How do I compare home loan offers from different banks?

When you enter your requirements on Paisabazaar, you get eligible home loan offers based on your profile. You can compare all loan details based on different criteria and select the best loan offer as per your financial situation and long-term goals.

Is it better to apply for a home loan online or at a branch?

Applying for a home loan online through Paisabazaar has its own advantages. You get to understand your loan requirements based on your capacity, compare multiple loan offers, apply and upload documents online and get expert assistance throughout the loan process,

How to compare home loan offers from different banks?

You may have to visit every bank to understand their loan offers. But at Paisabazaar, you get to see offers from 25+ lenders on a single platform, compare every offer and select the most suitable loan offer.

Can I apply for a home loan online without visiting the bank?

Yes, you can apply for a home loan online through Paisabazaar without visiting the bank branch.

What is the fastest way to get a home loan approved online?

Paisabazaar is one of the fastest platforms that help applicants get their home loans approved in as little time as possible.

Home loan pre-approval vs regular approval - what's the difference?

Home loan pre-approval is a conditional approval for an estimated amount that you may be eligible for based on your financial and credit profile. It is not the final approval. Regular approval ensures your loan is approved and the amount is disbursed once all details and documents are successfully scrutinised.

Which is better - home loan balance transfer or top-up?

Home loan balance transfer allows you to transfer your high-interest rate loan to a lender offering relatively lower rates, whereas a top-up allows you to borrow an additional amount against your continuing home loan. Both loan options have their own benefits and uses.

Home Loan

Compare home loan offers from 25+ top banks and HFCs, including SBI, HDFC Bank, and ICICI Bank in one place. Choose the most suitable offer based on your repayment capacity and affordability with zero hidden charges. Check your eligibility instantly for low interest rates starting at 7.10% p.a. and get end-to-end expert assistance from application to disbursal.

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What is Home Loan?

Home loan is a secured loan facility, which banks and Housing Finance Companies (HFCs) offer for purchasing, constructing, renovating, repairing and extending an existing/ new residential property. The loan is backed by the underlying property till the loan repayment. In case of default by the borrower, the lender has the legal right to take the concerned property into possession and then auction the property to recover the unpaid loan amount.

How a Home Loan Works?

A home loan is sanctioned based on the applicant’s income, credit score and repayment capacity.
The property’s value and legal status is also considered while approving the home loan.
The lender, usually, approves up to 75 to 90% of the property value as loan.
The interest is charged as fixed or floating type as chosen at the time of application.
Once the loan is sanctioned, it is disbursed in full or in parts, depending on whether the property is ready or under construction.
The loan has to be repaid through EMIs comprising of the principal and the interest component.
The property documents remain with the lender till the loan is repaid in full.
Once the loan is repaid, the lender closes the loan account and hands over the property document and loan closure documents.
A successful closure of home loan helps improve the credit score significantly.

How Paisabazaar Helps You Get the Best Home Loan 2026?

Best Loan Deals - Personalised offers from 25+ lenders
Balance Transfer Facility - Transfer the loan to a lender providing lower rates
Overdraft Loan Facility - Pay interest only on the funds utilised
Customer Support - End-to-end assistance by our credit experts

How to Apply for a Home Loan Online - Step by Step

Follow the steps mentioned below to apply for the most suitable home loan offer through Paisabazaar:

Step 1: Login to your Paisabazaar account (app or website)

Step 2: Click on the Home Loan icon to start your application process

Step 3: Enter/modify your requirements, such as amount, tenure, etc.

Step 4: Compare all offers and select the one that meets your requirements the best

Step 5: Apply for the loan and upload required documents

The lender verifies all details, approves the loan and disburses the amount. When you apply through Paisabazaar, you get expert assistance throughout the borrowing process from our loan expert.

Home Loan Interest Rates

Home loan interest rates offered to the applicants depend on their credit scores, monthly income, loan amount, LTV ratio, job profile, employer's profile, etc.
Home loans usually involve large loan amounts and this along with their loan repayment tenures lead to high interest cost, which often exceeds their principal component.
As the interest rates offered on a home loan influences its cost of borrowing, applicants should always look for the lowest home loan rates available on their credit profile.

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Home Loan Processing Fees and Other Charges

Home loan processing fees may vary widely based on lenders and credit profiles of loan applicants. To get a fair idea of the home loan fees and charges, read the table below:

Particulars	Charges
Processing Fee	1% – 2% of loan amount
Foreclosure/Prepayment Charges	For floating rate: Nil
Foreclosure/Prepayment Charges	For fixed rate: Around 2% – 4% on the principal outstanding
Overdue Charges on EMI	2% per month of the unpaid EMI
EMI Bounce Charges	Around Rs 400
Legal Fee	As per Actuals

Top Banks and NBFCs Offering Home Loans

Home Loan Eligibility - Criteria to Qualify

Home loan eligibility may vary across lending institutions and home loan schemes. However, a common set of housing loan eligibility criteria is given below:

Age Requirement

Minimum Age: 18 years whereas some lenders set the minimum age of 21 years
Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age

Minimum Income

Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)
Monthly Income: Many lenders prefer self-employed applicants to have an income above Rs. 30,000.

Credit Score

Lenders prefer applicants to have credit score of 730 or above
Higher the score, better are the offers and lower can be the interest rate offered

Employment Type

Both salaried and self-employed individuals are eligible for home loans
As the risk in case of salaried individuals is less, such applicants tend to get better loan offers

Existing Liabilities/EMIs

A low Debt to Income (DTI) ratio, generally below 50 – 55%, is preferred by lenders
A high DTI ratio increases the credit risk leading to stricter loan terms and higher rates

Property Documentation

Properties with proper documentation helps in faster approval and higher loan eligibility.
Approved building plans, local authority clearances and completion certificates helps get better loan offers

Apart from the factors mentioned above, lenders may require applicants to fulfil additional eligibility such as,

Nationality: Indian Residents, Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
Work Experience: At least 2 years (for salaried)
Business Continuity: At least 3 years (for self-employed)
Loan Amount: Up to 90% of property value

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Documents Required to Apply for a Home Loan

Lenders require documents from their home loan applicants as a proof to establish their identity, place of residence, income and repayment capacity. These documents may vary across lenders based on the individual credit profile, property type, home loan type, etc.

Given below are the key home loan documents that an applicant will need to furnish when applying for the loan.

Proof of Identity	PAN Card, Passport, Aadhaar Card, Voter ID Card or Driving License
Proof of Residence	Bank Passbook, Voter ID Card, Ration Card, Passport, Utility Bills or LIC Policy Receipt
Proof of Income for Salaried	Form 16, Salary Slips, ITR of past 3 years, Investment Proofs (if any)
Proof of Income for Self-Employed	Business License Details, Proof of Business Address, ITR of last 3 years, Balance Sheet and Profit & Loss Account Statement of the Company/Firm
Property-related Documents	NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter and an approved copy of the building plan.
Other Documents	If any previous loan from other lenders, then loan a/c statement for the last 1 year.

Types of Home Loans

Banks and HFCs offer different types of home loan schemes to serve unique requirements of various customer segments. Below is a brief overview of some of the common types of home loans.

Home Purchase Loan

Consumers avail this loan for buying ready-to-move-in, under-construction and resale properties, as well as residential plots to build a house within a set time frame.

Home Construction Loan

Also known as self-construction home loan, this home loan type allows borrowers to construct their own house on plots already owned by them.

Plot Purchase Loan

This loan facility allows individuals to finance their plot purchases and then turn their dream home into reality within a pre-specified period.

Home Renovation

With this loan facility, borrowers can finance the expansion, renovation, improvement, structural changes or essential repairs of their existing homes.

Home Extension Loan

Existing homeowners can avail this type of home loan to extend their property or add more space to it to meet the needs of their growing family.

Overdraft Facility

This home loan variant allows borrowers to reduce their interest cost by depositing surpluses in the Overdraft account and make withdrawals as per their needs.

Step Up/ Flexi Home Loan

This type of home loan allows borrowers to service just interest components during the predetermined pre-EMI period and repay regular EMIs thereafter.

Home Loan EMI Calculator - Plan Your Payments before Applying

A home loan EMI calculator enables you to calculate the EMI, total interest and amount payable for a home loan. You have to provide the principal, interest rate and tenure to get the results.

You should check the EMI for multiple amounts and tenures to arrive at the best possible scenario for your desired home loan.

Paisabazaar's home loan EMI calculator is free for all and you should utilise this feature to figure out the loan amount you should apply for.

Key Features and Benefits of a Home Loan

Availing a home loan can help in the following ways:

Enabling home ownership sooner

Home prices in India are usually very high making it challenging for most people to buy a housing property on their savings alone.
A home loan, in those cases, can help you buy your dream home sooner without having to wait till you accumulate money for your dream home.
Utilising all your available savings/investments upfront for home purchase may adversely impact your other financial goals.
With a home loan, you can manage your finances better by committing only a portion of your annual income towards home purchase.

Longer repayment period

When compared to its alternatives like a personal loan, home loan offers longer repayment period usually extending up to 30 years.
Such a longer repayment period helps in spreading out the total loan amount, resulting in more affordable EMIs.

Lower interest rates

Home loan interest rates are significantly lower than personal loan interest rates.
Home loan interest rates start from 7.10% p.a. whereas personal loan interest rates usually start from 9.98% p.a.
Lower interest rates lead to reduction in the overall interest cost on the loan, making it more affordable for the borrowers.
Some banks/HFCs also offer interest concessions of 0.05% to women home loan applicants.

Tax benefits

As per Section 80C of the Income Tax Act, home loan borrowers can claim tax deduction of up to Rs. 1.5 lakh on principal repayments made in a financial year.
As per Section 24(b), a deduction of up to Rs. 2 lakh can be claimed on home loan interest payments made in a financial year.
However, it’s important to note that home loan borrowers choosing the new tax regime are not eligible to claim tax deductions under these Sections.

No prepayment charges

Most banks/HFCs offer home loans at floating interest rates.
Due to this, they do not levy any prepayment/foreclosure charges when borrowers prepay or foreclose their home loans.
Even in case of most fixed rate home loans, lenders may waive off prepayment/foreclosure charges, provided the prepayment is made from borrowers’ own fund sources.

Top Reasons Why Home Loan Applications Get Rejected

Your home loan application can be rejected due to several reasons, some of them are listed as below:

Low credit score

Your credit score is a numerical representation of how well you have handled credit in the past.
Having a low credit score usually indicates poor financial discipline, causing lenders to deem you as a risky borrower and reject your home loan application.
Applicants with a credit score of 730 and above usually have higher chances of getting loan approval.

Low loan repayment capacity

Lenders usually prefer offering home loans to those having their total loan EMI obligations, including the EMI of the proposed loan, within 50-55% of their monthly income.
Those exceeding this limit have lower chances of availing home loan.

Issues related to property

If the property doesn’t meet the lender’s requirements (e.g., value, condition) or does not adhere to the regulations of the local authorities, it can lead to loan rejection.
For instance, lenders will not approve your loan application if your property is in some legal dispute, does not have a clear title, is too old or is not authorised by the local authorities.

Multiple loan or credit applications within a short span

Lender-initiated requests of credit reports are known as hard enquiries.
With every initiated hard enquiry, credit bureaus generally reduce the applicant's credit score.
Making multiple hard inquiries within a short period may lead to a sharp decline in the applicant’s credit score, thus, reducing the chances of getting a home loan.

Ineligible occupation profile

Individuals whose occupation or employer profile is not among the lenders’ list of preferred occupation/employer profiles may not get their loans approved.

What Are the Tax Benefits Available on Home Loans in India?

House loan borrowers can avail tax benefits under various sections of the Income Tax Act. These home loan tax benefits help borrowers save a substantial amount of money every year. Below are the tax benefits that you can get on your home loan EMI payments:

Section of Income Tax Act	Nature of Home Loan Tax Deduction	Max. Tax Deductible Amt.
Section 24(b)	Interest paid	Rs. 2 lakh
Section 80C	Principal (including stamp duty and registration fee)	Rs. 1.5 lakh

It is noteworthy that these benefits can be claimed only if the borrower files the ITR under the old regime. These benefits are not applicable under the new tax regime. Joint home loan borrowers can benefit more if the principal and interest amount is considerably high.

Dos and Don’ts to Get Your Home Loan Approved Faster

Dos	Don'ts
Keep your credit score at 730 or above	Apply for home loan without checking your credit score
Limit your total EMI obligations within 50-60% of your net monthly income	Use emergency fund for making higher down payment
Compare home loan offers from various lenders	Apply with multiple lenders within a short span
Try making larger down payment to reduce LTV ratio	Forgo existing investments for making higher down payment
Add a co-applicant for higher loan eligibility	Plan EMI payments without considering the monthly contributions you need to make towards your crucial financial goals

Can I get a home loan for the entire property value?

No, you cannot take a home loan for the entire property value as the Reserve Bank of India (RBI) has limited the loan-to-value (LTV) ratio of housing loans. As per RBI guidelines, for loan amounts up to Rs 30 lakh, the LTV ratio can go up to 90% of the property value; for loan amounts above Rs 30 lakh and up to Rs 75 lakh, the LTV ratio limit is up to 80% of the property value and for loan amounts above Rs 75 lakh, the LTV ratio can go up to 75% of the property value.

This means that at least 10% of the remaining value has to be paid by the borrower as down payment. Subject to the caps set by the RBI on LTV ratios, banks/HFCs further fix the LTV ratio on the basis of the risk assessment and credit profile of the loan applicant. Those with lower creditworthiness are usually offered lower LTV ratio.

Government Schemes for Home Loans

The Government of India offers subsidies on home loans through the Pradhan Mantri Awas Yojana – Urban 2.0. Under this scheme, financial assistance of up to Rs 2.5 lakh per unit has to be provided to 1 crore urban poor and middle-class families for purchasing, building or renting affordable homes in urban areas.

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FAQs

How to apply for a home loan online?

Visit Paisabazaar, enter your requirements, compare all loan offers and apply for the most suitable home loan based on your requirements that also align with your long-term goals.

Who is eligible for a home loan?

Even though the eligibility for a home loan varies from one lender to another, applicants in the age range of 21 to 65, earning Rs. 20,000 and above, having a high credit score and a low debt-to-income ratio are generally eligible for a home loan

What credit score is needed for a home loan?

Lenders usually prefer applicants to have a high credit score, preferably 760 or above. However, applicants with a relatively lower score can also be eligible but may have to service loans at stricter terms and higher rates

Can a self-employed person get a home loan?

Yes, self-employed applicants are also eligible for home loans provided they fulfill all eligibility requirements.

What is the interest rate on a home loan in 2026?

Home loan interest rates start from 7.1% p.a. as of September 2026.

How is home loan EMI calculated?

Home loan EMI is calculated on a reducing balance method. Initially, the interest component is higher, and the principal component keeps on increasing with the increasing loan duration.

How long does home loan approval take?

Home loan approval depends on the lender and the details furnished by the borrower, along with the scrutiny of documents. It can get approved in as little as 48 to 72 hours.

Why do home loan applications get rejected?

Home loan applications often get rejected due to incorrect details, limited repayment capacity, low credit score, not submitting complete documents, etc., to name a few.

What are the processing fees on a home loan?

Usually, lenders charge 0.5% to 4% of the loan amount as a processing fee, which is non-refundable in nature.

How much home loan can I get on my salary?

Eligible home loan depends on the fixed income to obligations ratio. Many lenders approve applications up to 65% of the in-hand salary if the borrower has no fixed monthly obligations.

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Vandana Punj18 Jul 2025

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Top 5 Reasons for Home Loans Rejections

Paisabazaar02 Jun 2025

Home Loan Overdraft Facility: Benefits and Drawbacks Explained

Paisabazaar02 Jun 2025

Home Loan Processing Fees and Charges

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Home Loans: Floating vs Fixed Interest Rates

Rahul Misra01 Jun 2023

Missed home loan EMI? What will be the consequences?

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What our customers say

Time saving process

Office ke chalte jyada samay nahi nikal pata tha. Paisabazaar ke online process ki wajah se na hi mene banks ke rates compare karliye ghar bathe balki mera loan application aur disbursal bhi ghar bathe hi ho gaya...bank jana hi nahi pada...

Pradeep SinghJan 7, 2026

Kam rates pe loan mila

Paisabazaar se mujhe bahut kam rate pe loan mil gaya...isse mere budget pe jada asar nahi pada aur jald hi mera apna ghar ho jayega..

Nidhi SharmaJan 6, 2026

eligibility check ho jati hai free

me home loan lene ka soch raha tha uske liye mene pehle paisabazaar app se free me apni eligibility check ki..usse mujhe pata chala muje kya cheeze improve karni hai aur fir mera loan jaldi approve ho gaya.

Shikhar SahuJan 5, 2026

Home loan mila yaahaan par

Mujhe home loan chahiye tha aur yahaan par sahayta kiya inhone aur loan mila. Pehla loan tha mera lekin sab ache se ho gaya.

Prem Prakash PandeyDec 7, 2025

Home loan here

I took home loan here and they helped me in every step specially in collecting and submitting documents at the time of approval.

Chandan SinghDec 1, 2025

Got the best home loan interest rate

I was confused and did not have so much time to carry out all the research, so I logged in to Paisabazaar’s portal and was able to see the home loan options I was eligible for. With the assistance of Paisabazaar’s experts, I was able to find the home loan that offered the rate of interest I could afford. Thank you Paisabazaar!

Anu BhatnagarSep 10, 2021

Excellent Home Loan Service by Paisabazaar

Ended up taking an ICICI Home Loan and I think it was one of the best decisions I ever made. I thank Paisabazaar for helping me out and answering my questions with so much patience.

KJ ThomasSep 10, 2021

Had a great experience with Paisabazaar

I have always heard my friends talking about how tedious it was for them to avail a home loan and decide the most suitable option. But with the help of Paisabazaar, I was able to compare several home loans and opt for the one that suited my needs. I am happy that I considered Paisabazaar for helping me.

Ritesh SharmaSep 10, 2021

quick and easy home loan process

I had never thought that applying for a home loan could be so easy. The entire process was online and I didn’t have to go anywhere for application or documentation of my home loan. Paisabazaar experts helped me navigate through the process and later the bank collected my documents and everything was quick and seamless.

Rupanjali MishraSep 3, 2021

Satisfied experience with Paisabazaar

I am satisfied with my home loan experience with Paisabazaar. I could easily compare different home loan options and apply for the home loan. Their customer care team also called me to confirm all the details and soon after the bank contacted to take the process forward. The process was really smooth.

Soumil KhannaSep 3, 2021

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Written By

Sumit Kumar

Reviewed By

Shamik Ghosh

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