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Home Loans

Owning a home is a dream comes true for fast growing Indian middle class. The Properties being expensive by time, it is near to impossible to buy home only through savings. This has led to the increase in the number of home loans that are applied in the recent years

Home Loans caters to variety of your requirements like to construct or purchase a new property or to renovate or repair an existing property.

Home loans are secured loans, whereas the lending Bank or the NBFC uses your property to secure the loan to reduce the level of risk for the lenders.

Unlike Personal loans the rate of interest for the Home loans are lesser as the same is a secured loan.

With the increase in home loan buyers, in the recent times Home loan process is made very minimal and fast. In addition to this most Banks and Non Banking Financial Company (NBFC’s) provide concessions in the rate of interest for Female applicants.

Alongside the income tax department offers certain benefits and exemptions to individuals who have availed a housing loan under Section 24 and Section 80 C of the Income Tax Act.

Banks and NBFC’s offers Housing Loans under different classifications like Purchase Loan, Loan for Construction, Purchase of Plots Loan, Existing home Renovation / Extension Loan, Home Conversion Loan, Home Loan Balance Transfer, NRI Home Loans, etc.,

Home loan eligibility differs from lender to lender and it is widely depends on the profile of the applicant like income, age, credit history, work experience and value of the property.

Financial Institutions like Banks and Non Banking Finances (NBFC’s) shows more interest in lending of home loans to Salaried Individuals, Self Employed Business Individuals and Self Employed professionals.

In Case of Home Loans, the tenure may vary between 5 years to 20 Years. Repayment Tenure for some banks goes up till 30 Years. Normally the borrowers prefer to choose the longer tenure as the EMI’s depends on the Loan amount and Tenure

Rate of Interest for a Home loan varies from 8.30% to 18.00% depending on the individual applicants profile and the lender.

There will be a onetime processing fee charged by the lending institutions; this processing fee has to be paid by the applicants along with the documents by mode of Cheque in most of the cases favoring the Processing Bank.

Few Bank Charges a processing fee starting from 0.25% to 1.25% of the overall loan amount. Other Banks charges Rs.1,500/- to Rs.25,000/- + GST which varies from @ 1% to 3% from the overall approved loan amount based on the lending institution.

Banks Processing Fee
State Bank of India 0% – 0.25% + GST
Punjab National Bank NIL
Punjab National Bank Housing Finance Rs.10,000/- + GST
Bank of India 0.25% of the Loan Amount + GST
IDBI Bank 0.50% of Loan Amount + GST
Maximum of Rs.2500/- + GST
Bank of Baroda 0.50% of Loan Amount + GST whichever is higher
Rs.7500/- + GST
LIC Housing Finance Limited Upto 1 Crore – Rs.5,000/- + GST /  Above 1 Crore – Rs.10000/- + GST
HDFC Bank Rs.10,000/- + GST
ICICI Bank 0.50% – 1.00 % of Loan Amount + GST whichever is higher
Rs.1500/- + GST
Axis Bank Salaried Upto 1 Crore – Rs.10,000/- + GST /  1 Crore to 2 Crore – Rs.15,000/- + GST / Above 2 Crore – Rs.25,000/- + GST
Self Employed 0.50% of Loan Amount + GST whichever is higher
Rs.10,000/- + GST
Kotak Mahindra Bank 1.25% of Loan Amount + GST
Citi Bank Upto 0.40% of Loan Amount + GST
Standard Chartered Bank Rs.10,000/- + GST
Bajaj Finance 1 % of the Loan Amount + GST
DHFL Salaried / Self Employed Professionals (SEP) Upto 30 Lakhs – Rs.5,000/- + GST,  30 Lakhs to 75 Lakhs – Rs.10,000/- + GST, Above 75 Lakhs – Rs.20,000/- + GST
Self Employed 0.50% – 1.50% of Loan Amount + GST
India Bulls Housing Finance Upto 30 Lakhs Rs.5,000/- + GST whichever is higher
0.50% of the Loan Amount + GST
Above 30 Lakhs Rs.15,000/- + GST

Home loan part payment is usually a fat amount being repaid before its EMI due date. This in terms results in reduced repayment tenure with same EMI or reduced EMI with same repayment tenure.

The charges for the part payment of Home loans are normally waived off in case if both the Applicant and Co-Applicant is an individual.

Home loan Preclosure is usually paying off the total outstanding way before its actual repayment tenure. Preclosure of Home loans results in huge savings to the borrower from paying the interest amount for the pending tenure to the financial institution. Apart from the Preclosure through own funds, at times the borrower may be refinanced by another Financial institution with lower interest rates.

The charges for the Preclosure of Home loan are waived off in case if both the Applicant and Co-Applicant is an individual.

Many Banks offers Home Loan Balance Transfer facility, with this the borrower can change your existing home loan unpaid principle outstanding from one bank or NBFC to another Bank.

Home loan balance transfer helps you in getting additional funding with lower interest rates.

Check Your Home Loan Eligibility:

Description Salaried Self Employed Self Employed – Professionals
Age 21 Yrs – 60 Yrs 21 Yrs – 65 Yrs 21 – 65 Yrs

Doctors  25 Yrs– 70 Yrs

Income 180,000

Per Annum

180,000

Per Annum

180,000

Per Annum

Documentations Required for Home Loans

Description Salaried Self Employed Self Employed – Professionals
ID Proof PAN Card / Aadhar

Card / Driving

License / Voters ID

/ Passport

PAN Card / Aadhar

Card / Driving

License / Voters ID

/ Passport

PAN Card / Aadhar

Card / Driving

License / Voters ID

/ Passport

Address Proof Aadhar Card

Passport

Utility Bills

Aadhar Card

Passport

Utility Bills

Aadhar Card

Passport

Utility Bills

Income Proof Last 3 Months Payslip & Form 16 Last 3 Years Audited Financials Last 3 Years Audited Financials
Bank Statement Last 1 Year Bank Statement of Salary Account Last 1 Year Bank Statement of both Business & Savings Account Last 1 Year Bank Statement of both Business & Savings Account
Passport size Photo 2 Latest Passport Size Photo 2 Latest Passport Size Photo 2 Latest Passport Size Photo
Job Continuity / Business Existence Proof Job Continuity Proof for 2+ Years 3 Years Old Saral Copy / Shop Establishment Reg. / Tax Registration Certificate / Company Registration Certificate 3 Years old Saral Copy
Office Address Proof Business Address Proof Business Address Proof
Property Documents Sale Deed / Copy of Agreement executed / Sanction letter issued by Existing banker (If Applicable) Sale Deed / Copy of Agreement executed / Sanction letter issued by Existing banker (If Applicable) Sale Deed / Copy of Agreement executed / Sanction letter issued by Existing banker (If Applicable)
Processing Fee Cheque Required along with Documents Required along with Documents Required along with Documents

List of Top Banks and NBFC’s offers Home Loans:

HDFC Bank – HDFC Bank Home Loans

ICICI Bank – ICICI Bank Home Loans

Axis Bank – Axis Bank Home Loans

Kotak Mahindra Bank – Kotak Mahindra Bank Home Loans

RBL Bank – RBL Bank Home Loans

IndusInd Bank – IndusInd Bank Home Loans

Standard Chartered Bank – Standard Chartered Bank Home Loans

IDFC Bank – IDFC Bank Home Loans

Citi Bank – Citi Bank Home Loans

SBI – SBI Home Loans

LIC HFL – LIC HFL Home Loans

IDBI – IDBI Home Loans

Bank of India – Bank of India Home Loans

PNB – Punjab National Bank Home Loans

DHFL – DHFL Home Loans

India Bulls Housing Finance – India Bulls Housing Finance Home Loans

Yes Bank – Yes Bank Home Loans

Tata Capital – Tata Capital Home Loans

Bajaj Finance – Bajaj Finance Home Loans

Fullerton India – Fullerton Home Loans

Capital First – Capital First Home Loans

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