Best Home Loan Offers Starting @8.50% p.a.


You are just a few clicks away from the best Home Loan offer in your city. Currently home loan interest rate starts at 8.50% p.a for all loan amounts. Share your name, mobile number & email to check your eligibility and get a list of most affordable home loan schemes.


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The best offers from India’s most
trusted banks


Apply for Lowest Home Loan Online @ Rs. 769/Lakh* EMI

Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 769 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.

Learn More About Home Loan

Home Loan Overview


Planning to invest in your dream home? Choose from the best home loan offers for easy financing. Whether you want to buy a home or construct it from scratch, you can get access to funds that can make it a reality.  

Types of Home Loan Available in India


There are various home loan products that you can choose from based on your requirements: 

Type of Loan Details
Purchase of apartment You can get a home loan for a residential apartment complex that is under construction or already ready to move in. 
Purchase of bungalow/independent houseGet a home loan to purchase a ready-to-move-in or under construction bungalow or independent house. 
Purchase of land/plot You can buy a vacant plot for construction. Some banks insist that you must begin constructing your property within one year of purchasing the land. 
Home renovationThese loans are for the improvement or renovation of an existing house or apartment.  
Construction of house You can avail of a loan for the construction of property if you have permission from the municipal corporation and an approved building plan. 
Balance transferTransfer an existing home loan to another bank or NBFC that gives you better home loan eligibility criteria and interest rates. 

Features & Benefits of Home Loan

  • Capital appreciation
  • Sense of accomplishment
  • Tax benefits on interest and principal components
  • Zero prepayment charges
  • Home loan top up and balance transfer facility
  • Long repayment tenure of up to 30 years
  • High loan amount of up to 5 Crores (can be more in some cases)
  • Makes it easy to purchase a new or resale house/apartment/plot, house construction, or even renovation of an existing house.
  • Repayment holiday facility
  • Loan available as term loan and overdraft
  • Fixed, floating, and hybrid rates of interest available

Best Home Loan Providers in India 2024


Compare Lowest home loan interest rates, processing fees, and tenure of top banks in India, including HDFC, ICICI, SBI, and so on. The table provides instant home loan comparison to help you decide on the best home loan in India at lowest interest rate. 

Top BanksHome Loan Interest Rate (per annum)Maximum TenureProcessing Fee
HDFC Bank8.75% - 9.65%30 yearsUp to 50% (maximum Rs. 4,500) + taxes. Flat Rs. 1,500 for women.
PNB Housing Finance8.50%30 years 1% + taxes
Kotak Mahindra Bank8.70%20 years0.50% + GST & statutory dues
Larsen & Toubro Financial8.65% to 8.75% 30 yearsMinimum 0.25% + taxes + Rs. 4,999 login fees 
Bajaj Finserv8.50% - 15.00%20 years Up to 0.50% - 7.00%
Federal Bank8.80%30 years 0.50% (minimum Rs. 10,000 & maximum Rs. 45,000) 
SBI8.50% - 10.05%30 yearsUp to 0.50% + GST  
ICICI Bank8.75%30 yearsUp to 0.50% or maximum Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore) + GST
Tata Capital Housing Finance8.75% onwards30 years0.50% onwards + GST.
Bank of Baroda8.40% - 10.60%30 yearsUp to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)
Aditya Birla Housing Finance8.75% to 14.50%30 yearsUp to 1% 
Fullerton India9.50% - 10.50%30 years Up to 3% 
Ummeed Housing Finance11.99% - 17.99%15 years Up to 3% 
Shriram Housing Finance9.50% onwards25 years Up to 0.50% (maximum Rs. 5,000) + taxes 
DMI Housing Finance11.00% - 15.50%25 years  0.5% + GST 

Types of Home Loan


Some common types of home loans available in India are:

  • Home loan for purchase of a flat in an apartment complex: Banks finance their customers to buy flats in residential complexes. Here you have the concept of an Undivided Share (UDS) in the land.
  • Home loan for purchase of an individual house: This is similar to the type of Home Loan described above however there is no concept of ownership of UDS. The entire land belongs to the borrower. Naturally, such houses have a better resale value.
  • Home loan for purchase of land/plot: Banks finance their customers for the purchase of vacant plot or land for subsequent construction of house. Usually, banks stipulate that the construction of the house should begin within one year of purchase of land for the loan to be treated as a home loan.
  • Home loan for construction of a house on own land/land: You can avail a loan for constructing your house on your land. Banks have their methods of determining the cost of construction. Naturally, you need to obtain the requisite permission from the local municipal authorities for constructing your house on the land. You need to have an approved plan as well.
  • Home loan for home improvement/extension: You can approach a bank for financing home improvement or for extending the house. In the latter case, you need to have the requisite approvals and plans in place.
  • Home loan balance transfer: This facility allows you to switch over your Home Loan from one bank to the other. If you have a high-interest Home Loan, availing this facility can be useful. You could transfer your outstanding loan amount to another lender at low interest rate, thus saving on interest cost.

What is the Home Loan Application Procedure?


We have made the procedure of applying for a housing loan very simple. 

  • Access the official website of MyMoneyMantra.
  • Choose your gender and proceed further.
  • Choose your city of residence.
  • Opt for the purpose of the loan. This entails making a choice between purchasing residential ready property, residential plot, residential plot + construction, residential under construction or home extension loan. Each of these loans has a separate procedure.
  • Choose the city where you intend to purchase the property.
  • Enter the approximate market value of the property.
  • Choose your employment type.
  • Enter your annual income.
  • Enter the required loan amount.
  • Enter a few personal details.
  • Enter your email address and phone number.
  • Accept the conditions and proceed further.
  • We will send you an OTP to your mobile number.
  • Enter the OTP.

After completing the above process, you can zero in on the loan provider. Keep all your documentation along with the home loan application form ready and our team will contact you and assist you in the application process. This service comes at no cost to you!

The lender will verify all your documents. The next step is the valuation and legal scrutiny. Banks have their panel of evaluators and advocates to do this for them.

A personal discussion between the lender and the borrower is the next step on the agenda. The lender usually meets the borrower at their residence to get first-hand information about the borrower's income, property, investments, and also the source of funds to meet the margin requirements. This is a sort of a pre-sanction inspection carried out by the bank.

Once the verification and processing are over, banks provide you with a loan offer letter which contains the terms and conditions of the sanction. In case you choose to accept them, you need to sign one copy and deliver it to them followed by execution of the home loan documents. MMM plays a big role in this regard and our experts will assist you every step of the way.

Fees and Charges for Home Loan


You can now apply for a home loan online using a few simple steps: 

  • Click on the ‘Compare and Apply’ option. 
  • Fill in the necessary details and get all the latest home loan details. 
  • Fill up the online submission form for a home loan that you are eligible for and upload the home loan document required. 
  • Once the application has been received by the bank, you will get a sanction letter if it is approved. 
  • The loan is disbursed into your account based on the terms in the sanction letter. 

How to Apply for a Home Loan


You can now apply for a home loan online using a few simple steps: 

  • Click on the ‘Compare and Apply’ option. 
  • Fill in the necessary details and get all the latest home loan details. 
  • Fill up the online submission form for a home loan that you are eligible for and upload the home loan document required. 
  • Once the application has been received by the bank, you will get a sanction letter if it is approved. 
  • The loan is disbursed into your account based on the terms in the sanction letter. 

Home Loan Eligibility


Various factors go into the determination of your Home Loan eligibility. The basic rules for salaried people and self-employed people are the same. Some banks stipulate a higher take-home pay percentage for self-employed persons.

  • Your current income: Salaried employees can submit salary slips for the last three months and furnish a bank statement for the past six months where their salary is credited. Self-employed professionals should submit the statement of accounts for one year where they receive the credits for the services rendered by them.
  • Continuity of employment/business: Salaried employees can rely on their income tax returns, Form 16, Form 26AS, etc to display their continuity of employment. They can also show a statement of the Provident Fund account to establish the links. Self-employed businessmen and professionals can furnish the income tax returns along with other financial statements like balance sheet and profit and loss statements. They can also furnish copies of invoices raised by their clients.
  • Current obligations: It is possible that an applicant might have pre-existing personal loans, vehicle loans, and other loans for which they might be paying instalments. You have to account for these instalments as well while calculating Home Loan eligibility.
  • Credit history: The repayment track record of the applicant is of utmost importance. Every bank or financial institution is a member of CIBIL or another credit bureau. These bureaus keep track of the loan activities of every borrower. Based on this information, they generate your credit history profile and quantify the same by generating your credit score. This is a number ranging between 300 and 900. The higher your score, the better are your chances of getting a loan. Naturally, it goes without saying that defaults, frequent requests for loans or missing payments can pull down your credit score. A score of 600 and above is considered fair for determining HL eligibility.
  • Value of the property: The value of the property you purchase is important. The financing bank needs to determine the cost of the project it is going to finance. Banks usually finance up to 75% - 90% of the value of the property (also known as LTV or Loan to Value Ratio) with the balance being your contribution or margin as they call it.
  • Legal position: The prime security for any home loan is a mortgage of the land and building they have financed. You have to create the mortgage and register the same with the respective registering authorities. In order to do so, you must be legally empowered to create the mortgage. Hence, banks and financial institutions insist on a legal scrutiny report from their panel of advocates who carry out a search for the previous 30 years to establish the ownership chain.
  • Age of the borrower: The minimum age of the borrower at the time of home loan application should be 21. The age at the time of maturity should generally be 65 years. Some banks stretch this limit to 70 years. 

Home Loan Documents Required


Every customer has to satisfy the Know Your Customer (KYC) norms stipulated by RBI. You have to provide the documents relating to your KYC, employment, business, and income.

Identity Proof

  • PAN Card
  • Aadhar Card
  • Voter ID
  • Driving Licence
  • Passport 

Address Proof

  • Registered Rent agreement
  • Aadhar Card
  • Driving License
  • Lease agreement
  • Passport
  • Latest Gas or electricity bill

Other documents:

  • Loan application form duly filled in
  • Photographs
  • Signature Proof

Property documents:

  • Copies of all property documents that can establish the chain of ownership for the past 30 years.
  • Encumbrance certificate for 30 years
  • Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer).

Income Proof Documents: 

  • Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16).
  • IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well).
  • Statement of A/c for the past 1 year where your salary is credited (in case of salaried people).
  • Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons.
  • Sales tax, GST registration certificates, if applicable.
  • Partnership deed in case of partnership firms (if the applicant is one of the partners).
  • Certificate of Incorporation in case of limited companies(if the applicant is one of the directors).

Documents Required from Non-Resident Indians (NRIs) Applicants

  • Employer identity card
  • Valid passport and visa (attested copy)
  • Address proof with the current overseas address
  • Copy of Continuous Discharge Certificate (CDC) for merchant navy employees.
  • PIO card issued by Government of India (for PIOs)
  • Documents must be attested by FOs/Rep. Offices or Overseas Notary Public or Indian Embassy/Consulate or officials of Branch/Sourcing outfits based in India.
  • Home loan application - completed and duly filled
  • 3 passport size photographs
  • Identity proof (any one): PAN/ Passport/Driving License/Voter ID Card
  • Residence proof (any one): Recent copy of Utility Bills/Piped Gas Bill/Passport/Driving License/Aadhar Card.

Income Proof Documents for NRI

  • For Salaried
    • Valid work permit
    • Employment contract with an English translation (if it’s in another language) duly attested by employer/consulate/Indian foreign office/Embassy. 
    • Last 3 months’ salary certificate or salary slips
    • Last 6 months’ bank statements showing salary credit
    • Latest salary certificate or salary slip in original 
    • Last year’s Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.
  • For Self-employed
    • Business address proof
    • Income proof in case of self-employed professionals/businessmen.
    • Last 2 years’ balance sheet and P&L accounts (audited/C.A. certified).
    • Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
    • Last 6 months’ bank statements of overseas account(s) in the name of individual as well as company/unit.

How to use Home Loan Effectively (Tips & Advice)


To make the most of the home loan offers, here are few tips that can help you:

  • Choose a lower repayment tenure to avoid paying exuberant amounts towards your interest rate. 
  • Make sure you repay your EMI on or before the due date to prevent late payment charges and lower credit scores. 
  • If you have the option to transfer the balance to a bank that offers a lower rate of interest, opt for it. 
  • Take a loan quantum that you need even if you are eligible for a higher LTV. 

Home Loan EMI Calculator


When you decide to apply for a Home Loan, you need to assess your repayment capability so that you don't end up in any financial problems and can find the cheapest home loan. Home Loan EMI Calculator is a useful tool in this regard for calculating the EMI (equated monthly instalment) of a Housing Loan. It is a free of cost user-friendly tool that can be used anytime and from anywhere to calculate the monthly instalments you will have to pay. The Home Loan EMI Calculator requires you to enter a few home loan details to give you an accurate result, such as loan amount, interest rate, and repayment tenure.

Why Apply for a Home Loan with MyMoneyMantra?


Applying for a Home Loan may seem like a daunting task and information on Home Loan can be confusing as each bank will have its individual Home Loan scheme and interest rate. It can become difficult for you to compare the individual rates and make an informed decision.

MyMoneyMantra can help you procure all the information at a single place whereby you can compare the different rates on a single screen. In addition, we can help you seal the best home loan deal depending on your demographics, income, and repaying capacity. We have over 30 years experience to guide you about various aspects of your Home Loan. This includes helping you opt for the bank that provides the following:

  • The lowest rate of interest
  • Lowest processing fees
  • Easy documentation
  • Fastest loan turnaround time
  • Terms of foreclosures and prepayment of Home Loan instalments.
  • Transaction charges such as the creation of mortgage and payment of stamp duty.

Our home loan specialists can help you to:

  • Assess your personal profile
  • Analyse your previous repayment record
  • Understand the various policies of the banks financing home loans.
  • Understand the fine print, especially in case of home loan offers that seem overly attractive.

We can help you realize your dream of acquiring your own house.

How Does the MCLR affect your Home Loan Interest Rate?

  • MCLR (marginal cost of funds based lending rate) is associated only to floating interest rate home loans. So, if your home loan comes with a fixed rate of interest, the MCLR will not affect the home loan. 
  • Any change in repo rate will decide whether you gain or lose with the MCLR.
  • When a bank changes its MCLR, there will be a change in your floating rate home loan as well. 
  • Banks usually adjust the change in floating rate, by changing the tenure of the loan and keeping the EMI constant.
  • For instance, if you take a home loan at a floating rate of 8% and after one year, your bank reduces its MCLR by 50 bps. Hence, your home loan interest rate associated with MCLR rate will also be reduced by 50 bps at a rate of 8.50%. 

What to Do if Your Home Loan Application is Rejected?


Your home loan application can be rejected due to many reasons, such as poor credit score, error in credit report, delay in loan repayment, changing job frequently, employer not falling in the lender’s lending category, incomplete documentation, issues with the property, high level of debt, borrower’s age, not obtaining No Dues Certificate from previous lenders, and so on. 

To avoid home loan application rejection make sure that:

  • Your job or business is stable (at least from the last 2 years).
  • You have a good credit score (650 or above).
  • Your documentation is complete and accurate.
  • The property to be purchased is in the lender’s approved list.
  • You obtain ‘No Dues Certificate’ from your previous lenders.

Factors to Consider Before Taking Home Loan in India

  • Do a thorough research on home loan options available in the market before applying.
  • Calculate all the charges (interest rate, processing fee, etc.) associated with the home loan and aim for the affordability before the beginning of the home loan process. Make sure you are able to afford EMIs without hampering your cost of living.
  • Check your home loan eligibility before applying for the loan. You can use a Home Loan eligibility calculator for this purpose.
  • Keep all the required documents (KYC, income, property, and other documents) ready when applying for a loan.
  • Choose EMIs that are suitable to you. Also, making a bigger down payment will reduce your loan burden. It is best to choose an EMI amount that does not exceed 45% of your total income.
  • Choose accurate tenure. While opting for a long tenure might result in a small EMI amount, it will adversely increase the interest cost, resulting in making your loan more costly. Choose a short repayment tenure and higher EMIs if your income and budget allows.
  • Follow a strict budget and spend cautiously as you have a home loan EMI to repay every month for a long period.
  • Maintain a good CIBIL score by making timely credit card payment or a loan repayment. It will improve your chances of home loan approval.
  • Know the foreclosure terms and charges of the lender. It will be useful when you will be planning to foreclose your home loan.
  • Go through the home loan agreement documentation carefully before signing it.

Home Loan - FAQs


✅ How to get a home loan?


If you are confused about how to get a home loan, you can apply online for a home loan through MyMoneyMantra or from the lender's website. You can also visit the nearest branch of the loan provider or call their home loan customer care department. When you decide to get a home loan apply online for fast processing.

✅ Which bank is best for home loans?


SBI, HDFC, ICICI, Yes Bank, PNB, and Kotak Mahindra are some of the best banks for home loans in terms of their services and rates.

✅ How to calculate home loan EMI?


You can calculate home loan EMI by using Home Loan EMI Calculator available on our website.

✅ How much home loan can I get?


You can get a maximum of 90% of the cost of the property as a home loan, depending on your eligibility, creditworthiness, property’s value, and other factors. 

✅ How much home loan can I get on 40000 salary?


Your eligibility for home loan amount is dependent on various factors, such as income, age, employer, CIBIL score, location of the property, property’s cost, etc. Every bank has its own eligibility criteria.

✅ What is the interest rate on home loans?


EMI for a loan amount of Rs. 20 lakhs depend on the repayment tenure and interest rate applicable on the loan. For example if you pay 8.50% p.a. rate of interest for Rs. 20 lakhs loan amount for a tenure of 30 years, your EMI will be Rs. 15,166 You can use our Home Loan EMI Calculator to calculate your loan EMI.

✅ What is the EMI for 20 lakhs home loan?


EMI for a loan amount of Rs. 20 lakhs depend on the repayment tenure and interest rate applicable on the loan. For example if you pay 8.50% p.a. rate of interest for Rs. 20 lakhs loan amount for a tenure of 30 years, your EMI will be Rs. 15,166 You can use our House Loan EMI Calculator to calculate your loan EMI.

✅ Can I get a 100% home loan?


No, you cannot get a 100% home loan from any bank, housing finance company, non-banking financial company, or other lenders. Lenders usually finance around 75% to 90% of the property’s cost as home loan amount and the remaining 10% to 25% has to be borne by you.

✅ How to apply for home loan subsidy?


You can apply for a home loan under PMAY (Pradhan Mantri Awas Yojana) to avail home loan subsidy of up to Rs. 2.67 lakhs per year till the end of the tenure (up to 20 years maximum). 

✅ How much CIBIL score is required for a home loan?


You must have a CIBIL score of 650 or above to be eligible for a home loan.

✅ How much ITR is required for a home loan?


When you apply for a home loan, most banks require you to have an ITR of at least the last two years. 

✅ Which bank is offering the lowest interest rate on home loan?


Currently HDFC Bank is offering the lowest home loan interest rate starting from as low as 8.50% p.a. ICICI Bank, HDFC, and SBI are offering home loans at interest rates starting from 8.75% - 9.65% p.a.

✅Which Bank Home Loan is Best?


There are several home loan offers that you can choose from. Currently, HDFC Bank offers very low-interest rates comparatively. However, you need to assess all the features of the loan and compare different banks before choosing a plan for yourself.

✅What is the maximum Home Loan you are eligible for?


You can get loans up to Rs.10 crores. However, the maximum loan quantum varies from one bank to the other and also depends upon the eligibility criteria that the applicant fulfills.

✅Do I need to provide any security or collateral to obtain a Home Loan?


The property that you purchase, construct or renovate is used as the collateral against the loan. So you do not have to provide any additional security or collateral.