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Home Loans

Home Loan

Banks and financial institutions Provide housing loans or home loans in India to allow people to buy the property of their choice by keeping the same property as their collateral. Usually, up to 90% of the house's cost is loaned to the applicant, and repayments are generally based on the long term extending to even beyond twenty years. However, Home loans in India's interest rates are very competitive. With the government's support for the concept of Housing for All by 2022, several schemes and subsidies are available for specific home buyers. Home loans in India Interest rates vary based on the tenure sought and vary from 6.9% to 11%.

Unlike a general belief that Home Loans in India can be obtained only for buying a new or dream home, one can get a home loan for various related purposes such as Home Purchase, Home Extension, Home Improvement, House Construction, buying plots, NRI Home Loans, Joint Home Loans, Top Up Loans, Affordable Housing Loans under PMAY Scheme, and for Balance Transfer.

Home Loan Calculator - Using a home loan calculator, one can calculate their EMI through the amount of loan, the interest rate sought, and the tenure. The home loan EMI calculator will help you know the total interest payable on the loan over the period desired. Being an error-free app from several banks and service providers, you can get to know about the particular home loan EMI you need to pay if you enter the home loan amount, the tenure, and the interest you are looking at.

Check Credit Score for free

Applications for home loans are processed in large part based on CIBIL scores. In fact, it is a key factor in determining whether a bank will accept an application for a house loan or not. The bank will check your credit score and credit history when you submit your completed home loan application. It will probably reject your application if you have a poor credit history and a low credit score. However, your house loan application will be handled more quickly if you have a high CIBIL score. Although there is no single score that applies to all applicants, each bank has a minimum CIBIL score that it uses as a barometer to approve or reject applications.

A decent CIBIL score above 700 is a good credit score and quickly gets a Home Loan. It is the first factor that a bank looks for in an applicant, and your credit history and repayment capacity also is assessed before the home loan application is considered.

Check your credit score for free here.

Home Loan Eligibility

Borrowers must be between 18-70 years with a net monthly income of above Rs 25,000/- and can opt for a tenure of up to 30 years.

The applicant must have an employment history of at least three years and have a CIBIL score of above 650, with a Loan to Value – LVT ratio of between 75 to 90%.

Documents & Charges for a Home Loan:

  • PAN
  • Identity Proof
    • Aadhar Card
    • Driver's Licence
    • Voter's ID Card
    • Passport
  • Address Proof
    • An Identity Proof with the permanent address
    • Telephone Bill
    • Electricity Bill
    • Water Tax
    • Property Tax receipt
    • Post-paid Mobile Bill
  • Property-Related Documents
    • Stamped agreement of the sale/ Sales Deed or the letter of Allotment
    • NOC from the builder/ housing society
    • Possession Certificate
    • Detailed Construction cost estimation
    • Bank Account statement
    • In case of Constructed Apartment - Occupancy Certificate
    • Passport Sized photographs

    Documents for salaried person:

    • Income Proof
      • Salary Slips (latest)
      • Form-16
    • Bank Account Statements of last 3 months

    Documents for self-employed person:

    • Bank Account Statements of last 6 months
    • PAN
    • Proof of Business existence
      • GST Registration Certificate
      • Trade License
      • Partnership Deed
      • Import Export Code
      • SEBI Registration Certificate
      • Memorandum of Association
      • ROC Registration Certificate
    • Financial statements that have been audited by a CA
      • Balance sheet
      • Profit and Loss Statement Sheet

    Additional Charges

    Banks usually charge fees such as Application fees, Legal fees, Technical fees, Processing fees, and a Franking fee on a home loan. There could also be a Prepayment or a Foreclosure fee.

    Essential Features of Home Loans and their Benefits:

    • They are of a multi-purpose nature and can be available to purchase a new property, construct a new home, or renovate or expand one's house.
    • The tenure is usually between 10 years to 30 years, which allows the buyer to pay a comfortable Home loan EMI without much pressure on his monthly budget.
    • The prepayment or foreclosure of a home loan has no prepayment penalty or such charges as per RBI, and banks may not levy any such payments for early closure of the home loan.
    • People can save rent by using the same amount as their EMI to own a property.
    • All home loans have several home loan tax benefits under section 80C, Section 24, Section 24B, and Section 80 EEA.
    • Housing Loans are pretty Affordable as the Interest rate is pretty low, and repayment can be made in easy EMIs.
    • The property value can gradually appreciate over time, and the investment done reaps significant benefits to buyers.

    Note: In Hyderabad, the lowest interest rate for Home Loans is 6.90% and goes up to 11% varying from bank to bank. It usually takes a period of about a fortnight to a month to obtain a home loan. But if you have no specific property in mind, it might take even longer.

    Steps to get a home loan with loanz99

    • Step 1: To get an instant home loan, visit our website loanz99
    • Step 2: You will find a form for a Quick apply loan.
    • Step 3: Enter all your required details & submit the form.
    • Step 4: You will be taken to successful form confirmation.
    • Step 5: Loanz99 team will check your eligibility & will contact you for further details

    The benefits of loanz99 in terms of home loans help you get access to your dream house with instant support from loanz99 team & with our partner banks. Apply your loan today with loanz99.

    Check Latest Bank Interest Rates In 2022 For Home Loans:

    Bank Interest Rates Processing Fees Tenure Fore Closure Process Time

    HDFC Bank

    6.75% p.a. onwards*

    0.5% - 1.5%

    Upto 30 Years

    0% - 2%

    4 days

    ICICI Bank

    6.90% - 7.60%

    0% - 0.50% (plus Applicable Taxes)

    Upto 30 years

    Zero prepayment charges on floating rate loans

    7 days

    Axis Bank

    6.90%

    Up to 1% or min. Rs. 10,000/-

    30 Years

    0 - 2%

    7 days

    Indus Ind Bank

    6.70% onwards

    Up to 0.5% of loan amount + GST

    Up to 30 years

    No prepayment charges for floating rates

    10 days

    Standard Chartered

    7.99% onwards

    Up to 1% of the sanctioned amount

    Up to 25 years

     2.5% of the principal outstanding

    7 days

    Yes Bank

    8.95% onwards

    2% or Rs. 10,000 (whichever is higher) + GST

    Up to 35 years

    Nil for floating rate loans, 2.5% on the principal outstanding for fixed-rate loans

    10 days

    Kotak Mahindra Bank

    6.65% - 7.10%

    Up to 0.50% of the approved amount + GST

    1 - 20 Years

    Zero charges on prepayment/foreclosure

    10 days

    IDFC First

    7.00% onwards

    Up to Rs. 10,000 (additional premium is charged based on risk profile)

    30 years

    NA

    8 days

    Citibank

    6.75% p.a. - 7.44% p.a.

    Up to Rs. 5,000/-

    25 Years

    0 - 2%

    10 days

    SBI

    6.90% - 9.70%

    0.35% - 1% of loan amount

    1 - 30 Years

    Nil

    5 days

    Tata Capital

    8.50% p.a

    2.00%One time fee

    Up to 30 Years

    NIL for own-source payments ,2% for non-individuals and balance transfer on fixed-rate

    7 days

    Fullerton India

    9.99% – 21.00%

    Upto 3% of the loan amount

    30 Years

    NIL for individuals on floating rate loan. For non-individual borrowers, a charge of 5%-7% of the prepayment amount. However, there are charges in case of fixed rate of loan.

    15 days

    Bajaj Finserv

    6.75% onwards

    Up to 1% of the loan amount + GST and other applicable statutory levies

    Up to 20 years

    Pre-payment and foreclosure allowed without any penalty.

    15 days

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