Bank Name | Rate of interest | Processing fees | Tenure | Action |
---|---|---|---|---|
SBI Home Loans | 8.40% |
10,000 + GST |
3-30years |
Get me this deal |
ICICI Bank | 9.05% |
7,500 + GST |
0-30years |
Get me this deal |
PNB Housing Finance | 9.25% |
10,000 + GST |
0-30years |
Get me this deal |
AXIS Bank | 8.90% |
10,000 + GST |
3-30years |
Get me this deal |
HDFC | 8.45% |
15,000 + GST |
3-30years |
Get me this deal |
Kotak Mahindra Bank | 8.90% |
10,000 + GST |
3-20years |
Get me this deal |
Know what questions the user frequently asks about Home Loan and Calculators
Home loans are long-term lending instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure given to you for your personal loan depends on the loan amount that is approved by the lender among other factors.
The process of getting a home loan with required documents are:-
Immediate family members such as your parents, spouse and children are allowed to be joint borrowers in case of a home loan.
There are various ways to pay your loan such as issuing post-dated checks for the duration of the home loan, the amount automatically deducted from your salary or by issuing standard instructions to the lender for ECS (Electronic Clearing System) In which EMI is automatically deducted from your bank every month.
Calculating the monthly interest (amount of interest) on home loan by following these steps:-
Banks do not reject your home loan for a property which is in your father's name. But, you won't be able to get the income tax benefit if you are not a co-owner or owner of the property. You can get home loan by submitting requisite documents.
A down payment is a type of initial payment usually done in cash when buying an expensive good or service. Many homebuyers pay down payments ranging from 5% to 25% leaving the remainder cost on the mortgage loan through a bank or financial institution.
For taking home loan, an applicant must secure a CIBIL score of 750 or above to qualify. Higher the score, better are your chances of getting loan approved.
Processing fee charged while applying for home loan varies from bank to bank. Typically, the processing fee is about 0.5 percent to 1 percent of the loan amount + applicable Service Tax and Surcharge. The maximum processing fee ranges between Rs 10,000-15,000 excluding applicable taxes.
All banks provide loan against properties at different interest rates. One of the top nationalised banks, SBI charges interest rate of 8.35 percent to 8.65 percent for general customers. The interest rates are irrespective of the loan amount. Note: If you take loan in the name of a female member, all banks offer slightly reduced interest rates.
Banks and housing finance companies do offer home loan at lucrative interest rates combined with offers and incentives. If you are unable to make up your mind while choosing a bank for taking home loan, here are some of the best financial institutes granting home loan in India :-
As per government guidelines, any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMSBY cover through this account subject to fulfilment of the terms and conditions relating to the scheme.
As per government guidelines, any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMJJBY cover subject to fulfilment of the terms and conditions relating to the scheme.
Home loan is a loan taken from any financial institution for buying a house. The EMI that is calculated for this loan is termed as a Home loan EMI.
You should opt of Pre-EMI if:
Yes. You can increase your EMI instead of the loan tenor. For this, the financial institution you have borrowed from will check some of the documents like salary slips and identity card.
With the increase in the floating rate of increase, the interest amount increase. Since the EMI you pay has a part of interest, it goes up with the increase in the floating rate of interest.
A floating rate of interest or adjustable interest that moves up and down and changes periodically with the market. If a borrower takes out a mortgage with a variable rate, it can start at a 4% rate and then adjust, either up or down, thus changing the monthly payment.
There is an eligibility criterion that banks have before they go ahead sanctioning it. A few important of them are employment stability, age criteria, credit rating, financial stability etc.
Some steps to calculate your home loan eligibility are:
Banks usually up to 60 times your monthly net income (salary). You can calculate your home loan eligibility using the home loan eligibility calculator.
Following are the eligibility criteria for an NRI seeking home loan: