Home Loan

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Home Loan

Home loan is a loan disbursed by a financial institution for purchasing residential property whether for self-occupation or rental income purposes. Here, the lender holds the title of property (as collateral) until the loan is paid back in full along with the interest. It is generally for a longer tenure of somewhere between 5 and 25 years as the amount is of higher value which takes time to get repaid.
At IndiaLends, we are committed towards providing you with the best home loans customized to your requirements and credit profile. Moreover, we also allow our existing customers to refinance their home loan or simply transferring their existing home loan to other financial institutions providing lower interest rate. This is process is known as Home Loan balance Transfer.

Home Loan Key Features:

1. Home Loan eligibility:

The home loan amount you can borrow will depend on a few factors such as your credit history, the mortgage you provide to your lender, your monthly income, job stability etc. So before you apply for a loan, you must calculate your estimated monthly EMI by using our Home Loan EMI Calculator.

Criteria	Salaried	Self Employed
Age	Starting from 21 years	Starting from 21 years
Income	Rs.20,000	Rs.20,000
Loan Amount Offered	Above 5 Lacs	Above 5 Lacs
Tenure	5 years to 30 years	5 years to 30 years

2. Fixed/Variable Rates of Interest : Home Loans have two types of Interest rates:

Fixed Interest Rate – Here, the monthly EMI’s are fixed over the entire loan tenor. In this case, the interest rate doesn't change with market fluctuations.
Variable Interest Rate – Here, the rate of interest varies with the market conditions. It is considered to be cheaper than fixed interest rate.

3. Processing fees : This fee varies from lender to lender and may be upto 1% of the loan amount. The lower it is, the better it will be for the borrower. Just remember that the interest rate can be negotiated with the lenders.

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Home Loan Interest Table

BANK/NBFC	Floating interest rate	Per lac EMI	MCLR	Processing Fee	Pre Payment Charges	% Change in last 6 months
SBI	8.35% - 8.50% (For Women),	Rs.858 - Rs.868	8.00%	0.35% of Loan Amount or Rs 10000 plus service tax whichever is less, subject to minimum of Rs 2000 plus taxes *BT Offer- 0% till 30 June 2017	Nil	1.52%
ICICI BANK	8.65% - 8.80%(For women) 8.70% - 8.85%(For Others)	Rs.906(For women) Rs.909(For Others)	8.20%	0.50% - 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi and Bangalore), whichever is higher + applicable Service Tax & Surcharge	N.A	1.44%
HDFC Ltd	8.35% - 8.55%	Rs.858 - Rs.871	16.15%	Up to 1.25% of the loan amount or ₹ 3,000 whichever is higher, plus applicable taxes	Nil	1.98%
LIC Housing	8.35% - 8.70%	Rs.858 - Rs.881	8.15%	Zero	Nil	No Change
Bank of Baroda	8.35% - 8.55%	Rs.858 - Rs.871	8.35%	Upto Rs.50 lacs 0.5 % of loan amount (min Rs.7500 & Rs.12500) + service tax Above Rs.50 lacs 0.25% of loan amount(min Rs.7500 & Rs.20000) + service tax	N.A	No Change
AXIS Bank	8.65%	Rs.877	8.25%	Up to 1% of the Loan amount subject to minimum of Rs.10,000/-	Nil	0.9%
DHFL	8.60% - 8.70%	Rs.874 - Rs.881		Rs.5,000 to Rs.20000 + document charges + Service Tax	Nil	2.46%
IDBI	8.35% - 8.40%	Rs.858 - Rs.861	8.80%	Nil	Nil	0.97%
Union Bank of India	8.75% - 8.80%	Rs.884 - Rs.887	8.50%	N.A	Nil	2.5%
Bank of India	8.65% - 8.70%	8.65% - 8.70% Rs.877 - Rs.881	8.50%	0.25% of loan amount Min.Rs.1,000 and Max. Rs.20,000/-	Nil	2.45%
Indiabulls Housing Finance Limited	8.65%(For Women) 8.70%(For others)	Rs.877(For Women) Rs.881(For others)		Upto 28 lacs = Rs.7500 - Rs.10000 28 lacs - 1.5 Cr = Rs. 10000 - 0.5% 1.5 Cr - 3 Cr = Rs. 25000 - 0.5 Above 3 Cr - 0.5% - 1%	Nil	2.46%
Corporation Bank	8.85%	Rs.890	8.75%	100% waiver under Festival Offer- 2016 (till 31-01-2017)	Nil	No Change
L&T Housing Finance	9.65% - 10.25% (for Salaried/ SEP) 9.65%-10.50%(SENP)	Rs.942 - Rs.982 (for Salaried/ SEP) Rs.942 - Rs.998(SENP)		0.25% -1%OR Rs.10000 which ever is higher +ST, subject to customer profile	Nil
United Bank of India	8.80%	Rs.887	8.80%	N.A	N.A
Tata capital Housing Finance ltd	8.65%(For Women) 8.90%(For Others)	Rs.877(For Women) Rs.893(For Others)		0.20% - 0.25% of the loan amount + Service tax	N.A	N.A
Shubham Housing Development Finance Company	12%-14%(For Salaried) - 15%-17%(For Self-employed)	Rs.1101-Rs.1244(For Salaried) - Rs.1317-Rs.1466(For Self-employed)		Rs.1101-Rs.1244(For Salaried) - Rs.1317-Rs.1466(For Self-employed)	N.A
HSBC Bank	8.85%	Rs.890	8.00%	1% of the loan amount applied for, subject to a minimum of Rs 10000 plus service tax. This fee is payable on application and is not refundable	Nil	N.A
Indian Bank	8.60%	874	8.60%	0.25% of loan amount with a maximum of Rs.20,000	Nil	2.92%
Deutsche Bank	10.50%	Rs.998	9.35%	12000 + Service Tax	Nil	N.A
Standard Chartered	9.35%	Rs.922	8.95%	0.5 % - 1.50%	Nil	1.55%
Federal Bank	9.57% - 9.82%	Rs.937 - Rs.953	8.95%	0.50% of the limit sanctioned with a minimum of 3,000+ST, maximum of 7,500+ST	N.A	No Change
Allahabad Bank	8.85%	Rs.890	8.60%	Nil	Nil	2.92%
Central Bank of India	8.50%	Rs.868	8.50%	Rs.20000/- or .50% of loan amount subject to maximum	Nil	2.38%
UCO Bank	8.75% - 8.90%	Rs.884 - Rs.893	8.60%	Nil (till 31.12.2016)	Nil	2.45%
Canara Bank	8.65% - 8.75%	Rs.877 - Rs.884	8.45%	Waived till 26.01.2017		1.96%
Kotak Bank	8.75%	Rs.884	8.85%	Zero	Nil	4.65%
Dena Bank	8.55% - 8.80%	Rs.871 - Rs.886	8.60%	0.50% of sanctioned limit		2.5%
Vijaya Bank	8.90%	Rs.893	Rs.893	N.A	N.A	0.49%
Syndicate Bank	8.75%	Rs.884	8.75%	Min. Rs.500/- & Maximum up to Rs.5000/-	N.A	2.43%
Citibank	8.80%	Rs.886	8.05%	Rs. 5000 (Application fee)	Nil	No Change
PNB Housing Finance	8.50% (for Salaried/ SEP for first 12 Months) 9.10% (For SENP for first 12 months)	Rs.868 (for Salaried/ SEP for first 12 Months) Rs.906 (For SENP for first 12 months)		0.25% - 0.5%	Nil	No Change
Oriental Bank of Commerce	8.60% - 8.70%	Rs.874 - Rs.881	8.60%	Nil	Nil	No Change
Indian Overseas Bank	8.65% - 8.90%	Rs.877 - Rs.893	8.65%	A flat rate of 0.58% of the loan amount- maximum of Rs. 10,190/- There is no hidden charge. This is subject to change from time to time without prior intimation.	N.A	1.95%
Punjab National Bank	8.65% - 8.75%	Rs.877 - Rs.884	8.45%	Nil	Nil	2.43%
Development Credit Bank	10.60%	Rs.1005	9.98%	1%	Nil	N.A
State Bank of Travancore	9.20% - 9.45%	Rs.913 - Rs.929	9.60%	upto Rs.25,000 - Nil Rs.25,000 above to Rs.2 lacs - Rs.500/- Rs.2 lacs above- 0.50% of the loan amount maximum Rs.10000/-	Nil	N.A
Bank of Maharastra	8.75% - 8.85%	Rs.884 - Rs.890	8.75%	0.25% of the loan amount (subject to maximum of Rs.25000/-)	Nil	No Change
Dhanalakshmi Bank	10.35% - 10.60%	Rs.988 - Rs.1005	10.10%	1.00 % of loan amount + service tax (subject to minimum of Rs. 10,000 + service tax)	N.A
Andhra Bank	9.50% - 9.70%	Rs.932 - Rs.945	8.65%	0.50% of the loan amount or maximum of Rs.10,000 + service tax	N.A
DHFL Vyasa Housing Finance	9.75% - 10.25%	Rs.945 - Rs.982		1% of the loan amount	N.A
GIC Housing Finance	10.25%	Rs.982		Rs.2500 + service tax	N.A
Gruh Finance Limited	9.75% - 15.25%	Rs.949 - Rs.1335		Up to 1% of the loan amount	N.A
India Infoline Housing Finance Ltd.	9.55% - 10.50%	Rs.935 - Rs.998		Up to 1% of the home loan	N.A

Documents for Home Loan Application

Complete loan application

3 Passport size photographs

Proof of identify (photo copies of Voters ID card/ Passport/ Driving License/ IT PAN card)

Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID card)

Proof of business address for non-salaried individuals

Statement of Bank Account/ Pass Book for the last six months

Signature identification from present bankers

Personal Assets and Liabilities statement

Home Loan Calculator

Getting a Home Loan from IndiaLends is a quick and easy process. Use our Home Loan EMI Calculator to estimate your Home Loan EMI and to analyse the interest component and outstanding principal repayment.

Current Loan

The property I'm interested in is worth:

I'll make a down payment of:

I'll pay back over a period of:

Summary

Representative Rate:

Monthly repayment:
(EMI)

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Frequently Ask Questions

Q. What is a Home Loan?

A. Home loan is a loan disbursed by a financial institution for purchasing residential property whether for self-occupation or rental income purposes. Here, the lender holds the title of property (as collateral) until the loan is paid back in full along with interest. It is generally for a longer tenure of somewhere between 5 and 25 years as the amount is of higher value which takes time to get repaid.

Q. What is floating rate home loan?

A. If the interest rate on the loan varies during the loan period due to fluctuations in market conditions then it is called floating rate home loan.

For instance if the Reserve Bank increases loan rates, then people with flexible rate home loan will suffer an increase in the amount of EMI being paid for the particular loan.

Q. What is a fixed rate home loan?

A. Fixed rate home loan is at a predetermined interest rate during the loan period, irrespective of market conditions.

Q. What is reverse mortgage?

A. A reverse mortgage is for senior citizens (above 60 years of age) to apply for a loan and avail 60% of the value of the residential property he resides in and retain the right to continue to reside there. The maximum tenure for this loan scheme is 15 years.