5 Best Home Loan Providers in India

5 Best Home Loan Providers in India

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 2019 when so many banks are ready to give you a Home Loan according to your personal needs!

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.

 

Check Home Loan Interest Rates Online

 

Top Banks Home Loans & Interest Rates in India 2019

Banks Loan Amount Interest Rate Processing Fee Max.Tenure
SBI Home Loan 10 Cr. 8.55% – 9.0% 0.25% of the loan amount + applicable taxes 30 Years
ICICI Bank Home Loan 10 Cr. 8.80% – 9.25% Up to 1%  of the Loan amount + applicable taxes 30 Years
Axis Bank Home Loan 10 Cr. 8.9% – 9.2% Up to 1% of the Loan amount (Minimum Rs. 10,000) 30 Years
HDFC Limited Home Loan 10 Cr. 8.60% – 9.5% 0.50% of the loan amount (Minimum: Rs. 3,000) 30 Years
PNB Housing Loan 10 Cr. 9.0%-9.30% Up to 1% of the loan amount + applicable taxes 30 Years

 

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 5 best Home Loan Banks in India for 2019:

SBI Home Loans

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. The 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 concession for women borrowers. 

Types of SBI Home Loan

  • 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 Reverse Mortgage Loan
  • SBI CRE (Commercial Real Estate)) Home Loan
  • SBI Loan Against Property (P-LAP)

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: 8.55% to 8.70%
    • For other salaried individuals: 8.65% to 8.75%
    • For women non-salaried individuals: 8.75% to 8.85%
    • For other non-salaried individuals: 8.70% to 8.90%
  • Processing fees
    • For loans up to Rs. 25 Lakhs: 0.25% of the loan amount (minimum Rs. 1,000)
    • For loans above Rs. 25 Lakhs to up to R. 75 Lakhs: 0.25% of the loan amount (minimum Rs. 6,500)
    • For loans above Rs. 75 Lakhs: 0.25% of the loan amount (minimum Rs. 10,000)
  • 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

SBI Home Loan – News

20.07.2019: SBI cuts MCLR: How does it impact your home loan EMIs

Recently, the State Bank of India (SBI) has cut its 1-year MCLR or marginal cost of fund-based lending rate by 5 basis points (bps) to 8.40%. The move comes post RBI’s cut in its policy rate for the third time in June. If you already have a home loan (based on the floating interest rate) in a running condition, a cut of 5 bps on MCLR means you will have a reset clause for the tenure of the MCLR.

For example, if your home loan is linked to 1-year MCLR, you will have a 1-year reset clause. If the reset clause is in May and the cut in MCLR occurred in July, your home loan will remain unchanged till next May. However, if your loan comes with a reset clause of July or August, there will be a fall in your home loan interest rate. This means the bank will adjust the tenure of your loan.

29.06.2019: SBI sets a target of disbursing Rs 20,000 cr home loan in Karnataka

State Bank of India (SBI) is targeting a disbursal of home loans worth Rs. 20,000 crores this financial year (2019-20) in the state of Karnataka (including Bengaluru). The bank had disbursed Rs. 15,000 crores last year. Housing loan segment of the bank is witnessing a steady growth in Bengaluru with the two main driving forces, viz., IT sector and builder relationship.

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 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 Loan

  • Home Loan
  • Pre-approved Home Loan
  • Pradhan Mantri Awas Yojana (PMAY)
  • ICICI Bank Step Up Home Loans
  • Balance Transfer
  • Loan Against Property
  • Top Up Loan on your Home Loan
  • 30 Year Home Loan
  • ICICI Bank Home Overdraft

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: 8.80% to 9.25%
    • For self-employed applicants: 8.90% to 9.30%
  • Processing fees
    • 50% – 1% of the sanctioned loan amount or Rs. 1,500 (Rs. 2000 for Delhi, Bangalore, and Mumbai), whichever is higher + applicable Service Tax and Surcharge
  • 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 1-year MCLR of the bank?

The current 1-year Marginal Cost of Funds based Lending Rate (MCLR) for ICICI Bank is 8.80%, w.e.f. 01.03.2019.

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

ICICI Bank Home Loan – News

25.06.2019: ICICI Bank aims at strengthening its home loan and consumer loans in the Kerala region

With the growing demand for retail loans in Kerala, ICICI Bank is keeping an eye of strengthening home loans and consumer loans in the state. The lender announced on Tuesday that it aims to grow the disbursement of its retail loan in Kerala by above 20% to Rs. 3,100 crores in FY’20. The target is divided into two main categories, viz. the rise in the disbursement of home loan and other mortgages by approx. 20% to nearly Rs. 900 crores and growth of approx. 22% to Rs. 2,200 crores in consumer loans, including personal loans and auto loans.

09.07.2019: ICICI Securities to offer retail loans to customers

ICICI Securities business model has been diversified. It also includes retail loans now through its online platform called ICICI Direct and offline channels (a network of approx. 200 branches). This service includes home loans, loan against property, credit cards, personal loans, and auto loans offered by ICICI Bank. Over 5 lakhs I-Sec customers are already credit-cleared and pre-approved who can avail personal loans through ICICI Direct without any documentation.

Axis Bank Home Loan

The third largest private sector bank in India, Axis Bank offers a minimum loan of 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 Home Loan from another lender to Axis Bank without hassles through Home Loan Balance Transfer facility.

Types of Axis Bank Home Loan 

  • Axis Bank Home Loan
  • QuickPay Home Loans
  • 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 ITRs
    • 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: 8.90%to 9.2% (floating interest rate) and 12% (for 20 years fixed interest rate)
    • For self-employed individuals: 8.90%to 9.2% (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).
    • 2,500 + 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

Axis Bank Home Loan – News

03.01.2019: Axis Bank base rate for loans increases by 30 bps

Axis Bank has announced a hike of 30 basis points (bps) in its base rate for loans. The bank’s base rate has been increased to 9.5% from 9.2% with effect from 03.01.2019. However, the bank has kept its MCLR unchanged when few other banks are increasing the same. If you are a home loan borrower of the bank and are still on base rate, you should switch to MCLR-based home loan right now.

12.12.2019: Axis Bank launches new home loan product which aims to reduce interest cost

Axis Bank has launched a new product under the home loan category. This new home loan repayment product is called QuickPay. Unlike other housing loan products which are repaid in equated monthly instalments (EMI), which remain fixed till the end of the tenure, EMI for Axis Bank’s QuickPay changes every month, as the interest component of the EMI goes down with every passing month. You can borrow a loan amount from minimum Rs. 3 lakhs to maximum Rs. 5 crores under this scheme and the interest rate is between 9.05-9.25% for salaried individuals.

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 8.80% per annum (as on January 2019). The bank facilitates Home Loan Balance Transfer at zero processing fees so that you can reap optimum benefits on switching your existing loan.

Types of HDFC Limited Home Loan

  • Home Loans
  • Plot Loans
  • Rural Housing Loans
  • HDFC Reach Loans
  • Pradhan Mantri Awas Yojana/ CLSS
  • Home Improvement Loans
  • Home Extension Loans
  • Top Up Loans
  • Balance Transfer 

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 : 8.55%to 9.05% (for women) and 8.60% to 9.10% (for others)
    • For Self-Employed : 8.55%to 9.05% (for women) and 8.60% to 9.10% (for others)
    • For salaried individuals for TruFixed Loan: 9.40%to 9.90% (for women) and 9.45% to 9.95% (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, ITRs
    • 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 counseling
  • 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. 791

What is the current RPLR of HDFC Bank?

The current Retail Prime Lending Rate (RPLR) of the bank as on 16.03.019 if 16.85%

HDFC Ltd. Home Loan – News

15.07.2019: HDFC witnesses the massive growth in home loans, personal loans, and credit cards: EMIs to get cheaper

While HDFC continues to make a profit even in its Q1FY20 quarter financial audit report. After credit cards, the second best lending product was home loan. The bank has recorded an increase of 26.68% to Rs. 55,769 crores in Q1FY20 versus Rs. 44,021 crores in the previous year’s corresponding period.

03.07.2019: Retail home loans again remain the bright spot of HDFC

Deepak Parekh, HDFC Chairman, said that their home loans continue to outperform in retail finance, in terms of growth as well as asset quality. He said that the growth was driven by their increased volume and not the large-ticket loans.

PNB Housing Home Loan

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 Loan

  • 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:
      • 9.10% – 11.25% (for salaried individuals & self-employed professionals)
      • 9.30% – 12.50% (for businessmen & self-employed non-professionals)
    • Residential Plot Loan/ Loan for NRIs:
      • 10.05% – 12.25% (for salaried individuals & self-employed professionals)
      • 10.15% – 13.50% (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.

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.

PNB Housing Loan – News

12.02.2019: PNB to sell its stake in housing finance arm to GA & Varde

GA (General Atlantic Partners) and Varde Partners have picked up a 22% stake in PNB Housing Finance for around Rs. 3,500 crores. PNB has decided to be invested with a 10.7% stake and select two buyers instead of selling their entire block to one suitor.

09.08.2018: Q1 profit of PNB Housing Finance jumps 50% to Rs. 255.80 crore

On Thursday, PNB Housing Finance reported a jump in its net profit by 50% at Rs. 255.80 crores in the first quarter of the current financial year on healthy loan disbursements. The net profit of Rs. 170.10 crores was recorded by the lender in the similar period of 2017-18 and the total income increased to Rs. 1,616.03 crores from Rs. 1,160.21 crore in the same period last year.

Most Affordable Home Loan 2019

Home Loan Interest Rate and Other Charges

Interest Rate

8.55% onward

Maximum Loan Amount

Up to 90% of the total property value

Processing Fees

Up to 1% of loan amount or Rs. 10,000 whichever is lower

Loan Tenure

Up to 30 Years

Lowest EMI Per Lakh

Rs. 772 per Lakh for 30 years

Prepayment Charges

No charge for floating Rates Loan

After all, a Home Loan is the biggest credit one owes; it is a long term responsibility for the borrower. It is important to compare various parameters and choose your borrower carefully to make an informed decision.We have witnessed multiple small hikes in Home Loan interest rates in the last few months. However, now it is expected that borrowers will see larger transparency in standardization and ease of understanding of loan products in the coming months. The new policy will mandate a lender to adopt a uniform external benchmark within a loan category and ensure a stable interest rate for consumers.

Also read our following blogs:

 

If you want to avail any of the loan mentioned above or Home Loan from any other financial institution, visit MyMoneyMantra, a one-stop trusted online financial services marketplace that hosts all leading banks and their Home Loan products. Compare loans offered by different banks in terms of benefits offered, features, interest rate, and other factors with a few clicks. Check your eligibility and then apply right on the same platform. You can also check your loan EMIs using our Loan EMI Calculator for free. Buy your dream home now! Call our experienced Mortgage Specialists toll-free at 18001034004 for further queries.

 

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