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Home Loan
To make your home loan journey a smooth sail, we will help you to know eligibility criteria, rates of interest, the application process, required documents, EMI comparison and transfer for lowest rates.
Buying a dream home is an important decision in our lives. Before you finalise the financial institution to secure your home loan, try to get more information on current interest rates from different banks. What option would be ideal between a fixed rate and a floating rate loan? We try to give answers to all such questions, and make this home loan process simple for you. A perfect home loan is one that offers you the lowest rates, has part pre-payment options and allows you to transfer the loan to a different lender if you wish to, without pre-payment penalties.
The borrower's eligibility to get a housing loan depends upon his/her repayment capacity. Financial institutions establish this repayment capacity by considering various factors such as:
- Income
- Qualifications
- Age
- Spouse's income
- No. of dependants
- Stability and continuity of income
- Assets/Liabilities
- Savings history
The Second factor is the value of the Property
Financial institutions fund between 75-85% of property value subject to meeting other eligibility criteria
Fixed rate of interest: Generally, in fixed rate of interest, the percentage of interest is fixed for whole tenure of the loan. It makes the monthly installment a constant sum throughout the tenure. Therefore, it is always recommended that you opt fixed rate of interest only when the rates are bottom down and if an upward trend is expected. This option helps you limit your monthly liability with certainty.
Floating rate of interest: Floating rates of interest changed with the market lending rates. Therefore, these rates are prone to fluctuations. The interest rate on your EMI might get increased or decreased depending upon the fluctuation in the market lending rates. In this case, bank provide an alternative to increase the tenure of the loan, at a constant change to banks instead of bank, for the borrowers who do not desire their EMI to be increased in case of higher interest rates.
|
Institution |
Home Loan Rate |
Processing Fee |
Loan Amount Eligibility for Max Tenure |
Age of Eligible Borrower |
Maximum Loan on Property Value |
|
SBI |
8.60% |
0.50% |
Rs. 10 Cr for 30 Years |
18 to 70 years |
Upto 90% |
|
Min Rs. 0 - Max Rs. 0 |
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|
HDFC |
8.75% |
0.50% |
Rs. 10 Cr for 30 Years |
24 to 60 years |
Upto 90% |
|
|
Min Rs. 3,000 - Max Rs. 10,000 |
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|
ICICI |
9.05% |
0.25% |
Rs. 10 Cr for 30 Years |
21 to 60 years |
Upto 90% |
|
|
Min Rs. 5,000 - Max Rs. 5,000 |
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|
Axis Bank |
8.90% |
0.50% |
Rs. 5 Cr for 30 Years |
24 to 60 years |
Upto 90% |
|
|
Min Rs. 1,000 - Max Rs. 25,000 |
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|
|
9.10% |
1.00% |
Rs. 10 Cr for 30 Years |
21 to 70 years |
Upto 90% |
|
PNB Housing Finance |
Min Rs. 10,000 - Max Rs. 10,000 |
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|
RBL Bank |
10.45% |
Min Rs. 5,000 - Max Rs. 15,000 |
Rs. 10 Cr for 25 Years |
24 to 60 years |
Upto 90% |
|
Document |
Individuals |
Firms, Partnerships |
|
Signed Application Form |
Required |
Required |
|
Identity Proof |
PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card |
|
|
Certificate and Proof of Business Existence |
|
PAN , sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI, MOA/AOA |
|
Address Proof |
Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old) |
Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter |
|
Age Proof |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
|
Income Proof |
Last 2 years Form 16, last 6 months salary slip, last 6 months' bank account statement showing salary credit |
Last 2 years ITR, last 6 months bank account statement, |
|
Other Documents |
Business Profile, 2 photos |
Business Profile, 2 photos, GST returns 12 months |
|
Property Documents |
Registered Sale Deed/ Conveyance/ Lease Deed |
|
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Past Sale Deeds Chain (each transaction in respect of this property since first allotment |
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Latest House Tax Return/ Receipt |
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Approved Building Plan from Municipal Corporation |
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