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

    Pre-approved home loans provide sanction of loan limits before finalization of the property and help customers negotiate with the builders or sellers. The pre-approved loan is assessed based on your income. The processing fee applicable to the home loan is non-refundable and is collected at the time of sanction. The repayment tenure of a pre-approved home loan can go up to 30 years with the interest rates being affordable.

    1. SBI Pre-Approved Home Loan
      • Interest concession offered to women borrowers
      • The loan amount can be repaid in 30 years
      • The processing fee is low
      • Interest is charged on daily reducing balance
      • Home loan is available as overdraft
    2. BOB Pre-Approved Home Loan
      • It offers you greater flexibility in negotiations with builders/sellers
      • You are assured of eligible loan amount
      • The in-principle approval is valid for 4 months from the date of issue
      • In-principle approval for the home loan is done prior to identification of a specific house
      • Balance amount of unified processing charges will be recovered after sanction of the loan
    3. ICICI pre-qualified Home Loan
      • Zero paperwork
      • Can be applied from anywhere
      • The loan is processed fast
      • The application procedure is a simple one
    4. Bajaj Finserv Pre-approved Home Loan
      • The home loan can be availed at attractive interest rates
      • Part-payment and foreclosure facility available
      • The processing fee is low
      • You can transfer your existing home loan
    5. IOB Subhagruha Pre-approved Home Loan
      • Maximum repayment tenure can go up to 30 years
      • Can avail a maximum holiday period of 18 months from the date of first disbursement or completion of construction
      • Pre-approved loan arrangement letter is valid for a period of 3 months
      • Margin ranges from 10 – 25 percent of the estimated cost

    Pre-Approved Home Loan FAQs

    1. What is a pre-approved home loan?

      A pre-approved home loan is an in-principle approval for a loan based on the income, creditworthiness and financial position of an applicant.

    2. How to apply for a pre-approved home loan?

      You can apply for it by visiting the bank branch or using the net banking facility.

    3. Who is eligible for pre-approved home loan?

      Resident Indians are eligible for pre-approved loans. You need to be between 18 and 70 years of age.

    4. What is the interest rate for pre-approved home loan?

      The interest rate for pre-approved home loans are the same as those for regular home loans.

    5. What are the documents required for pre-approved home loan?

      The documents which needs to be submitted are:

      • Employer Identity card
      • Proof of Identity
      • Proof of residence
      • Bank account statements for the last 6 months
      • Loan account statement for the last 12 months
      • Salary slip for the last 3 months
      • IT returns or Form 16 for the last 2 years
    6. What are the advantages of pre-approved home Loan?

      The advantages associated with a pre-approved home loan are as follows:

      • Help you in effective property search.
      • Negotiate with builders/sellers
      • The loan gets processed quickly

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    Pre-Approved Home Loans Reviews

    • ICICI Bank
      "Excellent Loan"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from ICICI Bank, my loan was sanction on time and its going to be disbursed soon. The amount of the loan is 18 lakh . the bank informed me that for construction plan I have to pay for 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month.
      Was this review helpful? 26
      , new delhi
      Reviewed on Mar 21, 2020
    • IndusInd Bank
      IndusInd Bank
      "Not good loan"
      0.5 3.0/5 "Satisfactory"
      I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
      Was this review helpful? 7
      , ahmedabad
      Reviewed on Mar 20, 2020
    • LIC Housing
      "Best housing loan "
      0.5 5.0/5 "Blown Away!"
      Before 4 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 14 lakhs and i am paying the EMI amount of Rs. 12940 per month. Total duration of the loan is 15 years.
      Was this review helpful? 55
      , tirupur
      Reviewed on Mar 20, 2020
    • Tamilnad Mercantile Bank
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online . The service was average according to my concern.
      Was this review helpful? 9
      , surat
      Reviewed on Mar 15, 2020
    • Syndicate Bank
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through SYNDICATE BANK. The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.They gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 9
      , bangalore
      Reviewed on Mar 14, 2020
    • ICICI Bank
      "Disappointed with ICICI"
      0.5 0.5/5 "Unacceptable"
      I hand applied for the Home construction loan @ Rabakavi Branch, Karnataka. We provided all the legal & Income documents. Loan got approved but they dragged it for 4 Months for the final steps and did not disburse finally saying legal issues which are absurd.
      Was this review helpful? 15
      , rabkavi banhatti
      Reviewed on Mar 14, 2020
    • review
      "Supporting finance"
      0.5 5.0/5 "Blown Away!"
      Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
      Was this review helpful? 10
      , chennai
      Reviewed on Mar 13, 2020
    • SBI
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
      Was this review helpful? 55
      , indore
      Reviewed on Mar 13, 2020
    • Indiabulls
      "Need to improve customer service "
      0.5 2.0/5 "Expected more"
      At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The amount sufficient was fine. EMI need to pay of 36K. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. Their service is not good coordination with me.
      Was this review helpful? 20
      , thane
      Reviewed on Mar 12, 2020
    • review
      "Home loan closer conditions"
      0.5 1.0/5 "Really Bad"
      Hi All, If any of the builder suggest to go for this bank don't ever go for it... For every 6 months they increase the ROI even RBI is decreasing... Pre closer is a hell for me ...bi have provided a cheque after 15 days they started processing the request to close... From my pocket I paid 30000 rs extra for closing...
      Was this review helpful? 38
      , bangalore
      Reviewed on Mar 11, 2020
    • Indiabulls
      "Good service"
      0.5 4.0/5 "Great!"
      I took home loan from INDIA BULLS, some people suggested to take a loan from this bank so chosen it. They have sanctioned the loan amount of 15L with tenure period of 15 years. Rate of interest is nominal. EMI need to pay of 17K. The processing fee is applicable. Since I am going to buy a plot so taken this loan offer.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Mar 11, 2020
    • LIC Housing
      "Very good home loan and need to improve the interest rate"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. They have taken 1 week to sanctioned the loan. Documentation process is as usual like other banks. They have provided me a interest rate of 8.45%.
      Was this review helpful? 26
      , kolkata
      Reviewed on Mar 10, 2020
    • Union Bank of India
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
      Was this review helpful? 21
      , chennai
      Reviewed on Mar 09, 2020
    • HDFC Limited
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      HDFC people guided to take Pradhan Mantri scheme for the home loan. The amount was sanctioned of 25L and subsidiary amount of 2.67L. The tenure period of 20 years. An interest rate was fine of 8.5%. Pre closure is applicable with nominal charge. The process was good hence they have sanctioned the loan within 20 days. EMI need to pay of 22413 rupees.
      Was this review helpful? 64
      , kanchipuram
      Reviewed on Mar 09, 2020
    • LIC Housing
      "Need to decrease the interest rate"
      0.5 4.0/5 "Great!"
      From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service.
      Was this review helpful? 15
      , lucknow
      Reviewed on Mar 09, 2020
    • HDFC Limited
      "Comfortable process "
      0.5 5.0/5 "Blown Away!"
      I got home loan offer from HDFC Limited on one year back. I applied via online, the amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay of 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
      Was this review helpful? 10
      , alleppey
      Reviewed on Mar 07, 2020
    • HDFC Limited
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 14
      , chennai
      Reviewed on Mar 06, 2020
    • review
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I took home loan from MAGMA HOUSING FINANCE on 6 months back , the loan duration of 20 years for the amount of 18L. The amount was sanctioned by one month. To buy the flat taken this loan. EMI need to pay of 15,600 rupees. There is pre closure is applicable. The customer service is good.
      Was this review helpful? 10
      , vadodara
      Reviewed on Mar 06, 2020
    • review
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
      I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
      Was this review helpful? 13
      , chennai
      Reviewed on Mar 06, 2020
    • HDFC Limited
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      In HDFC, they were forcing me to taking a home insurance when i availed my home loan. Its just because of my landlord person since he was having their existing loan with HDFC hence have continued the same. They have offered me an interest rate of 9.25% and i need to pay the EMI amount of Rs. 10000 for the loan amount of Rs. 10 lakhs.
      Was this review helpful? 34
      , rajkot
      Reviewed on Mar 05, 2020
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