Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

Let’s find the ideal Home Loan for you!

Factors affecting your Eligibility for a Home Loan

For a hassle free loan process, ensure you are up to the mark on each of these parameters

Monthly Income

The higher your income, the higher the loan amount eligibility and greater your chances of acquiring your dream home.

Age

Starting early has its benefits. Applying at age 30-35 years makes you eligible for a higher loan amount, as compared to applying when you are 40-50 years old.

Property Value

Quality adds to credibility. Choosing a good property in an approved society, colony or area is viewed more favourably by banks.

Credit History

Your Credit History can open or close the gate to your dream home. Always maintain a good CIBIL score.

Employment Status

As a Salaried person, you must have a minimum of 3 years work experience, to become eligible for a home loan.

Professional/Business Status

As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability.

Relationship with Lender

A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates.

Your Employer Category

Working at a well-regarded company not only adds to your reputation, but also your loan eligibility. A Fortune 500 Company on your visiting card really helps!

Proud to be associated with

We are thankful for the immense support from our channel partners in helping millions fulfill their wishes

State Bank of India/SBI
HDFC
Bank of Baroda
LIC Housing
ICICI Bank
Indiabulls Housing Finance Limited
DHFL
Axis Bank
Tata Capital
Au Financiers

Loans made pocket friendly

Choose your desired EMI first... then identify the loan that fits your pocket!

Special offers

Bank Of Baroda

Home loan rates as low as 8.35%*

SBI

Zero processing fee for Central & State Govt employees, Defence Personnels.

Reduce your EMI burden

Your EMIs need not be so high! Trim your monthly burden using Balance Transfer Options suggested by our experts.

per annum

Compare Banks by their Interest Rates

Banks differ in terms of the offered Interest Rates. Now Rate your bank based on the Rate it offers.

About Home Loan

A home loan is a facility that helps in making the dream come true. Even though every individual has different purposes to earn, the common among the most is having a home. Having said that, the housing loan is the cheapest finance that helps in living this dream. In today’s time, almost all banks and NBFCs are offering an affordable rate on the loan which has resulted in the increased demand. Thus, here are all the details related to the housing loan or the home loan facility.

Home Loan Interest Rates

Unlike other loans, home loans is a loan with liability to pay the EMI may be up to for the maximum tenure is 30 years. As a matter of fact, the customers look for a lender with the lowest interest rate. Since the EMI is directly dependent on the interest rate, a lower is obviously the first choice. Banks and NBFCs have home loans at both floating rates as well as a fixed rate of interest wherein the former is considered to be more beneficial as the rate is lower than the later. So, it is suggested that the loan applicants choose a floating rate of interest. Other than the interest rates on home loans, there are additional charges like processing fees, documentation charges, etc. both being one-time payments. However, there are no prepayment charges on a housing loan based on the floating rate of interest. So, here are some of the top banks offering lowest housing loan interest rates and tenure along with the processing fees and per lakh EMI.

Table Showing Home Loan Interest Rates, Per Lakh EMI and Processing Fees

Banks

Maximum Tenure

(in years)

Interest Rate (p.a)

Per Lakh EMI (in ₹)Processing Fee
SBI30 

Salaried Borrowers: 8.35%-8.50% (for women) and 8.40%-8.55% (for others)

Non-Salaried Borrowers: 8.45%-8.60% (for women) and 8.50%-8.65% (for others)

758-7800%
ICICI Bank30 8.35%-8.85% (for women) & 8.40%-8.85% (for others)758-7940.50% - 1.00% of the loan amount or ₹ 1500/- (₹2000/- for Mumbai, Delhi & Bangalore), whichever is higher + GST & Surcharge

Bank of Baroda

30 8.30%-9.30%755-826

Upto ₹50 Lakhs: 0.5% of the loan amount + GST, Max ₹12,500+GST 
Above ₹50 Lakhs: 0.25% of the loan amount +GST, Max ₹20,000+GST

Axis Bank30 8.35%-8.75%758-787Salaried: Up to ₹1 Crore – ₹10,000 + GST
Above ₹1 Crore to ₹2 Crores - ₹15,000 + GST
Above ₹2 Crores - ₹25,000 + GST
Self-employed: 0.50% Or ₹10,000 + GST, Whichever Is Higher
Citibank25 8.60%-8.85%812-829Up to 0.40% of the loan amount + GST
HDFC Ltd30 

8.35%-9.05%

758-808Up to 0.50% of the loan amount or ₹3,000 + GST
Bajaj Finance20 

8.35%-8.50% p.a. 

858-8681% of the loan amount + GST
LIC HFL

30 

8.35%-8.70%758-783Up to ₹1 Crore - ₹5,000 + GST
₹1 Crore & above - ₹10,000 + GST
Kotak Mahindra Bank208.40%-8.45%862-865Upto 0.50% of the loan amount + GST
PNB 308.35%-8.45%758-7650%
PNB HFL308.50%-8.60%769-776₹10,000 + GST
DHFL30 

8.60%-8.85%

776-794

₹5,000-20,000+document charges+GST

Indiabulls Housing Finance

30 

8.35%-8.55%

758-772

0.5%-1% of the loan amount + GST

Bank of India30 8.35% - 8.55%758-772

Up to 0.25% of the loan amount + GST

IDBI Bank258.35%-8.65%795-8150% from September 11 - September 30, 2017

Home Loan Eligibility

Your home loan eligibility means the amount of loan you are eligible to get from a lender so as to fulfill your wish of buying a dream home. Different lenders have different eligibility parameters or you can say criteria when it comes to calculating the eligibility of an individual, and approving the desired loan amount for him or her. For your reference, below is the table showing home loan eligibility criteria across the lenders in India.

Home Loan Eligibility Criteria

Parameters SalariedSelf-employed
AgeAge should be between 21-60 yearsAge must be between 21-65 years
IncomeMinimum income of ₹1,80,000 p.a. Minimum income of ₹1,80,000 p.a.
Current Experience2-3 years of current job stability3 years of current business stability

Factors Affecting Home Loan Eligibility

Monthly Income
The higher your income, higher the loan amount eligibility and greater your chances of acquiring your dream home. Before disbursing the loan, lenders do check your monthly income in order to be assured that you can repay the loan without any default. Your monthly income can either make or break the situation for you.

Age
Age is another factor that majorly affects your home loan eligibility. You need to meet the specific criteria to become eligible for a loan. Though different lenders set a different age limit for applicants, but 21-65 years is common amongst most home loan lenders. So, to make yourself eligible for a home loan, it is important that you fit into the age eligibility criteria.

Property Value
Choosing a good property in an approved society, colony or area is viewed more favorable by banks. Actually, the value of your property also gives its contribution when it comes to home loan eligibility. The net value of the property is the main parameter depending upon which lenders decide the loan amount for the applicant.

Credit History
Your credit history can open or close the gate to your dream home. Even though you may earn good, but a bad credit score can almost shut the door for you to buy your dream home as lenders can reject your loan application in this case. For a hassle-free loan journey, it is very important to maintain a good CIBIL score of 750 or above so that lenders can easily approve your application.

Employment Status
If you are a salaried person, you must have minimum 2-3 years of work stability in your current organization. Whereas, in case of self-employed, a minimum 3 years in current business is required in order to become eligible for a smooth home loan journey.

Professional/Business Status
As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability. Once you meet the criteria, your loan eligibility automatically increases.

Relationship with Lender
A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates. Through this way, you can easily avail a high loan amount and that too at competitive rate of interest without any hassle.

Your Employer Category
Working at a well-regarded company not only adds to your profile but also your loan eligibility. A Fortune 500 Company on your visiting card helps in enhancing your eligibility among various lenders.

Documentation

ProofsSalariedSelf-employed
Identity ProofAadhar Card/ Passport /Pan Card/ Voter ID Card /Driving LicenseAadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License
Address ProofPassport/Aadhar Card /Utility BillPassport/Aadhar Card /Utility Bill
Residence Ownership ProofProperty Documents/Maintenance Bill/Electricity BillProperty Documents/Maintenance Bill/Electricity Bill
Income ProofLatest 3 months Salary Slips and Form 16.Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
Business Existence ProofNA3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license
Job Continuity ProofCurrent Employment Certificate /Current Job Appointment letter (if it is more than 2 years) /Experience Certificate (including your previous job certificate or appointment and relieving letter)NA
Bank StatementLatest 1 year statement where your salary is getting creditedLatest 1 year bank statement both current and savings.
Property DocumentsCopy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If Applicable)Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If Applicable)
Advance Processing ChequeRequiredRequired
Investment ProofFixed Deposit/Shares/Fixed Assets, etc.Fixed Deposit/Shares/Fixed Assets, etc.
Passport Size PhotographRequiredRequired

Features & Benefits

  • Loan amount available upto 70%-90% of property value
  • Easy Documentation
  • Fast Processing
  • Flexible Repayment Options
  • Hassle-free & Transparent Process
  • Quick Approval
  • Doorstep Service

How to Apply

There are various mediums by which you can apply for a home loan. You can either go online or visit the branch near you to get closer to your dream home. However, one of the most convenient options is going online regarding the same. All you need to do is just visit the official site of the lender of your choice and click on 'Apply for Home Loan'. The moment you do so, you will be redirected to a page asking for your personal details along with a copy of relevant documents to be submitted so as to complete your home loan application process. Moreover, visiting the branch is another option that you can choose to avail a home loan. You need to submit a list of required documents at the bank branch. Right after that, the investigation process of the lender gets started to evaluate your eligibility. At the end, if things are in your favour, no one can stop you from chasing your home dream.