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Get the best home loan online in India at attractive interest rates and lesser EMIs at Paisabazaar.com. Make your dream of purchasing your own home into reality with our quick and hassle free online documentation process and expert advice. Paisabazaar.com helps you to compare and choose housing loan deals from multiple financial institutions .


What is Home Loan?
 

Home loan/Housing Loan is a lump sum amount of money borrowed from any financial or banking institutions to buy a house. Home loan consists of two types of interest rates named as fixed and floating interest rates. As per the chosen interest rate, consumer repays the loan in form of EMIs for the desired tenure.

The ownership of a house is one of the key signs of success among the fast-growing Indian middle class. As the income of the average Indian family increases, there has been a continuous increase in the desire to own a house and this has led to consistent increase in the property prices over the last few years. This is true for not just the big cities but also for smaller cities across India. This unbridled price rise has made it near impossible for the common man to purchase their home through just savings.

This significant gap between the income and the desire to own a house is among the prominent reasons behind the unmatched growth in home loan business in recent years. The effect has been so much so that prospective home buyers now have multiple options to seek a home loan from banks as well as NBFCs.

Apply for home loan with Paisabazaar.com to avail a host of benefits to:

  • Check your eligibility status for the home loan.
  • Calculate the loan amount that you will be eligible for.
  • Calculate your home loan EMI.
  • Get the best home loan quotes based upon your requirements
  • Compare the different home loan products against different parameters
  • Apply for home loan online.

Check, Compare & Pick Best Home Loan with Paisabazaar.com

Paisabazaar.com is an unbiased comparison portal. It allows you to analyse various home loan deals available in the market according to the key data provided by you. You will need to enter some basic information related to your housing loan requirements which includes the purpose for availing the home loan, city where you wish to buy property, loan amount, loan tenure and your employment type. Based on the above mentioned details, we will provide you with the best home loan options that you can avail. We give you the opportunity to compare the best home loans in India against different parameters and choose the one which suits you the best.

Our Home Loan Eligibility Calculator enables you to view the types of home loans you are eligible for and helps you assess your eligibility for home loan online. As all banks and financial institutions have different criteria or specifications, it is important that you first check which ones you qualify for. Our calculator lets you understand the eligibility criteria, repayment options, types of interest rates, etc. eventually helping you in selecting higher loan amounts at lower interest rates, i.e. LMIs.

Lower rate of Interest Low Interest Rate - Buying a home is a long-term decision, which makes it important to look for the interest component as the longer the home loan tenure will be, the expensive your home loan will become. Many banks and financial institutions offer reasonable and attractive interest rates, to make home loan affordable for you.

Deduction for Interest Paid on Housing LoanDeduction for Interest Paid on Housing Loan - If you are paying EMI for the home loan, it has two components – Interest Payment and Principal Repayment. The interest of the EMI paid for the year can be claimed as a deduction of up to a maximum of Rs 2 lakhs under Section 24 of the Income Tax Act, 1961.

Tax Deduction on Principal repaymentDeduction on Principal repayment - The Principal portion of the EMI paid for the year is allowed as deduction under section 80C of the Income Tax Act, 1961. The maximum amount that can be claimed is up to Rs 1.5 lakhs. But to claim this deduction, the house property should not be sold within 5 years of possession.

Capital AppreciationCapital Appreciation - We all are aware of the fact that property prices rise over time, which leads to capital appreciation and becomes one of the major reasons to invest in a property. Not only construction costs, rents over a period of time seem to keep up with inflation as well; making home one of the best investments for the long term.

Additional Benefits of Housing Loan:

  1. Flexible Tenor
  2. Hassle Free Documentation
  3. Apply Online
  4. Easy Balance Transfer Feature
  5. Options of Home Loan Insurance

Home Loan Interest Rates 2019

Banks Interest Rate Processing Fee
SBI 8.75% onwards Nil, Till Dec 2018
HDFC Bank 8.85% onwards Upto 0.50% of loan amount
ICICI Bank 8.95% onwards Upto 1% of loan amount
LIC Housing Finance 8.70% onwards Upto 0.50% of loan amount
DHFL Housing Finance 10.00% onwards Upto 0.50% of loan amount
Axis Bank 8.85% onwards Upto 0.50% of loan amount
Kotak Bank 8.90% onwards Max. Rs. 10000
Yes Bank 9.35% onwards Upto 0.75% of loan amount
Indiabulls Housing Finance 8.80% onwards Maximum Rs. 5000
PNB Housing Finance 9.05% onwards Upto 1% of loan amount
IDBI Bank 8.70% onwards Upto 0.50% of loan amount
Citibank 8.75% onwards Nil
Bank of Baroda 8.65% onwards Upto 0.50% of loan amount
Canara Bank 8.75% onwards Upto 0.50% of loan amount
IDFC Bank 8.90% onwards Max. Rs. 5000
Dena Bank 8.85% onwards Upto 0.50% of loan amount
Syndicate Bank 9.85% onwards Upto 0.13% of loan amount
UCO Bank 8.70% onwards Upto 0.50% of loan amount
Karnataka Bank 8.70% onwards Upto 0.25% of loan amount
Allahabad Bank 8.70% onwards Upto 0.40% of loan amount

Note: Interest Rates offered by banks and NBFCs are as subject to change as per the directives of RBI and lenders discretion

The home loan interest rates are currently based on the MCLR (Marginal Cost of Lending Rate) plus a spread on the MCLR depending upon the lender's risk perception of the applicant. Almost every bank offers a competitive interest rate on housing loan to attract the prospective customers. In the housing loan market, lenders give away a host of home loan offers and deals to gain more customers and profit. However, as a borrower it is best to compare home loan rates of different banks and then finalize the one which suits your needs the best.

Loan providers offer either fixed or floating interest rate on housing loan. Fixed interest rate implies that the home loan interest rate will be fixed and you will need to pay fixed equal instalments over the repayment tenure of the loan. In this case, home loan interest rates do not change with the market fluctuations. The main disadvantage with fixed interest rates is that they are usually 1-2.5 % higher as compared to the floating rate for housing loans. Furthermore, if any time during the loan tenure the home loan interest rates decrease, the fixed interest rate remains unchanged and the borrower continues to pay the same amount every time.

Floating interest rate applied on housing loans changes with the market conditions. The interest rates on home loans on floating interest are calculated according to a base rate plus a floating rate. So, whenever the base rate changes the floating interest rate gets changed with it. The major benefit with floating interest rate loans is that they are cheaper home loans as compared to the house loans with fixed interest rates. The only disadvantage with a floating interest rate home loan is that the monthly instalments are never fixed and are subject to change with time.

When it comes to choosing between fixed and floating interest rates on home loans, a majority of borrowers choose floating interest rates. However, the choice is up to the borrower, whatever suits his/her needs is the best option. Before zeroing in on your choice, it is recommended to compare home loan from different lenders.

Home loan eligibility criteria include the criterion the loan applicant needs to satisfy in order to be eligible for a home loan. Every lender has different home loan eligibility criteria but they judge the loan applicants credibility based on some common factors, such as age, income, work experience and credit history.

Home Loan Eligibility Calculator

Home Loan Eligibility Criteria Salaried Professionals Self-Employed Professionals
Age Criteria 21 Years – 60 Years 24 Years – 65 Years
Employment Min. 2 Years of experience Min. 5 Years of experience
Co-Applicant(s) Not Mandatory – Only Family Members as co-applicants Not Mandatory – Only Family Members as co-applicants
Credit Score 750 or above 750 or above
Max. Loan on Property Value Up to 90% Up to 90%
Max. EMI – Per Income % Up to 65% Up to 65%

Note: The criteria with respect to eligibility for a home loan tend to vary from one lender to another.

Following are some key requirements to be taken into consideration:

Target Group:  Any salaried, self-employed or professional individual of Indian nationality can apply for a home loan.

Age Criteria:  The loan applicant must be aged 21 years or above

Income Criteria: 

  • The applicant needs to have a regular source of income to improve the chances of regular repayment. Having a regular income source helps the loan provider to assess the borrower's repayment capacity.
  • For self-employed individuals, profit earned by you majorly determines the housing loan value you are eligible for.

Employment Experience:  The applicant's professional stability i.e. the work experience of the applicant.

Credit History:  Credit history is another major deciding factor for availing a housing loan. A clean credit history will help in quick loan approval.

Checking your eligibility before applying for a home loan is a better option as it lets you understand your status of eligibility and know where you lack. You can check whether you are eligible for a home loan or not by using Paisabazaar home loan eligibility calculator.

With people becoming more and more open to home loans, loan providers are coming up with better and more attractive home loan offers. With a host of cheaper home loans on offer, it is best to do a home loan comparison first and then make a decision.

Home loan is a relatively broad category and is not limited to only purchasing a house whether new or old. Loan providers are offering Home loans for different purposes according to the changing needs of the customer.

Home loan can be of the following types:

  • Home Purchase Loans: As evident by the name, this type of home loan can be availed when buying a new home. You can find the best home loans in India at Paisabazaar and compare home loans against various criterion.
  • Land Purchase Loans/Plot Loans: The land purchase loan may be availed in order to complete the purchase of a plot of land for construction or as an investment. Land purchase loans are just like home loans, the only difference being that this loan is used to purchase a vacant plot. The term, the interest rate and procedure for both home loan and land purchase loan are similar.
  • Home Construction Loans:This type of home loan can be availed for the construction of a house. Such a loan is granted only if you already own a plot of land and plan to start construction of your house on it.
  • Home Improvement Loans: Home improvement loans are increasingly becoming popular as its interest rates are similar to home loans interest rates. These loans can be availed when you are planning to renovate or make repairs to your current home.
  • Home Conversion Loans: If you already own a house with an existing home loan and are planning to purchase a new house, you can opt for a home conversion loan.
  • Home Extension Loans: With time you might feel the need to add more space to your house for varied reasons, such as a growing family. Opt for this home loan type when you plan to increase your living area and extend your existing home.
Types of Home Loan

Paisabazaar.com brings you a free-of-cost home loan EMI calculator so that you can make an informed decision regarding the affordability of your chosen home loan. Additionally, the home loan EMI calculator is an effective tool for comparing different loan options that are available to you. At Paisabazaar.com, you can check your home loan eligibility and also further check and compare home loan deals from several banks at no cost with accurate results.

There are only a few details that you need to fill out in order to get the EMI amount payable – The loan principal, the applicable interest rate and the loan tenure. If done by hand, this calculation takes much longer, but Paisabazaar's home loan EMI calculator provides you with instant results that you can use to make informed decisions regarding the most suitable home loan option for your requirement.

Applying for home loans online or offline requires the borrower to submit a list of documents as demanded by the loan provider. Documents required for home loan vary as per the employment type of the individual, i.e. salaried or self-employed.

   Age Proof

Address Proof Income proof Existing Loans Property Documents
Birth Certificate

Voter's ID

Income Tax Return - Last 3 years

Account statements of current loans

Sale Agreement, Property Plan

Bank's Passbook Driving License Salary Slips-Last 2 months Amortization Schedule Original of the land tax paid receipt and possession certificate
Class 10th Certificate Passport Appointment Letter Account statements of loans where the borrower is a guarantor, etc. Approvals from Local Authorities, etc.
Passport Ration Card, etc. Company ID Card, etc. Approved copy of Building Plan
PAN Card Utility Bills – Water, Gas, Telephone, Electricity Increment or Promotion Letter NOC from Builder/Housing Society

 

Documents Required:

  • Duly filled Loan Application form

Proof of Identification:

  • Driving license
  • Ration card
  • Passport
  • PAN card
  • Voter's ID card
  • Employee ID
  • Bank passbook

Proof of Age:

  • PAN card
  • Birth certificate
  • 10th class mark sheet
  • Bank passbook
  • Passport
  • Driving license

Address Proof:

  • Bank passbook or Bank account statement
  • Voter's ID
  • Ration card
  • Passport
  • Utility bill (Telephone, Electricity, Water, Gas) – less than 2 months old
  • LIC policy/ receipt
  • Letter from a recognized public authority verifying the customer's residence address

Income Proofs:

Salaried individuals (any one of the following):
  • Form 16
  • Certified letter from Employer
  • Pay slip (Last 2 months)
  • Increment or Promotion letter
  • IT returns (for 3 years)

Apart from the proof of income of the salaried individual, he would also have to furnish any investment proofs (like fixed deposits, shares, etc.) and his/her passport-size photographs.

10 Steps involved in the Home Loan Process

Here is the sequence of steps in the home loan process. 

  1. Fill up application form
  2. Documents Submission
  3. Discussion with expert advisor.
  4. Pick best Home Loan deal
  5. Payout Processing Fees
  6. Investigation of property
  7. Loan Sanctioning and offering
  8. Final Documentation
  9. Signature and Acceptance
  10. Loan Disbursement.

Note: Some of the important property papers shall stay with the bank until the home loan is completely repaid.

Steps in home loan process in India

Various leading banks and NBFCs offer home loans in India, find the list below:-

Home Loan Providers in India

Abhyudaya Co Operative Bank Home Loan HDFC Bank Home Loan Reliance Home Finance  Home Loan
Allahabad Bank Home Loan HSBC Bank Home Loan Saraswat Bank Home Loan
Andhra Bank Home Loan ICICI Bank Home Loan South Indian Bank Home Loan
Axis Bank Home Loan IDBI Bank Home Loan Standard Chartered Bank Home Loan
Bajaj Finserv  Home Loan India Infoline Finance Limited  Home Loan State Bank Of Bikaner And Jaipur Home Loan
Bank Of Baroda Home Loan Indiabulls  Home Loan State Bank Of Hyderabad Home Loan
Bank Of India Home Loan Indian Bank Home Loan State Bank of India Home Loan
Bank Of Maharashtra Home Loan Indian Overseas Bank Home Loan State Bank Of Mysore Home Loan
Canara Bank Home Loan IndusInd Bank Home Loan State Bank Of Patiala Home Loan
Central Bank Of India Home Loan Jammu Kashmir Bank Home Loan Sundaram Finance  Home Loan
Citi Bank Home Loan Karnataka Bank Home Loan Syndicate Bank Home Loan
Corporation Bank Home Loan Karur Vysya Bank Home Loan Tamilnad Mercantile Bank Home Loan
Cosmos Bank Home Loan Kotak Mahindra Bank Home Loan Tata Capital  Home Loan
Dena Bank Home Loan LIC Housing Finance  Home Loan Uco Bank Home Loan
Deutsche Bank Home Loan  Muthoot Finance  Home Loan Union Bank Of India Home Loan
Dhanlaxmi Bank Home Loan Oriental Bank Of Commerce Home Loan Vijaya Bank Home Loan
DHFL  Home Loan PNB Housing  Home Loan Yes Bank Home Loan
Federal Bank Home Loan Punjab National Bank Home Loan  RBL Bank Home Loan

Buying your home is a big investment and requires good amount of financial planning before making the commitment. It is not possible for most of us to buy a home out of our pocket and it isn't a wise decision either.

When buying a home, you should always prefer taking a home loan to make the payments instead of paying money upfront. There are several advantages of taking a home loan instead of paying by cash, which are mentioned below:

Tax Benefits – You can claim deductions on the interest of your home loan under Section 24 of Income Tax Act, 1961 and deductions on principal repayments under Section 80C of Income Tax Act, 1961.

No Funds Lock In – If you pay for your home with your savings, you will end up locking in a huge amount. Instead, you can invest that surplus money in other investments and earn interest on the same, while buying your home by availing a home loan.

Improve your Creditworthiness – A Home loan is a long term commitment for any individual. So, timely repayment of your home loan EMIs will help you with your credit history and leave a positive effect on your credit score. As a result, it will be easier for you to get approvals on future loan and credit card applications.

Factors to consider when choosing the perfect home loan:

  • Loan Disbursal Time: The time for home loan disbursal varies from one bank to another, usually a lender takes anywhere around 10-15 days for loan processing and disbursal. Choose a home loan provider which takes lesser time and does not cause unnecessary delays in home loan processing.
  • Loan Eligibility: Home loan eligibility criteria vary from one lender to another. The usual home loan eligibility of an individual is determined by his age, income, work profile and stability, credit history, etc. It is best to check the eligibility using home loan eligibility calculator to be sure whether you are eligible for the home loan or not.
  • Rate of Interest - Fixed or Floating:  Some home loan providers charge fixed and some floating rate of interest on home loans. Fixed interest rates are considered ideal for shorter tenure loans and floating for longer tenure loans. Some lenders even offer hybrid home loans in which the borrower can enjoy the benefit of both fixed and floating interest rates.
  • Hidden Charges: Loan providers levy a number of additional charges, such as the processing fee, prepayment or foreclosure charge, etc. It is best to read the fine print before making the final choice so that you do not end up feeling pick-pocketed when such charges are levied.
  • Terms and Conditions associated with the home loan: List of terms and conditions pertaining to repayment, prepayment, loan transfer, and many other things related to the home loan should also be taken into account while choosing a home loan.
1 Application Fee 8 Franking Fee
2 Processing Fee 9 Notary Fee
3 Technical Valuation Charges 10 Indemnity Cost
4 Administrative Fee 11 CERSAI Charges
5 Balance Transfer Charges 12 Recovery Charges
6 Pre-payment Charges 13 Documentation Fee
7 Legal Fee 14 Loan Tenure Resetting

To know more details on cost associated with home loan click here

HDFC Bank slashes MCLR by 5-10 bps across tenors

8 April, 2019 – HDFC Bank on Monday reduced its 1-year MCLR by 5-10 bps (basis points) across tenors. The new lending rates are effective from April 8, 2019. The bank has reduced its overnight MCLR from 8.35% to 8.30% and 1-month rate from 8.40% to 8.30%. The 3-month MCLR too has been revised to 8.40% from 8.45%. The 6-month rate till Sunday was 8.55% but from Monday, the bank changed it to 8.50%. The 1-year, 2-year and 3-year rates too have been slashed from 8.75%, 8.85% and 9% to 8.70%, 8.80% and 8.95%, respectively. The decrease in MCLR is a great relief, especially for home loan borrowers.

Loan EMIs likely to reduce as RBI cuts repo rate by 25 basis points

4 April, 2019 - In the first bi-monthly monetary policy meet of FY19-20, RBI decided to reduce repo rate by 25 basis points. Earlier in February also, the central bank had cut the repo rate by 25 basis points. And with the back-to-back reduction in repo rates, the loan EMIs are expected to go down. This cut is also expected to provide relief to borrowers in the election season.

ICICI Bank introduces two Instant Home Loan Disbursals

28 March, 2019 - On Thursday, ICICI Bank launched two instant home loan products - Instant Home Loan and Insta Top Up Loan. Customers can avail both ICICI home loan facilities digitally using the bank’s internet banking facility. The ‘Instant Home Loan’ facility allows the bank’s pre-approved salaried customers to get home loans of upto Rs. 1 crore for tenure of upto 30 years. The bank’s existing home loan customers can avail the ‘Insta Top Up Loan’ facility instantaneously upto Rs. 20 lakhs for tenure till 10 years. Instead of taking a few working days, the bank will disburse the top up amount in the customer’s account immediately.

HDFC increases Home Loan interest rate by 0.10%

31 Dec, 2018 - HDFC has hiked the lending rates on its home loans by 10 bps with effect from Jan 1, 2019. The revised home loan interest rates on HDFC home loans will start from 8.95% onwards. Interest rate between Rs. 35 lakhs to 75 lakhs will be 9.10% and onwards for above amount. The move comes after RBIs hike in key rates in 2018 as inflation slowed down.

Indiabulls Housing Finance Increase Home Loan Interest Rates by 20 bps

10 Oct, 2018 - Indiabulls Housing Finance Ltd. has increased the home loan interest rate by 20 bps or by 0.20%. The revised home loan rates for women co-applicant will be 8.80% for loans upto Rs. 35 lakhs and 8.95% onwards for above Rs. 35 lakhs. Recently, Indiabulls Housing Finance increased the lowest slab from Rs. 30 Lakhs to Rs. 35 lakhs. Indiabulls Housing Finance has already received the rating of 'AAA' from all four leading rating agencies. As per IBHFL "The increase in lending rates reflects the rise in cost of funds,". Revised interest rates will be effective from Tuesday, 9th Oct 2018 onwards.

 

Q. Can I get a home loan for the entire property value?
Ans - No. Banks usually keep a 20% margin when providing individuals with a home loan. This means that the lender may agree to provide you with 80% of the property value as a home loan, while you will have to shell out the rest 20% by yourself. In some cases, the lender can agree to provide you with up to 90% of the property value as a home loan.

Q. Are there any tax benefits of a home loan?
Ans - Yes. Both the loan principal amount and the interest paid towards loan repayments provide tax benefits under Section 80C and Section 24 of the IT Act respectively.

Q. Who can co-sign a home loan with me? Can my friend co-sign a home loan for a flat?
Ans - Your family members like father, mother, siblings, etc. can co-sign a home loan with you. Other than that your spouse or adult children can also be co-signatories in case you are applying for a home loan. In India, as per existing rules, your friend cannot co-sign a loan as he/she is not a blood relative or otherwise related to you.

Q. How many people can co-sign a home loan with me?
Ans - At present, up to 7 people can co-sign a home with the primary applicant. However, all of them need to be blood- relatives of the family member.

Q. Are there any prepayment charges in case of a home loan?
Ans - In case of a floating rate home loan, lenders don't charge a pre-payment penalty as per RBI directives however a penalty may be applied in case of prepayment of a fixed-rate home loan. You can visit the Home Loan FAQs page for additional details on home loans.

Q. How home loan EMI is calculated?
Ans - Equated Monthly Instalment (EMI) is the amount that you repay each month against your home loan principal amount and its interest amount. So, while calculating the home loan EMI, both the principal amount and the accrued interest on the loan is taken into consideration.

Q. How to use Home Loan EMI calculator?
Ans - Home loan EMI calculator is an effective tool for comparing different loan options which are available to you from different banks and financial institutions. You can use the home loan EMI calculator on Paisabazaar to calculate the EMI which you will have to pay for your home loan. Paisabazaar's home loan EMI calculator will provide you instant results to help you take an informed decision. You only need to provide few details like loan amount, interest rate and tenure of the home loan. You can check your EMI by following the below-mentioned steps:

  • There are three sliders in the EMI calculator – Loan Amount, Rate of Interest and Tenure
  • All you need to do is choose the desired loan amount, rate of interest and tenure of the home loan, respectively, on the sliders
  • After you adjust these sliders, Paisabazaar.com will display your monthly EMI amount.

Q. What are the important points to remember while choosing a home loan?
Ans - Home loan is a long term obligation to fulfil. One should always stay aware and keep in mind the following points while choosing a home loan in India online:

  • Factors Affecting Eligibility Criteria
  • Negotiate the Interest Rate
  • Check hidden cost while comparing different lenders like processing fees, foreclosure charges, prepayment costs, valuation costs etc.
  • Compare different lenders to get the best home loan at affordable rates
  • Longer the tenure – Costlier the Home Loan
  • Choose floating rate of interest over fixed interest rate
  • Read all the terms and conditions carefully
  • Check your credit score. People with low credit score may face loan rejection or if it is accepted, it may come with a higher rate of interest.

All of the above stated points hold true if you are wondering how to choose the right home loan.

Q. What are the reasons for home loan rejection?
Ans - Factors that can play a crucial role in home loan rejection are mentioned below:

  • Bad or low credit score
  • Incorrect personal details in credit report
  • Rejection of loan by other banks
  • Unstable income
  • Age factor
  • Location of the property
  • Poor repayment capabilities

Q. How to avoid home loan rejection?
Ans - The below mentioned steps can prove to be beneficial to avoid home loan rejection:

  • Credit Score: It is advisable to maintain a credit score of 750 and above to have a good chance of your application being approved. Banks & Financial Institutions rely on credit score before approving your home loan to check your credibility and loan repayment history. So, you should always maintain your credit score to avoid home loan rejection.
  • Insufficient Income: Banks and financial institutions look into your monthly income to see if you will be able to repay your equated monthly instalments (EMIs) or not. It is always advisable to take a home loan with EMI not more than 40% of your monthly income. Lenders have certain minimum income and employment requirements which play an important role in the loan-approval process. Make sure that you meet all the requirements before you apply for a home loan.
  • Too many applications for home loan in a short span of time: If you apply for a home loan from different lenders, it indicates banks and financial institutions that you are short of credit and need to apply to several sources to fill the gap. Lenders think that you will not be able to repay your loan, which leads to rejection of your home loan application.
  • Existing loan portfolio: Currently, if you have a number of loans to repay, then your lender might think that you will not be able to take on another EMI on your existing income, which will lead to your home loan rejection. So, it is better to apply for a home loan once you have paid off a few of your other loans to reduce your EMI burden.

Q. Can NRIs take home loan?
Ans - Yes, NRI can apply for home loan. for more details visit NRI home loan page.

Q. How to track home loan application status?
Ans - To check your home loan application status, you can call at our customer care number 18002088877 or mail us at care@paisabazaar.com with your home loan reference number.

Have more queries visit our home loan FAQs page.

Name of Lender

Home Loan Interest rate

Processing Fee

HDFC Ltd.

8.80% - 9.55%

Upto 0.50% of the loan amount

State Bank of India

8.65% - 9.45%

NIL upto March 31, 2019

Indiabulls Housing Finance Ltd.

8.80% - 12.00%

Upto Rs 30 lakh - Upto Rs 10,000
Rs 30.01 lakh to Rs 300 lacs - Upto 0.50%
Over Rs 300 lakh - 0.50% to 1.00%

LIC Housing Finance Ltd.

8.80% - 9.15%

Upto 1% of loan amount (Min Rs 10,000)

IDFC Bank

9.15% - 9.60%

Upto Rs 10,000

CitiBank

9.70% - 10.70%

Application fee - Upto Rs 5,000
Booking fee - Upto 0.40% of the loan amount

DBS Bank

9.65% - 9.80%

Upto Rs 10,000

Kotak Mahindra Bank

8.90% - 9.55%

For online application - Rs. 5,000 (for women) & NIL (for others)
For offline application - Upto 1.25% of the loan amount

ICICI Bank

9.05-9.25%

0.50% of the loan amount

PNB Housing Finance Ltd.

9.10% - 12.50%

1% of loan amount

DHFL

9.75% onwards

Upto Rs. 30 Lakh - Rs 5,000 + document charge
Above Rs. 30 Lakh upto Rs. 75 Lakh - Rs 10,000 + document charges
Above Rs. 75 Lakh - Rs 20,000 + document charges

Axis Bank

8.90% - 12%

Upto 1% of loan amount (Min. Rs 10,000)

IDBI Bank

8.80% - 10.30%

0.50% of loan amount

Tata Capital

9.25% onwards

0.50% of loan amount

Bank of India

8.80%

0.25% of loan amount (Min. Rs 1,000 and Max. Rs 20,000)

Syndicate Bank

9.40%

Upto Rs 25 lakh - 0.125% of loan amount (Min. Rs 500 and Max. Rs 2500)
Rs 25.01 lakh to Rs 75 lakh - 0.125% of loan amount (Max. Rs 3250)
Above Rs 75 lakh  - Rs 5000 (flat)

Canara Bank

8.70% - 8.90%

0.50% of loan amount (Min Rs1,500 and Max. Rs10,000)

United Bank of India

8.55% - 8.65%

0.59% of loan amount (Min. Rs 1,180 and Max. Rs 11,800)

IIFL

9.50% onwards

Rs 3,000 to 0.75% of loan amount

Standard Chartered Bank

9.41% onwards

Upto 1% of loan amount

YES Bank

9.85% to 12.00%

1% of loan amount

*The interest rates provided above are of key Banks and Housing Companies Operating in India, indicative and liable to change periodically.

*Figures mentioned in the above table are subject to change without prior information.

The final interest rate charged by the bank to the customer would be based on various other factors at the discretion of the lender.

The variation in Home Loan Interest rates may occur on the basis of key factors such as applicant's credit score, prior lender-borrower relationship and the loan amount applied for.

Home Loan
4.2 / 5 (10 Reviews)

Home Loan

PaisabazaarHome Loan
4/5

Very good facilities by Paisabazaar

I visited the website to check personal finance products. The website helped me a lot to clear my confusion between Personal Loan and a Home Loan. Finally I applied for a Home Loan to buy a new house. It took me less than 2 minutes to fill in the loan application page. Further, I selected few l..Read more...


Posted on: Jan 20 , 2017
PaisabazaarHome Loan
4/5

Nice website

The website is very nice. Right now I am just planning to apply for a home loan. I downloaded my credit score and used the free tools to check my eligibility and the EMIs that I would have to pay on my loan. This website helped me a lot to plan my budget better for future. Very nice and helpful..Read more...


Posted on: Jan 12 , 2017
PaisabazaarHome Loan
4/5

Approved within a week

I applied for a home loan from this website and it got approved in just 1 week. The website showed me a list of all the home loan schemes as per my eligibility. Good services by Paisabazaar.


Posted on: Jan 12 , 2017
PaisabazaarHome Loan
4/5

Simple and very convinient

I applied for this SBI home loan and to my surprise I got the loan amount within a week. I was worried about as I have never used online process for banking or financial services. Paisabazaar was very helpful and the customer service people were very nice and polite. Good job by Paisabazaar.


Posted on: Dec 20 , 2016
PaisabazaarHome Loan
4/5

Excellent

I applied for this SBI home loan and to my surprise I got the loan amount within a week. I was worried about as I have never used online process for banking or financial services. Paisabazaar was very helpful and the customer service people were very nice and polite. Good job by Paisabazaar.


Posted on: Dec 19 , 2016
PaisabazaarHome Loan
4/5

Very good experience

I had the best customer experience from Paisabazaar. I had some confusion about my interest rates so I called at their customer service number. A guy named Anil answered and he answered to all my queries very patiently. He notified me with all the important dates and interest rates that are cha..Read more...


Posted on: Dec 18 , 2016