Home/Housing Loan in India

Home / Housing Loan


Special Interest Rate SBI Home Loan : 8.50%

ATTRACTIVE INTEREST RATES ON HIGH VALUE TAKEOVER OR TOP-UP LOANS.


Home loan is a secured loan offered against a collateral of your house or property which is disbursed by the bank. It can be residential or commercial.

We provide with more options before you stepping in for a home loan.

The home loan is provided by the bank to the borrower on a condition that the bank would take the ownership of the property till the loan dues are completely paid by the borrower.

The bank has the rights to sell the property to retrieve the loan if the borrower fails to pay his monthly home loan dues.

Home Loan Bank Interest Rates

Banks

Interest Rates

State Bank of India (SBI) Home Loan

8.50% to 9.10%

Axis Bank Home Loan

9.50% - 10.50%

Citibank

9.50% - 10.20%

HDFC Ltd

9.15% - 10.50%

ICICI Home Loan

9.20% - 11.25%

LIC Housing Finance

9.15% (Fixed for 2 yrs)

PNB Housing Finance

9.20% - 10.50%

Punjab National Bank

9.20% - 10.50%

Standard Chartered

9.25%

Corporation Bank

10.25% - 11.00%

Oriental Bank of Commerce

9.50% - 10.50%

Kotak Mahindra Bank

9.25% - 10.50%

Indian Bank

9.50% - 10.50%

The following are some of the loan to property value of the banks who disburse Home loans.

Banks

Loan to Property Value

Age Bracket

Maximum Tenure

Axis Bank Home Loan

75% - 85%

24 – 65 Years

Up to 25 Years

FedBank Home Loan

85%

20 – 65 Years

Up to 30 Years

HDFC Ltd

80%

20 – 70 years

Up to 30 Years

ICICI Home Loan

80% - 90%

20 – 65 Years

Up to 20 Years

LIC Housing Finance

85%

20 – 65 Years

Up to 20 Years

State Bank of India

75% - 90%

18 – 70 Years

Up to 30 years

Home Loan Criteria


Getting a home loan depends on the individual's repayment capacity. The banks take into account of the following factors
Income.
Qualifications.
Age.
Spouse's income.
No. of dependants.
Stability and continuity of occupation.
Assets/Liabilities.
Savings history.
Longer repayment tenure.

Documents Required for Home loan.


Age Proof
Address Proof
Income Proof of the applicant & co-applicant
Last 6 months bank A/C statement
Passport size photograph of the applicant & co-applicant

In case of Salaried

In case of Self-employed

Employment certificate from the employer.
Copies of pay slips for last 3 months.
Latest 2 Years Form 16 issued by employer.
Last 6 months Bank statements.

Copy of audited financial statements for the last 2yrs.
Copy of Partnership deed if it is a Partnership firm or Copy of Memorandum of Association and Articles of Association if it is a company.
Profit and loss account for the last 3 years.
Income tax assessment order.

Types of Home Loan


There are different types of home loans available in the market.
Home Purchase Loan: To purchase a new house.
Home Improvement Loan: For renovation and repair of an existing home.
Home Extension Loan: To add extra rooms for an exisiting home
Home Conversion Loan: Existing home loan is transferred to purchase another home with extra funds. The new loan pays off the old one and takes care of his new home loan requirement.
Home Construction Loan: To construct a new house.
Land Purchase Loan: To purchase a land or plot.


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