Home Loan

Best Home Loan

SBI 11.20%

HDFC 15.65%

ICICI 16.49%

PNB 12.65%

IDBI 12.25%

OBC 12.65%

Housing Loan 2020

Home Loan is long term credit offered by banks to home buyers to help them purchase their dream house against the collateral of the home purchased.
Instant Home Loan are pre-approved home loans in which the loan amount is decided based upon your income levels and repayment capacity.
Currently, lowest home loan interest rates are starting @ 6.95%.
Housing loan can be availed up to a tenure of 30 years and up to 90% of the property value.

Bank Name	Min Interest Rate	Processing Fee
Citi Bank	6.50%	Min Processing Fee As Per Bank Norms
SBI	6.70%	Min Processing Fee As Per Bank Norms
HDFC	6.80%	Min Processing Fee As Per Bank Norms
Bank of Baroda	6.85%	Min Processing Fee As Per Bank Norms

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HousingLoanBenefit

The government has announced various home loan subsidy schemes like PMAY to encourage the availability of home loans. Recently, RBI has linked home loan interest rates to repo rate and hence, it has been constantly reducing the repo rate in the last few monetary policies to ensure availability of easy loans. However, availing a home loan is a major decision, and you should develop a complete understanding of it before opting for one. Some features of home loans that make it a go-to option for fulfilling housing dreams, are listed as follows:

Easy availability: All leading banks and NBFCs offer attractive housing loan schemes. In India, the home loan schemes are offered with customer friendly rates and features. This makes home loans a good choice for borrowers.
Multi-Purpose: Housing loans are multi-purpose loans available for various purposes such as buying a new residential flat or building, constructing a new house on a plot, home renovation or for extending your current house.
Long Tenure: Since the loan amount involved in housing loans is high, the tenure to repay that loan can go up to as high as 30 years. This allows the borrower to choose an affordable EMI and ensure that his monthly budgets are not under any kind of pressure.
Prepayment and Foreclosure: Home loans offer the facility of foreclosing or prepayment of a home loan, wherein home loan borrowers can pay more than the EMI or can prepay the loan. This makes home loans a customer-friendly product. However, as per the Reserve Bank of India, banks and NBFCs cannot charge any fee or penalty on prepayment or foreclosure of a home loan.

Calculate your EMI	Check Your Eligibility

Bank	Interest Rates	Lowest EMI Per Lakh For Maximum Tenure
SBI Home Loan	6.95%	661.95
HDFC Home Loan	6.90%	658.6
Citibank Home Loan	7.05%	709.97
Bank of Baroda	7.00%	665.3
ICICI Bank	6.90%	658.6
Axis Bank	6.90%	658.6
PNB Housing Finance	7.90%	726.81
LIC Housing Finance	6.90%	658.6
Indiabulls	9.25%	856.38
DBS Bank	7.30%	793.41
Aavas Financiers	8.00%	733.76
Aadhar Housing Finance	11.00%	952.32
Kotak Bank	8.60%	874.16
Karnataka Bank	8.55%	772.46
Indian Bank	7.55%	808.65
GIC Housing Finance	10.25%	981.64
Dhan Laxmi Bank	7.40%	799.49
Sundaram Home Finance	8.60%	874.16
Corporation Bank	8.35%	758.31
Bajaj Finserv	7.25%	790.38
Bank of Maharashtra	8.20%	747.75
Tata Capital	9.05%	808.22
Andhra Bank	8.15%	744.25
LT Housing Finance	9.90%	870.19
Standard Chartered Bank	9.40%	925.61
UCO Bank	6.90%	658.6
PNB	7.15%	675.41
Reliance Capital	10.00%	877.57
OBC	8.00%	771.82

Jammu And Kashmir Bank	7.70%	938.41
IDBI Bank	7.40%	692.38
Federal Bank	8.35%	758.31
DCB Bank	10.24%	980.98
Central Bank of India	6.85%	655.26
Piramal Housing Finance	9.00%	804.62
Bank of India	6.85%	655.26
Yes Bank	9.85%	898.15
Allahabad Bank	8.25%	852.07
United Bank of India	8.00%	733.76
Syndicate Bank	8.00%	733.76
RBL Bank	10.45%	940.61
Karur Vysya Bank	8.20%	785.11
Indian Overseas Bank	7.45%	695.79
HSBC Bank	8.65%	815.36
Edelweiss	10.50%	944.18
Canara Bank	8.05%	737.25
IDFC First Bank	9.50%	840.85
IIFL	8.70%	783.13
Union Bank of India	8.25%	751.27
South Indian Bank	8.05%	737.25
Punjab and Sind Bank	8.05%	737.25
Lakshmi Vilas Bank	9.70%	945.23

Home Loan Eligibility

Before availing a home loan, borrowers must check home Loan eligibility based on specific parameters like age, net income, existing obligations, property type, LTV ratio etc. These parameters vary for every lending institution and evaluate the creditworthiness of the borrower. To increase the home loan eligibility, you can add a co-applicant. Borrowers can add a maximum of 6 co-applicants to improve their CIBIL Score. The eligibility for home loan is listed in the table below:

Parameters	Eligibility Criteria
Eligible Age	18-65 years
Net Monthly Income	₹ 25,000 or above
Loan Tenure	Upto 30 years
Employment History	Job continuity of 3 years and more
Work Experience	2 years
LTV	75% to 90%
CIBIL Score	650 and above