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

Are you sure to buy a property of your choice? Is that property worth investing into? Is it the right time to invest in a property? All these questions come to your mind when you start thinking to buy a property. Buying a new home or finding a suitable place to fit into your family requirement is surely a tiring job. Especially, with skyrocketing property rates, it is not possible to buy a property with your savings alone. You need to take a home loan from banks or any financial firms so as to fulfill your dream home wish. With plenty of lenders available in the market, it is easy these days to avail a home loan whether you are salaried or self-employed business/professional with a regular source of income. But before taking this crucial decision, you should remember that home loan is a financial liability for a longer period, which will affect your overall monthly budget and savings. You should not forget that you are going to take this loan for at least 10 years to a maximum 30 years. So, don't follow the rat race, think before you avail a loan and take a calculative decision.

Home Loan Interest Rates

When it comes to taking a home loan, there is no denying of the fact that interest rate is one of the most crucial factors that you need to consider. Whenever, you avail a home loan, before availing the same always compare the rates offered by different lenders so as to crack a best deal. Home loan is a long-term commitment, so availing the same at lower interest rates can make a huge difference in the long run. Higher your interest rates are, the more burden will be on your pocket and vice-versa. You can avail a home loan either on fixed or floating rate of interest. If you take a loan on floating rate, your interest rate may vary in the future, whereas it will remain the same, if taken on a fixed rate of interest. Home loans available on floating rates are based on revision of MCLR by banks at regular intervals. If any change in MCLR takes place, it will reflect in the floating rate. Below is the table showing interest rates of home loan offered by different lenders.

Table Showing Interest Rates, EMI and Others of Different Home Loan Lenders

Banks Maximum Tenure (in years)

Interest Rate (p.a)

Per Lac EMI (in ₹) Maximum Loan Amount (in ₹) Processing Fee Foreclosure Charges
State Bank of India (SBI) 30 

8.35%-8.80%

For Salaried: 8.35%-8.65% (for women) and 8.40%-8.70% (for others)

Self-employed Professionals/Non-Professionals: 8.50%-8.75% (for women) and 8.55%-8.80% (for others)

758-790 Customized 0.35% for every Lakh+Service tax or ₹ 10,000 whichever is less subject to minimum ₹2000 Nil
ICICI Bank 30  8.35%-8.85% (for women) & 8.40%-8.85% (for others) 758-794 Customized 0.50% of loan amount till 31st May 2017 N.A

Bank of Baroda (BOB)

30  8.35%-8.85% 758-794

Customized

0.25%-0.50% of the loan amount

Nil
Axis Bank 30  8.35%-8.75% 758-830 Above 3 lakhs Upto 1% of the loan amount subject to a minimum of ₹10,000 Nil
Citibank 25  8.65%-8.85% 815-829 Above 5 lakhs Up to 0.40% of the loan amount Nil
HDFC Ltd 30 

8.35%-8.50% (for women)

8.40%-8.55% (for others)

758-772 Customized Upto 1.25% of the loan amount or ₹3,000 whichever is higher+Taxes Nil
Bajaj Finance 20  8.50% p.a. (for salaried) 868 Up to 15 crores 1% of the loan amount Nil
LIC Housing

30 

8.35%-8.50% 758-769

Up to 5 crores

Nil Nil
Kotak Mahindra Bank 20 8.65% 877 Customized Up to 1.25% of the loan amount Nil
PNB HFL 30 8.50%-8.70% 769-783 Customized 0.25%-0.50% of the loan amount Nil
Tata Capital 30 8.75%-9.05% 787-808 Customized Depending on the loan amount Depending on the loan amount
DHFL 30 

8.60% onwards

774-783

Upto 85% of property value or 80% of market value whichever is lower

₹5,000-20,000+document charges+service tax

Nil

Indiabulls Housing Finance

30 

8.35%-8.50% (for women)

8.40%-8.55% (for others)

758-772

Upto 75%-90% of the property value

0.5%-1% of the loan amount

Nil
Bank of India (BOI) 30  8.65% - 8.70% 877-881 Customized

₹1,000-20,000

Nil
IDBI Bank 25 8.30%-11.30% 792-1002 Up to 10 crores Nil Nil

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 Salaried Self-employed
Age Age should be between 21-60 years Age must be between 21-65 years
Income A minimum annual income of ₹1,80,000 is required A minimum annual income of ₹1,80,000 is required
Current Experience 2-3 years of current job stability 3 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

Proofs Salaried Self-employed
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

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.