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Home Loan

Home Loan

Buy your dream home with an
affordable home loan

Getting a home loan to buy your own house is one of the most important financial decisions in your life. You can get a home loan from two types of lenders in India - the housing finance companies such as LIC Housing Finance Ltd., DHFL, and commercial banks like SBI or HDFC. However, most of the lenders provide 80% of the cost of the property. The remaining 20% needs to be paid as a down-payment by the borrower.

Home Loan India

About Home Loan

Home loan is one of the most vital financial decisions of your life. In India, you can avail home loans mainly from two types of lenders: the housing finance companies such as LIC Housing Finance Ltd., DHFL and commercial banks like SBI or HDFC. However, most of the lenders sponsor 80% of the property value as a home loan. The remaining 20% needs to be capitalized as a down-payment from your side. Although most of the NBFC banks can provide funds up to 90% of the property market value, the amount of loan sanctioned totally depends on your eligibility. The best course of action before applying for a home loan is to first calculate the home loan EMI using the home loan EMI calculator at Afinoz.com and then choose the best available options from different lenders.

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Emi Calculator
Interest Rate

Features & Benefits

Avail Tax benefits on LoansImprove your credit scoreBenefit from Lower Interest RatesGreat InvestmentsJoint Home Loan AdvantagesQuick and Easy Application

Eligibility & Documents Required

Eligibility

An applicant needs to fulfil eligibility criteria to qualify for a home loan. Based on the criteria, the home loan amount is decided. While home loan eligibility may vary from lender to lender, followings are the common criteria.

Age
Credit Score
Income Requirements
Co-applicant income
Employment stability and continuity
Age
Anyone looking for a home loan should be between 21 to 60 years old. Many times, individuals in the age group of 30 to 50 are given more importance as they are considered more stable financially.

Documents Required

You would need to submit the following documents along with the completed application form for the home loan process:

Documents for salaried individuals
Documents for Self-Employed Individuals
Documents for salaried individuals

Citizenship

  1. Loan application form: Completely filled loan application form along with the recent passport size photographs.
  2. Identity proof: Any of Aadhar Card / Voters ID / Passport / Driving License / PAN Card.
  3. Income proof: Salary slips for the past 6 months or ITR, Form 16 for the past 2 years, salary account’s bank statement for the past 6 months.
  4. Residence proof: Lease and License Agreement / Utility Bill (maximum three months old) / Passport.

Interest Rate & Charges

As home loan interest rates are linked to the base rate dictated by RBI directives and with RBI's repo rate cut in basis point, borrowers can now avail the benefits of lowered home loan interest rates. Some additional aspects that may affect the interest rate on home loans include the loan amount, loan tenure, credit history and your reputation with the bank. Apply for a home loan with Afinoz and you can avail the best home loan interest rates.

Bank

Home Loan Interest Rates*

Processing Fees

HDFC LimitedUp to 8.20% p.aUp to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes.
ICICI BankUp to 7.55% p.aProcessing fee of 0.50% of loan amount plus applicable taxes
Bank Of BarodaUp to 8.25% p.a0.50% of the loan amount
Axis BankUp to 12.00% p.aRs. 10000/- Onwards
Bank of IndiaUp to 7.25% p.aUp to Rs.20,000/-
State Bank of IndiaUp to 10.50% p.aUpto 0.40%, Minimum ₹ 10,000
Canara bankUp to 12.00% p.aUp to Rs.10,000/-
Syndicate Bank9.7%NIL
Indian Overseas Bank8.70% to 12.20%0.53% of loan amount
Allahabad Bank9.65% to 11.00%0.40% of loan amount
IDBI BankUp to 8.65% p.a0.50% of loan amount
TATA Capital6.90% p.a OnwardsUpto 0.20% of the loan amount; minimum processing fee of ₹ 500
Punjab National BankUp to 9.35% p.a0.35% of the loan amount, Minimum- Rs. 2,500/- and Maximum- Rs. 15,000/-
LIC Housing FinanceUp to 10.15% p.a0.50% of the Loan Amount
Bajaj Finserv9.05% to 11.15%0.80% - 3% of loan amount
Kotak MahindraUp to 7.30% p.a.1% plus GST and Statutory dues
Indiabulls Housing FinanceUp to 8.65% p.aUpto 2.00% of the loan amount
L&T Housing Finance9.90 onwardUpto 2% on loan amount + Service Tax
Oriental Bank of Commerce8.85%0.50% of loan amount
Central Bank of IndiaUp to 7.10% p.aUp to Rs.20,000/-
UCO BankUp to 7.25% p.a0.50% of loan amount
DHFL9.75% onwardsProcessing fee of 0.50% of loan amount plus GST

FAQs

Q. Who can apply for a Home Loan?
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Q. Can I apply for the loan with a co-applicant?
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Q. What security do I need to provide to avail the loan?
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Q. How do I pay the EMI for a home loan?
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Q. What is the tenure of a home loan?
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Q. Can I save money by paying off my home loan early?
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Q. Are there any penalties for pre-payment off a home loan?
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Q. What happens if I don't pay the EMIs on time?
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Q. What is the maximum amount of a loan that I can avail?
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Q. How can I estimate my monthly loan payments?
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Q. Why should I apply for a Home Loan from Afinoz.com?
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Q. Should I go with the fixed or the floating interest rate?
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Q. Can I trade my floating interest rate with fixed a interest rate?
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Q. Should I switch my base rate home loan to an MCLR lending rate?
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Q. How long does it take for the disbursement of the loan?
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Q. Does the bank disburse the loan amount in full or in installments?
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Q. Can I sell my property even before the loan amount is fully paid off?
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Q. Can a pre-payment of home loan affect my credit score?
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Q. How can I apply for a Home Loan Online on Afinoz.com?
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Q. What benefit can I get in terms of income tax on home loans?
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Q. Can I get a home loan if I have a low credit score?
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Q. What are the top financial institutions providing home loans in India?
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