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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Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 758 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.
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 house||Get 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 renovation||These 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 transfer||Transfer an existing home loan to another bank or NBFC that gives you better home loan eligibility criteria and interest rates.|
Compare current 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 Banks||Home Loan Interest Rate (per annum)||Maximum Tenure||Processing Fee|
|HDFC Bank||8.50% - 9.15%||30 years||Up to 50% (maximum Rs. 4,500) + taxes. Flat Rs. 1,500 for women.|
|PNB Housing Finance||8.50% - 10.75%||30 years||1% + taxes|
|Kotak Mahindra Bank||8.70% - 8.95%||20 years||0.50% + GST & statutory dues|
|Larsen & Toubro Financial||8.65% to 8.75%||30 years||Minimum 0.25% + taxes + Rs. 4,999 login fees|
|Bajaj Finserv||8.50% - 14.00%||20 years||Up to 0.50% - 7.00%|
|Federal Bank||8.80% - 10.30%||30 years||0.50% (minimum Rs. 10,000 & maximum Rs. 45,000)|
|SBI||8.40% - 10.05%||30 years||Up to 0.50% + GST|
|ICICI Bank||9.00% - 10.05%||30 years||Up to 0.50% or maximum Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore) + GST|
|Tata Capital Housing Finance||8.70% - 10.10% onwards||30 years||0.50% onwards + GST.|
|Bank of Baroda||8.40% - 10.60%||30 years||Up to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)|
|Aditya Birla Housing Finance||8.75% to 14.50%||30 years||Up to 1%|
|Fullerton India||9.50% - 10.50%||30 years||Up to 3%|
|Ummeed Housing Finance||11.99% - 17.99%||15 years||Up to 3%|
|Shriram Housing Finance||9.50% onwards||25 years||Up to 0.50% (maximum Rs. 5,000) + taxes|
|DMI Housing Finance||11.00% - 15.50%||25 years||0.5% + GST|
Some common types of home loans available in India are:
Compare Banks to get lowest Home Loan Balance Transfer Interest Rate.
We have made the procedure of applying for a housing loan very simple.
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.
You can now apply for a home loan online using a few simple steps:
You can now apply for a home loan online using a few simple steps:
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.
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.
Income Proof Documents:
Documents Required from Non-Resident Indians (NRIs) Applicants
Income Proof Documents for NRI
To make the most of the home loan offers, here are few tips that can help you:
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.
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:
Our home loan specialists can help you to:
We can help you realize your dream of acquiring your own house.
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:
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.
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.
You can calculate home loan EMI by using Home Loan EMI Calculator available on our website.
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.
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.
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.
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.
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.
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).
You must have a CIBIL score of 650 or above to be eligible 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.
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 8.50% - 9.15% p.a.
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.
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.
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.