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Max Tenure

NA

Best Rate

8.33%

Processing Fee

0.25%

View Details

Features

  • Fast loan sanctioning within 24 hours of document received.
  • No prepayment/foreclosure charges after paying 1st EMI. No Foreclosure charges for top-up.
  • Online/Mobile Account access to view statements/SOA and make payments
  • Repo Linked Home loan Facility
  • Part Prepayment facility
  • Ease of repayment through multiple flexible options that make it easier for the customer to repay their loans.
  • NiL Foreclosure charges

Pricing

  • Interest rate - - starting from 8.33%

Documents Required

  • PAN & Aadhar
  • Latest 6 months Bankstatement
  • Latest 6 months Existing EMI deducted bankstatement.
  • Property Documents
  • Sanction letter of Existing Home loan is required for Balance transfer loans.
  • Additionally for salaried customer – Latest 3 months Payslip is required.
  • Additionally for Self Employed customer – Latest 2 years ITR , P&L & Business registration proof.

Max Tenure

5 yrs

Best Rate

7.35%

Processing Fee

10,000₹*

View Details

Features

  • * Upto 30 years Loan Tenure
  • * No Prepayment or Foreclosure charges
  • * Funding up to 90%* of the property cost
  • * Customized eligibility programs
  • * Accessible network & decades of experience

Pricing

  • Interest rate – 7.35%
  • Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)

Documents Required

  • Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
  • Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
  • Education Qualifications – Latest Degree
  • Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
  • Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed

Max Tenure

30 yrs

Best Rate

6.90%

Processing Fee

0%*

View Details

Features

  • Best ROI in the industry
  • For women beneficiaries 0.05% less than normal rate
  • Speedy Sanction
  • No prepayment charges
  • No hidden charges
  • Interest calculated on daily reducing balance
  • Longer Repayment tenor

Pricing

  • Interest Rate: 6.90% to 8.90%
  • Processing Fee: 0

Documents Required

  • ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
  • Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
  • Certificate from employer confirming confirmation of continuous service - For Salaried Only
  • A brief note on nature of business / activity / business licence in case of self-employed
  • Form 16 for last 3 years
  • Bank Statement / Pass book of salary or Business A/c for last 6 months
  • Balance sheet and P&L Account for last 3 years - For Self Employed
  • Salary Slip for last six months - for Salaried
  • Income Tax returns with taxpaid challans for last 3 years - For Self Employed

Max Tenure

15 yrs

Best Rate

12%

Processing Fee

3-5%

View Details

Features

  • Loan on Cash income
  • Past Bureau issues also considered.
  • Funding on gram panchayat , B khata , Properties under municipal limits also funded.
  • Loan starts at 5 lacs.

Pricing

  • Interest Rate: 12 % to 18%
  • Processing Fee: 3 - 5%

Documents Required

  • Identity proof such as Pan Card, Voters ID Card, Passport.
  • Address proof such as electricity bill, ration card.
  • Income proof documents, if available.
  • Bank pass book or Bank Statements.
  • Property documents, if property identified.

Max Tenure

30 yrs

Best Rate

8.65%

Processing Fee

Rs. 10,000/-*

Max Tenure

15 yrs

Best Rate

15%

Processing Fee

2%

Max Tenure

30 yrs

Best Rate

9.65%

Processing Fee

NIL

Max Tenure

20 yrs

Best Rate

9.1%

Processing Fee

Nil

Max Tenure

25 yrs

Best Rate

8.70%*

Processing Fee

0.25%*

Max Tenure

30 yrs

Best Rate

8.70%

Processing Fee

Rs.5000/-*

Max Tenure

15 yrs

Best Rate

12%

Processing Fee

Rs.9500/-*

Max Tenure

20 yrs

Best Rate

12%

Processing Fee

1%*

Max Tenure

60 months

Best Rate

10.75%

Processing Fee

1.50%

Max Tenure

20 yrs

Best Rate

9.75%

Processing Fee

0.25%*

Max Tenure

30 yrs

Best Rate

8.40%

Processing Fee

Rs. 10,000/-*

Max Tenure

20 yrs

Best Rate

10.50%

Processing Fee

1.5%

Max Tenure

25 yrs

Best Rate

8.70%

Processing Fee

NIL

Max Tenure

25 yrs

Best Rate

8.70%

Processing Fee

Rs.2500/-*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.50%

Processing Fee

10,000₹*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.7%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.45%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.65%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.50%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

nil*

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10..0%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.65%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.70%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.10%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.10%

Processing Fee

nil*

Max Tenure

30 yrs

Best Rate

9.1%

Processing Fee

1.50%

Max Tenure

nil*

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

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Home Loan Definition

Home Loans are a type of credit offered by banks, NBFCs and HFCs for the purchase of a new house or land, construction of a new house or some kind of repair or renovation for your home.

How to Apply for Home loan on CreditMantri.com

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Looking for a home loan to get your dream house? Learn the benefits of home loans and get the best deals through CreditMantri

What is a Home Loan?

Owning a home is a great pride for Indians. As they say, ‘Home is where the soul is!’. There is always a part of their monthly savings for house purchasing proceeds. Banks and financial institutions provide different home loan products in order to assist them in their dream of owning a home.

Your home loan needs may not be the same as the next person next to you. While you may be looking for a home loan to purchase a brand-new apartment, someone may be looking to renovate their ancestral property and someone else looking to create the extra space they’ve long desired. Therefore, banks and NBFCs offer highly customized home loan products to suit every need and requirement.

What are the various kinds of home loans?

In India, most banks provide the following types of home loan

Home Purchase Loans

Commonly known as a home loan or housing loan are provided for buying houses or apartments. Banks usually offer 80 to 85% of the market value of the property as a loan. They are available for various tenure periods and with fixed and floating interest rates. This can be used for purchasing new homes or old homes which have entered the real estate market as resale.

Plot Loans

This type of loan is provided for the purchase of land or an empty plot for residential activity, construction or investment purpose. This loan cannot be used for buying any agricultural plot of land. Unlike home loans where the loan amount provided is about 80 to 85% of the price of the property, land purchase loans are offered only up to 70% of the cost of the land.

Home Construction Loan

Home construction loans are provided for the sole purpose of constructing a home on an already available piece of land. The land can be an empty plot or demolishing an existing house and building a new one in its place. The loan amount provided for this is normally 85% to 90% of the construction cost.

Home Improvement Loans

These loans help the borrower with all home renovation or improvement work. They are extended towards all construction and renovation work. This could include paint job, new flooring work, plumbing or exterior elevation works are all covered under home improvement loans.

Home expansion loans

These are loans provided to the borrower for expanding their existing home. This includes expanding a single room, adding additional rooms to building a new floor above the existing house. These projects could vary from Rs. 20,000 to more than Rs.10 lakhs based on the project.

What is the eligibility for a home loan?

Since home loans are availed for huge amounts and long repayment tenures, banks have strict eligibility criteria to sanction a home loan. The basic requirements are:

  • You need to be a salaried individual, or
  • A self-employed individual/ professional
  • You must satisfy the age and income requirements and be able to demonstrate a stable income.
  • If your spouse is salaried, then you can add him/her as a co-applicant and this income will be considered while determining your eligibility for the loan.

Will I qualify for a home loan? What do lenders look for?

Lenders look at several factors while determining the state of your housing loan application. They include the following indicators:

  • Your credit score: Lenders usually need a minimum credit score of 750 before processing your application. A credit score of 750 or higher assures lenders that you are a responsible borrower with a solid repayment history.
  • Your credit report: Lenders scrutinize an applicant's credit score and background. In order to see if you have a record of making payments on time and in full for a long period, they review your payment history over the years. They will also look into any existing written-off accounts to see if you have defaulted on any debt obligations. Even if your current credit score is sufficient, all of these measures of bad credit conduct are warning flags for lenders. To see how you would manage extra debt payments on your current and expected future salary, they will also look at your existing loan commitments.
  • Employment status and salary: Lenders want to know that you'll have a consistent monthly income to pay off your EMIs over the duration of the loan. A home loan can last for decades, so lenders want to know if you'll be able to sustain stable jobs and income during that period.
  • Clean title deed and full property documentation: While this provision is not related to your particular credit condition, banks want to guarantee that in the case of a loan default, there will be no complications with the collateral (the home). For that, they would make sure that all the legal papers surrounding the property are in order.

How much home loan amount can I get?

Home loan amounts range from Rs.10 lakhs to Rs.5 crores. Based on your eligibility, you can get up to 85% of the home purchase amount as the loan amount.

What is the repayment tenure for a home loan?

Home loans are long term loans, sometimes going for a few decades. You can get repayment tenures of up to 30 years on your home loan. This repayment period is based on your age.

Home Loan Interest Rate

There are two basic types of home loan interest rates and you need to study all the interest rate options carefully before deciding which one to choose:

Fixed-rate: An interest rate is fixed for the entire tenure of your loan and you should pay a fixed EMI for the entire duration of the loan.

Floating rate: The interest rate you pay varies during your loan tenure, depending on external market conditions. You would choose this option if you are confident that interest rates will go down during your loan period.

There is also the option of a partially fixed and partially floating rate. You need to learn about all kinds of housing loan interest rate options or consult a professional to see which option suits your needs the best.

In order to land the lowest home loans interest, you need to have an impeccable credit history.

What is EMI?

EMI stands for Equated Monthly Installment. It is the amount you need to pay monthly to repay your entire loan. If your loan period is 20 years, then you will be paying an EMI every month for 20 years.

EMI consists of principal plus interest due, spread over the entire tenure of your loan. If your EMI burden is too high, you can reduce it by lengthening the tenure of the loan. However, if you extend the tenure of your loan, you will be paying out more in interest amount since your repayment obligation is over a longer period.

You can use a home loan EMI calculator to find out how much your monthly outgo will be.

What are the documents required for a home loan?

The documents required for a home loan could include (among others): all the legal documents pertaining to the home that is to be purchased like the title deed, all the necessary legal approvals etc.; identity proof, residence proof, age proof, salary slip of the past few months; past income tax returns; and bank statements. The documents required will vary based on the lender requirements.

What are the other costs incurred in addition to the actual property cost?

Buying a home can create a significant outflow in addition to the actual cost of the property. There are two kinds of expenses associated with a housing loan:

At the time of purchase: You need to keep in mind that you will have to pay registration charges, stamp duty and transfer charges.

At the time of loan disbursal: Banks may charge various fees including processing and application fees. It is useful to remember that some of these bank fees can be negotiated. However, the good news is that there is no longer a pre-payment penalty for paying off your housing loan before the end of your loan period.

Is it possible to get home loans with bad credit?

It is very difficult to get home loans with bad credit. Lenders do not want to risk giving loans to customers who do not have a good credit repayment record. However, each lender has a different set of requirements and criteria for lending. So it is possible that even if multiple lenders reject you, you might have a small chance to qualify with another lender who has different requirements.

Generally, if you have a credit score of less than 750, it is difficult to get approved for a loan. Even if you’re sanctioned a home loan, the interest rates may not be favourable. Borrowers with a low credit score are likely to be charged steep interest rates, increasing the overall loan burden. The borrower must consider credit improvement schemes if he/she is having a poor credit score and wishes to go for a home loan soon.

What are the disadvantages of applying for a home loan with bad credit?

If your loan application is rejected by multiple lenders because of your poor credit record, each rejection will incrementally affect your existing poor credit score. Even if your application is approved, despite your poor credit record, you might be given a higher home loan interest rate, shorter repayment period, or a smaller loan amount which might not be enough for the home that you are considering. You need to concentrate on improving your credit score to at least 750 before applying for the home loan that is best for you.

How do I choose the best home loan?

The best home loan is easily the one that suits your budget and doesn’t restrict your cash flow. The best way of choosing a home loan provider is to do research on the various offers available in the market and decide which one is the best home loan in terms of interest rates, fees, and other features and benefits. You can refer to legal or technical experts for advice or counselling on specific areas that you might not understand or might not be familiar with. Above all, do not hurry on a home loan decision since your choice can have consequences stretching to decades.

How to apply for a home loan?

You can check your eligibility and apply for a home loan by signing up with CreditMantri. It is quick, simple and above all, free.

CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence the chances of your loan application getting approved is higher.

Home Loan FAQs

1. What is a home loan and how does it work?

A home loan is a credit facility offered by banks and NBFCs to individuals looking to purchase a house or land, or who want to construct a house on their plot, or for home renovation and repair needs. Applicants can get up to 85% of the project cost as a home loan which will be repaid in EMIs over repayment tenures of up to 30 years. Current interest rates are starting from 6.90% and can go up to 12% based on your eligibility.

2. Which bank is best for home loans?

There are many factors that determine the best bank for you. At present, SBI seems like a good option given the low-interest rate and competitive processing charges and other fees related to your home loan application. You should assess a bank based on the interest rate, loan amount, repayment options and other benefits you get along with your home loan.

3. What is the maximum home loan that I can get?

One can get up to 85% of the house cost for the purchase of new or pre-owned homes. For the construction of a house, you can get up to 75% of the project cost. For home renovations and home repairs, you can get up to 80% of the project cost as a loan. In the current market, you can get home loans of up to Rs.10 crores, based on your eligibility.

4. What are the different types of home loans available in India?

There are various kinds of home loans available depending on your specific housing needs. Some of the popular types of home loans include

  • Standard home loan
  • Plot loan/land loan
  • Top-up home loan
  • Home construction loan
  • Home renovation loan
  • Special home loans for
    • Women
    • Differently-abled individuals
    • Employees of central and state government
  • Home loan balance transfer
  • Home loans under the Pradhan Mantri Awas Yojana

5. How long it takes to get a home loan sanctioned?

Home loans require a lot of documents to be scrutinized before sanctioning the loan. One can expect their home loan to be sanctioned within 30 days from the date of submitting all the relevant documents.

6. What are some parameters to decide home loan eligibility?

Here are some parameters that determine your home loan eligibility:

  • Your credit score
  • Your credit report
  • Employment status and salary
  • Existing loans and liabilities
  • Clean title deed and complete documentation of the property

7. Does having a personal loan affect home loan eligibility?

Existing loans and liabilities is a factor while determining your home loan eligibility. When you have an existing personal loan, the bank will calculate your repayment capacity based on your income to debt ratio. Therefore, if your personal loan EMI takes up a considerable portion of your monthly income, you may have difficulty in getting the desired home loan amount.

8. How to apply for a home loan?

Applicants apply for a home loan at their nearest bank branch. They will be required to submit a detailed application form along with all the required documents. These days, home loan applications are done online too. Most banks allow you to submit a preliminary application form online on their official website. Once you submit this application, a representative from the bank will get in touch with you for further formalities. You can check your eligibility and apply for a home loan by signing up with CreditMantri. It is quick, simple and above all, free. CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. Hence the chances of your loan application getting approved are higher.

9. What is the maximum home loan amount that a borrower can get in India?

The maximum loan amount that a borrower can get depends on several factors like credit score, credit report, income profile, age of the applicant, other debts, etc. You can check the home loan amount that you’re eligible for using our home loan eligibility calculator.

10. Can I get 2 home loans at the same time?

There is no restriction on the number of home loans that a borrower can get at the same time. However, the borrower has to be very careful and go for a second home loan only after assessing his/her repayment capacity. Multiple loans can pave the way to debt, if not handled correctly.

11. When is my home loan EMI due?

The home loan EMI is fixed on a specific date each month. This date will be communicated to you by the lender at the time of loan disbursal.

12. What is the minimum period for a home loan?

The minimum tenure for home loans in India is 5 years. The maximum tenure is 30 years. The shorter the tenure, the lower will be the total interests you pay to the lender.

13. Can I get a home loan up to 100% value of the property?

No. Lenders do not sanction home loans up to 100% of the property’s value. The maximum loan amount you can get from the lender is up to 90% of the property’s value.

14. Which bank is best for a home loan?

Again it depends on your credit profile and your relationship with the bank. At CreditMantri, we make it easy to locate the best bank for your home loan. Use our home loan eligibility calculator to shortlist the best home loan offers matched to your credit profile.

15. Can I repay my home loan early?

Yes. You can repay your home loan ahead of the repayment schedule and it’s highly recommended that you do so. You can opt to foreclose the outstanding amount in one shot or opt for smaller part-payments as and when possible.

16. Can I apply for a home loan jointly with my friend?

No. Joint applicants have to be related and belong to your immediate family. So, the lender doesn’t approve joint home loan applications with a friend or acquaintance.

17. Who can I include as a joint applicant on my home loan?

Your immediate family members like a parent, spouse or children can be included as a co-applicant on your home loan application.

18. What is the maximum number of co-applicants that I can include on my home loan application?

In India, the maximum number of joint applicants in a home loan application is fixed at six. Also, note that each member included in the application must be an immediate family member.

19. Should I apply for a home loan at a private or public-sector bank?

Ideally, you should look for a bank, NBFC or HFC that offers you the lowest interest rates. CreditMantri makes it easy to compare loan offers from different lenders to help you zero in on the best home loan deal for you.

20. Why should I apply for a home loan with CreditMantri?

When you apply for a home loan with CreditMantri, you enjoy several benefits like:

  • Hassle-free online loan application
  • The best home loan offers for you matched to your credit profile
  • Compare home loan offers quickly
  • Choice of multiple lenders - you get to choose the right lender who offers you the best deal

To put it in simple terms, applying for a home loan with CreditMantri makes the entire process seamless and less time-consuming.

Latest & Update Home Loan News

Piramal Capital Partners with Indian Mortgage Guarantee Corporation to provide Home loans19 Mar 2022

The Housing loan company Piramal Capital collaborates with the Indian Mortgage Guarantee Corporation (IMGC) to offer Home loans ranging from 5 to 75 lakhs to both salaried and non-salaried consumers. Piramal Capital aims to obtain 10-12 percent of pr...

Read more

The Housing loan company Piramal Capital collaborates with the Indian Mortgage Guarantee Corporation (IMGC) to offer Home loans ranging from 5 to 75 lakhs to both salaried and non-salaried consumers. Piramal Capital aims to obtain 10-12 percent of profit out of this partnership by the FY23. The ultimate aim of this partnership is to provide home loans to all categories of people including the salaried by bank or cash, pensioners, non-salaried, entrepreneurs, MSME owners, and people serving as partners in the organization.

Union Bank of India Slashes Home Loan Rates to its Lowest at 6.4%28 Oct 2021

Keeping the festive season in mind, the Union Bank of India has brought its home loan rate down to 6.4%, which is the bank’s all-time lowest. According to the bank, the new rate is effective from October 27th and will be applicable to customers apply...

Read more

Keeping the festive season in mind, the Union Bank of India has brought its home loan rate down to 6.4%, which is the bank’s all-time lowest. According to the bank, the new rate is effective from October 27th and will be applicable to customers applying for new loans or wanting to transfer their existing loans. However, this rate cut will not be limited to the festive season and will be a part of the bank’s regular operations.

SBI Eliminates Interest Rate Differentiation based on Occupation 17 Sep 2021

Generally, home loan lenders levy interest bases on the occupation of the borrower, with non-salaried individuals having to pay higher interests. Earlier at SBI, the interest for non-salaried borrowers was 15bps higher than that of salaried individua...

Read more

Generally, home loan lenders levy interest bases on the occupation of the borrower, with non-salaried individuals having to pay higher interests. Earlier at SBI, the interest for non-salaried borrowers was 15bps higher than that of salaried individuals. SBI has announced that it is now removing the interest distinction between salaried and non-salaried borrowers and fixing interest rates based on the credit score of the borrower. As a result, non-salaried individuals too can enjoy lower interest rates provided they have a high credit score.

Women Borrowers Availed Bigger Home Loans in FY21 2 Aug 2021

With the pandemic and lockdowns, a large number of families felt the need to increase their living space and privacy, especially with Work-from-home and online schooling going on. As a result, the average home loan size increased by 7.4% in FY 2020-2...

Read more

With the pandemic and lockdowns, a large number of families felt the need to increase their living space and privacy, especially with Work-from-home and online schooling going on. As a result, the average home loan size increased by 7.4% in FY 2020-21. Additionally, the number of women borrowers who took big home loans also increased, due to the sharp fall in home loan rates and special concessional rates for women borrowers.

Home Loans Show Significant Growth in Tier-2 and Tier-3 Cities Amidst the Pandemic 27 May 2021

A recent report by CRIF reveals that despite the pandemic and several lockdowns, home loans have grown in number and size for the FY 20-21. The majority of new home loans are taken in tier-2 and tier-3 cities, as the pandemic has forced people to mov...

Read more

A recent report by CRIF reveals that despite the pandemic and several lockdowns, home loans have grown in number and size for the FY 20-21. The majority of new home loans are taken in tier-2 and tier-3 cities, as the pandemic has forced people to move away from metros and settle in smaller cities and towns. Home loans in tier-2 cities grew by 10.9%, while tier-3 cities saw an increase by 13.3%.

Home Loan - Customer Reviews

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