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 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.
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.
You would need to submit the following documents along with the completed application form for the home loan process:
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.
Home Loan Interest Rates*
|HDFC Limited||Up to 8.20% p.a||Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes.|
|ICICI Bank||Up to 7.55% p.a||Processing fee of 0.50% of loan amount plus applicable taxes|
|Bank Of Baroda||Up to 8.25% p.a||0.50% of the loan amount|
|Axis Bank||Up to 12.00% p.a||Rs. 10000/- Onwards|
|Bank of India||Up to 7.25% p.a||Up to Rs.20,000/-|
|State Bank of India||Up to 10.50% p.a||Upto 0.40%, Minimum ₹ 10,000|
|Canara bank||Up to 12.00% p.a||Up to Rs.10,000/-|
|Indian Overseas Bank||8.70% to 12.20%||0.53% of loan amount|
|Allahabad Bank||9.65% to 11.00%||0.40% of loan amount|
|IDBI Bank||Up to 8.65% p.a||0.50% of loan amount|
|TATA Capital||6.90% p.a Onwards||Upto 0.20% of the loan amount; minimum processing fee of ₹ 500|
|Punjab National Bank||Up to 9.35% p.a||0.35% of the loan amount, Minimum- Rs. 2,500/- and Maximum- Rs. 15,000/-|
|LIC Housing Finance||Up to 10.15% p.a||0.50% of the Loan Amount|
|Bajaj Finserv||9.05% to 11.15%||0.80% - 3% of loan amount|
|Kotak Mahindra||Up to 7.30% p.a.||1% plus GST and Statutory dues|
|Indiabulls Housing Finance||Up to 8.65% p.a||Upto 2.00% of the loan amount|
|L&T Housing Finance||9.90 onward||Upto 2% on loan amount + Service Tax|
|Oriental Bank of Commerce||8.85%||0.50% of loan amount|
|Central Bank of India||Up to 7.10% p.a||Up to Rs.20,000/-|
|UCO Bank||Up to 7.25% p.a||0.50% of loan amount|
|DHFL||9.75% onwards||Processing fee of 0.50% of loan amount plus GST|