Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
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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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.
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
Interest Rate (p.a)
|Per Lakh EMI (in ₹)||Processing Fee|
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)
|ICICI Bank||30||8.35%-8.85% (for women) & 8.40%-8.85% (for others)||758-794||0.50% - 1.00% of the loan amount or ₹ 1500/- (₹2000/- for Mumbai, Delhi & Bangalore), whichever is higher + GST & Surcharge|
Upto ₹50 Lakhs: 0.5% of the loan amount + GST, Max ₹12,500+GST
|Axis Bank||30||8.35%-8.75%||758-787||Salaried: 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
|Citibank||25||8.60%-8.85%||812-829||Up to 0.40% of the loan amount + GST|
|758-808||Up to 0.50% of the loan amount or ₹3,000 + GST|
|858-868||1% of the loan amount + GST|
|8.35%-8.70%||758-783||Up to ₹1 Crore - ₹5,000 + GST|
₹1 Crore & above - ₹10,000 + GST
|Kotak Mahindra Bank||20||8.40%-8.45%||862-865||Upto 0.50% of the loan amount + GST|
|PNB HFL||30||8.50%-8.60%||769-776||₹10,000 + GST|
0.5%-1% of the loan amount + GST
|Bank of India||30||8.35% - 8.55%||758-772|
Up to 0.25% of the loan amount + GST
|IDBI Bank||25||8.35%-8.65%||795-815||0% from September 11 - September 30, 2017|
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.
|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|
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 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.
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.
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.
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.
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.
|Identity Proof||Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License||Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License|
|Address Proof||Passport/Aadhar Card /Utility Bill||Passport/Aadhar Card /Utility Bill|
|Residence Ownership Proof||Property Documents/Maintenance Bill/Electricity Bill||Property Documents/Maintenance Bill/Electricity Bill|
|Income Proof||Latest 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 Proof||NA||3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license|
|Job Continuity Proof||Current 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 Statement||Latest 1 year statement where your salary is getting credited||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)||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||Required||Required|
|Investment Proof||Fixed Deposit/Shares/Fixed Assets, etc.||Fixed Deposit/Shares/Fixed Assets, etc.|
|Passport Size Photograph||Required||Required|
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.