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, HDFC. However, most of the lenders sponsor 80% of the property value as a home loan. The remaining 20% needs to be capitalized as 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 home loan EMI using home loan EMI calculator at Afino.com and then choose the best available options from different lenders.

The remaining 20% needs to be capitalized as down-payment from your side. Although most of the NBFC bank can provide funds.

Features & Benefits

Eligibility & Documents Required

Eligibility

In order to be eligible for a home loan in India, the individual must fulfill certain eligibility criteria and based on that, the decision for the amount of home loan is made. Following are some of the key factors that are taken into consideration when applying for home loans:

Age
Credit Score
Income Requirements
Co-applicant income
Employment stability and continuity

Age

Your age should be ranging from 21 to 60 years. Many times individuals in the age group of 30 to 50 are given more significance as they are considered more stable financially.

Document Required

you would need to submit the following documents along with the completed application form for the education 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 attached with the recent passport size photographs of both applicant and co-applicants.
  2. Identity proof: Aadhar Card / Voters ID / Passport / Driving License / PAN Card.
  3. Income proof: Last 6 months salary slip or ITR, Most recent Form 16 and past 6 months salary bank statement, company ID card, appointment letter.
  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 best home loan interest rates.

Bank
Interest Rates*
Processing Charge
HDFC Limited 8.35% to 11.90% 0.50% of loan amount
ICICI Bank 8.40% to 8.85% for General Borrowers, 8.35% to 8.80% for Women Borrowers 0.50% of loan amount + Service Tax
Bank Of Baroda 8.35% to 9.60% Upto Rs.7,500
Axis Bank 8.35% onwards 0.50% of loan amount + Service Tax
Bank of India 8.55% to 8.60% 0.25% of loan amount
State Bank of India 8.30% to 11.40% 0.30% of loan amount
Canara bank 8.35% to 8.55% 0.5.% of loan amount
Syndicate Bank 8.75% NIL
Indian Overseas Bank 8.55% to 9.05% 0.53% of loan amount
Allahabad Bank 8.50% to 9.00% 0.40% of loan amount
IDBI Bank 8.35% to 8.65% 0.50% of loan amount
TATA Capital 8.75% to 9.05% 0.5% of loan amount
Punjab National Bank 8.60% to 10.75% 0.5% of loan amount
LIC Housing Finance 8.50% to 8.90% Upto Rs. 5,000
Bajaj Finserv 13.49% to 16% 2.25% - 3% of loan amount
Kotak Mahindra 8.35% 0.50% of loan amount
Indiabulls Housing Finance 8.35% to 11.75% 0.50% to 1.00% of loan amount
L&T Housing Finance 8.70 to 9.65% Upto 2% on loan amount + Service Tax
Oriental Bank of Commerce 9.70% 0.50% of loan amount
Central Bank of India 8.50% 0.50% of loan amount
UCO Bank 8.60% to 8.80% 0.50% of loan amount
DHFL 8.60% to 10.00% Upto Rs. 20,000 + Service Tax

Disclaimer: *Rates are subject to periodic change. Home loan interest rates & other fees and charges are subject to regular review and can vary with each customer. These can differ depending on your credit worthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval. Please note that the interest rates provided here are based on the market research. To facilitate the comparison insight, certain set of data has been reorganized/restructured/tabulated. It is advisable to recheck the same with the individual companies / organizations. This website does not take any responsibility for any sudden or uninformed changes in interest rates. Banks or Financial Institutions can contact us at info@afinoz.com for inclusions or updates.

For any further query, please contact us at +91-8795021552 or e-mail us at info@afinoz.com.

FAQ's

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