If you can dream it, we will help you own it! All you need to know about availing a home loan is right here. You can be assured of best rates, fair terms, total transparency, flexibility, faster sanctions & disbursements. To give you a fair idea about the standard features, benefits, advantages, eligibility criteria & basic documentation of home loans provided by the major Banks & HFCs, please go through the following:
Features and Benefits:
- Loan Amount: Avail a Home Loan of up to 85% of the cost of property (including stamp duty and registration fees) or 80% of market value, whichever is lower.
- Tenure & Term: The tenure of your Home Loan ranges from 1 to 30 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals)
- Purpose: Avail of a home loan for ready built-up or under construction house/flat purchase
- Reduce your EMI: With tenure of 30 years, you can reduce the EMI amount on your Home Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards
- Interest Rates: The Interest rate applicable is based on the Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions
- Processing Fees: This is charged as the fee towards processing your home loan application.
*Service Tax and Cess as applicable
- Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your
- Through ECS (Electronic Clearing Service) based on standing instructions to your bank
- Post Dated Cheques(PDCs) drawn on your Savings/Salary account
- Home Loan Tax Benefits: Get Maximum Tax benefit under Home Loan scheme. As per Indian IT Rules, the current applicable exemption u/s 24 is Rs. 1.5 lacs for the interest amount paid in a financial year and up to Rs. 1 lac for the Principal amount repaid in the same year. Thus up to Rs. 2.5 lacs is tax exempt, helping you save up to Rs. 70,000 tax annually.
- Applicant and Co-Applicant: Home Loans can be applied by an individual. The loan amount can be further enhanced by including an earning co-applicant.
You can avail a Home Loan of up to 85% of the cost of property (including stamp duty and registration fees) or 80% of market value, whichever is lower. The loan amount can be further enhanced by including an earning co-applicant
The actual Home Loan amount is determined taking into various account factors such as:
- Repayment Capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving Habits and more
|Proof of both identity and residence (any 1)||Valid Passport|
Voter ID Card
Valid Driving Licence
|Proof of income||PAN Card|
Last 3 months’ Salary Slips
Last 6 months’ Bank Statements, showing salary credits
Latest Form-16 and IT returns
|Other documents||Employment Contract / Appointment Letter in case current employment is less than 1 year oldLast 6 months’ Bank Statements showing repayment of any ongoing loans|
Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
|Property related documents||Copy of the Allotment Letter / Buyer Agreement|
Receipt/(s) of payment/(s) made to the developer
All documents to be self attested. The above list is indicative in nature and additional documents can be asked for.
Home Loan Interest rate Comparator
|L&T Housing Finance||9.65% – 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP)||Rs.942 – Rs.982 (for Salaried/ SEP) Rs.942 – Rs.998(SENP)||0.25% -1%OR Rs.10000 which ever is higher +ST, subject to customer profile||NIL|
|SBI – State Bank Of India||9.50% (For Women), 9.55% (For Others)||Rs.932 (For Women), Rs.935 (For Others)||Festive Offer* Zero Processing Fee||Nil|
|*Valid till 31-03-2016|
|ICICI Bank||Up to 5 Cr 9.50%( For women),9.55%(for others)||Up to 5 Cr Rs.932( For women),Rs.935(for others)||0.50% of loan amount upto 1 crore||N.A|
|HDFC Ltd||9.50% (For Women), 9.55% (For Others)||Rs.932 (For Women), Rs.935 (For Others)||0.5% or maximum 10,000+service tax (12.36%)||No prepayment charges shall be payable for partial or full prepayments|
|LIC Housing||9.60%||Rs.939||Up to 50 lacs : 10,000 +(Service tax)||Nil|
|50 lacs & above : 15,000 +(service tax)|
|Zero Processing fee for Women|
|AXIS Bank||9.50% – 9.65%||Rs.932 – Rs.942||Upto 1% of the loan amount subject to minimum of Rs.10,000/-||Nil|
|DHFL||9.55%(upto 25lacs),then 9.65%||Rs.935(upto 25lacs),then Rs.942||1% for Salaried & 1.5% for SENP||NIL|
|IDBI||9.75%||Rs.949||NIL||If Balance Transfer then 2% Otherwise Nil|
|Union Bank of India||9.65% – 10.40%||Rs.942 – Rs.992||N.A||NIL|
|Bank of India||9.70%||Rs.945||0.25% of loan amount Min.Rs.1,000 and Max. Rs.20,000/-||Nil|
|Indiabulls Housing Finance Limited||9.55% (upto 3 cr),then 10.25%||Rs.935 (upto 3 cr),then Rs.982||Below 28 lacs = Rs.7500 28 lacs- 50 lacs = 0.50% Above 50 lacs = 0.5% to 1.00% of the loan amount||NIL|
|Corporation Bank||9.65%||Rs.942||0.50% of Loan amount (Max.Rs.50,000/-)||NIL|
|United Bank of India||9.75%||Rs.945||N.A||N.A|
|Tata capital Housing Finance ltd||9.60% (Salaried), 9.80% (SEP/SENP)||Rs.939 (Salaried), Rs.952 (SEP/SENP)||0.20 (Minimum Rs. 5,000) to 0.25% off the loan amount + Service tax||N.A|
|HSBC Bank||9.55% – 10.05% (for Salaried) 9.55% – 10.10%( for Self Employed)||Rs.935 – Rs.968||1% of the loan amount applied for, subject to a minimum of Rs 10000 plus service tax. This fee is payable on application and is not refundable||Nil|
|Indian Bank||9.65%||Rs.1302||0.25% of loan amount with a maximum of Rs.20,000||Nil|
|Standard Chartered||9.75%||Rs.949||0.5 % – 1.50%||NIL|
|Federal Bank||9.68% – 9.83%||Rs.944 – Rs.954||0.50% of the limit sanctioned with a minimum of 3,000+ST, maximum of 7,500+ST||N.A|
|Central Bank of India||9.95%||Rs.962||Rs.20000/- or .50% of loan amount subject to maximum||Nil|
|UCO Bank||9.70%||Rs.945||0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/-||NIL|
|Bank of Baroda||9.65%||Rs.942||0.25% of loan amount Min.Rs.1, 000 and Max. Rs.20,000/-||N.A.|
|Kotak Bank||Upto 14.5%||Rs.1280||upto 1.25%||2% on Balance transfer else NIL|
|Dena Bank||9.70%||Rs.945||0.50% of sanctioned limit||Nil|
|Syndicate Bank||9.7||Rs.888||Min. Rs.500/- & Maximum up to Rs.5000/-||N.A|
|PNB Housing Finance||9.75% – 9.95% (Salaried / S.E Prof) 9.95% – 10.25% (S.Emp Non Prof)||Rs.1059 – Rs.1072(Salaried / S.E Prof) Rs.1072 – Rs.1090 (S.Emp Non Prof)||0.50%||NIL|
|Citibank||9.85% – 9.95%||Rs.955 – Rs.962||Rs. 5000 (Application fee)||NIL|
|Oriental Bank of Commerce||9.90% -10.40%||Rs.958 – Rs.992||NIL||NIL|
|Indian Overseas Bank||9.90%||Rs.958||A flat rate of 0.58% of the loan amount- maximum of Rs. 10,190/- There is no hidden charge. This is subject to change from time to time without prior intimation.||N.A|
|Punjab National Bank||9.60%||Rs.939||NIL||NIL|
|Development Credit Bank||11.50%||Rs.1066||1%||Nil|
|State Bank of Travancore||9.95%||Rs.962||upto Rs.25,000 – Nil||NIL|
|Rs.25,000 above to Rs.2 lacs – Rs.500/-|
|Rs.2 lacs above- 0.50% of the loan amount maximum Rs.10000/-|
|Bank of Maharastra||9.70%||Rs.945||0.25% of the loan amount (subject to maximum of Rs.25000/-)||Nil|
|Dhanalakshmi Bank||11.40%||Rs.1060||1.00 % of loan amount + service tax (subject to minimum of Rs. 10,000 + service tax)||N.A|
The above list is indicative in nature and the interest rates & other parameters change from time to time
- Land Purchase Loan
If you have a plot of land in mind or your want to purchase a land on which you wish to build your dream home, we can help you do just that, with a Plot Loan.
- Loans for repairs and extension
Over the years as you create your own space in life, your family and its needs also grow. A growing family requires an extended house to comfortably accommodate all its requirements. With HDFC’s Home Extension Loans you can now add more space to your home ensuring that all your family needs have an extra room for expression.
- Top-up loans
Opt for this facility to lower your EMI obligation on your existing Home Loan from other Banks and Non-Banking Financial Companies (NBFCs) and avail additional funds for your personal or business needs.
- Loan for Earnest Money Deposits (EMD)
This product addresses the financial requirements towards Earnest Money Deposit to book residential plots/ built-up houses/ flats being sold by Govt. Housing Agencies, Urban Development Authorities like PUDA, HUDA and Housing Boards.
- Reverse Mortgage Loans
With increased urbanization and prevalent nuclear family culture, many senior citizens are forced to fend for themselves. This situation has been aggravated by increase in the cost of living accompanied by longer life expectancy, thus making it very difficult for the senior citizens to make both the two ends meet. In order to help those senior citizens who own their house but don’t want to sell it, the Government of India introduced reverse mortgage a scheme in 2008. This scheme is exact ‘reverse’ of plain home loan scheme. In case of a home loan one takes a lump sum loan and repays it in installments in future. Under the reverse mortgage scheme, you get installments and the loan is repayable in lump sum in future. Here, the payment stream comes to the borrower for a fixed period of time in the form of monthly, quarterly or yearly payments. The maximum permissible monthly payments under this scheme cannot exceed Rs. 50,000 per month.
- Short Term Bridging Loans
When you set your sight on a new home, you are eager and excited to move into your new space. You may however, have to wait for your existing home to be sold. Short Term Bridging Loan helps you during the interim period between the sale of your old home and the purchase of a new one.