Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Free CIBIL Score

India’s First Home Loan application that gives you Free CIBIL Score

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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.


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!

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Loans made pocket friendly

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

Special offers


Zero Processing Fee for Government Employees.


Home loan @ 8.35% onwards, Full processing fee refund on disbursement.


Processing Fee Waiver for Balance transfer* Will be adjusted in first EMI

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 given by a financial institution or bank for property purchase. You can buy/construct/renovate/extend your house with this money and repay it gradually within the chosen time period. Home loans are secured against the property and in case of failed repayment, the lender can 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. On the basis of these factors, maximum loan amount is calculated. So, you can compare different lenders. Look at the additional benefits of a home loan:

Features & Benefits of Home Loan

  • Interest rate starting from 8.60% per annum
  • Special rates for women borrowers
  • Fixed EMI for the whole tenure period
  • Interest subsidy available via PMAY CLSS scheme
  • Tax exemptions of up to Rs. 1.5 lakhs and Rs. 2 lakhs on principal and interest portion, respectively, throughout the loan, even if the money is used for home renovation/extension/reconstruction 
  • Option to take top-up loan for the above purposes
  • Home loan balance transfer facility
  • The maximum tenure is up to 30 years    
  • Loan amount depends on the outstanding balance of the existing home loan subject to LTV ratio
  • Processing Fee - 0.35% of the loan amount plus GST onwards    
  • Availability of substitute income documents - ITR or annual turn over
  • Importance of additional income in loan eligibility.
  • Co-borrowers of the loan can also avail tax benefit if they are co-owners of the property as well.

Types of Home Loans

The different types of housing loans offered by banks/NBFCs in India are as follows:

  • Home Purchase Loan 
  • Land Purchase Loans/Plot Loan
  • Home Construction Loan
  • Home Improvement Loan
  • Home Conversion Loan
  • Home Extension Loan

Top Banks Offering Lowest Home Loan Interest Rates Oct 2019

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/NBFCsInterest Rate (p.a)Processing Fee

0.40 % of loan amount, subject to a minimum of ₹10,000 plus GST and maximum of ₹30,000 plus GST 



0.50% of loan amount + GST
Bank of Baroda8.45%-9.45%Upto 0.50% of the loan amount or Max ₹7,500 + GST
Axis Bank8.90%-9.15%Up to 1.00% of the Loan amount subject to minimum of ₹10,000 + GST
Citibank9.00%-9.85%Up to 0.40% of the loan amount + GST
HDFC Ltd8.35%-8.95%Up to 0.50% of the loan amount or ₹3,000 whichever is higher + GST
Bajaj Finserv8.85%-11.15%NA
LIC HFL8.35%-8.95%

Upto ₹1 crore: - 0.25 paise + GST or ₹10000 + GST which ever is less
More than ₹1 crore - ₹25000 + GST

No processing fee on applications made between 1st -31st Oct, 2019. Also, the disbursement must happen on or before 31st Dec, 2019, for the waiver to be applicable


Piramal Housing Finance9% onwards0.10% - 0.25% of the loan amount + GST
Kotak Bank8.90% onwards

Zero processing fee for online application and Upto 1.25% of Loan amount for offline applications

Punjab National Bank8.65%-8.75%Zero processing fee for loans disbursed till 31.03.2019
PNB HFL9.25%-12%₹10,000 + GST
DHFL9.10%-10.55%Salaried: ₹Upto ₹20,000 + GST 
Self-employed Non-Professional: Up to 1.50% of the loan amount + GST
Indiabulls Housing Finance8.80%-11.05%Up to ₹5,000 or 0.50% of the loan amount + GST
Bank of India8.80%-8.85%Zero processing fee for loans disbursed till 31.03.2019 
IDBI Bank8.75%-9.10%Up to ₹5,000 + GST
For inward BT irrespective of the amount & PMAY proposals – Nil
Tata Capital8.90%-9.35%0.50% of the loan amount + GST

    Note - Please note that there are different types of charges which a borrower has to pay as an upfront fee. These charges are not negotiable and processing/application fee is one of them. So, do check all these details before applying for the loan.

    Grabbing the lowest rate deal to ensure a greater reduction of the home loan EMI you need to pay every month to the lender.

    Why choose Wishfin?

    Home loans are available at almost all top banks/NBFCs so choosing one might be a little time-taking. Wishfin helps you in selecting one suitable lender based on your requirement. Here are the reasons to choose Wishfin:

    1. Online Marketplace - Wishfin is an online marketplace for loans with unbiased suggestions.
    2. 19 Million Satisfied Customers - More than 19 million customers have fulfilled their wishes through Wishfin.
    3. Instant Quotes from Top Lenders - You get instant quotes from top banks and NBFCs.
    4. Expert Advice - You get expert advice from experienced Wish Experts.
    5. Transparent Process - Experts are there to answer any query related to your home loan application.
    6. End to End Service - You get 100% assistance for the loan application ensuring no delays.
    7. Free CIBIL Score and Report - Wishfin gives you free CIBIL score and CIBIL report with your home loan application.

    How to Apply for a Home Loan Online?

    Wish Experts guide you in the process of selecting a home loan with lowest interest rate as per your eligibility. The process is much simpler as compared to visiting different lenders offline.

    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:

    1. Enter desired loan amount
    2. Select employment status and mention monthly income
    3. Full name, city name, date of birth, contact number and email ID
    4. Accept terms and conditions
    5. Click on 'Get Quotes'

    After the submission of 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. This is the first ever facility where a consumer can apply for a loan on WhatsApp just like chatting with your friends. You only have to answer a few basic questions related and the chatbot will show list of options. The process is simple and instant which makes it convenient and mass-friendly.

    How to get a Home Loan offline?

    The offline process for a home loan is very simple. You just need to visit the nearest branch of your desired housing finance company or bank and check the requirements. You have to follow the below steps:

    1. Visit your selected lender's nearest branch
    2. Check the required documents with the executive
    3. Fill up the form properly
    4. Submit the form, documents and processing fee cheque

    Fees & Charges on Home Loan

    The list of charges that you need to pay for a home loan are as follows:

    • Application fee
    • Processing fee
    • Administrative fee
    • Technical evaluation fee
    • Legal fee
    • Franking fee on sale agreement
    • Franking fee on loan agreement
    • Notary fee
    • Intimation of registration fee
    • Indemnity cost
    • Adjustment fee
    • Fire insurance fee
    • Document fee

    What is the eligibility criteria for Home Loans?

    Home loan eligibility is based on income, age, credit score, property value and location, etc. The table reflects general eligibility criteria at all banks/NBFCs.

    AgeShould be between 21-60 yearsMust 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
    CIBIL Score720 or above720 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 the maximum loan amount eligibility based on your salary. Only 50% of your net take home salary is considered for calculating the eligibility which means you can get higher loan amount if your salary is high. Another factor considered while calculating the maximum loan amount is your existing loan EMI. If a home loan applicant 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.

    Lenders calculate Fixed Obligations to Income Ratio (FOIR) on the basis of your existing EMIs and net monthly income. The percentage of FOIR should be 75% or less. For instance, if your in-hand salary per month is ₹1,00,000 and you are currently paying a car loan EMI of ₹6000 and personal loan EMI of ₹10,000 and you want to know how much loan amount you can get for a home loan, your FOIR would be: 

    Your disposable income for new loan is: ₹50,000 - ₹6,000 - ₹10,000 = ₹34,000

    FOIR = Sum of existing obligations/Net take home salary*100

             = ((₹6000 + ₹10,000)/ ₹1,00,000) * 100

             = (₹16,000/ ₹1,00,000)*100

             = 16%

    So, lenders will approve the loan amount for the monthly installment of ₹34,000 or less even for the longest tenure. Other factors such as your credit score help you fetch better deal from the lender.   

    Shall You Check the Home Loan EMI Calculator?

    You shall check the home loan EMI calculator in advance to get an idea of the monthly installment amount applicable. The EMI is calculated with the help of loan amount, interest rate and tenure. The calculator is available online to make it easy for you. Just enter the three variables at their respective space in the calculator to see the EMI flashing on the screen. You will even get to see the total interest payable to the lender over the loan tenure you opt for.

    What are the documents required for a home loan?

    The documents required to apply for a housing loan are a bit different for salaried and self-employed applicants. Below are the documents you have to submit along with loan application form:

    Documents required for Salaried

    • Filled home loan application form
    • Identity Proof- Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
    • Address Proof - Passport/Aadhaar Card /Utility Bill
    • Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill
    • Income Proof - Latest 3 months Salary Slips and Form 16
    • Job Continuity Proof - Current Employment Certificate /Current Job Appointment letter (if more than 2 years)/Experience Certificate (including your previous job certificate or appointment and relieving letter)
    • Bank Statements - Latest 1 year statement where your salary is getting credited
    • Property Documents - Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If applicable)
    • Advance Processing Cheque
    • Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
    • Passport size photograph/s

    Documents required for Self-Employed (Professionals and Non-Professionals)

    • Filled home loan application form
    • Identity Proof - Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
    • Address Proof - Passport/Aadhaar Card /Utility Bill
    • Residence Ownership Proof - Property Documents/Maintenance Bill/Electricity Bill
    • Income Proof - Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
    • Business Existence Proof - 3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license
    • Bank Statement - Latest 1 year bank statement both current and savings.
    • Property Documents - Copy of agreement executed / Sale deed, Share certificate, Latest maintenance bill, list of documents & sanction letter given by existing banker (If applicable)
    • Advance processing cheque
    • Investment Proof - Fixed Deposit/Shares/Fixed Assets, etc.
    • Passport size photograph/s

    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. Recently, Union Cabinet declared 10 per cent reservation for economically weaker upper castes recently and now ministry might bring in another surprise for the middle class people of India. The finance ministry might increase the savings limit under Section 80C of the Income Tax Act, providing tax benefits to pensioners and lowering of interest rates on housing loans. 

    Frequently Asked Questions (FAQs)

    Here's a list of questions that people ask with respect to home loans.

    Will the EMI Change with the Change in Home Loan Interest Rates?

    The Equated Monthly Installment (EMI) would most likely remain unaffected with the change in home loan interest rates. The change in rates would, however, lead to a change in the proportion of interest and principal along the years. If the lender raises the interest rate, the interest portion of the EMI will increase. The principal portion would decrease in such a case. When the lender cuts the rate, the interest portion will come down. The principal portion of the EMI would increase. Apply Home Loan Now

    What are the Benchmarks Used by Lenders to Price Home Loans?

    Banks typically price floating home loans on the basis of the Marginal Cost of Lending Rate (MCLR), a loan pricing mechanism that was introduced by the Reserve Bank of India (RBI) in April, 2016. Before that, banks used to charge home loans on the basis of base rate. New customers applying for a home loan are offered interest rates benchmarked to the MCLR. Banks publish MCLR for different tenures - Overnight, Fortnight, 1 month, 3 months, 6 months, 1 year, 3 years, etc, every month. Most banks choose 1-year MCLR to price home loans. The mark-up portion is also added over the MCLR to arrive at the actual lending rate.

    Housing Finance Companies (HFCs), on the other hand, benchmark Retail Prime Lending Rate (RPLR) or any reference rate. The actual rate is arrived by deducting a few percentages from the said benchmarks. Contact Us

    Will the Interest Rate Change Whenever the Lender Changes the MCLR?

    No, the interest rate won’t change whenever the lender changes the MCLR. For example, if the lender has provided you a loan on 1-year MCLR, the rate will be subject to change after a year from the date of home loan sanction. The same pattern will follow afterward. When the reset date arrives, the loan will be repriced according to the prevailing MCLR. Contact Us

    What is Pre-EMI Interest on Home Loans?

    The concept Pre-EMI interest is applicable to partly disbursed home loans. A borrower has to pay only the interest portion of the loan till the time it is fully disbursed. Contact Us

    What is a Plot Loan?

    It is a loan extended by banks and housing finance companies to individuals wanting to buy a plot. However, this loan would be given when you construct a home on the plot. Apply Now

    What are the Documents Needed to Buy a Property?

    You need to submit the following documents

    • Title Deed
    • Sale Deed
    • Approved Building plans
    • Completion Certificate (For Newly constructed property)
    • Commencement Certificate (For Under-construction property)
    • Conversion Certificate( If agricultural land is converted to non-agricultural)
    • Encumbrance Certificate
    • Latest Tax Receipts
    • Occupancy Certificate

    How Much Loan Can I Get to Buy a Home?

    The home loan amount would depend on a variety of factors such as your income, age, property value, etc. Contact Us

    What is Loan to Value Ratio?

    It means the amount of home loan you can get on the total value of the property. Loans up to 30 lakh can be financed at up to 90% of the property value. Loans above 30 lakh to 75 lakh can be granted at up to 80% of the property value. Loans above 75 lakh can be offered at 75% of the property value. Contact Us

    Can I Avail Home Loan Balance Transfer?

    Yes, you can avail the home loan balance transfer facility to save on the overall interest outgo. The balance transfer is a process by which the outstanding loan balance gets transferred to another lender at lower rates of interest. Contact Us

    How Much Tax Can I Save on a Home Loan?

    Home loans come with tax benefits for borrowers to avail. The tax benefits apply to both principal and interest repayments. You can get a maximum tax savings of up to 1.5 lakh on principal repayment in a financial year under Section 80C of the Income Tax Act. On the other hand, you can get a maximum tax savings of up to 2 lakh on interest repayment in a financial year under Section 24 of the IT Act. Contact Us