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

    • Punjab National Bank Home Loan
      "Be consistent in the details"
      0.5 1.0/5 "Really Bad"
      PNB housing finance was not a good one for me, though they were okay in the process. They have charged me 100% of the processing fees when I was supposed t be charged only 50%. I had to pay more than 11k. They need to be consistent in the whole process.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar has been good and the experience is satisfactory. I faced no issues or inconvenience faced. The website is also good and it is very much informative and very easy to browse through and choose the best bank in the market.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Punjab National Bank Home Loan
      "Overall good"
      0.5 4.5/5 "Excellent!"
      PNB housing finance was very much cooperative and they collected my documents and processed my papers. The disbursement also happened as earlier as possible. The interest rate and processing charges is normal and the overall experience is perfect.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Bank of India Home Loan
      "Fantastic"
      0.5 5.0/5 "Blown Away!"
      I am having the home loan with the Bank of India and their interest rate is around 8.9%. The loan amount got disbursed within specified time period, also I am really happy with the Bank of India for my home loan disbursal.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a very good service from Bankbazaar ,everything was fine from Bankbazaar service ,even the customer service and the representatives were very helpful and responsible during my loan process they explained everything regarding my loan process.Bankbazaar website was also user friendly. friendly.Overall service was good from Bankbazaar.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 23, 2017
    • ICICI Bank Home Loan
      "WORST SERVICE"
      0.5 1.0/5 "Really Bad"
      It was a worst service from ICICI ,I got only one call from their representatives after that there was no proper response from ICICI representatives . They didn't give any proper information's regarding interest rate ,overall I am not happy with the service of ICICI.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 3.5/5 "Pretty good"
      The Service was very good from Bankbazaar , I got lot of options from Bankbazaar for my loan process . Even the response was very good ,I checked Bankbazaar website which was easy to use and user friendly overall it was an good experience from Bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 23, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 3.0/5 "Satisfactory"
      It was a very good service from HDFC ltd,response was very good from their representatives ,helpful customer service .Their interest rate was high compared to market value ,overall it was a good service from HDFC ltd for my loan process .
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 3.5/5 "Pretty good"
      The Service was very good from Bankbazaar , I got lot options from Bankbazaar for my loan process . Even the response was very quick ,I checked Bankbazaar website which was easy to use and user friendly overall it was an good experience from Bankbazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • ICICI Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good service from ICICI ,very helpful and responsible representatives from ICICI during the loan process . I had personal issues so I postponed my loan plan for next year also their interest rate was also 8.4 which was high ,still the overall service was good from ICICI .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a excellent experience with hdfc ltd for the home loan. They have explained everything very clearly to me. The process took some days not sure about it. I also got a good rate of interest at that time 8.75%. And also a processing fee was charged nominal I had taken it for 20 years but I pre closed it later.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 23, 2017
    • ICICI Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have taken home loan from ICICI bank. The approved loan amount from the bank is 15 lakhs with a rate of interest of 10.75%. I am satisfied with the rate of interest as the promise to give me in that rate and the processing fees was bit high with ICICI bank,processing fee was normal. Tenured is for 20 years i have taken.
      Was this review helpful? 0
      , kharagpur
      Reviewed on Sep 23, 2017
    • Allahabad Bank Home Loan
      "GOOD SERVICE"
      0.5 3.0/5 "Satisfactory"
      The loan amount which ALLAHABAD BANK offered me was good. The customer services and representatives where very helpful. They contacted me and informed me the details. I was fine with the interest rate which was 8.5. Overall I can say it was good service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      The Service was very excellent from Bankbazaar , I got lot of options from Bankbazaar for my loan process . Even the response was very excellent from their representatives ,I checked Bankbazaar website which was easy to use and user friendly overall it was a excellent experience from Bankbazaar service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 23, 2017
    • Punjab National Bank Home Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was an very good service from PNB ,during my loan process the representatives of PNB was very helpful and very responsible representatives . But I was little busy with my personal issue ,even with a interest rate it was fine so I can say overall it was a excellent service.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      The Service was very good from Bankbazaar , I got lot options from Bankbazaar for my loan process . Even the response was very quick ,I checked Bankbazaar website which was easy to use and user friendly overall it was an good experience from Bankbazaar.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • ICICI Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was an very good service from ICICI ,response was very good from their representatives ,helpful customer service . Even their interest rate was also fine it was low compared to others ,overall it was an good service from ICICI .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      Service was very good from Bankbazaar , I got lot options from Bankbazaar for my loan process . Even the response was very quick ,I checked Bankbazaar website which was easy to use and user friendly overall it was an good experience from Bankbazaar.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 23, 2017
    • Punjab National Bank Home Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      The loan amount which PNB housing finance offered me was not sufficient. So I cancelled my plans in taking the home loan. Else the customer services and response was good. They contacted me and informed me the details. I was fine with the interest rate and charges. Overall I can say it was excellent service.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 23, 2017
    • Bank Bazaar Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Service was very good from Bankbazaar ,customer service of Bankbazaar was very good and responsible. I even have checked with Bankbazaar website which was user friendly I like most in Bankbazaar is I can check my credit profile through Bankbazaar website which was very useful for me ,so overall it was an good service from Bankbazaar .
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 23, 2017
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    Home Loan BYTES FROM OUR KITCHEN

    Home Loan Types

    In India, settling down has become synonymous with owning a home. In this busy world, everyone dreams of owning a perfect abode where they can find solace at the end of the day. Buying a home is also becoming a Herculean task these days owing to the mounting real-estate prices. A home loan is an easy way to fund your house purchase given that it is not a wise idea to burn your entire savings to buy a land or a home.

    Banks and other housing finance establishments offer different types of home loans these days. The demand for home loans has increased manifold in recent years and people have different expectations when it comes to a home loan. To cater to the requirements of different sections of society, a lot of banks have come up with this concept of introducing different home loan schemes. To quote a few, several banks offer specially crafted home loans for women, agriculturalists and loans exclusively for purchase of land.

    Types of Home Loan:

    Lenders offer home loans, not only for buying a house but also for a variety of other purposes. Some of the popular types of home loans available in the financial market are described below.

    • Loans for Purchase of Land

      Several banks offer loans for land purchase. Purchasing a land is a flexible option, the buyer can save funds and construct a house whenever his finances allow or just have the land as an investment. Up to 85% of the cost of the land is given as loan by lenders like ICICI Bank and Axis Bank.

    • Loans for Home Purchase

      The most popular type of home loan is the loan for purchase of a new or a pre-owned home. This loan is also commonly available and is offered by many banks in different variants. The interest rate is either floating or fixed and generally ranges anywhere between 9.85% and 11.25%. Also, 85% of the total amount is offered as a loan by many banks.

    • Loans for Construction of a House

      This loan is specially designed for people who want to construct a place according to their wishes rather than buying a pre-constructed house. The approval process for this type of loan is different for it takes into account the cost of plot also. The most important clause when applying for a home construction loan is that the plot must have been purchased within a year for the plot cost also to be included in the loan amount. The loan amount is decided based on a rough estimate of the construction cost. The amount may be disbursed at one go or in multiple installments. Popular home construction loans include the schemes offered by Bank of Baroda, UCO Bank and Canara Bank.

    • House Expansion or Extension Loans

      Want another balcony or an additional bedroom? No worries, some banks also offer loans for house expansion including alteration of current structure and construction of new rooms. HDFC Home Extension loan and house renovation loan offered by Bank of Baroda are popular in this category.

    • Home Conversion Loans

      People who have already availed a home loan and have purchased a house with it but want to move to a new house can opt for home conversion loans. By transferring the current loan to new house, borrowers can fund the purchase of the new home and also need not repay the previous home loan. Though it offers convenience, this segment of home loan is also very expensive.

    • Loans for Home Improvement

      Renovation and repair works like external and internal repair, painting, construction of overhead water tank and electrical renovation certainly will make your house look better. But if you lack the finances for repair and renovation, banks like Union Bank of India, ICICI Bank and Vijaya Bank offer specialized home improvement loans.

    • Balance Transfer Home Loans

      This option can be availed when an individual wants to transfer his home loan from one bank to another bank owing to reasons like lower interest rates or better services offered by the other bank. This is done to repay the remaining loan at a revised, lower interest rates offered by the other lender.

    • NRI Home Loans

      Specially designed to support non-resident Indians in buying a residential property in India, the formalities and application procedure for this type of loan is different from the others. Generally, most of the private and public sector banks offer NRI loans as a product of their housing loan portfolio.

    • Bridged Loans

      Bridged Loans are short term loans that are designed for existing homeowners who are planning to purchase a new property. It aids borrowers to fund the purchase of new house until a buyer is identified for the existing property. This type of loan usually requires the mortgage of new house with the bank and is extended for less than two years. Several banks like Vijaya bank and HDFC Bank offer bridged loans.

    • Stamp Duty Loans

      Not a widely known segment of home loans, stamp duty loans are offered to cover the stamp duty charges during the purchase of a property.

      With home loans becoming the norm of the day when it comes to purchasing a home, it also becomes equally important to identify your requirement and apply for the right type of home loan. Not only will it reduce the paperwork and simplify the loan approval process, it will also allow you to enjoy a loan at reduced interest rates. Also, make sure you use an home loan EMI calculator to know your amortization schedule and plan the finances better.

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