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 Home Loan Ratings
4.0 / 5.0 by 18880 users

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 Home Loan Reviews

"I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service ."

Krishna, Mumbai
More Reviews
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Types of Home Loans

Various types of home loans are available in India like home purchase loans, construction, extension, home improvement loans, conversion loans, bridge loans & land purchase loans.
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Home Loan Overview

Home Loan 4.0 / 5.0 by 18880 users  
Used this product? Write a review »
Thinking of buying your Dream Home? Compare and apply online at BankBazaar.com to get instant e-approval for Home Loans Buying your dream home is an important milestone in your life and requires a lot of planning, thinking and money, but with a wide variety of housing loans available in India, financing your dream home project is just a click away. Check your Home Loan eligibility now by filling up the above form and get best housing loan offers instantly. Check your Eligibility Now! Why Apply for a Home Loan on BankBazaar.com?
  • Lowest interest rates: We have coordinated with HDFC Ltd, Axis Bank, ICICI Bank & others to get you the best home loan interest rates. In fact, HDFC Ltd, Axis Bank & ICICI Bank use BankBazaar.com-powered technology to give their customers the best home loan experience on their websites, www.hdfcinstanthomeloans.com, https://loans.icicibank.com/home-loan.html and https://loans.axisbank.com/home-loan.html
  • Instant e-approval: On BankBazaar.com you can compare home loan offers, apply online and get instant e-approval for your home loans from HDFC Ltd, Axis Bank and ICICI Bank.
  • Simple Online Comparison: Compare home loan offers on the basis of loan eligibility, EMI, interest rate, fees and customer ratings.
  • Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  • Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.
How to get home loans on BankBazaar.com
  • Eligibility Calculator: Fill the form above to instantly get customized home loan quotes that you are eligible for.
  • Compare home loan offers: Compare customized home loans offers from HDFC Ltd, Axis Bank & ICICI based on your eligibility criteria and apply online for the one you like.
  • Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  • BankBazaar.com will update you on your loan application status via email & SMS alerts.

Home Loan FAQs

  1. What are the factors I need to keep in mind while comparing home loans from different financial institutions?
    A loan applicant needs to check on the following parameters when comparing home loans.
    • Purpose of loan i.e. purchase a already built home, purchase a plot & construct on it
    • Eligible loan amount, as this will govern the down payment you will have to make
    • EMI and interest rate
    • Processing fees
    • Pre-payment and pre-closure fees
    • Ratings of the customer experience by previous customers
  2. Can I take a home loan for Home improvement or home extension?
    Yes, Apart from Home purchase you can take home loan for Home Improvement Loan, Home Extension Loan, Home Conversion Loan, Bridge Loan, Home Construction Loan and Land Purchase Loan.

  3. Will there be any additional costs when I purchase a home?
    Registration charges, transfer charges and stamp duty costs are some of the costs in addition to the cost of the home.

  4. What are the other costs that usually accompany a home loan?
    Home loans are usually accompanied by the following extra costs:
    • Processing Charge/Booking fee: It is a fee paid to the lender, when you apply for a loan. It could either be a fixed amount (not linked to the loan quantum), or could be a percentage of the loan amount.
    • Pre-payment Penalty: If a loan is paid back before the end of the agreed duration, a penalty is charged by some banks/financial institutions, which could be up to 2% of the amount pre-paid (Some institutions also consider all partial payments done in the last 12 months, as part of the pre-paid amount). However, most lenders currently do not charge a pre-payment fee for floating rate loans.
    • Miscellaneous Costs: Some lenders may levy a documentation or consultant charge. This is also known as "Application fee", in some institutions.
    • Registration and Stamp Duty charges - These are to be paid at the local Sub-Registrar's Office (SRO), as Charges for transferring the rights of the property from the builder/seller, and registering it in the name of the buyer (the loan applicant).
  5. Can I have a co-applicant for a home loan?
    Yes, it is good to have a co-applicant. This can help you increase the loan amount you are eligible for as the income of the co-applicant is also taken into consideration. Providing additional security like bonds, fixed deposits and LIC policies will also help in enhancing eligibility.

  6. What is EMI? How is it calculated?
    An equated monthly Installment (EMI) is the amount of money that is paid back to the lender on a monthly basis. It is essentially made up of two parts, the principal amount and the interest on the principal amount equally divided across each month in the loan tenure. The EMI is always paid up to the bank or lender on a fixed date each month until the total amount due is paid up during the tenure.
    The EMI facility helps the borrower plan his budget. The EMI is calculated taking into account the loan amount, the time frame for repaying the loan and the interest rate on the borrowed sum.

  7. What is an amortization schedule?
    An amortization schedule is a table giving the reduction of your loan amount by monthly installments. The amortization schedule gives the breakup of every EMI towards repayment interest and outstanding principal of your loan.

  8. Can I avail a tax rebate on my home loan?
    Yes, under Section 80C and Section 24 tax deductions are capped at 1 lakh for the principal repaid and 1.5 lakhs for the interest repaid.

  9. What are the loan tenure options?
    You have the option of selecting a loan tenure you are comfortable with, ranging up to 25 years, provided the term does not extend beyond your reaching 65 years of age or retirement age, whichever is earlier.

  10. What is the repayment period for a NRI Home Loan?
    The housing finance offered to NRIs normally do not exceed 7 years. The repayment for the loan is by way of EMIs. The EMIs begin only after the entire loan is disbursed. In case of a part disbursement, you will pay only the interest amount on the disbursed loan amount every month instead of the EMI. This is known as pre-EMI.

  11. What are the Tax Benefits applicable to Non-Resident Indians?
    No tax benefits are available for NRI customers unless you file returns and hence become eligible to avail the tax rebates available for home loans.

  12. Does BankBazaar.com charge me for its services?
    No, BankBazaar.com’s services come to you free of charge.

  13. How will the security and privacy of my data be ensured?
    BankBazaar.com’s will never share your data with any third party other than the financial institution that you decide to apply to. Our sound technology practices ensure a highly secure environment for all your data.

  14. What happens once I submit my application on BankBazaar.com?
    As soon your application is electronically submitted on BankBazaar.com, we will transmit it securely to the financial institution of your choice. This financial institution will then contact you directly to take the process forward.
    BankBazaar.com’s will also keep you updated on the status of your application via email and SMS alerts. You can also view the status of your application online at BankBazaar.com.

Home Loan Eligibility & Documentation

Home Loan Eligibility:
Anyone with a repayment capability and a dream to buy a home is eligible to get a home loan. Some of the important eligibility criteria are as follows:

  • Salaried individual or Self employed individual or Self employed professional like doctor, lawyer, etc.
  • NRI or resident Indians
  • Aged between 21 years and 65 years
  • Have a good CIBIL credit score
  • Good repayment capacity with fixed & stable income source
  • Employment at a stable company
  • Try our home loan eligibility calculator to check how much loan amount you are eligible for.

How is your home loan eligibility determined?
Based on the following aspects financial institutes will determine your loan eligibility:

  • Your monthly income
  • Property cost (you can get 80% of the property value if the loan amount is less than 20 lakhs and 85% of the property value if the loan amount is more than 20 lakhs. )
  • Other EMI’s which you are paying for any other loan

Fill the form above to check your actual home loan amount eligibility.


Home Loan documentation: For a speedy Home Loan approval you will need genuine documents which will help banks to give quick approvals. Here is a standard list of options for each document required.
Identity proof:

  • Driving license
  • Voters ID
  • Passport
  • PAN card
  • Ration card
  • Employee ID
  • Bank passbook
  • Letter from a recognized public authority or public servant verifying your photograph
  • Confirmation letter from your employer or another bank verifying your photograph

Address Proof:

  • Driving license
  • Voters ID
  • Passport
  • Ration card
  • Bank passbook or Bank account statement
  • LIC policy/ receipt
  • Utility Bill – telephone, electricity, water, gas (less than 2 months old)
  • Letter from any recognized public authority verifying residence address of the customer
  • Letter from your employer

Age Proof:

  • Driving license
  • Passport
  • Bank passbook
  • PAN Card
  • Birth certificate
  • 10th standard mark sheet

Income Proof: The following set of documents that detail your credit profile varies according to whether you are a salaried individual or a self-employed individual.
Self Employed/Entrepreneurs:

  • A brief introduction of Business/Profession
  • Balance Sheet, profit and loss account statement of income, proof of income tax returns for the last 3 years certified by a CA
  • Photographs
  • Receipts of advance tax payments if any made
  • A photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
  • Registration Certificate for deduction of Profession Tax
  • Certificate of Practice
  • Receipts of Bank loans
  • Proof of investments (FD Certificates, Shares, any other fixed asset)

Salaried Individuals:

  • Income Proof ( you just need to provide one of the options listed for income proof)
  • Latest Pay slip
  • Form 16
  • Increment/Promotion letters
  • Appointment letter
  • Pay slip (Last 2 months) with salary account bank statement
  • Certified letter from Employer
  • IT returns ( for three years )
  • Investment proof (FD certificates, shares, any fixed asset etc.)
  • Documents supporting the financial background of the borrower (his liability and assets if any)
  • Photographs

What are the documents required for obtaining NRI Home Loans?
NRIs are required to submit a few documents more than is required for a resident Indian:

  • A copy of the passport
  • A copy of the works contract (also sometimes referred to as the contract card/labor card)
  • The power of attorney (POA). The POA is required because the borrower is not based in India and in such a scenario; the HFC would need a representative ‘in lieu of’ the NRI to deal with as required. Although not compulsory, the POA is usually drawn on the NRI’s parents, wife or children

I am purchasing a flat from the builder, what supporting documents I will need to submit to the bank?

  • Original copy of your agreement with the builder
  • 7/12 extract – This is issued by the concerned land authorities giving details such as the survey numbers, area, date from which current owner is registered as owner etc.
  • Property register card, which is obtained from the City Survey Department
  • N.A. permission for the land from the collector, if its agricultural - If the land is agricultural and is being utilised for residential/ commercial/industrial use, then such agricultural land has to be converted to non-agricultural land and a Non-Agriculture Order has to be obtained from the Collector of the district where the property is located.
  • Search Report and Title Certificate – A search report and title certificate can be obtained from an advocate who will conduct a survey of the title of the property by visiting the office of registrar. A legal opinion can avoid any legal hassles later and is mandatory to be filed with the agreement for sale.
  • Development agreement between the owner of land and the builder
  • Copy of order under the Urban land Ceiling Act
  • Copy of building plans sanctioned by the competent authority
  • Commencement certificate granted by the Corporation
  • Building completion certificate
  • Latest receipts for taxes paid towards the land or property or flat to be purchased
  • Partnership deed or memorandum of association of the builders firm

I am purchasing the house from a Cooperative Society, what documents I will need to submit to get a home loan?

  • Original share certificate of the Society
  • Allotment letter from the Society in your name
  • Copy of the lease deed, if executed
  • Certificate of the registration of the society
  • Copy of the byelaw’s of the Society
  • No objection certificate from the Society
  • 7/12 extract or property register card in the Society’s name
  • Copy of N.A permission for the land from the collector
  • Search Report and Title Certificate
  • Copy of order under the Urban Land Ceiling Act
  • Copy of the building plans sanctioned by a competent authority
  • Commencement certificate granted by Corporation
  • The latest receipts of taxes paid for the property
  • Original Agreement to assign / Deed of assignment

What documents I will need, if I am constructing house on my own land?

  • Original sale deed of land and extract of Index II
  • 7/12 extract or property register card in your name
  • Copy of N.A. permission for land from the collector
  • Search and title report
  • Copy of tax paid under Urban Land Ceiling Act ( obtained from Commissionerate of Urban Land Ceiling and Urban Land Tax )
  • Copy of the building plans sanctioned by a competent authority
  • Building permission granted by the Corporation
  • The latest receipts of taxes paid for your land
  • Estimate of the cost of construction certified by the architect

What are the documents that need to submitted for disbursement of a home improvement loan?

  • Title deeds for the past of 13 years
  • Encumbrance certificate for the past 13 years ‘Khata’ certificate
  • Most recent tax receipts for the property
  • Approved plan
  • License for the extension
  • Cost estimate from a qualified engineer
  • Cost estimate from the architect

Home Loan Interest RatesUpdated on

Details of Home Loan

Home Loan Interest Rate.(Monthly reducing balance)
10.5% to 14.25% floating. Check Customized Interest Rates Now!
Processing Fees
0.5% to 1% of loan amount
Home Loan Tenure
1 year to 20 years
Home Loan Amount Funded
Up to 85% of property value
Pre-payment Charges
0% to 2% of amount being prepaid
Pre-closure Charges
0% to 2% of amount being preclosed
Guarantor Requirement
No guarantor required

Home Loan Articles

  • How to calculate your loan eligibility!
    Most people who buy a home through a home loan are often left with little cash to carry out any further improvements in the house as per their requirements. Some opt for personal loans in order to make good this requirement.
  • Home loan document checklist for self employed!
    Every financial institution which deals in home loans has a specified set of requirements which are to be met by a borrower. When a borrower is found to be eligible for the loan, only then he is granted the amount applied for.
  • How to select your home loan lender?
    Getting a home loan approval can be a long and tiresome process especially if you are a self-employed professional or business owner. This is because many banks doubt business men for job continuity, as they are free to quit their jobs at any time. 

Home Loan Forum

Reviews

   Home Loan Reviews
Page 1 of 84 1 2 3 4 5
  • Corporation Bank Home Loan
    Best Service
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (0)

    I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service .

    Was this review helpful? Yes
    took a Home Loan from CORPORATION BANK Reviewed on
  • Validated User
    (0)

    I had applied for home loan with HDFC limited on few months before, they have sanctioned a loan for 22 lakhs but due to some problem of my builder from my end I kept on hold for the loan process. They have detected for the processing fee of 11 thousands but they refunded 9 thousands rupees. The tenure of 15 years. Interest rate was nominal of 8.55%.

    Was this review helpful? Yes
    nagappan took a Home Loan from HDFC LIMITED Reviewed on
  • HDFC Limited Home Loan
    Good
    /images/common/default-unknown-person.png
    , coimbatore
    Validated User
    (0)

    With HDFC limited I have taken home loan on 8 months before which was processed through them directly. They have approved for 8 lakhs but as of now I have taken only for 5 lakhs remaining 3 lakhs I will get later from their end. Due to shop will come in commercial loan so I have split the loan amount to get it. For the tenure of 15 years. The processing fee for 5000 rupees. The rate of interest 8.8%, they have sanctioned the loan within one month.

    Was this review helpful? Yes
    thangaraj took a Home Loan from HDFC LIMITED Reviewed on
  • Punjab National Bank Home Loan
    Average service
    /images/common/default-unknown-person.png
    , new delhi
    Recommend Recommended by user
    Validated User
    (0)

    I have availed Home loan directly through Punjab National Bank .The rate of interest and the processing fee was very high ,I have got the loan amount on delay basis and i have applied for 26 lakhs for the tenure of 15 years.I have not faced any difficulties until i have received the loan .

    Was this review helpful? Yes
    ajit took a Home Loan from PUNJAB NATIONAL BANK Reviewed on
  • SBI Home Loan
    Excellent Loan Service
    /images/common/default-unknown-person.png
    , dindigul
    Recommend Recommended by user
    Validated User
    (0)

    SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.

    Was this review helpful? Yes
    took a Home Loan from STATE BANK OF INDIA Reviewed on
  • SBI Home Loan
    Easy and best loan
    /images/common/default-unknown-person.png
    , agra
    Recommend Recommended by user
    Validated User
    (1)

    SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.

    Was this review helpful? Yes
    pradeep took a Home Loan from STATE BANK OF INDIA Reviewed on
  • Validated User
    (3)

    My home loan was purchased from Central bank of India. The branch offer was approved the loan immediately and they had a good behavior with the customer. I got the better clarity about the loan process as well as the rate of interest in central bank of India is less than compared to others so i have chosen this bank and the Branch Manager helped me in a better way.

    Was this review helpful? Yes
    took a Home Loan from CENTRAL BANK OF INDIA Reviewed on
  • Validated User
    (4)

    From DHFL I have taken a home loan almost more than a year. One of my cousin's friend working there he recommend to apply for a home loan. The process was smooth and sanctioned a loan within 6 days with sufficient amount of 20 years. The rate of interest was high.

    Was this review helpful? Yes
    gurrala took a Home Loan from DHFL Reviewed on
  • ICICI Bank Home Loan
    Average Loan service
    /images/common/default-unknown-person.png
    , mumbai
    Recommend Recommended by user
    Validated User
    (1)

    ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.

    Was this review helpful? Yes
    divyesh took a Home Loan from ICICI BANK Reviewed on
  • HDFC Limited Home Loan
    Excellent
    /images/common/default-unknown-person.png
    , goa
    Recommend Recommended by user
    Validated User
    (1)

    I have balance transfer for a home loan with existing finance to HDFC LIMITED. One month before only I have a transfer of a loan. They have outstanding amount of 10 lakhs for the tenure period of 10 years. The rate of interest is 8.6% only for mortgage charges for 8 thousands need to pay for it.

    Was this review helpful? Yes
    took a Home Loan from HDFC LIMITED Reviewed on
  • Validated User
    (1)

    I have taken a home loan with SUNDARAM FINANCE on 10 years before which was processed through them directly. The amount which was given for 13 lakhs for the tenure period of 20 years. There was lot of issues I faced with them customer service is not good response. The rate of interest was high of 14% compare to other.

    Was this review helpful? Yes
    krishna took a Home Loan from SUNDARAM FINANCE Reviewed on
  • SBI Home Loan
    Excellent Service
    /images/common/default-unknown-person.png
    , vizianagaram
    Recommend Recommended by user
    Validated User
    (4)

    I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,

    Was this review helpful? Yes
    took a Home Loan from STATE BANK OF INDIA Reviewed on
Page 1 of 84 1 2 3 4 5

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