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  • Top Housing Finance Companies in India

    The demand for housing finance has seen a definite increase in the past few years. More and more people are now employing the services and assistance of housing finance companies to realize their dream of owning a house of their very own. As more and more people migrate across cities for work, many choose to stay put in those cities and often purchase a house there. However, with inflation, the mere cost of purchasing a house has gone quite high, often making it unaffordable for the common man. However, given that housing is a very basic human need, there are many ways in which one can enable the purchase of their very own house. One of the most popular options which people turn to are housing finance companies.

    Each year, more and more builders are capitalizing on available spaces to construct apartment buildings to suit a variety of budgets. Besides dwelling purposes, real estate is also serves as a fine form of investment which is sure to provide robust returns in the future. Considering both these benefits, many people are now opting to take home loans in order to purchase their own houses or apartments. Also, the fast-paced development of the housing sector as well as beginning of the trend of affordable housing, an ever increasing number of people are taking home loans. While earlier there were only a few housing finance companies in the market, now there are several companies offering home loans to customers at attractive and competitive rates of interest and flexible terms. If you are looking to take a home loan in the near future, here is a list of the top home financing companies which you can consider keeping on your list of options.

    State Bank of India (SBI)

    State Bank of India, also known as SBI is India’s largest lending institution which has enjoyed a trusted presence for the past several decades. With over 17,000 branches located across India, the bank caters to a vast customer base that comprises of not only individual but also corporate clients. Named as the ‘Most preferred Home Loan Provider’, SBI offers home loans that affordable, have no hidden charges and are flexible to provide maximum convenience to the customer. The loan tenure for SBI Home Loans stretches for 30 years and there are no pre-closure charges. Home loans offered by SBI include SBI MaxGain Home Loan, SBI Realty, SBI Yuva Home Loan, SBI PAL, SBI Her Ghar Home Loan, SBI NRI Home Loan and more. Interest rates for SBI Home Loans are as follows:

    Category Rate of Interest
    General Customers 8.65% to 8.70%
    Women 8.60% to 8.65%
    SBI Flexipay 8.60% to 8.70%
    SBI Hamara Ghar 8.50% to 8.55%

    Housing Development Finance Corporation (HDFC)

    HDFC, otherwise known as Housing Development Finance Corporation, is another leading provider of home loans in India. HDFC provides a number of home loans which can be used for not just the purchase of a new home, but also to purchase an existing house, for construction of a new house/purchase or property and even allow for transfer of an existing home loan with another lender to HDFC. Some of the types of home loans provided by HDFC include home loans for salaried and self-employed applicants, HDFC Pre-approved Home Loan Scheme, HDFC NRI Home Loan, HDFC Home Loan Transfer, HDFC Extension Loan, HDFC Special Home Loan for Agriculturists and HDFC Rural Housing Finance. Some of the notable benefits of HDFC Home Loans include competitive interest rates, hassle-free loan processing, no hidden charges, and flexible loan terms, among other benefits. Interest rates for HDFC home loans are as follows:

    Category Rate of Interest
    General Borrowers 9.45% to 9.55% (floating)
    Women Borrowers 9.4% to 9.9% (floating)

    Indiabulls Housing Finance Ltd. (IBHFL)

    Indiabulls Housing Finance Ltd. (IBHFL) is India’s second largest housing finance provider which offers home loans at very attractive terms. Some of the benefits which you get with an Indiabulls home loan include long repayment tenure of 20 years, instant loan application approval, high loan amounts – up to 80% of total cost of property, option to apply individually or jointly, zero pre-closure and partial pre-payment charges, no guarantor required, simplified loan process, dedicated customer support and more. The interest rate applicable for Indiabulls Home Loans are as follows:

    Category Rate of Interest
    General Borrowers (floating) 8.40% to 10.05%
    Women Borrowers (floating) 8.35% to 10%
    Fixed Rate of Interest 9.95% to 10.40%

    LIC Housing Finance Limited

    LIC Housing Finance Limited (LIC HFL) is among one of the biggest provider of home loans in India. Established in 1989, LIC registers a widespread presence across India with 181 marketing branches and offers home loans to various categories of applicants like resident Indians, non-resident Indians and pensioners. These home loans can be taken not just for the purchase of a new house or property but can also be used for constructing a new house or to build an extension to an existing house. Some of the benefits provided by LIC home loans include flexible repayment periods, quick loan processing, zero processing fee, zero pre-closure charges, no partial pre-payment charges, affordable interest rates and more. Interest rates for LIC Home Loans range from 8.50% to 8.70%.

    ICICI Housing Loan/Finance

    ICICI, India’s leading loan provider in the private segment, offers customers a variety of options when it comes to home loans. The benefits that you get when applying for a home loan with ICICI include minimal loan related documentation, affordable interest rates, flexible loan tenure, convenient repayment schedule, low loan processing fees, zero pre-closure charges, doorstep assistance, balance transfer option to avail lower interest rates, additional loan top-op option, added tools like Eligibility Calculator and EMI calculator to help you find out your eligibility and Emi for the preferred loan, options of pre-approved home loans and more. The loan tenure applicable for ICICI home loans ranges from 3 years to 30 years. The interest rates applicable on ICICI Home Loans are as follows:

    Category Rate of Interest
    General Borrowers 8.40% to 8.85%
    Women Borrowers 8.35% to 8.80%

    L&T Finance Limited

    L&T Limited, otherwise known as Larsen & Toubro, is a well-known Indian multi-national company which, besides dealing in engineering products also provides financial services such as home loans. L&T currently offers 3 different types of home loans to customers which can be utilized for the purpose of purchasing a new house, for making improvements to an existing house or for adding an extension to an existing dwelling structure. L&T home finance offers a number of benefits such as quick and transparent loan processing, instant online loan approval, attractive interest rates, minimal documentation, multiple repayment options, zero pre-payment charges, long repayment tenure of up to 20 years, high loan amounts ranging from Rs.3 lakhs to Rs.10 crores, dedicated round the clock customer support and much more. The interest rate applicable for L&T Home Loans is currently set at 9.90%.

    PNB Housing Finance Limited

    Having commenced operation in 1988, PNB Housing Finance Limited (PNB HOUSING), a subsidiary of Punjab National Bank (PNB), has been providing affordable home financing solutions to millions of customers for over 2 decades. With branches located all across the country, PNBHFL Home Loans can be utilized for a number of purposes such as purchase of a house/property, construction of a new house, building an extension with an existing house and for making improvements to the interiors of your house. These home loans can be availed by resident Indians as well as NRIs.

    Floating Rate of Interest

    Category Rate of Interest
    Salaried 9.30%
    Self-employed Professionals 9.30% to 10.30%
    Self-employed Non-professionals 9.50% to 11.00%

    Fixed Rate of Interest for Salaried & Self-employed

    Tenure Rate of Interest
    3 years 9.25% to 10.25%
    5 years 9.25% to 10.25%
    10 years 9.50% to 10.50%

    Fixed Rate of Interest for Self-employed Non-professionals

    Tenure Rate of Interest
    3 years 9.45% to 10.95%
    5 years 9.45% to 10.95%
    10 years 9.75% to 11.25%
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