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 is where our heart is. It is a shelter that witnesses many unforgettable memories we create with our loved ones. Those who are planning to buy a new house this Diwali can buy it through a housing loan. By doing this, your savings remain untouched which can be ued to set up a new house or for repayment. Buying your first home with PMAY is so attractive as you get interest subsidy. Home loans help you save tax up to ₹1.5 lakhs. In short, a home loan saves a lot more than you spend on rented house. At Wishfin, you can choose among the top lenders on the basis of your income. You can also apply for a home loan via WhatsApp which is the most convenient way to get a loan. Read more to know the following:
A home loan is the cheapest loan which can be taken for up to 30 years. You can buy a house with the money borrowed from a financial instituion and then repay it gradually for the chosen time period. You can compare different lenders on the basis of the interest rate, tenure and loan amount and then finalize. Look at the benefits of a home loan:
The different types of housing loans offered by banks/NBFCs in India are as follows:
Home loans are offered by almost all the top banks/NBFCs. So, choosing the best lender might be a little confusing. Wishfin helps in choosing a suitable option by giving unbiased suggestion based on your requiremen. Here are the reasons to choose Wishfin:
Here is the list of top banks offering lowest housing loan interest rates in India. You can select the lender on the basis of the rate, processing fees, loan amount and approval criteria. Compare and apply online for best home loans.
|Banks||Interest Rate (p.a)||Processing Fee|
|SBI||8.70%-9.25%||Zero till December 31, 2018|
|ICICI Bank||8.85%-9.10%||0.50% - 1.00% of the loan amount or ₹1500/- (₹2000/- for Mumbai, Delhi & Bangalore)+ GST|
|Bank of Baroda||8.55%-9.55%||Upto 0.50% of the loan amount or Max ₹7,500+GST|
|Axis Bank||8.80%-9.05%||Up to 1.00% of the Loan amount subject to minimum of ₹10,000 + GST|
|Citibank||8.90%-9.65%||Up to 0.40% of the loan amount + GST|
|HDFC Ltd||8.80%-9.70%||₹10,000 + GST|
|Bajaj Finserv||8.85%-11.15%||Nil for loan amount up to ₹50 lakhs for October month|
|LIC HFL||8.70%-9.05%||Upto ₹1 crore: - 0.25 Paise + GST or ₹10000 + GST which ever is less|
More than ₹1 crore - ₹25000 + GST
|Kotak Bank||8.75% onwards|
Zero processing fee for online application. (Upto 1.25% of Loan amount for offline application)
|Punjab National Bank||8.65%-8.90%||NIL|
|PNB HFL||9.00%-13%||₹10,000 + GST|
|DHFL||9.10%-10.55%||Salaried: ₹5000 + GST – Upto ₹30 Lakh|
₹10,000 + GST – Above ₹30 lakhs and upto ₹75 Lakhs
₹15,000 + GST – Above ₹75 Lakhs
₹20,000 + GST – Above ₹75 lakhs and up to ₹1 Crore
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||8.75%-8.80%||Up to 0.25% of the loan amount + GST|
|IDBI Bank||8.60%-8.90%||Up to ₹30 Lakhs: ₹2500 + GST|
₹30 Lakhs to ₹75 Lakhs: ₹3,500+ GST
₹75 Lakhs: ₹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)|
The process of applying is simple as our advisots guide you to get a home loan with lowest interest rates as per your eligibility. Some of the top lenders for home loans are SBI, HDFC, DHFL, ICICI Bank, PNB HFL, LIC among others. To apply via Wishfin, you need to follow the below-given steps:
You have to provide the below-given details in the form given at the top of this page:
As soon as you submit the form, you will get another form 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 will get the list of banks where you are eligible for a home loan.
Wishfin has partnered with WhatsApp to enable consumers apply for a home loan on WhatsApp. You can now apply on WhatsApp just like you chat with your friends. Your have to answer only a few basic questions related to your loan and the chatbot will show you the list of options available for 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 shows the criteria in general for a home loan at all banks.
|Age||Age should be between 21-60 years||Age 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||Above 650||Above 650|
You can also check your home loan eligibility to know the maximum loan amount you are eligible to plan your finance accordingly. Other than your income, age and professional stability, your property location and CIBIL score are very important. Lenders, in general, demand CIBIL score of 720 or above with property in authorized location.
The documents required to apply for housing loans is different for salaried and self-employed applicants. Below is the list of documents a salaried and self-employed applicant has to submit:
Documents required for home loan for Salaried Applicants
Documents required for home loan for Self-Employed Applicants
The maximum loan amount on a home loan borrower can get is defined by RBI. The value of the property decides the loan amount you can get. Look at the below table where loan to value (LTV) as per the property value is given:
|Loan Amount||Loan to Value||Property Value|
|Up to ₹30 Lakhs||90%||₹33,33,333|
|Above ₹30 Lakhs and Up to ₹70 Lakhs||80%||Above ₹33 Lakhs to ₹93.75 Lakhs|
|Above ₹75 Lakhs||75%||Above ₹93.75 Lakhs|
The calculator takes into account the loan amount, interest rate and tenure. Once you mention these, it will show equated monthly installment (EMI), total interest outgo and total repayment amount. Most borrowers, choose a longer tenure as it reduces the monthly installment, but it also increases the total interest payable which is not so favorable. With the help of this calculator, you can compare different home loan EMIs and then choose the most suitable one as per your budget.
This calculator is also helpful to those who want to balance transfer so as to know how much saving is possible if you transfer your home loan to a lender offering a lower rate. Since there are no charges and restrictions on the usage of a loan EMI calculator, you can use it as many times as you want. The formula used for the calculation is given below:
The calculation in the EMI calculator is done through the below-given formula:
EMI = [P x R x (1+R)^N]/[(1+R)^N-1]
EMI = Equated Monthly Installment
P = Principal Loan Amount
R = Monthly Interest Rate
N = Number of Monthly Installments
PMAY affordable housing scheme under PMAY is an initiative taken in order to provide houses to all eligible families/beneficiaries by 2022. Through Credit Linked Subsidy Scheme (CLSS), the purpose is to expand credit flow to the housing needs of the urban population. You have heard about banks offering home loans under PMAY - Housing For All, the eligibility criteria to avail this interest subsidy scheme is mentioned below:
Here are some of the frequently asked questions that might pop-up in your mind while you think of home loans.
A home loan or housing loan is a debt facility offered by banks and NBFCs ithat helps you buy your own house/property.
Banks and NBFCs offer home loans at both floating and fixed rate wherein the former is considered to be more beneficial as the rate is consistent until and unless there is a change in the MCLR. The applicants choosing a floating rate of interest get to pay the same EMI for the whole tenure.
A home loan can be taken for a maximum tenure of 30 years. The longer tenure is means lower EMI and vice-versa.
The maximum loan amount is offered based on the factors such as the property value, age of the applicant, monthly income (including spouse's), monthly savings, and credit history. If an applicant has all these factors matching which the requirement of the lender, the chances of getting a desired loan amount increases.
Other than the interest rates on home loans, there are additional charges like processing fees, documentation charges, etc. that are deducted from the disbursal amount. However, there are no prepayment charges on a housing loan based on the floating rate of interest SBI presently has no processing fee at present for balance transfer which is otherwise chargeable.
You can either pay your EMI through post-dated cheques for the tenure wherein the amount is deducted automatically from your salary account. Otherwise, you can do it via ECS (Electronic Clearing System) wherein the EMI is automatically deducted from your bank every month.
The maximum number of joint borrowers in case of a home loan is fixed at 6. However, Indian lenders only consider family members such as parents, siblings and spouse as the co-borrowers. Lenders often suggest you to have a co-borrower who has a robust credit history and good credit score so that it can help in getting a better deal.
Even though there is no magic spell that can bring in the lowest rate, if you match the criteria such as a good credit history, maintained all the property documents properly, high income; your chances of getting desired rate increases. The other way round is to transfer your existing home loan to a lender which is offering a lower rate. Some of the top banks such as SBI are presently doing balance transfer without any additional cost involves.
The real estate is under the 18% tax slab of Goods and Servcice Tax (GST) Act with 1/3rd less for the land.
Recently, the GST Council of India had declared that if a borrower is eligible for affordable housing schemes - PMAY CLSS, he or she will get double benefit. The one is of course the interest subsidy under the scheme and the other is the reduced GST. From now onwards, if you are eligible for CLSS scheme, you no longer have to pay the 12% tax but only 8%.
Under Section 80C, a home loan borrower can avail deduction of maximum ₹1.5 lakhs in a financial year from his/her taxable income for payment towards home loan principal repayment.