Apply for Home Loans

  • AXIS Bank
  • Bajaj Finance
  • Cholamandalam
  • ICICI Bank
  • Sundaram BNP Paribas
  • TATA Capital
  • DHFL
  • SHUBHAM
  • Magma Fincorp
  • Edelweiss
  • L&T Finance
  • India Bulls

Why apply through CreditMantri

CreditMantri matches your credit and demographic profile to lender's Home Loan lending criteria - others just match your demographic criteria. We shortlist lenders willing to lend to you based on our proprietary matching algorithm.

In effect, we pre-screen your application to make sure you are likely to qualify as per the lender’s credit criteria. We upfront check whether you qualify for Home Loan. Hence the chances of your Home Loan application getting approved is higher.

9.60%

best rate

0%

processing fee

30 yrs

max tenure

  • Catering to all customer segments i.e. From HIG to LIG, Salaried to Self-Employed, NRIs
  • Home Loans up to Rs.5 crores and an online loan approval in 5 minutes
  • Tailor made products for different customer segments
  • Attractive Rate of Interest & transparency in fee & charges
  • Door Step Service
  • Interest rate - 9.9%
  • Processing fee - 0.5% of loan amount or 10000/- (self employed), starting from 10000/- for salaried
  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Utility bill, Ration card, Employers letter, Bank statement , office address proof (self employed)
  • Salaried - Salary slip and bank statement for 3 months, Self employed - Office address proof, Last 2 years IT return attested by CA, bank statement for 6 months
  • Property related documents, Processing fee cheque

9.85%

best rate

0.8%*

processing fee

25 yrs

max tenure

  • India’s first 100% online Home Loan approval for Salaried individuals
  • Home Loans up to Rs.5 crores and an online loan approval in 5 minutes
  • Part prepayment facility available and nil foreclosure charges
  • Online account access
  • Prompt repayment benefit and 3 EMI Free months
  • Interest rate - 9.85%
  • Processing fee - 0.8% of loan amount
  • Per bounced cheque - 1000/- and 2% penal interest per month
  • Secure fee - 1999/- for instant approval online
  • Application form, Employee ID card
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Signature proof (any one) - Passport, PAN, Driver's license, Photo credit card, Letter from bank verifying signature
  • Work experience documents - Appointment letter, Form 16, 1 yr old salary slip, same for previous employment

15.00%

best rate

2%

processing fee

15 yrs

max tenure

  • Offers home loans to suit all budgets
  • Exclusive products for self-employed
  • Convenient repayment options
  • Fast track approval process
  • Over 577 branches across India
  • Interest rate - 15%
  • Processing fee - 2% of loan amount
  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Driver's License, Voter ID, Utility bill, Ration card, Bank statement
  • Last 2 years IT return attested by CA – Form 16, 12 months bank statement. Salaried - Salary slip for 3 months, Self employed - Office address proof.
  • Property related documents – original title deed, parent document and EC going back 30 years, EC, patta, approved plan, property tax receipts

9.5% *

best rate

0%

processing fee

30 yrs

max tenure

  • Offer higher eligibility and lower EMIs at attractive interest rates
  • Application processing through tablet and smart phone app ensures faster approval
  • Lower EMI and save money by transferring your existing home loan
  • Unlock the value of your property to avail funds for personal and business requirements
  • Interest rate - 9.85% to 11.5%
  • Processing fee - 0.5% to 1% of loan amount
  • Application form with 2 photographs , Processing fee cheque
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Passport,Utility bill, Lease agreement
  • Salaried - Salary slip for 3 months, bank statement with salary credit
  • Self employed - Office address proof, audited financials for last 2 yrs and latest 6 months balance sheet

9.45%

best rate

10000₹

processing fee

20 yrs

max tenure

  • Speedy sanctions
  • Transparent process
  • Personalised services
  • Flexible approach
  • Interest rate - 9.45%
  • Processing fee - Rs.10000
  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Utility bill, Ration card, Employers letter, Bank statement , office address proof (self employed)
  • Salaried - Salary slip and bank statement for 3 months, Self employed - Office address proof, Last 2 years IT return attested by CA, bank statement for 6 months
  • Property related documents, Processing fee cheque

9.50%

best rate

0.2% *

processing fee

25 yrs

max tenure

  • Flexi EMIs with Higher Loan Eligibility
  • Minimum Documentation and Verification
  • Quick processing and Attractive Rates
  • Approved Projects
  • Interest Rate: 9.50% p.a. Salaried Only
  • Self employed – 10.20% p.a Onwards
  • Loan Against Property – 12.5% Onwards
  • Processing Fee: 0.2%
  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Utility bill, Ration card, Employers letter, Bank statement , office address proof (self employed)
  • Salaried - Salary slip and bank statement for 3 months, Self employed - Office address proof, Last 2 years IT return attested by CA, bank statement for 6 months
  • Property related documents, Processing fee cheque

9.55% *

best rate

5000₹*

processing fee

30 yrs

max tenure

  • Offers easy repayment options
  • Simple documentation process
  • Long tenures of up to 30 years
  • Offers fluctuating interest rates
  • Tax benefits available on home loans
  • Interest rate - 10.15% to 12.75%
  • Processing fee - 5000 to 20000/- (Up to 1.5% of loan amount for self employed non-professionals)
  • Application form with photograph
  • ID proof (any one) - PAN,Passport,Driver's license, Voter ID
  • Address proof (any one) - Utility bill, Ration card, Employers letter, Bank statement , office address proof (self employed)
  • Salaried - Salary slip and bank statement for 3 months, Self employed - Office address proof, Last 2 years IT return attested by CA, bank statement for 6 months
  • Property related documents, Processing fee cheque

13.00% *

best rate

3%*

processing fee

15 yrs

max tenure

  • No Income Proof required
  • Loans up to 25 lakhs
  • No guarantor required
  • Loan on Household Income
  • EMI as per your repayment capability
  • Interest Rate: 13% -24%
  • Application Fee – Rs. 2500 at the time of filling the application form
  • Processing Fee - 3% + service tax (Inclusive of Application fee)
  • Application form with photograph, PAN mandatory
  • ID proof (any one) - Aadhar, Passport,Driver's license, Voter ID, Notarised affidavit
  • Address proof (any one) - Passport, Driver's license, Ration card, Mobile bill, Letter from employer
  • Salaried - Salary slip and bank statement for 3 months, Self employed - Office address proof, Last 2 years IT return attested by CA, bank statement for 6 months
  • Property related documents, Processing fee cheque

12%

best rate

1%

processing fee

20 yrs

max tenure

  • Flexible documentation
  • Quick processing.
  • End-to-end doorstep service through the nearest Magma office.
  • Competitive home loan interest rate, terms & conditions.
  • Well-trained and knowledgeable team.
  • Interest Rate: 12 to 14 %
  • Processing Fee: 1 to 1.5 %
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Bank Statements for the last 6 months
  • Income proof – Pay slip
  • Documents related to Property title & Valuation

11%

best rate

1%

processing fee

15 yrs

max tenure

  • Flexible documentation
  • Tailored products - for customers with or without formal income proof.
  • Quick processing.
  • End-to-end doorstep service through the nearest Edelweiss office.
  • Competitive home loan interest rate, terms & conditions.
  • Interest Rate: 11 to 12.5 %
  • Processing Fee: 1 to 1.5 %
  • Application form with photograph
  • ID proof & Age Proof (any one) - PAN,Passport,Driver's license, Voter ID, UID
  • Address proof (any one) - Passport,Driver's License, Voter ID, Utility bill, Ration card, Bank statement
  • Salaried Professional - (Any one) - Form No.16, PF statement, appointment letter in case of Cash Salary, Latest Salary slip, Bank Statement last 6 months
  • Self Employed Professionals - Last 2 years Balance Sheet and Profit and Loss A/c with Annexures and Schedules, Last 2 years Income Tax returns duly certified by CA, Bank Statement last 6 months

9.75%

best rate

0.25%

processing fee

20 yrs

max tenure

  • Higher amount eligibility
  • Instant online approval
  • Loan ranging from 5 Lakhs to 20 Crores
  • Balance Transfer and Top Up facility
  • Flexible documentation, Quick processing
  • Interest Rate – starting from 9.75%
  • Processing Fees – 0.25% Salaried, 0.5% for Self Employed & Self Employed Non Professional
  • Application form with photograph.
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Business Proof
  • Bank Statements for the last 6 months for Salaried, 12 months for Self Employed
  • Income proof
  • Salaried: Recent 3 months Pay slip, Form 16, Company offer letter, Previous employment proof
  • Self- Employed: Last 2 years ITR of the company and Individual with computation of Income, P & L a/c, B/s along with schedules, Form 3CD and 3CB if applicable, Form 26AS
  • Property documents

9.40%

best rate

Rs.7500/-

processing fee

30 yrs

max tenure

  • Flexible documentation
  • Quick processing.
  • End-to-end doorstep service through the nearest office.
  • Competitive home loan interest rate, terms & conditions.
  • Well-trained and knowledgeable team.
  • Interest Rate – 9.40%
  • Processing Fees – Rs.7500/- onwards
  • ID Proof - Passport Copy/ Voter ID card/ Driving License/ PAN Card
  • Address Proof - Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License
  • Bank Statements for the last 6 months
  • Income proof – Pay slip
  • Documents related to Property title & Valuation

What is a home loan?

When a bank or housing finance company lends a customer money for the purpose of buying a property, the loan is known as a home loan. The property thus purchased is held by the lender as collateral till the entire loan amount (with interest) is repaid. On repayment of the full amount, the lender will release the documents to the customer.

What are the various kinds of home loans?

There are various kinds of home loans available depending on your specific housing need.

You could take a regular home loan to buy a new house or apartment or to construct a home.

You could take a Home Improvement Loan to carry out renovations to your existing home.

Another kind of home loan is a Home Extention Loan. This is used to finance new construction to your home like adding a new wing or another level to your home.

A Land Purchase Loan is taken out to fund the purchase of land, either as an investment or to construct a house on it in the future.

You can also avail of a Bridge Loan to finance the purchase of a new home until your old home is sold.

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

Lenders look at several factors when determining whether to approve of your housing loan application. They include the following indicators:

  • Your credit score: Typically, you need a minimum credit score of 750 for lenders to proceed with processing your application. A credit score of 750 or above reassures lenders that you are a responsible borrower and have a good track record of making repayments.
  • Your credit report: Once they know you have a good credit score, lenders look at your credit report. They check your payment history over the years to see if you have a record of making payments on time and in full over a long period. They also check for any written-off accounts in the past to see if you have defaulted on any prior debt obligations. All these indicators of poor credit behaviour are red flags for lenders, even if your current credit score is adequate. They will also look at your existing loan obligations to see if you can take on additional debt payments on your present and predicted future salary.
  • Employment status and salary: Lenders want to be assured that you will have a steady monthly income to pay off your EMIs over the loan period. The tenure of a home loan can stretch for decades and lenders want to know if you have a high probability of steady employment and income during that period.
  • Clean title deed and complete documentation of the property: While this requirement is not related to your individual credit situation, banks want to make ensure that there is no problem with the collateral (the home) in case you default on your loan. They will first make sure that all the legal documents relating to the property are in order.

What is the amount and loan period?

The loan amount can go up to 85% of the value of the property, but this is a variable figure depending on your credit background. How much the bank/financial institution decides to lend you depends on, among other factors, your existing loan obligations and your ability to take on further debt and service it over the long duration of the loan.

Similarly, the loan period depends on how your lender views your present and future ability to fulfill all your debt obligations. They will look at your current loans, your age, salary and employment status at the time of taking the loan, and your projected earnings for the tenure of the loan. The tenure for a home loan can range from 5-30 years.

What are the interest rates on a home loan?

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

Fixed rate: You pay one fixed interest rate for the entire tenure of your loan and you have 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 the options or consult a professional to see which option suits your needs the best.

What is EMI?

EMI stands for Equated Monthly Installment. It is the amount you need to pay on a monthly basis to repay your entire loan. It consists of principal plus interest due, spread over the entire tenure of your loan. If your loan period is 20 years, then you will be paying an EMI every month for 20 years.

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.

What is the documentation required for applying for a home loan?

The loan application form will list all the documents required for applying for a 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 actual documentation required varies according to each lender and depends on your individual professional situation.

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.

What is the down payment I am expected to make on a home loan?

There is no fixed number on the down payment to be made. It varies with each lender. Typically, lenders can ask you to pay 15-30% of the value of the property as a down payment though this number could be higher or lower depending on the lender.

Can I take a home loan for a second home?

Yes, you can, but you need to be aware that banks might have a different policy for people seeking to borrow for a second home. Make sure you check the details when applying for a loan for this specific purpose.

I want to buy a home. What should my first steps be?

If you are thinking of buying a home with a loan, then your first step should be to obtain a copy of your credit report and check your credit history and credit score. If you think you might have bad credit, then it is a good idea to obtain a copy of your credit report a year in advance of applying for a loan. If you have a low score, then it is advisable to spend a few months improving your score until you become loan-eligible. Sometimes, if you have not taken a loan before or if you do not use credit cards much, you might have a low credit score simply because of insufficient credit history. In that case too, you should spend time to improve your score (by using a secured credit card, for example) to quickly increase your score before you apply for a loan.

There are several advantages of having good credit: you are eligible for a larger loan amount, the approval is quicker, and the tenure of the loan and interest rates charged could be more attractive if you have a good credit report.

One you have started working on your credit score and identified a property, research all the loan offers available. Compare interest rates, tenures, fees and other features. Consult with a professional, if required. Clarify any doubts with the bank/housing finance company and, most importantly, do not hurry and rush into a decision.

What are the reasons my home loan application could be rejected?

There are three main reasons your loan application could be rejected.

Personal reasons: If the loan amount you are asking for is greater than what you can afford, lenders may be unwilling to take on the risk of default. Make sure that you choose a property that is not too expensive and that fits in with your income. Also if you have too many loans and EMI obligations, lenders might think that you will not be able to take on an additional loan repayment on your current income.

Credit reasons: If you have a poor credit history and credit score, lenders might not want to take the risk of lending to you. If your loan application has been rejected earlier (any kind of loan - whether home or auto or personal loan), banks will see that as a warning signal that other lenders have not found you to be a suitable for a loan and they may reject your application again. There could also be external credit -related reasons for rejection - for example, your co-applicant could have a bad credit score, or you might be guarantor of a loan that has been defaulted on.

Legal reasons:If there is any problem with the legal documents pertaining to the property, the banks will be unwilling to approve your loan application.

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.

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 cause your credit score to drop further and damage your credit profile. If you are rejected four times before being approved by the fifth lender, your credit score will decrease four times with each rejection.
  • Even if your application is approved, because of your poor credit record, you might be given a higher interest rate, shorter repayment period, or a smaller loan amount which might not be enough for the home that you are considering.

If I have bad credit and want a home loan, what should I do?

First, you need to concentrate on improving your credit score to at least 750. This can take an average of 4-12 months, depending on how serious your individual credit situation is. Once you improve your score, you are in a position to have your loan approved and avoid the chance of rejection. Also, a higher score means you can avail of more attractive terms that will lighten your repayment burden.

How can I apply for a home loan?

There are several ways of applying for a loan. You can do it online by logging on to the bank/housing finance company's website and following the instructions on how to apply. Some lenders may offer a discount on the processing fee if you apply online. Or you can call their call centre and ask to speak to a housing loan representative. Alternatively, you can walk into your chosen lender's branch that offers home loans and apply in person. If you are very busy and pressed for time, some banks may offer a service whereby they send a representative to your door to complete the loan application with you.

I am unhappy with my current home loan provider. Can I transfer my loan?

You may be able to change your home loan provider (or even change your scheme with the same provider). Before making a decision, make sure you learn about the pros and cons and any associated costs of transferring your loan to a new lender.

What is the advantage of applying for a loan for a lender-approved project?

Some lenders have a list of pre-approved housing projects and builders. If you apply for a housing loan for a project that is on the lender's pre-approved list, then there is a chance that the application will be processed faster. However, simply applying for a home that is on the pre-approved list does not mean that your loan will be approved. Your actual loan approval is dependent on various other factors including your loan-eligibility and credit-worthiness.

Can I get any tax benefit for home loan repayments?

Yes, you can avail of certain tax benefits with regard to your home loan repayments. Check with an auditor or your lender about how to avail of these benefits.

How do I choose which home loan option is best for me?

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 most suitable for you in terms of interest rates, fees, and other features and benefits. Make sure that you clarify any doubt or questions you have with the potential lenders and are clear about what your financial commitment will be. 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.