housing Launch takes a hit from RERA’s Introduction

      It has been month and a half now since the Real Estate Regulatory Authority (RERA) is launched by Karnataka government. It was recorded that there were about 977 applicants for the registration of the project and about 273 registrations of real estate agents as of 24th August, 2017. The number is slightly disappointing as it has not reached the expectation. It is due to RERA and however we should remain silent about this as the real estate in Bengaluru is crawling up to a much organized future, which was much needed.

      According to Colliers International report, in H1 2017, with 13,400 new unit launches, Bengaluru ranked at the second place in the total residential launches in India. It was also recorded that there was a high demand from IT employees for mid-segment category. Places like Yelahanka, Devanahalli, Ranchenahalli, and Kogilu had the highest launches in the city.

      Demonetization has become the major reason for the fundamental changes in the real estate developers approach towards their business and with the introduction of RERA, they are forced to put their house in order. Colliers report also says that the residential market has dropped after the launch of RERA.

      19th September 2017

    • Simpler Financial Products Suggested by Household Finances Panel

      RBI or Reserve Bank of India constituted a household finances panel recently. The committee suggested that the households must get a range of customised, simple and innovative products with a default structure for opting out.

      This panel is being headed by Tarun Ramadorai. He is a professor if financial economics in ICBS (Imperial College Business School). Certain recommendations that are sector specific have also been put forward. The panel suggested that all the banks should use the repo rate while quoting loans instead of going for MCLR or marginal cost of funds based lending rate regime.

      6th September 2017

    • Real Estate Impacted by RERA

      In November 2016, demonetisation had affected the real estate market substantially. Further impact has been caused by the Real Estate Regulation and Development Act or RERA. The execution of Goods and Services Tax (GST) has also added to the impact.

      GST compliance and RERA will continue to stand as a challenge for most developers for at least a period of 6 months. A decline in new launches is also expected in H2 2017. However, the sales are expected to go up as the festive season is almost here. Purchasers who are planning to invest in the next couple of months should go for ready to move-in and RERA registered properties.

      28th August 2017

    • Fence Sitters Must Come Forward and Take a Call on Buying Homes After the Repo Rate Cut

      The inflation is under control and it has hit an all-time low of 1.54%. This can definitely prove to be the right time to reduce the rates of interest. The Reserve Bank of India or RBI has brought down the repo rate by 25 bps or basis points. At present, the repo rate stands at 6%.

      From the point of view of the real estate industry, a reduction in the rates by the Reserve Bank of India has a good effect on the sale of the residential properties.

      24th August 2017


    Home Loan Reviews

    • review Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have my home loan with GIC housing finance. The loan amount was 25 lakhs taken for 20 years .The promised rate of interest was 12% which was very high. Here the pre clouser is very easy and the loan process is very simple .They have sanctioned the loan with the committed time. My overall experience was good.,
      Was this review helpful? 0
      , jaipur
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      My experience with bank bazaar was not satisfactory. When I approached bank bazaar for some products, my application did not go through because of the low credit score. however the same was processed by the bank it would be better if the above mentioned thing has been taken care off. On the other hand, The followups were good. As far the site is concerned it is easy to use.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 21, 2017
    • Axis Bank Home Loan
      "Need proper response"
      0.5 4.0/5 "Great!"
      I have approached Axis bank for my home loan through online channel. My property was not finalized hence my application has been cancelled. The customer service is good but there were no proper followups from the bank. The rate of interest is also high.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "Good Customer Service"
      0.5 5.0/5 "Blown Away!"
      As per Bank Bazaar commitment, I have service value added coupon worth Rs.5000 its amazing and happy about it. The home loan process was also good they connected with the bank on it. I have been using Bank Bazaar for four years its good site it has all option rather visiting to the branch.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • ICICI Bank Home Loan
      "They should be transparent in their process"
      0.5 4.0/5 "Great!"
      Everything is good in ICICI , expect the charges. They told they were not charging me extra, but they have 7000 to 8000 rupees from the disbursement as a processing fee. I have taken home loan of Rs. 22 lakhs for the tenure of 30 years but they have foreclosure option without any charges can close the loan.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "User friendly website"
      0.5 5.0/5 "Blown Away!"
      My service with bankbazaar.com is better. Last time I got a good response so I have continued the service for my home loan. The response was quick and good. The website was easy to use and navigate. I would recommend this website to my friends and family members.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 21, 2017
    • Axis Bank Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      Axis bank is doing a good customer service. I have taken an amount of 9lakhs and 59K at the interest rate of 8.35%,interest rate is nominal. The executive collected the documents at the doorstep. They took long time to process my application.I make the payment through ECS.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 21, 2017
    • HSBC Bank Home Loan
      "Customer relationship should be there"
      0.5 4.0/5 "Great!"
      I am not satisfied with HSBC, I felt their rate of interest and charges was high. I took home loan at 2012, they charged me 9.2% and their was no response from customer response. They didn't reverse the interest after getting offer DBS bank, they ready to reduce the rate. But finally I done balance transfer to DBS.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "Userfriendly"
      0.5 5.0/5 "Blown Away!"
      I got immediately call and response from Bank Bazaar, I am 100% satisfied with them. I keep getting continuous follow thorough out the process. They connected with the bank on time, I am using online interface, its pretty easy to navigate and user friendly, what I need I could it over there.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • DBS Bank Home Loan
      "Looking for the better offer"
      0.5 3.0/5 "Satisfactory"
      DBS is really nice bank they offering good interest rate for the home loan. But relationship manger was not coordinated well with me . They taken almost two months to process the loan. They need to improve the service and documentation procedure should be faster and should provide loan letter to the customer on time.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "Better Experience"
      0.5 4.5/5 "Excellent!"
      I have taken a home loan through bankbazaar.com. I know this website through social media. I had regular followups from the customer service. The website is related to fin-tech products and very helpful to the customers. The website was easy to access and navigate.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 21, 2017
    • HDFC Limited Home Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have a home loan from HDFC LTD and the process was good. The executive came to my place to collect the documents. The disbursement was on time.They have released the payment in a single shot. I am happy with the rate of interest. Overall it was a good service.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      This is my first experience with Bank bazaar. I am pretty satisfied with the service and responsiveness which was immediate and quick. Its a good platform for all financial products and Its recommendable also, The options like EMI calculator and FD calculator is very usefull. My overall experience was excellent.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • HDFC Limited Home Loan
      "satisfied"
      0.5 4.0/5 "Great!"
      I have approached for my home loan with HDFC LTD. Their rate of interest was 8.5% for 30 lakhs loan amount . The customer service and responsiveness was satisfactory. I have canceled the request since there was no immediate requirement as of now so just enquired.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      As a first time user it was a good experience with bank bazaar . The customer service was really amazing from the bank bazaar side . Within an hour I registered myself received the call from bank bazaar side and the executive explained me everything in detailed i like it actually and also website was good and user friendly .
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 21, 2017
    • HDFC Limited Home Loan
      "BETTER ONE"
      0.5 4.0/5 "Great!"
      It was good customer service from the HDFC ltd side for the loan I rarely received the call from the HDFC ltd. the rate of interest provided was too high of 11% and also the processing fee they told about was rs 3,500 . I actually arranged the money from the my sources so did not take it .
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 21, 2017
    • ICICI Bank Home Loan
      "BETTER SERVICE"
      0.5 5.0/5 "Blown Away!"
      Its been only a month I took a home loan from the ICICI BANK and customer service was actually great from their side as they gave me a rate of interest of 835% and processing fee charged as rs 3200 and also I got a full approval of the amount was given to me . It was a good experience I can say for this process .
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "BEST SERVICE"
      0.5 5.0/5 "Blown Away!"
      BANK BAZAAR is actually doing a wonderful job helping out the customer at its best . The customer service is great i received call within a day and the executive explained me everything in detailed manner which makes it easy for me to understand . The website was actually very user friendly for me easy to compare options and pick the best one .
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 21, 2017
    • Punjab National Bank Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      The customer service was real good from the PNB Housing Finance . I meet the bank executive personally for the loan process and they gave me the information I required for . The rate of interest was about 8.35% which was good but the processing fee was about rs 5,000 every thing was good only , the builder helped me for the loan process from some other bank therefore I did not take the loan .
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 21, 2017
    • Bank Bazaar Home Loan
      "GOOD ONE"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar helped me out in a proper way . The customer service was really good and every thing was explained to me in detailed as it was my first time with bank bazaar , i was applying for something through your portal . It was a good experience and the website was real user friendly for me to use I liked it .
      Was this review helpful? 0
      , nagpur
      Reviewed on Oct 21, 2017
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