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| Bank/HFC | Interest rate (p.a.) |
|---|---|
| State Bank of India | 7.40% onwards |
| ICICI Bank | 7.70% onwards |
| Canara Bank | 7.30% onwards |
| Bank of Baroda | 7.25% onwards |
| Aditya Birla Housing Finance Ltd. | 9.00% onwards |
Note:The home loan interest rate given in the table are subject to change anytime without prior notice.
SBI Realty Home Loan allows individuals to buy a piece of land for the construction of their house. However, the house construction should begin within 5 years from the date of availing first disbursement of the loan.
| Interest Rate | 7.40% onwards |
| Loan Amount | Up to Rs. 15 crore |
| Loan Tenure | Up to 10 years |
| Processing Fees | 0.35% - 0.50% of loan amount (Min. Rs. 2,000; Max. Rs. 10,000) + GST |
ICICI land loan can be availed for the purchase of land of an individual residential house. Customers can also avail funds for the construction on such property based on the construction cost estimate.
| Interest Rate | 7.70% onwards |
| Loan Amount | Rs. 8 lakh - Rs. 3 crore |
| Loan Tenure | Up to 20 years |
| Processing Fees | 1.00% - 2.00% of loan amount or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
Canara home loan is availed for the purpose of house purchase, house construction and house renovation. The loan can also be used for purchasing site and constructing a house thereon.
| Interest Rate | 7.30% onwards |
| Loan Amount | For non-salaried: Up to 6 years annual income of the concluded financial year For salaried: Up to 72 months’ salary of the concluded financial year |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.50% subject to a min. of Rs. 1,500 and max. of Rs. 10,000 |
Bank of Baroda (BOB) housing loan can be availed for the new / old house purchase, house construction and plot purchase for house construction.
| Interest Rate | 7.25% onwards |
| Loan Amount | Up to 10 crores |
| Loan Tenure | Up to 30 years |
| Processing Fees | 0.25% - 0.50% subject to a min. of Rs. 8,500 and max. of Rs. 25,000 |
Aditya Birla Housing Finance Ltd . offers plot plus construction loan for all those who want to purchase a plot and build a house on it within the next few years. This kind of loan is disbursed in installments.
| Interest Rate | 9.00% onwards |
| Loan to Property Value | 75% - 90% of property value |
| Loan Tenure | Up to 20 years |
| Processing Fees | Up to 1% of the loan amount + GST |
Individuals planning to apply for composite home loans must check their home loan eligibility to avoid unnecessary loan rejection. The common composite home loan eligibility criteria are as below:
| Employment Type | Salaried/Self Employed |
| Age | 18 to 70 years |
| Credit Score | Preferably 750 and above |
| Income | Varies from case to case |
Common set of documents required to apply for composite home loans are:
Note: The given list of documents is only indicative. Your lender may request for more documents as and when required.
Also Know: What are the documents required for applying housing loan?
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How much you can borrow on composite housing loans depends on several factors such as your income, occupation, age and repayment capacity.
In case of composite loans, lenders usually disburse the amount in tranches or installments. The first installment will be disbursed for land purchase and the subsequent disbursal will be for house construction on the basis of your construction plans and progress.
You can get tax benefit on composite loans, subject to certain conditions. The construction of the house must be completed within the stipulated time frame. The maximum deduction of Rs. 2 lakh and Rs. 1.5 lakh on the interest paid on housing loan and principal repayment, respectively, can be claimed from the year in which the house construction is completed.
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