• HOME LOAN
    HOME LOAN

Home Loan

One of the many joys of life, the joy of buying your own home is endearing. With our Home Loans, you are a step closer to realizing your dream of owning your own home. Given the importance of this decision in your life, we have kept the entire process of opting for a home loan simple, convenient and quick. What’s more, there are a host of unique benefits and services to ensure all your risks are covered.

The Housing Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
Our home loan calculator provides a ball-park estimate of your borrowing power based on the number of dependants, existing monthly commitments and other relevant factors.. Other calculators estimate repayments based on the interest rate and frequency of payment and the effect on your total home loan of additional lump sum payments.


Eligibility

  • Salaried individual or self employed individual or Self employed professional like doctor, lawyer, etc.
  • NRI or resident Indians.
  • Aged between 21 years and 65 years.
  • Have a good CIBIL credit score.
  • Good repayment capacity with fixed & stable income source.
  • Employment at a stable company.
  • Try our home loan eligibility calculator to check how much loan amount you are eligible for.

 

Bank Amount Interest Rate Processing Fees Prepayment Charges Apply
           

India Bulls

Upto 25 Lacs 10.15% Up to 30 lacs 5,000+12.36%(Service tax) -
Above 25 Lacs 10.75% 30 lacs & above  15,000+12.36% (Service tax)  

Punjab National Bank

Upto 20 Lacs 10.25% - Employed professional
10.50% - Employed non professional
- -
From 20-50 Lacs 10.50% - Employed professional
10.75% - Employed non professional
For loans upto Rs. 300 lacs = 0.50% of the loan amount max. of Rs. 20,000/- + taxes
For loans above Rs. 300
lacs =0.90% of the loan amount + taxes
Documentation charges of Rs. 1350/- + taxes
 
Above 50 Lacs 10.75% - Employed professional
11.00% - Employed non professional
   

ICICI

Scheme I 10.25% (Fixed 1 yr)    
Scheme II 10.25% (Fixed 2yrs) 0.50% - 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge  
Scheme III      

HDFC

Upto and including Rs 30 lacs 10.15% to 10.65% 0.5% of the loan amount applied plus applicable service taxes and cess.

Religare

Upto 25 Lacs 12.00-20.00%   -
From 25-75 Lacs 12.00-20.00% - -
Above 75 Lacs 12.00-20.00%   -

Standard Chartered


Upto 25 Lacs 9.99%   -
Above 25 Lacs 10.15% - 10.25% Rs.7500/- + Service tax -

STATE BANK OF INDIA


Upto 25 Lacs 9.95%(floating rate) 0.125% of loan amount minimum Rs.1000/- -
Above 25 Lacs 9.95%(floating rate)   Rs.3,250/- -
    9.95%(floating rate) Rs.5,000/-  

ING Vysya


 

 

 

10.75% 0.50% of the loan applied or Rs.5,000/- whichever is higher along with the applicable Service Tax Nil where the loan is linked to fully floating rate of interest
and has completed 6 months after full and final disbursement.
OR
3% in all the other cases

Can Fin Homes Ltd


Upto 30 Lacs 10.75%    
From 30 -75 Lacs 11.00% 0.50% of loan Amount (0.75% if through DSA)  
Above 75 Lacs 11.25%    

Gruh Finance


 

 

 

10.25% based on Credit Score of Applicant  Ranging from 0.5% to 1.50% of the loan amount depending on the loan amount For part prepayments or prepayments for non residential property loans, mortgage loans, repair loans, or non housing category loans, prepayment charges shall be levied as per the prevailing rules laid down by GRUH
 

Disclaimer: Please note that the interest rates and eligibility criteria given here are based on the market research. To enable the comparisons certain set of data has been reorganized / restructured / tabulated .Users are advised to recheck the same with the individual companies / organizations. This site does not take any responsibility for any sudden / uninformed changes in interest rates.

Document Required : Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:

  • 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

  • Employment certificate from the employer,
  • Copies of pay slips for last few months and TDS certificate
  • Latest Form 16 issued by employer Bank statements


In case of Self-employed

  • Copy of audited financial statements for the last 2 years
  • 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 few years
  • Income tax assessment order


Process/Steps : There are various steps involved in getting a Home Loan from selecting your property to filling up the loan application. Following are the various stages in Home Loan:

  • The first step involved in the process is to find your property which is followed by the verification of property documents, post that the documents are examined & simultaneously you can start searching for the lender who can offer the BEST Home Loan Deal after checking your eligibility criteria.
  • Know the Home Loan Eligibility: Banks offer the loan amount only after checking your profile & based on various eligibility criteria’s like age, income & salary banks lend you the money.
  • Select the Best Home Loan after evaluation: Comparing home loan interest rates is the primary feature in the home loan selection, however other fees & charges like Application fees, processing fees, legal charges should not be neglected when comparing various loan offers. To check the interest rates & other charges incurred by various banks, SBC Wealthcraft has brought in a Home Loan Comparison Chart across various Banks.
  • Applying for the Loan: After you have selected your lender, you have to fill in the application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.
  • Documentation & Verification Process: You are required to submit the necessary documents to the bank which will be verified together with the details in the application.
  • Credit & default check: Bank checks out the borrower’s loan eligibility (through repayment capacity) & the amount of loan is confirmed. The borrower’s repayment capacity is reached which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score which plays a critical role in deciding & approving your loan application. Low Credit Score implies that the bank upfront rejects your application on the basis of earlier credit defaults; on the other hand high credit score gives a green signal to your application.
  • Bank sanctions Loan & Offer letter to the borrower: After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower which constitutes the details like rate of interest, loan tenure & repayment options etc.
  • Acceptance Copy to the Bank: The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.
  • Bank checks the legal documents: The bank further asks the legal documents of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. The next step involved is the valuation of the property by the bank which determines the loan amount sanctioned by the bank.
  • Signing of agreement & the loan disbursal: The borrower signs the loan agreement & the bank disburses the loan amount.
Application Form

Required *