You can avail a home loan from banks or a non-banking finance companies (NBFCs). Housing Finance Companies (HFCs) are a part of NBFCs. You can choose between a bank or an HFC by comparing tenure, interest rate, and processing fees offered by them. Let’s take a look at some of the top housing finance companies in the country.
HDFC Housing Finance offers different types of home loan products such as plot loan, rural housing loan, home improvement loan, and home extension loan among others. The interest rates for home loan starts from 8.55%. The home loan schemes are available for salaries and self-employed resident Indians in the range of 18-65 years.
|Loan Amount||Interest Rates (p.a.)|
|For Women (up to 30 Lakhs)||8.55% - 9.05%|
|For Others (up to 30 Lakhs)||8.60% - 9.10%|
|For Women (30.01 Lakhs to 75 Lakhs)||8.80% - 9.30%|
|For Others (30.01 Lakhs to 75 Lakhs)||8.85% - 9.35%|
|For Women (75.01 Lakhs & Above)||8.85% - 9.35%|
|For Others (75.01 Lakhs & Above)||8.90% - 9.40%|
LIC Housing Finance offers home loans at attractive interest rates for Indian residents, Non-Resident Indians (NRIs), and pensioners. You can avail loan for purchase, construction, extension, house repair, plot purchase, and top up loan. LIC Housing Finance offers benefits such as flexible repayment periods, quick loan processing, zero processing fee, zero pre-closure charges, and no partial pre-payment charges.
Indiabulls Housing offers instant home loan approvals at competitive interest rates for a tenure of up to 30 years. It offers benefits such as zero pre-payment charges, flexible tenure options, and zero pre-closure, among others. The interest rate ranges from 8.80% to 12.00% p.a. The processing fee is 0.50% to 1% of the loan amount.
ICICI Home Finance offers attractive interest rates for home loan. You can avail different types of home loan products such as home improvement loan, land loan, office premises loan, EMI under construction, top-up loan etc. The bank offers home loan in the range of Rs.3 lakh to Rs.5 crore. The processing fee is 0.50% to 1% of the loan amount.
|Type of Loan||Interest Rates (p.a.)|
|Housing Loan||8.43% - 14.50%|
|Non-housing loan||9.00% - 14.45%|
L&T Housing Finance offers home loan at attractive interest rates for construction, house improvement, and house extension. The loan repayment tenure is up to 20 years and the amount ranges from Rs.3 lakh to Rs.10 crore. You can avail home loans up to 90% the property value. L&T Housing Finance offers benefits such as quick and transparent loan processing, instant online loan approval, attractive interest rates, minimal documentation, multiple repayment options, and zero pre-payment charges.
PNB Housing Finance offers home loan at competitive interest rate for resident Indians as well as non-resident Indians. It offers home loans under different schemes that are aimed at government employees, general public, and others.
|Loan Amount||Interest Rate for Salaried/ Self-Employed||Interest Rate for Businessmen|
|Up to Rs.35 lakh||9.05% – 11.25%||9.15% – 12.50%|
|Above Rs.35 lakh up to Rs.75 lakh||9.10% – 11.25%||9.20% – 12.50%|
|Above Rs.75 lakh||9.20% – 11.25%||9.30% – 12.50%|
IIFL Housing Finance Limited offers home loans with attractive interest rates that start at 8.45% p.a. onwards. The maximum repayment tenure is 20 years. Any Indian citizen between the age of 18 and 75, both self-employed and salaried, as well as Non-Resident Indians (NRIs) are eligible for the home loan. The company provides a wide range of home loan products such as balance transfer, home improvement, etc. There is also a special loan product, Swaraj Home Loan, for those individuals without formal income documents.
GIC Housing Finance Limited provides home loans that range from individual housing loans and composite loans to balance transfer, home extension, and renovation/repair loans. Interest rates start at 8.50% p.a. There is free accidental death insurance and free property insurance provided along with the home loan. Loan application and approval can be done online with minimal documentation.
Sundaram Home Finance offers home loan products with attractive interest rates for both salaried and self-employed individuals who are between the age of 18 to 65 and are Indian citizens. There are attractive interest rates for women applicants. The home loan products that are offered include plot loans, home improvement loans, home extension loans, top-up loans, takeover loans, and loan against property.
Tata Capital Housing Finance Limited offers home loans starting at 6.90% p.a. Eligible individuals are those who are salaried or self-employed, with a CIBIL score of above 750, and between the age of 24 and 65 (at the time of loan completion). NRIs are also eligible for the home loan. The maximum home loan amount is Rs.5 crore with a maximum repayment tenure of 30 years. Up to 80% of the property value can be availed as the home loan. The company also offers flexible repayment options such as a standard EMI plan (for those whose income will remain constant throughout) and a step-up flexi EMI plan (for those whose income is expected to increase at regular or frequent intervals).
Aavas Financiers Limited offers home loans that start at Rs.1 lakh with the maximum home loan amount depending on your income and credit history. The repayment tenure is 20 years for the self-employed, 25 years for the salaried, and 30 years for government/private sector/PSU employees (who have a minimum salary of Rs.35,000 per month). The home loan products that are offered include loans for home purchase, land purchase, home construction, home improvement, home loan balance transfer, and loan against property. The loans can also be used to buy resale properties from recognised authorities or builders.
Can Fin’s home loans have attractive interest rates that start at 6.95% p.a. Loans are provided with a margin of up to 25%. The maximum repayment period is 30 years. Home loan borrowers who are diligent with paying their EMIs can also avail top-up home loans and personal loans from Can Fin. There are also Affordable Housing Loans for the urban and rural sector. Composite loans are also provided to purchase a plot of land and construct a house on it.
Repco Home Finance provides home loans with interest rates that start at 7.75% p.a. Professionals, salaried, and business class individuals are eligible for these loans. NRIs are also eligible for these loans. There are also specially customised home loans schemes for salaried individuals who are above the age of 50 which are structured to align with their pension income. The maximum repayment period for this loan scheme, called the 50 Plus, is 15 years with the loan to be repaid by the age of 70. Up to 85% of the property cost can be availed for home construction and up to 80% of the property cost for the purchase of a flat or house. The maximium repayment tenure is 20 years. Home makeover loans and plot loans are also available.
Akme Star Housing Finance Limited provides resale/new purchase home loans, construction loans, composite loans, home improvement loans, home extension loans, and balance transfer home loans. For the new purchase and resale home loans, the rate of interest starts at 6.50% with a maximum repayment tenure of 20 years. The maximum quantum of loan that can be availed is Rs.25 lakh. The Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS) is also available for those who are eligible according to their income level.
Sahara Housing Finance provides home loan schemes self-employed professional and self-employed non-professionals along with other individuals. The minimum age for eligibility is 21 and the maximum age is 65. There is a maximum repayment tenure of 20 years with a maximum loan amount of Rs.1 crore. Loans are provided for up to 80% of the cost of the property. These home loans can be used to buy ready-to-occupy or under-construction property, for properties that are being self-constructed, or for the repairs/renovation/extension of an existing residential unit. A discount of 0.5% on the general interest rate is offered to individuals who are physically challenged.
IHLL provides home loans in the affordable housing segment that can be used for the construction, purchase, renovation, or extension of a house. Home loan amounts can range from Rs.1 lakh to Rs.20 lakh, not exceeding 80% of the cost of the property cost. This home loan is geared towards those who do not have formal income proof, who belong to the economically weaker sections, and who are self-employed. Loan amounts can be increased by adding a co-applicant who is also earning. The repayment tenure is up to the age of 60 or retirement age, whichever is earlier (for self-employed individuals it is 65 years of age).
Cholamandalam Housing Finance provides home loans that can be used for purchase of plots, to construct a house, or to buy a ready-to-occupy house. Balance transfer home loans are also available. There are convenient repayment options and attractive interest rates.
DHFL provides home loans that can be used to buy a new house/flat, construct a new house, to renovate or extend an existing house, or to buy a plot of land for the purpose of home construction. Both salaried and self-employed individuals are eligible for home loans from DHFL. Eligibility and quantum of loan can be increased by adding a co-applicant who also has a regular source of income.
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