Top 10 Best Home Loan Interest Rates in India

Top 10 Best Home Loan Interest Rates in India

Top Banks Home Loans Interest Rates in India 2020

How long have you been living in a rented house in the city of your work? Tired of shifting from house to house? Why not buy your own dream home in 2020 when so many banks are ready to give you a Best Home Loan according to your personal needs!

Lender RLLR/EBLR/RR Interest rate (Min) Interest rate (Max)
PNB 6.65%

7.00% Apply Now

7.60%
SBI 6.65%

7.00% Apply Now

7.85%
Bank of Baroda  6.85%

6.85% Apply Now

8.35%
HDFC 7.35%

6.95% Apply Now

8.20%
Bank of India 6.85%

6.85% Apply Now

7.85%
Union Bank of India 6.80%

6.70% Apply Now

7.15%
ICICI 4%

7.35% Apply Now

8.05%
Axis Bank 4%

7.75% Apply Now

12%
Bajaj Finserv 8.10%

8.10% Apply Now

13.30%
Kotak Mahindra Bank 4%

7.35% Apply Now

9.70%

All you need to have is some savings for the down payment. Most of the leading private and public sector banks typically provide financing for 75-90% of the value of the property, making it financially viable for you to purchase your dream home.

It is time to shortlist a home of your choice in your city this year and Apply for a Home Loan without a delay.

 

Apply Home Loan in India

 

When there are numerous banks offering you attractive Home Loan deals, it is but expected to be spoiled for choice. Many banks offer attractive interest rates to the advantage of the home buyers, subject to terms and conditions. Home Loan Interest Rates are generally applicable as fixed or floating type. If you are unable to decide upon the best Home Loan offer and the loan provider which bank of housing finance, here is a quick guide on 10 Best Home Loan Banks in India for 2020:

 

 

10 Best Home Loans in India

 

SBI Home Loan

State Bank of India (SBI) is the largest Home Loan provider in India. The bank extends a bouquet of Home Loan products to serve a diversified segment of borrowers. Whether you need a loan for ready-to-built property or to purchase an under construction property, or a pre-owned home, or to construct or renovate your existing house, SBI Home Loans have an affordable solution for all. SBI Home Loans promise the best interest rate in the market, with low processing fee and flexible repayment options. Leading the market trends for Home Loan, the bank also extends Attractive Home Loan Interest Rates concession for women borrowers. 

Types of SBI Home Loans

  • SBI Regular Home Loan
  • SBI Balance Transfer of Home Loan
  • SBI NRI Home Loan
  • SBI Flexipay Home Loan
  • SBI Privilege Home Loan
  • SBI Shaurya Home Loan
  • SBI Pre-Approved Home Loan
  • SBI Realty Home Loan
  • SBI Home Top Up Loan
  • SBI Bridge Home Loan
  • SBI Smart Home Top Up Loan
  • SBI Insta Home Top-Up Loan
  • SBI Corporate Home Loan
  • SBI Home Loan to Non-Salaried – Differential offerings
  • SBI Tribal Plus
  • SBI Earnest Money Deposit (EMD)
  • SBI CRE (Commercial Real Estate)) Home Loan

 

Apply SBI Home Loan

 

Eligibility 

  • Applicant must be Indian resident
  • Applicant must be minimum 18 years of age at the time of loan application and maximum 70 years at loan maturity
  • Loan tenure: Up to 30 years

Interest Rate, Processing Fee and Other Charges:

  • The current SBI Home Loans interest rates are
    • For women salaried individuals: 6.95% to 7.85%
    • For other salaried individuals: 7.00% to 8.00%
    • For women non-salaried individuals: 7.10% to 7.80%
    • For other non-salaried individuals: 7.15% to 8.00%
  • Processing fees
    • Up 0.50% of the loan amount, depending on the loan type and amount
  • Other charges
    • Pre-sanction: Advocate’s fee for property search & title investigation report; Valuer’s fee for evaluation report.
    • Post-sanction: Stamp duty for Loan agreement and mortgage; Property insurance premium; CERSAI Registration Fee of Rs. 50 plus GST (for up to Rs. 5 Lakhs) and Rs. 100 plus GST (for above Rs. 5 Lakhs).

Documents Required

  • Common documents for all applicants
    • Identity card of employer
    • Duly filled complete loan application form
    • 3 recent passport-sized photographs
    • Identity proof (any one): Passport/ PAN/ driver’s license/ voter’s ID card
    • Residence proof (any one): Recent copy of electricity bill/ telephone bill/ water bill/ piped gas bill/ passport/ driving license/ aadhaar card
  • Property documents
    • Permission for construction (if applicable)
    • Registered sale agreement (for Maharashtra only)/ stamped agreement for sale/ allotment letter
    • Occupancy certificate (for ready to move property)
    • Share certificate (for Maharashtra only), electricity bill, maintenance bill, property tax receipt
    • A copy of approved plan and builder’s registered development agreement, conveyance deed (for a new property)
    • Payment receipts or bank account statement showing payments made to builder or seller
  • Account statement documents
    • Bank account statements for the last 6 months for all bank accounts of the applicant
    • Loan account statement for the last 1 year if applicant has any previous loan from other lenders
  • Income proof documents for salaried applicants/ co-applicants/ guarantor
    • Last 3 months’ salary slip/ salary certificate
    • Copy of the last 2 years’ Form 16/ IT Returns, acknowledged by IT Department
  • Income proof documents for non-salaried applicants/ co-applicants/ guarantors
    • Proof of business address
    • Last 3 years’ IT returns
    • Last 3 years’ balance sheet and profit & loss account
    • Details of business license (or equivalent)
    • TDS Certificate/ Form 16A, if applicable
    • Qualification certificate for chartered accountant, doctor, and other professionals

Why to Choose SBI Home Loan?

  • Long repayment tenure of up to 30 years
  • Huge variety of Home Loans to suit every customer’s need
  • Low rates of interest and processing fee
  • No prepayment charges
  • No hidden charges
  • Home Loan Overdraft facility available
  • Discounted interest rate for women borrowers

FAQs

✅ What does property registration mean?

Property registration is registering the documents related to sale, transfer, lease or any other disposal of an immovable property.

✅ What documents should I check when buying a resale property?

You must check Clear & marketable Title, Encumbrance Certificate, Sale Deed, Latest Tax Receipts, Building Plan Approvals, Occupancy Certificate, and Possession Certificate.

✅ How many properties can I own?

There is no limit set for the number of properties one can own. You can own as many as you want.

✅ Does SBI provide home top up loan with balance transfer of Home Loan?

Yes. You can avail home top up loan on balance transfer of your Home Loan to SBI. However, the maximum Loan to Value (LTV) should be 75% and you must fulfillment other terms and conditions relating to balance transfer.

✅ What is the minimum and maximum tenure of SBI Home Loan?

Tenure for SBI Home Loans may vary between 3 to 30 years

ICICI Bank Home Loan  

In terms of assets and market capitalization, ICICI Bank is the third largest bank in India. Getting a Home Loan from ICICI Bank is quick, easy and light on your wallet. You can download the bank’s app on your tablet or smartphone to enjoy faster processing and approval. You can also check if you are eligible for your pre-approved Best Home Loan offer. With repayment tenure of up to 30 years, owning your dream home is just a few clicks away with ICICI Bank!

Types of ICICI Bank Home Loans

Eligibility

  • Applicant must be minimum 21 years of age at the time of loan application and maximum 65 years of age or retirement age (whichever is earlier) at loan maturity.
  • The loan is offered to salaried or self-employed applicants who have a regular source of income
  • Eligibility for co-applicant: Co-applicant must be of minimum 18 years of age. If applicant’s spouse is an earning member, they can be the co-applicant. The co-owners of the property must necessarily be co-applicants.

Interest Rate, Processing Fee, and Other Charges

  • The current ICICI Bank Home Loans interest rates are
    • For salaried applicants: 6.95% to 7.95%
    • For self-employed applicants: 7.20% to 8.05%
  • Processing fees
    • 0.50% – 2% of the sanctioned loan amount or Rs. 1,500 (Rs. 2000 for Delhi, Bangalore, and Mumbai), whichever is higher + applicable GST
  • Other charges
    • Prepayment charges for Non-Individual applicant/ co-applicant: Nil for floating interest rate Home Loans. For fixed interest rate Home Loans it’s 2% plus applicable taxes on principal outstanding.
    • Prepayment charges for Individual applicants: Nil for floating interest rate Home Loans. For fixed interest rate Home Loans it’s 4% plus applicable taxes on principal outstanding.
    • Late payment charges: 2% per month of the outstanding amount (minimum Rs. 500 and maximum of Rs. 5,000).
    • Interest rate conversion charges:
      • Floating/ dual fixed rate to floating rate: 0.5% of the principal outstanding + applicable taxes.
      • Floating rate to dual fixed rate: 0.5% of the principal outstanding + applicable taxes.
      • Life time fixed rate to floating rate: 1.75% of the principal outstanding + applicable taxes.
    • Charges for swapping repayment mode: Rs. 500
    • Charges for document retrieval: Rs. 500
    • Charges for cheque/AD/ECS bounce: Rs. 500
    • Charges for duplicate NOC/ No Due Certificate: Rs. 100
    • Charges for revalidation of NOC: Rs. 100
    • Administrative charges: Rs. 5,000
    • Charges for CIBIL report: Rs. 50

Documents Required

  • Common documents for all applicants
    • Duly filled and signed loan application form
    • Recent passport-sized photographs
    • Identity proof
    • Residence proof
    • Age proof
    • Bank statement for the last 6 months
    • Form 16/ Income Tax Returns
    • Processing fee cheque
  • Documents for salaried applicants
    • Salary slips for the last 3 months
  • Documents for self-employed professionals
    • Business existence proof
    • Certificate of education qualification & proof of business existence
    • Income Tax Returns of last 3 years with computation of income
    • Last 3 years’ balance sheet and profit & loss account certified/ audited by CA
  • Documents for self-employed non-professionals
    • Business existence proof
    • Business profile
    • Income Tax Returns of last 3 years with computation of income
    • Last 3 years’ balance sheet and profit & loss account certified/ audited by CA

Why to Choose ICICI Bank Home Loan?

  • Quick and easy Home Loan application
  • High eligibility
  • Low EMIs at attractive interest rates
  • You can apply through ICICI Bank’s TABLET & Smartphone applications to get faster loan approval.
  • Long tenure of up to 30 years
  • Pre-approved Home Loans available
  • Simplified documentation

FAQs

✅ What documents do I need post closure of my ICICI Bank Home Loan?

Post closure of loan, you need following documents for handover of original property documents:

  • Power of Attorney formatto collect original property documents
  • In case of loan account holder’s death: Request letter from legal heir/ nominee(s)/ claimant for handover of Property documents; Letter of relinquishmentto relinquish right (nominee or legal heir) in favour of legal heirs/ surviving owners/ nominee(s) for handover of property documents.

✅ What is the current Repo Rate?

The current Repo Rate (RR) is 4%.

✅ Does ICICI Bank offer Pradhan Mantri Awas Yojana (PMAY) Scheme?

Yes. You can avail CLSS based PMAY Scheme from ICICI Bank to get interest subsidy on your Home Loan.

✅ Does ICICI Bank offer Home Loan Balance Transfer facility?

Yes. You can transfer your existing Home Loan from another bank/NBFC/HFC/ to ICICI bank.

✅ What is the maximum tenure for ICICI Bank Top-up Loan?

20 years

Axis Bank Home Loan

The third largest private sector bank in India, Axis Bank offers a minimum loan of Rs. 3 Lakhs and a maximum depending on the combined income of the applicants. The Axis Bank Home Loan comes with no prepayment charge for floating and charges 2% of the outstanding principal amount prepaid on fixed interest rate housing finance. The application process is easy and you can even transfer your existing Best Home Loan from another lender to Axis Bank without hassles through Home Loan Balance Transfer facility.

Types of Axis Bank Home Loans

  • Axis Bank Home Loan
  • QuickPay Home Loan
  • Power Advantage Home Loans
  • Fast Forward Home Loan
  • Asha Home Loan
  • Shubh Aarambh Home Loan
  • Empower Home Loan
  • Top-Up Home Loan
  • Super Saver Home Loan
  • Pradhan Mantri Awas Yojana

Eligibility

  • Eligibility for salaried individuals
    • Individuals must be in permanent service under the Government/ reputed companies
    • Applicants must be of minimum 21 years of age when applying for the loan and maximum 60 years or superannuation, whichever is earlier (65 years for self-employed) at loan maturity.
  • Eligibility for professionals
    • Individuals must be professionals like doctors, architects, dentists, engineers, chartered accountants, cost accountants, management consultants, and company secretary
    • Applicants must be of minimum 21 years of age when applying for the loan and maximum 65 years at loan maturity.
  • Eligibility for self-employed individuals
    • Individuals must be filing ITR
    • Applicants must be of minimum 21 years of age when applying for the loan and maximum 65 years at loan maturity.

Interest Rate, Processing Fee and Other Charges

  • The current Axis Bank Home Loans interest rates are
    • For salaried individuals: 7.75% to 8.40% (floating interest rate) and 12% (for 20 years fixed interest rate)
    • For self-employed individuals: 7.95% to 8.55% (floating interest rate) and 12% (for 20 years fixed interest rate)
  • Processing fees
    • Up to 1% of the sanctioned loan amount (or minimum Rs. 10,000).
    • Rs. 5000 + GST will be collected as non-refundable upfront processing fee at the time of application login and balance amount will be collected at loan disbursement.
  • Other charges
    • Prepayment charges: NIL for floating interest rate; 2% of the principal outstanding for fixed interest rate.
    • Penal interest rate: 24% p.a., 2% p.m.
    • Fees for switching from floating to fixed rate): 1% of the principal outstanding (minimum Rs. 10,000)
    • Fees for switching from fixed to floating rate): 2% of the principal outstanding
    • Fees for switching from BPLR or Base Rate to MCLR: No fees if effective rate kept unchanged; 0.5% of the principal outstanding (minimum Rs. 10,000) if effective rate is revised. 
    • Fees for switching from higher floating rate to lower floating rate: 0.5% of the principal outstanding (minimum Rs. 10,000).
    • Charges for Cheque return or repayment instruction: Rs. 500/instance
    • Charges for Cheque or instrument swap: Rs. 500/instance
    • Charges for issuance of duplicate statement/ amortisation schedule/ interest certificate (actual/provisional): Rs. 250 per instance
    • Credit report issuance fee: Rs. 50/instance
    • Charges for issuance of Title document photocopy / customer requests for documents copy: Rs. 250/document set
    • CERSAI charges: Rs. 50 for loans up to Rs. 5 Lakhs and Rs. 100 for loans above Rs. 5 Lakhs
    • Charges for duplicate NOC issuance: Rs 500/instance + GST

Documents Required

  • Common documents for all applicants
    • Duly filled application form
    • 2 recent passport-sized photographs
    • Identity Proof
    • Address Proof
    • Date of Birth Proof
    • Poof of Signature
  • Income documents for salaried applicants (Indian Residents)
    • Last 3 months salary slip
    • Last 6 months pay slip/ 2 years bonus proof (for variable pay)
    • Bank statement for the last 6 months showing salary credited
    • Form 16 of last 2 years/ job continuity proof
  • Income documents for salaried applicants (NRIs)
    • Last 3 months salary slip
    • Appointment letter/ contract letter
    • Continuous Discharge Certificate (needed for Shipping cases)
    • 6 months international salary account statement
    • 6 months Domestic NRE or NRO account statement
    • Valid copy of Visa or OCI card
    • Passport copy
    • Overseas credit report
    • POA details
  • Income documents for self-employed applicants
    • Last 2 years ITR, computation of income, P&L, and balance sheet with CA’s seal & sign
    • Last 6 months bank statements (of personal & business accounts)
    • CPC & tax paid challan (if ITR filed without a digital sign)
    • Last 3 years business continuity proof
    • 1 year’s ITR, computation of income, P&L, balance sheet with CA’s seal & sign (for Asha Home Loan)
    • Tax Audit Report: If Gross Turnover exceeds Rs. 1 Crore or gross receipts exceed Rs. 25 Lakhs
  • Documents for Home Loan Balance Transfer
    • 12 months loan account statement with latest outstanding letter
    • Details of existing loans (if any) & bank statement for the last 6 months from where EMI is being deducted.
  • Documents for Lease Rental Discounting
    • Last 6 months bank statement of the account where rent is credited
    • Registered valid lease agreement
    • 2 years ITRs, P&L, balance sheet, computation of income, with CA’s seal & sign
    • 1 year 26 AS
    • 2 years audited financials, operative account, KYC, partnership authority letter, and partnership deed (for partnership firm).
  • Documents for Partner(s) of a Firm
    • Partnership deed, list of partners, and NOC in Axis Bank format
    • Audited ITRs for partnership firm and complete financials
    • Partnership authority letter on the letterhead of the Firm signed by all partners (if Firm is guarantor).
  • Documents for Directors in a Company
    • For the company: Last 2 years ITRs, P&L, balance sheet, computation of income, with CA’s seal & sign.
    • Tax Audit Report if Gross Turnover exceeds Rs. 1 Crore or gross receipts exceed Rs. 25 Lakhs
    • Board Resolution in Axis bank format (if Company is applicant)
    • AOA, MOA, and Certificate of Incorporation
    • DIN of all Directors
    • Board Resolution of Company (in Axis bank format)
    • Latest Share Holding Pattern (must be signed by the Company secretary or List of Directors)
  • Other documents:
    • Aadhaar Card
    • PAN Card
    • Processing fee
    • CERSAI cheques
    • Borrowers’ self-attestation on all submitted documents

Why to Choose Axis Bank Home Loan?

  • Attractive interest rates
  • Ability to choose your interest rate type
  • Quick and easy application process
  • Ease of transferring your existing loan balance to Axis Bank
  • No prepayment charges
  • Smaller EMIs

FAQs

✅ What is the minimum Home Loan amount that I can borrow from Axis Bank?

You can avail Home Loan amount starting at Rs. 3 Lakhs from Axis Bank

✅ What is the maximum top-up amount I can get on my existing Axis Bank Home Loan?

The maximum top-up amount on the existing Axis Bank Home Loan is Rs. 50 Lakhs

✅ What is the maximum loan amount offered under Asha Home Loan?

The maximum loan amount offered under Asha Home Loan is Rs. 28 Lakhs

✅ What is the maximum repayment tenure for Empower Home Loan?

The maximum repayment tenure for Empower Home Loan is up to 15 years

✅ What is the lowest EMI per Lakh for Axis Bank Home Loan?

The lowest EMI an applicant can get per Lakh is Rs. 794

HDFC Limited Home Loan

HDFC is a major provider of finance for housing in India. Key features of HDFC  Bank Home Loan include easy documentation, doorstep assistance, and flexible repayment options. Women applicants can enjoy the benefit of reduced interest rates starting at just 6.95% per annum (as on July 2020). The bank facilitates Home Loan Balance Transfer at zero processing fees so that you can reap optimum benefits on switching your existing loan.

 

Apply HDFC Home Loan

 

Types of HDFC Limited Home Loans

Eligibility

  • Eligibility for primary applicants
    • Applicant must be salaried or self-employed
    • Applicant must be Indian resident
    • Applicants must be of minimum 18 years of age when applying for the loan and maximum 65 at loan maturity.
    • Self-employed professionals must be doctor, lawyer, engineer, chartered accountant, company secretary, architect, consultant, etc.
    • Self-employed non-professionals must be trader, contractor, commission agent, etc.

Interest Rate, Processing Fee, and Other Charges

  • The current HDFC Bank Home Loans interest rates are
    • For salaried individuals : 6.95% to 7.80% (for women) and 7.00% to 7.85% (for others)
    • For Self-Employed : 6.95%to 7.45% (for women) and 7.00% to 7.50% (for others)
    • For salaried individuals for TruFixed Loan: 7.40%to 8.15% (for women) and 7.45% to 8.20% (for others)
  • Processing fees
    • Up to 0.50% of the sanctioned loan amount or Rs. 3,000 (whichever is higher) + applicable taxes.
  • Other charges
    • Prepayment charges
      • For adjustable/combination interest rate based Home Loans: NIL for individuals borrowers and for up to 2% of the amount being prepaid + taxes & statutory levies/ charges for other than individual borrowers (if prepayment done within 36 months and NIL if prepayment done after 36 months of loan servicing).
      • For fixed interest rate based Home Loans: Up to 2% of the amount being prepaid + taxes & statutory levies/ charges for individual as well as other than individual borrowers (if prepayment done within 36 months and NIL if prepayment done after 36 months of loan servicing).
    • Delayed payment charges: for delayed interest or EMI payment, customer has to pay additional interest of up to 24% per annum.
    • Charges for cheque dishonour: Rs. 200
    • List of documents: Up to Rs. 500
    • Charges for photocopy of documents: Up to Rs. 500
    • PDC swap charges: Up to Rs. 200
    • Charges for cancellation of disbursement cheque post disbursement: Rs. 200
    • Charges for re-appraisal of loan post 6 months of sanction: Up to Rs. 2,000 + applicable taxes
    • Charges for increasing or decreasing the loan term: Up to Rs. 500 + applicable taxes
    • Conversion fee for switching to lower interest rate in variable interest rate loans: Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion or a maximum Rs. 50,000 + taxes, whichever is lower.
    • Conversion fee for switching from fixed rate loan to variable rate loan: Up to 0.50% of the principal outstanding & undisbursed amount (if any) at conversion or a maximum Rs. 50,000 + taxes, whichever is lower.
    • Conversion fee for switching from TruFixed fixed rate loan to variable rate loan: Up to 1.75% of the principal outstanding & undisbursed amount (if any) at conversion + taxes.
    • Conversion fee for switching lower rate plot loan: Up to 0.5% of the principal outstanding & undisbursed amount (if any) at conversion + taxes.

Documents Required

  • Common documents for all applicants
    • Duly filled application form
    • Recent passport-sized photographs of applicants and co-applicants
    • Identity and address proof (any one): Aadhaar card/ voter’s ID/ passport/ driving license
    • Property documents:
      • For new homes: Copy of buyer agreement/ allotment letter, receipt(s) of payment made to the developer.
      • For resale homes: Title deeds, receipt(s) of initial payment made to the seller, copy of sale agreement (if already executed)
      • For construction: Plot’s title deeds, no encumbrances on the property proof, copy of local authority approved plans, construction estimate by a civil engineer/ architect.
  • Documents for salaried applicants
    • Income proof: Last 3 months salary slips, bank statement of last 6 months showing salary credits, latest Form 16, ITR
    • Other documents:
      • Proof of own contribution
      • Appointment letter/ employment contract (if current employment is less than 1 year old)
      • Bank statements for the last 6 months showing repayment of any existing loan(s)
      • Processing fee cheque favouring HDFC Ltd.
  • Documents for self-employed applicants
    • Income proof:
      • Last 3 years’ ITRs and computation of income, balance sheet, Profit & Loss account statements with Annexures/ schedules (of the individual as well as business entity) attested by a CA.
      • Current account statements of the business entity & savings account statements of the individual for the last 6 months.
  • Other documents:
    • Proof of own contribution
    • Processing fee cheque favouring HDFC Ltd.
    • Business profile
    • Latest Form 26 AS
    • List of Directors & Shareholders with their shareholding (individual) certified by a CA or CS (in case of company).
    • Company’s Memorandum & Articles of Association
    • Partnership deed (if the business entity is a partnership firm)
    • Details of existing loans (of the individual & business entity)

Why to Choose HDFC Limited Home Loan?

  • Expert legal & technical counselling
  • Integrated branch network
  • Special loans for the Indian Army employees
  • Longer tenure and affordable interest rates
  • Discounted interest rates for women borrowers

FAQs

✅ What are the parameters to decide my eligibility for HDFC Home Loan?

HDFC will determine your eligibility for its Home Loan based on certain factors like your income, repayment capacity, age, qualification, spouse’s income, number of dependants, savings, occupation, assets and liabilities.

✅ What is Own Contribution?

Own Contribution refers to the total cost of the property minus HDFC’s loan amount.

✅ What are the modes of repayment for HDFC Home Loan Own Contribution?

HDFC offers various loan repayment modes such as Standing Instructions (SI), Electronic Clearing System (ECS), direct deduction of monthly instalments by your employer, or Post-dated Cheques (PDCs) from your salary account.

✅ What is the lowest EMI per lakh offered by the bank?

HDFC Home Loan comes with the lowest EMI per lakh of Rs. 662 for new Home Loan.

✅ What is the current RPLR of HDFC Bank?

The current Retail Prime Lending Rate (RPLR) of the bank as on 18.07.2020 is 16.20%

PNB Housing Home Loan

PNB, the state-owned multinational banking and financial services corporation offer loans for purchase, construction, and extension of dwelling units. The bank offers doorstep services ensuring easy and fast approval and disbursal of Home Loans. With a PNB Housing Loan, you can avail the facility of enhancement in loan amount in the event of escalations in cost. The bank offers various repayment options.

Types of PNB Housing Home Loans

  • Home Purchase Loan
  • Home Construction Loan
  • Home Extension Loan
  • Home Improvement Loan
  • Residential Plot Loan
  • Loan for NRIs
  • Unnati Home Loans
  • Pradhan Mantri Awas Yojana 

Eligibility

  • The maximum age of the applicant should not above 70 years at loan maturity
  • Eligibility for NRIs:
    • Applicant must be an Indian citizen/ Person of Indian Origin holding an Indian passport with NRI status on employment/ deputation/ assignment.
    • Applicant should be working in a foreign country for atleast 1-year before seeking a Home Loan (this condition doesn’t apply to people who are going abroad on deputation).
  • Eligibility for Unnati Home Loans:
    • Applicant should have any Professional Degree/ Post Graduate Degree/ Diploma/ ITI, etc.
    • Applicant should be an employee of local & stable business entity like restaurant, petrol pump, garments shop, jewellery shop, etc. The employer can be in the business of proprietorship/ partnership/ limited company/ private limited/ trust, etc.
    • Applicant should be earning a fixed minimum monthly income of Rs. 10,000
    • The maximum age of the applicant should not above 70 years at loan maturity (if salaried) and 65 years (if self-employed professional or non-professional).

Interest Rate, Processing Fee and Other Charges

  • The current PNB Housing Home Loans interest rates are
    • Home Purchase Loan/ Home Construction Loan/ Home Extension Loan/ Home Improvement Loan:
      • 8.60% – 9.75% (for salaried individuals & self-employed professionals)
      • 8.85% – 9.95% (for businessmen & self-employed non-professionals)
    • Residential Plot Loan/ Loan for NRIs:
      • 9.60% – 10.75% (for salaried individuals & self-employed professionals)
      • 9.85% – 10.95% (for businessmen & self-employed non-professionals)
    • Unnati Home Loans:
      • 10.75% (for salaried individuals & self-employed professionals)
      • 12% (for self-employed non-professionals)
  • Processing fees
    • Up to 1% of the sanctioned loan amount + applicable taxes
  • Other charges
    • Prepayment charges:
      • NIL for floating rate of interest loan (for individual borrower)
      • 2% of principal amount prepaid + applicable taxes for floating rate of interest loan (for non individual borrower being applicant/ co-applicant).
      • 3% of principal amount prepaid + applicable taxes for fixed interest rate loan (for individual borrower and non individual borrower being applicant/ co-applicant).
      • NIL for fixed interest rate loan (for prepayment by own source except borrowing from a bank/ NBFC/ HFC/ any financial institution).
    • Charges for statement of account: Rs. 200 + applicable taxes
    • Charges for change of repayment mode (PDC to PDC/ NACH to NACH): Rs. 500 + applicable taxes
    • EMI payment fee for not submitting PDC or NACH Mandate Form: Rs. 500 + applicable taxes (per transaction).
    • Charges for loan preclosure statement/ list of original or photocopy of property documents: Rs. 500 + applicable taxes.
    • Fee for the return of Cheque/ NACH Mandate Form: Rs. 500 + applicable taxes
    • CERSAI Fees for loans disbursed before 31.01.2016: Rs. 500 + applicable taxes
    • CERSAI Fees for loans disbursed after 31.01.2016: Rs. 100 + applicable taxes
    • Fee for conversion of interest rate from floating to floating or floating to fixed: 0.50% of principal amount outstanding + applicable taxes.
    • Fee for conversion of interest rate from fixed to floating: 2% of principal amount outstanding + applicable taxes.
    • Overdue charge: 2%/ month on overdue amount to be paid + applicable taxes

Documents Required

  • Common documents for all applicants
    • Duly filled application form
    • Recent passport-sized photographs
    • Proof of age (any one): Passport/ PAN card/any other certificate issued by Statutory Authority
    • Proof of residence (any one): Passport/ Election Card/ Telephone Bill/ Driving License/ Ration Card/ any other certificate issued by Statutory Authority.
    • Cheque for processing fee in favour of ‘PNB Housing Finance Ltd.’
    • Photocopy of approved plan and title documents of the property
  • Documents for salaried applicants
    • Education qualifications proof (latest degree)
    • Last 3 months’ salary slips
    • Last 2 years’ Form 16
    • Last 6 months’ bank statements of salary account
  • Documents for self-employed/ professionals
    • Education qualifications proof (latest degree for professionals)
    • Certificate and business existence proof along with business profile
    • Last 3 years’ ITRs (for self and business) with balance sheets and profit & loss account duly certified/audited by a CA.
    • Last 12 months’ bank account statements ( for self and business)
  • Documents for salaried NRI applicants
    • Education qualifications proof (latest degree)
    • Passport/ PIO Card copy
    • Work Permit copy (if applicable)
    • Recent 3 salary slips
    • Appointment letter by current employer
    • Last 2 years’ income statement from employer(s)
    • Last 6 months’ bank statements showing salary credits
    • Detailed cost estimate by an Architect or Valuer in case of property construction/ renovation

Why to Choose PNB Housing Home Loan?

  • A wide range of housing loan products for home purchase, construction, extension, improvement, and plot loans.
  • Pan India reach
  • Doorstep services for easy and quick loan approval & disbursal
  • Excellent post loan disbursement services
  • Top-up facility available on existing Home Loan
  • Integrity and transparency during entire loan process
  • Various loan repayment options available

FAQs

✅ Which repayment options are available for PNB Housing Home Loan?

PNB Housing Home Loan can be repaid in EMIs via Electronic Clearance System, Standing Instructions to the bank, or Post Dated Cheques.

✅ What is the maximum tenure for PNB Housing Home Loan?

The loan can be repaid within a maximum of 30 years tenure

✅ What is the maximum Loan-to-Value offered under PNB Housing Home Purchase Loan?

For Home Purchase Loan, you can get a maximum Loan-to-Value (LTV) of 90% of property’s market value.

✅ What is floating interest rate on Home Loan?

The floating interest rate is the rate of interest which fluctuates as per market conditions. It doesn’t remain fixed for the entire tenure like fixed interest rate.

✅ Do I need to provide collateral for obtaining PNB Housing Home Loan?

No. You house itself acts as collateral for your housing loan. You don’t have to provide any additional collateral/security.

Bank of Baroda Home Loan

With attractive rates of interest, higher loan amount eligibility, free personal accident insurance cover, and balance transfer facility with relaxed parameter, Bank of Baroda Home Loans have so much to offer to their customers. The bank offers a wide range of home loan offers for different purposes and needs. The bank offers a loan quantum of up to Rs. 10 Crores for a repayment tenure of up to 30 years. The rates of interest vary between 6.85% to 8.35% p.a.

 Types of Bank of Baroda Home Loans

  • Baroda Home Loan
  • Baroda Home Loan Advantage
  • Baroda Pre Approved Home Loan
  • Home Improvement Loan
  • Interest Subsidy Scheme for Housing the Urban Poor (ISHUP)
  • Baroda Home Suvidha Personal Loan
  • Baroda Top Up Loan (Resident/NRIs/PIOs)
  • Credit Risk Guarantee Fund Scheme for Low Income Housing (CRGFS)
  • Baroda Home Loan Takeover Scheme
  • Baroda Ashray (Reverse Mortgage Loan)
  • Pradhan Mantri Awas Yojana (PMAY)

Eligibility

  • Resident as well as non-resident Indians, both are eligible for Bank of Baroda Home Loans
  • Salaried as well as self-employed can apply for the loan
  • The applicant’s age should be minimum 21 years to apply for the loan and maximum 65 years at loan maturity.
  • The applicant must have a regular income source
  • The proposed owners (as mentioned in the Agreement for sale) of the property (for which financial assistance is sought), must be co-applicants.
  • Husband-wife, father-son, or mother-son etc. can be joint applications

Interest Rate, Processing Fee, and Other Charges

  • The current Bank of Baroda Home Loans interest rates are:
    • Baroda Home Loan/ Baroda Home Improvement Loan:
      • 6.85% – 7.85%
    • Baroda Home Loan Advantage:
      • For loan up to Rs. 75 Lakhs: Same as regular home loan rates (6.85% to 7.85%).
      • For loan above Rs. 75 Lakhs: 0.25% + regular home loan rates (7.10% to 8.10%)
    • Baroda CRE Home Loan:
      • 0.25% + regular home loan rates (7.10% to 8.10%)
    • Baroda CRE Home Loan (Advantage):
      • For loan up to Rs. 75 Lakhs: 0.25% + regular home loan rates (7.10% to 8.10%).
      • For loan above Rs. 75 Lakhs: 0.50% + regular home loan rates (7.35% to 8.35%).
    • Baroda Top Up Loan:
      • Same as regular home loan rates + Strategic Premium of 0.25% + 0.50% (7.60% – 8.60%).
  • Processing fees (including inspection, valuation, and legal fees)
    • Baroda Home Loan/ Baroda Home Improvement Loan:
      • For loan up to Rs. 50 Lakhs: 0.50% of the loan amount (Minimum Rs. 8,500 and maximum Rs. 15,000) + GST.
      • For loan above Rs. 50 Lakhs: 0.25% of the loan amount (Minimum Rs. 8,500 and maximum Rs. 25,000) + GST.
    • Baroda Home Loan Top Up:
      • 0.35% of the loan amount (Minimum Rs. 5,000 and maximum Rs. 12,500) + GST.
    • Takeover of Home Loan (Resident/NRI/PIOs):
      • Flat Rs. 8,500 (Upfront)
    • Pre Approved Home Loan (in Principal Sanction):
      • 0.25% – 0.50% of the loan amount (Rs. 8,500 Upfront) + GST
    • Baroda Ashray (Reverse Mortgage Loan):
      • 0.20% of the loan amount (Rs. 8,500 and maximum Rs. 10,000)
  • Preclosure charges
    • Nil

Documents Required

  • Common documents for all applicants
    • Duly filled application form
    • Recent passport-sized photographs of all the applicants
    • Proof of age and residence (any one): Election ID card/ Passport/ PAN card/Driving License/Ration card/etc.
    • Property related documents: Copy of approved plan & sanction letter received from local civic authority, copy of NA permission, Title documents.
  • Documents for salaried applicants
    • Salary certificate
    • Latest salary slip/statement showing income and deductions of the applicant
    • Last 2 years bank statements
  • Documents for self-employed/ professionals
    • Copies of ITR/ assessment orders for the last 3 years
    • Last 2 years bank statements
    • Certified copies of Balance Sheets, Profit & Loss accounts, IT acknowledgments, and advance tax challans (for company/firm as well as personal account) for the last 3 years.
    • Memorandum and Articles of Association for companies, partnership deeds (for firms), a brief company/firm profile.
  • Additional documents in case of purchase from builder
    • Agreement of sale (copy)
    • Registration receipt (copy
    • Sanction plan and sanction letter from competent authorities (copy)
    • NA permission/ULC order (copy)
    • Receipts of payment already made (copy)
    • NOC from builder in bank’s format
  • Additional documents in case of direct allotment in a co-operative housing society
    • Allotment letter
    • Sale deed/lease deed in society’s favour (copy)
    • Share certificate
    • Society registration certificate
    • NOC from society in bank’s format
    • Possession letter (original)
  • Additional documents in case resale
    • All previous vendors agreement (copy), duly stamped & registered
    • Registration receipts (copy)
    • Original share certificate
    • NOC from society/builder in bank’s format

Why to Choose Bank of Baroda Home Loan?

  • Variety of home loan options to choose from
  • Wide reach
  • Home loans available for all – Salaried, self-employed, NRIs, PIOs, Indian Residents
  • Low interest rate and processing charges
  • Easy eligibility norms

FAQs

✅ What is Baroda Pre Approved Home Loan?

Under this loan, the bank provides in-principle approval for a Home Loan even before the prospective home loan applicant identifies a specific house/flat/plot. The granted in-principle approval is valid for 4 months from the date of issuance.

✅ What is the maximum repayment tenure available for Baroda Home Loan?

You can get a maximum repayment tenure of up to 30 years.

✅ How much loan quantum can I get under Baroda Top Up Loan?

The loan amount available under Baroda Top Up Loan scheme is minimum Rs. 1 Lakh and maximum Rs. 2 Crores.

✅ What is BRLLR?

BRLLR (Baroda Repo Linked Lending Rate) is the benchmark rate with which interest rates of loans offered by the Bank of Barodaa (including housing loans) are linked. It is linked with the RBI’s Repo Rate. The current BRLLR is 6.85% (4% Repo Rate + 2.85 Mark-Up) w.e.f. 25.05.2020.

✅ Does Bank of Baroda offers home loan under PMAY scheme?

Yes.

Union Bank of India Home Loan

Home loans offered by the Union Bank of India come with low interest rates, affordable processing fees, and long tenure. The bank offers loans for every housing-related need, including loan for new/old home purchase, construction of a house, purchase of plot, repair/extension/improvement of an existing home, balance transfer, and so on.  

 Types of Union Bank of India Home Loans

  • Home Loan
  • Union Awas
  • PMAY – Pradhan Mantri Awas Yojna

Eligibility

  • Indian residents as well as Non-Resident Indians (NRIs) are eligible
  • Individuals (singly or jointly) may apply for the loan
  • Minimum age required to apply for the loan is 18 years and maximum exit age should be up to 75 years.
  • For Union Awas scheme, residents of rural & semi urban areas are eligible. Permanent employees of schools, colleges, or other establishments, as well as good farmers with regular income source (Rs.48,000 p.a. of above) can also apply.

Interest Rate, Processing Fee, and Other Charges

  • The current Union Bank of India Home Loans interest rates are:
    • Floating Rate of Interest:
      • 6.70% – 7.15%
    • Fixed Rate of Interest (for maximum 5 years):
      • 11.40% – 12.65%
    • Smart Save Option:
      • 7.05% + 7.65%
  • Processing fees
    • Home Loan:
      • 0.50% of the sanctioned loan amount (maximum Rs.15,000) + applicable GST.
    • Union Awas/ PMAY:
      • Nil
  • Other charges
    • Prepayment penalty: Nil for floating rate based housing loan or if a fixed rate loan is prepaid from own sources. 2% take-over penalty on the average outstanding balance of the previous 12 months will be charged if the loan is taken over by other bank or financial institution or adjusted in lump-sum by the borrower from any third party/source. Nil prepayment penalty for Union Awas and PMAY loan if the loan is taken over by other bank or financial institution.
    • Fee for giving Title Search Report: Rs.1,000 for Mumbai/ Delhi/ Bengaluru/ Chennai, Rs. 15,000 for Kolkata/ Hyderabad/ Ahmedabad.
    • Vetting of documents: Rs. 750 for loan up to Rs. 10 Crores and Rs. 1,000 for loan above Rs.10 Crores. 
    • Valuation fee: Vary between Rs. 500 to Rs. 10,000 (depending on the loan amount).
    • Relaxation charges: 0.10% of the loan amount (minimum Rs. 500 and maximum Rs. 5,000).

Documents Required

  • Common documents for all applicants
    • Duly filled application form with 3 recent passport-sized photographs
    • PAN Card
    • Bank statement of last 12 months
    • Identity proof (any one): Employee ID Card/ Passport/ PAN Card/ any other valid document.
    • Address proof (any one): Aadhar Card/ Telephone Bill/ Electricity Bill/ any other valid document.
  • Income proof for salaried applicants
    • ITR for last 1 year
    • Form 16 or letter from employer
    • Salary slips of last 6 months
  • Income proof for business class
    • ITR of last 3 years
    • P& L
    • Balance Sheet
  • Income proof for agriculturists
    • Income certificate by concerned revenue officer (Tahsildar)
    • Land holding proof
  • Property related documents
    • Allotment letter
    • Title Deed
    • Advance money receipt
  • Proof of outgoes
    • Loan prepayment statement
    • LIC policies
    • Valid proof of any other outgo
  • Additional documents for NRIs
    • All previous vendors agreement (copy), duly stamped & registered
    • Registration receipts (copy)
    • Original share certificate
    • Latest work permit
    • Visa stamped on passport (copy)
    • Employment contract in English (if the contract is any other language, it should be translated in English by & attested by Employer/Indian Embassy).
    • Any other document as required by the bank

Why to Choose Union Bank of India Home Loan?

  • Lowest interest rate on home loans
  • Home loan available for all purpose
  • NRIs can also apply
  • High loan amount
  • Low margin required
  • Availability of moratorium period

FAQs

✅ How much moratorium is offered under Union Bank of India Home Loan?

Under Home Loan offered by the Union Bank of India, you can get a moratorium period of up to 36 months for purchase & construction, and up to 12 months for repair & renovation.

✅ What is the maximum loan amount?

There is no maximum loan limit under Union Bank of India Home Loan. However, for repairs and renovation purpose, you can get up to Rs. 30 Lakhs.

✅ What is the repayment period for home loan scheme?

The maximum repayment tenure for Union Bank of India Home Loan scheme is 30 years (for purchase or construction) and 15 years (for repairs or renovations).

✅ What is Smart Save Option?

Under this product, customers can deposit additional amount over & above the regular EMI for the loan, with an option to withdraw such excess quantum at a later date as per their requirement. The excess fund helps in reducing the loan outstanding, hence, a lower interest is charged in the loan account of the borrower (till there are such excess funds in the account). This option helps the borrowers to maximize their savings on interest.

✅ What is the current EBLR of the bank?

As on 01.06.2020, the bank’s EBLR is 6.80%, i.e. RBI Repo Rate (4%) + Spread (2.80%).

Bank of India Home Loan

Bank of India Home Loan comes with attractive interest rates starting from just 6.85% p.a. You can avail loan of up to Rs. 5 Crores and repay in flexible repayment tenure of up to 30 years. The bank offers loans for all your housing related needs.

 Types of Bank of India Home Loans

  • BOI Star Home Loan
  • BOI Star Smart Home Loan
  • Star Pravasi Home Loan Scheme
  • Star Diamond Home Loan
  • BOI Star Top Up Loan
  • PMAY

Eligibility

  • Salaried as well as self-employed people are eligible
  • Indian residents, Non-resident Indians (NRIs), People of Indian Origin (PIOs), Hindu Undivided Family, Proprietary Firms, and Partnership Firms can apply.
  • Net take home (NTH) income (after all deductions including EMI of the proposed loan) should be as follows
  • Minimum NTH for Gross Monthly Income (GMI) up to Rs.1 Lakhs: 40% of GMI
  • Minimum NTH for GMI over Rs. 1 Lakh up to Rs. 5 Lakhs: 30% of GMI
  • Minimum NTH for GMI over Rs. 5 Lakhs: 25% of GMI
  • In case of HUF/ Proprietorship firm/ Company/ Partnership firm: DSCR should be minimum 1.5.

Interest Rate, Processing Fee, and Other Charges

  • The current Bank of India Home Loans interest rates are:
    • Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan:
      • 6.85% – 7.75%
      • Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
      • CRE-RH-Home Loans will have 0.50% additional rate of interest
    • Home Loans for entities other than individuals & Star Pravasi Loan
      •  6.90% for women and 6.95% for others
      • Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
    • PMAY:
      • 6.85% irrespective of loan amount
      • Additional 0.10% CRP will be added if customers want to switchover from Base Rate/MCLR to RBLR.
    • Star Top Up Loan:
      • Rate of Interest applicable for respective Home Loan account + premium of 0.50% (subject to minimum RBLR, i.e. 6.85%).
  • Processing fees
    • Star Home Loan/Star Smart Home Loan/Star Pravasi Home Loan:
      • For Individuals: 0.25 % of the loan amount, minimum Rs. 1,500 and maximum Rs. 20,000 (for all loan amounts).
      • For Partnership Firms & Corporates: Double than the fee applicable to individuals, i.e. 0.50% of the loan amount, minimum Rs. 3,000 and maximum Rs. 40,000.
      • For Rural Areas: 75% of the fee applicable to individuals, minimum Rs. 1,500 & maximum Rs. 20,000.
    • Star Diamond Home Loan
      • One time processing fee of Rs. 50,000 or maximum as per Star Home Loan Scheme, whichever is higher.
    • PMAY/ Star Top Up Loan:
      • As per respective Home Loan schemes
  • Other charges
    • CERSAI registration Fees: Up to Rs. 500.
    • Prepayment charges: Nil
    • Additional fee for delay in filing records: Up to Rs. 1,000

Documents Required

  • Duly filled application form with recent passport-sized photographs
  • Identity proof (any one): Driving License/ PAN Card/ Passport/ Voter ID/ Other documents accepted by the bank.
  • Address proof (any one): Telephone Bill/ Electricity Bill/ Water Bill/ Passport/ Aadhar Card/ Voter ID/ Driving License/Other documents accepted by the bank.
  • Property documents
  • Additional documents for salaried:
    • Form 16
    • Latest salary slip
    • Last 6 months bank account statements.
  • Additional documents for self-employed:
    • Business continuity proof of 5 years
    • Last 6 months bank account statements.

Why to Choose Bank of India Home Loan?

  • Low rate of interest, starting at 6.85% p.a.
  • Low processing fee
  • Variety of home loans available
  • Top Up loan facility
  • Part-prepayment and foreclosure at NIL charges
  • Flexible repayment tenure

FAQs

✅ Who can apply for BOI Star Diamond Home Loan?

High Net worth Individuals (HNIs), Firms, Corporate for residential accommodations of their partners or directors, having average gross income of minimum Rs.1 Crore and above in the last 3 years as per audited balance sheet or ITR.

✅ What is the minimum loan amount available under BOI Star Top Up Loan?

You can avail as minimum as Rs. 2 Lakhs.

✅ What is the maximum loan limit under BOI Star Home Loan?

You can avail up to a maximum of Rs. 5 Crores in New Delhi, Mumbai, Kolkata, and Chennai and up to Rs. 3 Crores in other cities.

✅ What is the repayment tenure for BOI Star Home Loan?

Up to 30 years, including a moratorium period of up to 36 months.

✅ Are NRIs eligible for home loan in Bank of India?

Yes. NRIs and PIOs can avail housing loan under Star Pravasi Home Loan Scheme.

Bajaj Finserv Home Loan

Bajaj Finserv Home Loan comes with interest rates starting at 8.10% p.a. You can get up to Rs. 3.5 Crores as loan amount and repay it within a maximum tenure of 20 years. Like other home loans, this one also give you tax benefits. For your additional needs, you can also avail a top up loan of up to Rs. 50 Lakhs. You can save up to Rs. 2.67 Lakhs if your avail the loan under PMAY scheme.

 Types of Bajaj Finserv Home Loans

  • Home Loan
  • Top Up Loan
  • Home Loan Balance Transfer
  • PMAY

Eligibility

  • Indian residents salaried and self-employed people are eligible
  • Minimum age of the salaried applicant should be 23 at the time of application and up to 62 years when the loan is matured.
  • Minimum age of the self-employed applicant should be 25 at the time of application and up to 70 years when the loan is matured.
  • Salaried applicant must have a minimum work experience of 3 years
  • Self-employed applicant must have a minimum business continuity of 5 years
  • Minimum CIBIL score required is 750
  • Minimum salary required is Rs. 25,000 (Rs. 30,000 in Delhi, Gurugram, Mumbai and Thane).

Interest Rate, Processing Fee, and Other Charges

  • The current Bajaj Finserv Home Loans interest rates are:
    • Promotional interest rate – For Salaried Applicants:
      • 8.10% onwards
    • Regular interest rate:
      • 9.05% – 10.30% for salaried and 9.35% – 11.15% for self-employed applicants.
    • BFL-SAL FRR (Bajaj Finance Limited Floating Reference Rate):
      • 12.90% for salaried and 13.30% for self-employed
  • Processing fees
    • Up to 6% of the sanctioned loan amount + GST
  • Other charges
    • Part prepayment charges: Nil for floating rate loans and 2% of the part- prepayment amount + GST for fixed rate loans.
    • Foreclosure charges: Nil for floating rate loans and 4% of the principal outstanding + GST for fixed rate loans.
    • Secure fee (one time): Up to Rs. 4,999
    • Charges for EMI bounce: Up to Rs. 3,000 + GST
    • Penal interest: Up to 2%

Documents Required

  • Duly filled application form with recent passport-sized photographs
  • Identity proof (any one): Driving License/ PAN Card/ Passport/ Voter ID
  • Address proof (any one): Telephone Bill/ Electricity Bill/ Water Bill/ Passport/ Aadhar Card/ Voter ID/ Driving License.
  • Property documents
  • Additional documents for salaried:
    • Form 16
    • Latest salary slip
    • Last 6 months bank account statements.
  • Additional documents for self-employed:
    • Business continuity proof of 5 years
    • Last 6 months bank account statements.

Why to Choose Bajaj Finserv Home Loan?

  • Home loans under PMAY available
  • Easy home loan balance transfer facility
  • Property dossier
  • Top Up loan
  • Part-prepayment and foreclosure at NIL charges
  • Flexible repayment tenure
  • Customised insurance schemes
  • Online account management

FAQs

✅ Can NRIs apply for Bajaj Finserv Home Loan?

No. Only resident Indians are eligible.

✅ What is the maximum loan amount?

You can avail up to Rs. 3.5 Crores.

✅ What is the maximum top up loan limit?

You can avail up to a maximum of Rs. 50 Lakhs.

✅ What is the repayment tenure for Bajaj Finserv Home Loan?

Up to 20 years.

✅ What is the current interest rate?

The interest rates for Bajaj Finserv Home Loan starts at 8.10% p.a.

Kotak Mahindra Bank Home Loan

With attractive features like zero processing fee for online loan application, home loan insurance facility, and doorstep documentation and services, Kotak Mahindra Bank’s Home Loan is one of the best housing loan options available in the finance market. You can get funds up to 75% to 80% of the property cost and the interest rate can be as low as 7.35% p.a.

 Types of Kotak Mahindra Bank Home Loans

  • Home Loan
  • PMAY

Eligibility

  • Eligibility for Individual
  • Age: Minimum 18 and maximum 60 years if salaried, minimum 18 and maximum 65 years if self-employed.
  • Minimum gross monthly income of resident Indian individual: Rs. 20,000 (for Delhi, Mumbai, Bangalore, Pune & Chennai) and Rs. 15,000 (for other cities).
  • Minimum qualification: Graduate if applicant is employed with a private limited company/ partnership firm. No such criteria if applicant is employed with Public limited company/ MNC/ Government/ Public Sector Company.
  • Eligibility for Partnership Firm/ LLP/ Indian Company
  • Business should be existence for minimum 3 years
  • Minimum gross annual income: Rs. 2,40,000 (for Delhi, Mumbai, Bangalore, Pune & Chennai) and Rs. 1,18,000 (for other cities).
  • Eligibility for Hindu Undivided Family (HUF)
  • Karta of HUF should be applicant/ co-applicant
  • Should be in existence for minimum 3 years
  • ITR of HUF for 3 years should be obtained
  • Minimum gross annual income: Rs. 2,40,000 (for Delhi, Mumbai, Bangalore, Pune & Chennai) and Rs. 1,18,000 (for other cities).

Interest Rate, Processing Fee, and Other Charges

  • The current Bank of India Home Loans interest rates are:
    • Special Balance Transfer Rate:
      • 7.35% – 7.45%
    • interest rate for Salaried:
      • 7.40% – 9.50% for women
      • 7.45% – 9.55% for others
    • Interest rate for SENP/SEP:
      • 7.55% – 9.65% for women
      • 7.60% – 9.70% for others
  • Processing fees
    • Up to 2% of the loan amount + GST
  • Other charges
    • Prepayment charges: Prepayment/ foreclosure is allowed after a lock in period of 6 months only post EMI commencement. After that period, part prepayment of minimum Rs. 25,000 & maximum up to 25% of the outstanding loan amount is allowed (every 6 months) at zero prepayment charges. For any part prepayment above that limit, 4% of the excess prepayment amount + GST & other applicable taxes will be charged as prepayment charges.
    • Foreclosure charges: 4% of the foreclosure amount + GST & other applicable taxes + amounts prepaid during the last 12 months will be charges any time after the lock-in-period.
    • Collection charges for default: 30% + other applicable statutory levies
    • Charges for Interest Certificate or Account Statement: Free once in a Financial Year. Rs. 250 thereafter + GST and any other applicable statutory levies, per instance.
    • Penal interest: 2% p.m.

Documents Required

  • For Salaried
    • Duly filled application form with 1 recent passport-sized photograph
    • PAN card copy of all applicants (with relationship proof)
    • Aadhar card copy of all applicants with relationship proof
    • Residence proof copy of all applicants with relationship proof
    • Salary slips of last 3 months of all applicants whose incomes are considered
    • Form 16 and ITR (of all applicants whose income is considered) – last 2 years
    • Bank statement (original) of last 6 months wherein salary is credited or any other bank account (of all applicants whose income is considered).
    • Relationship proof
    • Details of loan availed in the past with track record
    • All property documents (chain) along with the sanction map
  • For SEP/SENP/Company/HUFLLP/Partnership Firm – As applicable
    • KYC documents
    • Bank statement/passbook of last 12 months of all applicants whose incomes are considered.
    • Last 3 years ITR (2 years for Kotak Group customers)
    • Degree certificate
    • Registration proof with Tax authorities
    • Proof of existence of partnership firm/ company/ HUF/ LLP
  • For NRIs
    • Copy of valid passport
    • KYC Documents of POA
    • Last 6 months bank statements of domestic (NRE/ NRO/ FCNR/ NRNR) & salary or active international account.
    • Income proof for fixed salary: Salary certificate (in English) mentioning the name, date of joining, designation & salary details OR last 3 months salary slips.
    • Income proof for variable salary: Salary certificate (in English) mentioning the name, date of joining, designation, & salary details for the last 6 months OR last 6 months salary slips.
    • Proof of employment continuity for the last 3 years

Why to Choose Bajaj Finserv Home Loan?

  • Home loans under PMAY available
  • Easy home loan balance transfer facility
  • Property dossier
  • Top Up loan
  • Part-prepayment and foreclosure at NIL charges
  • Flexible repayment tenure
  • Customised insurance schemes
  • Online account management

FAQs

✅ What is the maximum loan amount available?

You can avail up to 90% (up to 80% for original loan of Rs. 20 – 75 Lakhs, and 75% for original loan above Rs. 75 Lakhs) of the cost of the property.

✅ What is the maximum loan repayment period available?

Kotak Mahindra Bank Home Loan can be repaid in to 20 years.

✅ Who can be a co-applicant?

If you are an individual, your spouse, parents, or even major children can be your co-applicants.

✅ Is it mandatory to insure the property?

Property insurance is recommended but not mandatory.

✅ Does the bank allow prepayment?

Yes, but only after a lock-in period of 6 months.

 

Home Loan Interest rates in India are currently dependent on the MCLR rate, base rate, bank spread etc and thus effective rate of interest on the loan vary according to banking benchmark rates. However, in December 2018 Monetary Policy Review, the RBI has firmly said that these benchmarks will be replaced by external benchmarks from April 2019. There is speculation if NBFC will also adopt the norm or not.

Also Read Our Following Blogs:

 

FAQs – Best Home Loan

✅ Which Bank’s Home Loan is Best?

Home Loans offered by Punjab National Bank (PNB) and State Bank of India (SBI) are best in the market right now because they offer lowest interest rate, starting from 7.95% p.a., making it an affordable deal for the customer. Processing fee is also very low and they offer Home Loans for all your housing-related needs.

✅ What are the Types of Home Loans Available in India?

There are several Home Loan types available in India, including the following:

  • Home Loan for Home Purchase
  • Home Loan for Construction of House
  • Home Loan for Renovation/Improvement of an Existing House
  • Home Loan for Extension of an Existing House
  • Home Loan for Repairs
  • Home Loan for Plot Purchase
  • Home Loan to NRIs
  • Home Loan Balance Transfer
  • Home Loan Top Up

✅ Which Bank is Offering the Lowest Interest Rate on Home Loan?

Currently, Union Bank of India is offering the lowest interest rate on the home loan, starting from as low as 6.70% p.a.

✅ Which Bank is Better for Home Loan SBI or HDFC?

The interest rate offered on HDFC Bank is comparatively higher as compared to the SBI Bank. HDFC Bank Home Loan interest rates start from 7.35% p.a. whereas interest rates for SBI Home Loan start from  6.65% p.a. Therefore, SBI Home Loan would be a better choice in terms of affordability in comparison to HDFC Home Loan.

✅ Will Home Loan Interest Rates Go Down in 2020?

Home Loan interest rates are at their lowest right now amid ever-developing news of COVID-19. The coronavirus has impacted the Indian economy and wreaked havoc on the stock market in March, hence, the rates will typically be lower. However, after falling to a record low in just two weeks, Home Loan rates are surging higher again. Hence, it is advised to lock your Home Loan deal right now.

✅ What is the Minimum Salary for Home Loan?

The minimum salary requirement for a Home Loan may vary from lender to lender. However, most lenders require a net monthly income of Rs. 25,000 to sanction a Home Loan. Make sure that your fixed obligations (rent, existing EMIs, bills, etc.) do not exceed 50% of your monthly income.

✅ How Much Home Loan Can I Get on 50000 Salary?

The Home Loan amount is based upon the net income of the borrower. Many banks extend the home loan upto 60 times of the borrower’s net monthly income. In such a case, on Rs. 50,000 take-home salary, the borrower is eligible to obtain a home loan of around Rs. 30 lakhs.

✅ Can I Take 2 Home Loans?

Yes, you can apply for more than 2 Home Loans at same time. However, in that case, the total EMI amount of both loans must not exceed the required FOIR (Fixed Obligations to Income Ratio). Also, banks ideally grant loans that are not more than 75% of your second property’s value.

✅ What is the Best Tenure for Home Loan?

The maximum home loan tenure offered by top lenders is 30 years. The longer the tenure, the lower will be the EMI. If you are looking for low EMIs, it is better to opt for 25-30 years tenure. However, it is best to obtain a loan for the shortest tenure as the interest payment is too high for a long tenure loan. It is best to opt for a tenure within which you can repay your Home Loan comfortably, without impacting your daily life.

✅ What are the features of Best Home Loan in India?

  • Low interest rate, processing fee, and other charges
  • Long tenure – Up to 30 years
  • High loan amount eligibility
  • Easy eligibility criteria
  • Simple documentation
  • Hassle-free loan application
  • Online process

✅ What factors affect housing loan interest rate in India?

  • Tenure of repayment
  • Loan amount applied for
  • Age of the applicant
  • Income and employer of the applicant
  • Applicant’s CIBIL score
  • Location of the property
  • Market situation
  • Changes in repo rate

✅ How to get home loan at low interest rates in India?

  • Make sure you do a thorough research and comparisons between top housing loan offers in terms of interest rate, applicable charges, and other features.
  • To cut the cost of middleman, apply online either through MyMoneyMantra or bank’s website
  • Apply for the required loan amount only
  • Check your eligibility before applying for the loan
  • Apply early in your life (Preferably mid 20s or 30s)
  • Mention all your income sources in the application

 

Home Loan Interest Rates

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Category: Home Loan