Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Free CIBIL Score
For a hassle free loan process, ensure you are up to the mark on each of these parameters
The higher your income, the higher the loan amount eligibility and greater your chances of acquiring your dream home.
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.
Quality adds to credibility. Choosing a good property in an approved society, colony or area is viewed more favourably by banks.
Your Credit History can open or close the gate to your dream home. Always maintain a good CIBIL score.
As a Salaried person, you must have a minimum of 3 years work experience, to become eligible for a home loan.
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.
A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates.
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!
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Choose your desired EMI first... then identify the loan that fits your pocket!
Your EMIs need not be so high! Trim your monthly burden using Balance Transfer Options suggested by our experts.
Banks differ in terms of the offered Interest Rates. Now Rate your bank based on the Rate it offers.
A home loan is given by a financial institution or a bank for property purchase.You can buy a house with the money borrowed from a financial institution and then repay it gradually for the chosen time period. It is the lowest rate loan which can be taken for up to 30 years. The loan is secured against your property and in case of failed repayment of the home loan, the lender may use it for debt settlement. The eligibility for a home loan depends on an applicant's income, credit history, property value and location, income proof, and property documents. Consecutively, the maximum loan amount depends on property value, total repayment worth and factors as mentioned. There is tax exemption on a home loan in addition to PMAY interest subsidy for first-time borrowers. So, to select a lender, you can compare different lenders on the basis of interest rate, tenure and loan amount. Look at the additional benefits buying a property via a home loan:
The different types of housing loans offered by banks/NBFCs in India are as follows:
Here is the list of top banks offering lowest housing loan interest rates in India. You can compare and apply online for the best home loan.
|Banks/NBFCs||Interest Rate (p.a)||Processing Fee|
|SBI||8.75%-9.35%||Zero till December 31, 2018|
|ICICI Bank||9.10%-9.35%||₹10,000/- + GST or 0.25% of the loan amount + GST|
|Bank of Baroda||8.65%-9.65%||Upto 0.50% of the loan amount or Max ₹7,500+GST|
|Axis Bank||8.85%-9.10%||Up to 1.00% of the Loan amount subject to minimum of ₹10,000 + GST|
|Citibank||9.00%-9.85%||Up to 0.40% of the loan amount + GST|
|HDFC Ltd||8.80%-9.70%||₹10,000 + GST|
|LIC HFL||8.85%-9.05%||Upto ₹1 crore: - 0.25 Paise + GST or ₹10000 + GST which ever is less|
More than ₹1 crore - ₹25000 + GST
|Kotak Bank||8.90% onwards|
Zero processing fee for online application. (Upto 1.25% of Loan amount for offline application)
|Punjab National Bank||8.70%-8.95%||Zero processing fee for loans disbursed till 31.12.2018|
|PNB HFL||9.00%-13%||₹10,000 + GST|
|DHFL||9.10%-10.55%||Salaried: ₹Upto ₹20,000 + GST |
Self-employed Non-Professional: Up to 1.50% of the loan amount + GST
|Indiabulls Housing Finance||8.80%-11.05%||Loan amount up to ₹30 lakhs - ₹5,000 or 0.50% of the loan amount + GST|
Loan amount above ₹30 lakhs - ₹15,000 + GST
|Bank of India||8.65%-9.55%||Zero processing fee for loans disbursed till 31.03.2019|
|IDBI Bank||8.65%-8.95%||Up to ₹5,000 + GST|
For inward BT irrespective of the amount & PMAY proposals– Nil
|Reliance Home Finance||8.75%-14%||Up to 2% (including non-refundable fees of ₹3500/- for loan up to ₹35Lakh & 4500/- for loan more than ₹35Lakh)|
Please note that the processing fee or application fee is an upfront fee and is non-negotiable. Other charges such as stamp duty is state specific and mortgage fee is bank specific. There are different types of charges which a borrower has to pay as an upfront fee. So, do check all these with the lender before applying for the loan.
Home loans are offered by almost all the top banks/NBFCs. So, choosing the best lender might be a little confusing. Wishfin helps you in this by giving you a platform of suitable options by giving an unbiased suggestion based on your requirement. Here are the reasons to choose Wishfin:
Wish Experts guide you in the process of selecting lowest interest rates. The process is much simpler as compared to visiting different lenders.
Steps to follow to apply for a home loan
You have to provide the below-given details in the form given at the top of this page:
Soon after you submit the form, another form appears where you have to mention property details such as property value, applicant's gender, residence address, PAN number, and then click on 'Get Quotes'. After completion of this form, you get the list of banks where you are eligible for a home loan.
Wishfin has partnered with WhatsApp to enable consumers to apply for a home loan on WhatsApp. You can now apply on WhatsApp just like you chat with your friends. You only have to answer a few basic questions related to your loan and the chatbot will show the list of options available for a home loan on WhatsApp. The process is simple and instant which makes it convenient and mass-friendly.
Home loan eligibility means the criteria set by the bank to decide whether you can get the loan or not. The table reflects general eligibility criteria at all banks/NBFCs.
|Age||Should be between 21-60 years||Must be between 21-65 years|
|Income||Minimum income of ₹1,80,000 p.a.||Minimum income of ₹1,80,000 p.a.|
|Current Experience||2-3 years of current job stability||3 years of current business stability|
|CIBIL Score||720 or above||720 or above|
You can also check your home loan eligibility to know the maximum loan amount you are eligible to plan your purchase accordingly. Other than your income, age and professional stability, your property location and CIBIL score are very important. Lenders demand CIBIL score of 720 or above with property in an authorized location. However, if you have a genuine reason for your credit score is lower than 720, some NBFCs can consider your application for the approval but a higher rate of interest.
How much loan amount can you get based on your salary?
Lenders calculate your maximum loan amount eligibility for a home loan based on your 50% of net take home salary. The higher salary means a higher share in 50%. As a result, the loan amount you can get will be higher if your salary is high. Another factor considered while calculating the maximum loan amount is your existing loan EMI. If a home loan is already paying an EMI, the EMI is deducted from this 50% of the salary and the remaining amount would decide your maximum loan amount eligibility.
The documents required to apply for a housing loan is a bit different for salaried and self-employed applicants. Below is the list of documents each of the professionals has to submit:
Please note that income proof is the most important document to get a home loan approval. If you do not get your salary in a bank account, you can not apply for a home loan. Only a limited NBFCs will consider your application for approval at a higher rate of interest. HDFC Reach is one such option which is open for those who do not have income proof.