Home loan in Kerala

Compare various banks and housing loan interest rates that they are offering for different requirements.

Let’s have a look below to know the same:

You can also check Best Loan Against Property Interest Rates Online

Housing Loan Interest Rate in Kerala and neighbouring areas start from 8.50%:

There are more than 30 banks and financial institutions that can give you the best home loans in Kerala. 

Here we are mentioning some of those lenders which give lucrative deals on your home loans:

PNB Housing Finance Limited Home Loan in Kerala

PNB HFL starts giving home loans in Kerala from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Kerala is 8.50% for salaried and self-employed professionals whose CIBIL or credit score is more than 800.

HDFC Home Loan in Kerala

HDFC or HDFC Limited caters to home loan in Kerala under different loan slabs based on the requirement amount of home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.

LIC Housing Finance Limited Home Loan in Kerala

LIC Housing Finance gives 7 different types of home loans in Kerala or any other place. The starting home loan interest rate starts from 8.35% - 10.50% for people having a CIBIL score more than 800 and are salaried. 

Bajaj Housing Finance Kerala

Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.50% - 15.00% for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.

Aadhar Housing Finance Kerala

With 13 types of home related loans, Aadhar Housing Finance home loan interest rate is one of the good options.

Aditya Birla Housing Finance 

Getting a home loan in Kerala is easy with Aditya Birla Housing Finance home loans.  Below is the home loan interest rate based on salary.

Sundaram Home Finance Kerala

With 6 types of home loans schemes, the home loan interest rate at Sundaram Home Finance in Kerala starts from 8.65% p.a.

IIFL Home Loan in Kerala

IIFL Home Loans progressively works towards facilitating affordable home loans to first time homebuyers of the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation. The IIFL home loan interest rate in Kerala starts from 8.90%.  

Indiabulls Housing Finance Kerala

Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Kerala start from 9.30% p.a.

SBI Home Loan Kerala

State Bank of India is one of the premier banks of India and so to get a home loan in Kerala is very easy with SBI. The cheapest SBI home loan interest rate in Kerala is 8.50% - 10.05% and the maximum tenure for which home loan can be availed is 30 yrs. The loan disbursement process can take upto 3 weeks in SBI housing loan Kerala.

Axis Bank Home Loan

Axis Bank home loan in Kerala is one of the most searched options to get a home loan. The home loan interest rate varies depending on the applicant profile, salary and credit score.

Repco Home Finance Home Loan in Kerala

The rate of interest starts from 8.10% p.a. for home loans. There are 2-3 types of mortgage loan schemes at Repco Home Finance in Kerala.

You can also check Best Banks for Home Loan in India in 2024

Interest Rate For Salaried Individuals in Kerala

Home Loan Interest Rate For Self Employed Individuals in Kerala

Interest Rate For Self Employed Individuals in Kerala

You can also check Home Loan for Salaried Employees

There are more than 10 types of home loans offered in Kerala. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions):

Also Read - LRD Loans

Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Kerala:

• Home loans in Kerala are usually offered at a minimum interest rate of 8.50% p.a.
• Tenures may be up to 30 years.
• LTV ratio: 80%-90% of the cost of property.
• Facilities like top-ups, overdraft and home loan balance transfer to existing home loan borrowers are easily available.
• Selected existing bank customers are offered pre-approved instant home loans.
• No prepayment charges.
• Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with interest subsidy of up to Rs 2.76 lakh

Additional Info: Check 30 Lakh Home Loan EMI Apply Online.

To be eligible for home loan in Kerala there are some requirements. Let’s see what are those requirements that will allow you to have your dream home in Kerala:

• Applicant’s nationality: Indian Resident, PIO, NRI
• Age- 21 years up to 70 years at the time of loan maturity
• Work experience: At least 3 years for salaried and self-employed
• Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
• CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates

Additional Info: Also check Home Loan Eligibility

Below are the list of documents needed to get a home loan in Kerala:

Home loan Documents For Salaried Loan Applicants

• Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
• Proof of address: Passport/Utility bill/Aadhar card
• Proof of Income: Latest salary slip/ ITR/Form-16
• Bank Statement: Last 3 months bank statement/ last 6 months bank passbook.
• Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.

Additional Home Loan Documents for Self-Employed Applicants

• Business profile
• Recent Form 26AS
• Income Proof: ITR with income computation for past 3 years
• Memorandum and Articles of Association of the company
• Balance sheet and profit & loss account statement for last 3 years
• Current account statement of business entity
• Savings account statement of individual for past 6 months

Additional Info: Also check Documents Required For Home Loan

Property loans or Mortgage loans in Kerala is another term for home loans in Kerala. So, if you need any type of mortgage loan ie. a home loan in Kerala then you are reading just the article where you will get all the information correctly.

You can also check SBI Home Loan EMI Calculator

Kerala State Government Employees were entitled for Housing Loans under House Building Advance (HBA Scheme) till July 2018. Thereafter, the Government of Kerala directed the employees to approach scheduled commercial bank / NBFCs working in the state for availing fresh or additional housing loans.  The employees will continue to enjoy housing loans as per their service conditions even after shifting to banks. Employees can enjoy income tax benefits on principal and interest under section 80 C and section 24.