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10 Important Home Loan Tips

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10 Important Home Loan Tips

Purchasing a home is a dream come true for many of us. Therefore, finding a perfect home is important whether you purchase a house for stay or for investment purposes and so is finding a perfect home loan important for making that dream come true. Since a home loan will be your long-term financial commitment, finding the perfect lender becomes equally important and hence the following house loan tips can help you to get a loan that is just right for you.

Top 10 Housing Loan Tips

  1. Make Good Research

Just because your friend or relative has applied with Bank X, it doesn’t mean you apply with the same bank with their experiences. Decision to select a lender Bank/NBFC/HFC depends on your unique financial circumstances and requirements. You must therefore make a good research on the existing housing loan deals matching your requirement (of higher home loan eligibility, lowest home loan interest rates, lowest home loan processing fees, etc.), home loan products (fixed rate, overdraft, floating rate, etc.) before you apply with any lender.

Home loan tips for first time buyers please refer to the link “Everything You Must Know Before Applying For A Housing Loan”.

2. Plan Your Budget, Plan Your OCR

Down payments are vital in a home purchase. You should save enough to make your down payments to the builder/reseller & make arrangements for your own contribution (OCR) amount for purchasing a house. The OCR contribution differs with the cost of your house. As per RBI guidelines the maximum funding allowable on the property is up-to 90%, which means you need to plan your budget for the rest 10% of your OCR. Use your savings or apply for a mortgage loan or instant personal loan if you are falling short of OCR.

Remember the higher the down payments the lower will be your loan amount and therefore lower will be your home loan EMIs. Know how much monthly installments you can afford to pay using Loanfasttrack’s home loan EMI calculator.

3. Track Your CIBIL Score

The lender pulls your CIBIL report every time you apply for a home loan to ascertain your credit worthiness. A good credit score can earn you the best deal on home loans. A good CIBIL score above 750 can earn concessions on the home loan interest rates and also improves the chances of loan approvals. You must therefore maintain your credit history, make timely repayments of your bills, credit cards, etc. to avoid your CIBIL scores from diminishing, before you apply for a house loan. A poor CIBIL score not only lapses your chance for the best deal but also rejects your home loan application.

Also Read: How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack

4. Know Your Eligibility

You must understand how much you can afford to pay prior to applying for a home loan. You must figure out what EMI amount is affordable which you can serve easily. A home loan calculator can be of great use. The calculators are easily available online. Use Loanfasttrack’s EMI calculator. Simply enter your desired loan amount, interest rate and desired loan tenure to check how much EMI you can afford to pay.

For higher loan eligibility you can apply for a joint home loan. Click to read the benefits of applying for a joint home loan.

5. Keep Your Documents Ready

Before applying for a housing loan, keep your required set of documents ready. This will help in faster processing of the loans. You have to submit the KYC, financial and property papers to the lenders to get your loan approved.

For the detailed list of documents please refer the links below:

Proprietorship Firm Partnership Firm Private Ltd. Company
Builder Case Resale case Builder Case Resale case Builder Case Resale case

6. Compare and Evaluate The Offers

You must compare, evaluate and choose among the various home loan offers of the lenders that best suits your requirement. Don’t merely choose a lender Bank/NBFC/HFC because it is offering lower processing fee or a lowest interest rate for home loan. There are other factors which can make the home loan expensive for you, such as the loan repayment tenure, LTV funding norms, loan terms, foreclosure charges & conditions, other costs involved like legal, technical, administrative, etc. So don’t get fooled, and know all the costs involved in availing a home loan before you make a decision to apply for a loan.

Click to compare home loan offers of leading banks.

7. Apply For A Pre-Sanction Home Loan

Get yourself pre-approved for a home loan before you finalize the property. This will help you to know your exact eligibility and accordingly plan your budget for a house and you no longer have to worry to arrange for those shortfalls of funds if you go and buy an over budgeted property.

Click to know more on pre-approved home loans.

8. Carefully Read The Loan Agreements

Make sure you go through the entire loan agreements before signing it. It may be tedious and exhaustive to go through long pages of loan agreement but it is important that you know the bank clauses and terms and conditions with respect to home loan charges, instalments, rate change, notifications, hidden costs, etc. which if overlooked may cost you later.

Additional Read: 10 Common Home Loan Mistakes

9. Maintain Written Communications

Avoid making only verbal communications with the lenders. It is crucial you have a written proof of the verbal commitments & offers provided by the lender, because verbal commitments at times may not be honored by the lenders. Therefore, take the offer commitments in writing, prefer email communication for your safety.

10. Choose The Correct Home Loan Product

Choose the home loan product which is best suitable for you. Wisely choose among the products (fixed rate home loan, smart home loan, etc.) & repayment tenures that best suits your requirement. The tenure and EMI’s are inversely related. The higher the tenure the lower the EMI’s & vice-a-versa, but remember the longer the tenure the higher is the interest you pay to the bank.

For additional information on home loan Contact Loanfasttrack:

Website – www.loanfasttrack.com

Email – info@loanfasttrack.com

Tel – 9321020476

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Loanfasttrack’s specialized services include providing:

10 Common Home Loan Mistakes

by admin
10 Common Home Loan Mistakes

Since home loan is a long-term financial commitment, the choice of selecting the best suitable home loan is the most crucial decision, which if taken correctly can save money in both short term as well as in long term. But there are these few common mistakes usually committed when it comes to availing a home loan.

1) You forget to make comparison of offers

You believe that with the lowest interest rate and zero processing fees from one lender- Bank/NBFC/HFC, you have got the best deal on your home loan. The deal can’t be the best deal unless it is not compared with the other from various lenders. It is therefore important that you compare the offers from other lenders as well before availing a housing loan.

2) You forget to select the correct product

You select the wrong product for yourself due to lack of awareness on the availability of the different home loan products namely, fixed interest rate home loans, floating interest rate home loans, home loan with overdraft facility, smart home loan product, etc. You have to select the appropriate loan product according to your requirement or else you will land up taking an incorrect loan resulting in paying a higher rate and charges & finding it difficult to repay later on.

3) You forget to read the fine prints, terms and conditions of the home loan

You feel happy when you have bargained the best deal. But most often you forget to read the offer documents, forms, bank agreement and their policies-terms of conditions.  It may be tedious and exhaustive to go through long pages of loan agreement but it is important that you know the bank clauses and terms and conditions with respect to home loan charges, instalments, rate change, notifications, hidden costs, etc. which if overlooked may cost you later.

4) You blindly make signatures

You make blind signatures on the forms as suggested by the lender’s representatives without knowing which form you are signing. The forms contain the clause of cross selling other bank products such as property insurance, compulsory account opening, credit card selling, etc. Your blind signatures give your consent of acceptance that authorises the lender to cross sell.

5) You forget to get acknowledgment copy of your documents submitted

You never kept track of and demand acknowledgment for original property documents submitted to the bank or to its representatives. Ask the senior if the representative has no power to give you the receipt of acknowledgement. Take email confirmation from the authorized manager of the lenders for the receipt of your all-original documents.

Click to know the detailed list of documents required for applying for a home loan. 

6) You forget to take written commitments from the banking representatives

Verbal commitments are not usually honoured by the representatives. You should insist on having a written communication with the concerned representative of the lender. Take email confirmation on the loan process, implied charges, loan sanctioned and disbursement process, turnaround time, special discounts, offers, rate of interest, documents required and documents submitted, etc.  

7) You do not have own contribution funds for OCR

You do not have sufficient own contribution to pay towards OCR / down payment for loan. You expect the bank to over-fund for your shortfall amount of OCR or to cover the cost of GST in the loan amount.

Also, you must know the banking guidelines on loan funding according to which the lenders will not disburse the loan unless you make the OCR payment/down payment.

8) You take loan for short tenure

You keep your repayment term low to save on the interest and land up paying higher EMIs, which at times become difficult to repay and you land-up paying penalty to the lenders along with the delayed EMIs. This also impacts your CIBIL score. 

(Is your CIBIL low? Facing difficulty in applying for a housing loan? Take a solution from Loanfasttrack)

Home loans come with a maximum tenure for up-to 30 years with nil pre & part payment charges. Hence even if you take a home loan for maximum tenure and repay it early you do not have to pay any penalty.

9) You switch to become self-employed from salaried

If you are self-employed, you need to submit a business continuity proof with a minimum business vintage of 3years to 5 years. So, when you switch from salaried to become self-employed you overlook these banking policies thereby facing assured rejections of your home loan applications.

10) You don’t study your savings evaluation

You keep high credit card dues and expensive personal loans instead of closing them with cheap top-up loans. You fear the burden of the extra closure charges and forget to evaluate the savings which can be made from availing the cheap top-up loans. The cost to avail the top up loan and the rate of interest for the top-up loan is cheaper in comparison to the heavy financial charges on credit cards and high interest rates of personal loan.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack on: www.loanfasttrack.com or call on 9321020476 or email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Step-By-Step Guide Of Internal Processing Of Home Loan & Mortgage Loan

by admin
Processing Of Home Loan & Mortgage Loan

Even though the lender -Bank/NBFC/HFC differ in their marketing style, advertisement approach with ROI (rate of interest) & PF (processing fees), etc., the internal home loan procedure remains the same with all lenders. Many of us are already aware of the loan process for various types of loans. But for those who are still unaware or have a fair knowledge on the home loan processing, here is a step-by-step guide for the internal processing of the home loan & mortgage loans.  

1) Sanction Process– When a loan file is logged-in with the lender it passes through various departments before it gets finally sanctioned. No single person/desk carries out the entire process. In-fact the file is scrutinized by many hands before it is finally forwarded for sanction.

a) Initial Scrutiny of the documents & duly signed form. The login desk verifies for any incomplete documentation, highlights the list of pending documents, verifies the signatures on the form and then logins the file into the system while collecting the non-refundable login fees for the home loan/ mortgage loan.

b) The login desk then makes a CIBIL check of the file. The CIBIL score of the borrower is then attached with the file. (Also Read – How multiple loan inquiries impacts your CIBIL score)

c) The RCU (Risk Containment Unit) team then checks for any fraudulent / forged documentation. The borrower’s KYC -pan card, Aadhar card along with the address proofs provided are counter verified with the government official sites. The RCU may sample the file from time to time if they doubt any suspicion in documentation.

d) The next is FI visit which is arranged at borrowers residential & official address mentioned in the application form. FI is the field investigation.  A physical verification is done to verify the borrower’s details as mentioned in the loan application such as his personal details- family background, property details & employment details- designation, experience, etc. A FI desk then sends the FI report to the loan department. The FI is conducted by the lender’s internal team. A positive FI report is crucial for sanctioning the home loan / loan against property while a negative FI will reject the loan application.

e) Along with all the remarks from FI desk, login desk & RCU team the file is then finally forwarded to the credit manager, who is the authority for sanctioning the loan. The credit manager then analyzes the case, calculates the home loan eligibility / mortgage loan eligibility taking into consideration the factors such as risks involved, FOIR (fixed obligation against income ratio), LTV (loan to value) norms and then calls the borrower for a telephonic Personal Discussion to authenticate the borrowers loan requirement needs. On successful discussion the file is further forwarded for sanctioning to the higher authorities (of credit), who then gives their approval. The credit managers reserve the authority to approve or withdraw or reject the case at any stage of the processing if they aren’t comfortable with any information. (Must Read- How To Read Home Loan Sanction Letter Of Bank)

f) The approved cases are then sent for processing fees & rate approvals to the sales hierarchy. (Must Read- All costs incurred for availing home loan)

g) Only on receiving all the relevant approvals the final sanction letter is provided. Sanction letter is issued on the letter head of the issuing lender – Bank/NBFC. (Also read – Why Home Loan Interest Rates Of NBFCs Higher Than Banks)

On the other hand, with nationalized banks there are no such individual departments for loan sanctioning and the process is simple since the sanction process is single handled by a bank official. (Must read – Difference in applying home loan with public bank and private bank)

The turnaround time for a loan sanction is up-to 5-7 working days which further differs from lender to lender. The sanction letter is valid for a maximum period of 1 year, depending upon the lender Bank/NBFC.

Also Read: Pre- Sanction Home Loans

2) Technical Process– A physical inspection of the property is conducted to know the current market value & the age of the property so as to ascertain the lender does not over lend of the cost of the property. The property technical is again a process of 3-5 working days, and is usually carried out by the hired external agencies by the lender Bank/NBFC. The Xerox of the property papers i.e., the agreement copy, index 2, OC, property tax, CC & plan copy are given to these agencies to generate the technical. The generated technical report is handed over to the respective loan processing branch.

Many times the technical is initiated at the initial stage of the file login process. This helps to reduce the turnaround time of the loan process.

3) Legal Process – Such is the process which is to be initiated only after the loan is sanctioned. The legal of the borrower’s property papers is mandatorily carried out in order to ascertain the property’s clear title. A Xerox set of all of property papers (index 2, prior chain of agreement, OC, etc.) is sent to the property lawyers with whom the lender has a tie-up with who then generates the legal report for the property. The lawyer then arranges to send the legal report via courier to the respective branch. The entire legal generation is the process of 3-5 working days.

4) Disbursement Process – On the successful completion of all the above-mentioned processes, the last internal process is for the home loan / mortgage loan disbursement. A disbursement is the process of another 7-8 working days. A docket kit (lender’s disbursement agreement kit) is duly signed by a borrower and co-borrower. All original property papers along with the docket kit needs to be submitted to the lender. The lender ensures the borrower pays all loan charges such as processing fees, administrative- legal & technical charge, franking & stamp duty, etc. before the final disbursement of the home loan/ mortgage loan amount. The detailed disbursement process will be as below:

a) Docket Login. The duly signed and filled docket kit is login into the system. It is checked thoroughly. Necessary corrections are made if required.

b) A DM sheet is made. A DM is the credit sheet which is to be filled with the important details of the clients which includes filling his property details, cheque favouring details, cheque date, etc.

c) RCU. Once again, the RCU team conducts the document check of all the original papers submitted. The property papers-index 2 copy, etc are counter checked with the sub-registrar’s online link facility. The TDS, form 26AS and any tax related documents are confirmed through online portal of IT department of India. The RCU may sample the document if found suspicious. Till such time the disbursement is kept on hold until the successful re-verification.

d) Sign Up by Credit. A complete set of disbursement file along-with the RCU verification, DM sheets and the docket kit are then forwarded to the credit manager for the disbursement sign up. The credit manager then studies, reviews, re-investigates on the file, re-calculates and re-confirms the eligibility figures with the lender’s laws & funding policies. It takes nearly 1-2 hours for a credit manager to review a file. Finally, on the satisfactory review the credit manager sign-up the docket. It is a significant part of disbursement; the credit manager is the signatory authority who certifies the check on financial credentials of the borrower and accordingly approves the loan amount.

e) The loan amount cheque is finally to be printed. The responsibility is delegated to the operation team. Prior to the cheque printing the operation team once again re-checks for any queries such as cheque clearance of the loan charges, OTC clearance etc. Any query emerged if any is to be sorted out on priority to ensure the timely cheque cut of the loan borrower. The cheque is then handed over to the borrower or the loan amount is disbursed in account through RTGS.

There are banks who also allow the OTC format of disbursement. Under such format a disbursement cheque cut is done prior to the submission of the original documents. The RCU verification is compulsorily done on submission of the OTC documents. Only after the OTC clearance the cheque is handed over to the borrower.

The turnaround time for processing the home loan & mortgage loan is about 15-20working days, depending upon lender to lender.

Get Best Home Loan Deals From Top Banks

Bank Name Rate Of Interest Processing Fees Tenure
ICICI Bank 6.90% p.a. – 8.05% p.a. 0.30% of the loan amount + applicable GST Up-to 30 years
HDFC Bank 6.80%* p.a. onwards Rs.5900/- + applicable GST For Salaried   0.30% of the loan amount + applicable GST -For Self Employed Up-to 30 years
HDFC Ltd. 6.90% p.a. – 7.85% p.a. 0.50% – up-to 1.50% of the loan amount + applicable GST Up-to 30 years
Canara Bank 6.90% p.a. – 8.90% p.a. Rs.10,000/- + applicable GST Up-to 30 years
CLICK to get the complete chart

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack on: www.loanfasttrack.com or call on 9321020476 or email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

 Additional Read:

No Objection Certificate (NOC) In Home Loan

by admin
No Objection Certificate (NOC) In Home Loan

The term NOC letter is well known to all home loan borrowers who have availed the home loan from the lender Banks/NBFCs/HFCs. Undoubtedly, they must also be well-versed with the fact- what NOC stands for and its significance in home loan. Irrespective of the NOC certificate’s significant role in the home loan, we find very little is spoken about how, when, why and from whom to obtain the NOC for home loan. The blog therefore is written to highlight instances when the NOC needs to be obtained and

why it is important to have a No objection certificate for home loan.

Meaning Of NOC – Home Loan NOC

NOC stands for “No Objection Certificate” and is a legal document issued by the lender/borrower/concerned authority stating that they have no objection to the mentioned details in the documents. At times also referred to as “No Due Certificate”or “No Objection Letter”, obtaining the NOC for housing loan from the following is of vital importance in home loan/mortgage loan.

  1. Builder NOC for home loan OR NOC letter from society.
  2. Sibling NOC for home loan.
  3. NOC from bank for home loan closure.

All the three above are to be obtained in the prescribed bank NOC format. Each Bank/NBFC/HFC have their own prescribed NOC format for home loan.

What Is Home Loan NOC

Home loan NOC letter is used in three contexts in the mortgage industry, each of which is pivotal in the home loan mortgage industry. Lets understand each, and find what does the home loan NOC certificate means.

  1. NOC from builder for home loan & NOC from society for home loan:

At the time of home loan disbursement the ledner Bank/NBFC/HFC demands a no due certificate for home loan in order to avoid legitimacy for funding the property. The borrower has to obtain the Bank NOC letter on the letterhead of the respective authority i.e. builder, society, government housing authorities such as MHADA, CIDCO, KDMC, MMRDA , etc.

In case of builder under-construction/ ready to move properties or resale properties where the society is yet to be formed the no objection letter for bank needs to be obtained from the builder or from the respective housing authorities. (Purchasing An Under-Construction Property? Here Are The Important Loan Facts You Must Know Before Making A Purchase). In case of resale/ ready to move property purchase where the society is formed, the NOC needs to be obtained from the society.

Importance Of Home Loan NOC

The NOC contains the following important information

  • The name and the property address of the borrower.
  • Date.
  • Name and address of the lender Bank/NBFC/HFC.
  • Concerned authorities acknowledgement.
    ** Builder – builder name, sign and stamp.
    ** Society – society stamp and sign of the secretory, chairman or president.
    ** Housing authorities- stamp and sign of the authorities (MHADA, CIDCO, KDMC, MMRDA , etc.)

Everytime a borrower wishes to shift his home loan i.e. balance transfer his home loan from one lender to another, each time a fresh NOC from the society/builder needs to be submitted to the new lender Bank/NBFC/HFC. (Click to learn more on the Benefits of home loan transfer.)

(Contact Loanfasttrack for Mhada NOC for home loan.)  

The NOC is indicative of the following:

  • The saleable property is free from any encumbrances, has a clear and marketable title.
  • The builder has the necessary permissions/approvals as well as the sanctions for the construction from the competent authorities. – For builder property purchase.
  • The construction of the building as well as the property is according to the approved plans. For builder property purchase.
  • There are no pending dues, maintenance,etc. of the property owner.- For resale property purchase where society is formed.
  • The builder/society has no objection to the said owner for mortgaging the said property with the lender Bank/NBFC/HFC.

(Contact Loanfasttrack for society NOC format for HDFC home loan.)

2. SIBLING NOC

Sibling NOC is an NOC to be obtained from the brothers/sisters of the mortgage loan applicant/borrower. It is generally required in mortgage loans where the property is registered in parental name or is jointly owned with the parents while one of the children apply for a mortgage loan with the lender Bank/NBFC/HFC. Vb The sibling NOC states that the sibling-brothers/sisters has no objection towards the mortgaging of the said property with the concerned lender Bank/NBFC/HFC by their sibling applicant. Fresh NOC needs to be submitted to the lender each time the borrower switches his home loan from one lender to another. (Looking for home loan refinance? Here are the important things you must know.)

(Contact Loanfasttrack for sibling NOC format for property mortgage.)

3. Receiving NOC from bank for home loan closure

Such NOC needs to be obtained from the lender Bank/NBFC/HFC on successful repayment of the home loan to the lender. When the loan is paid off completely including the closure charges, outstanding dues or overdues the lender issues the NOC for home loan closure to the borrower indicating that the borrower does not owe more to the lender and to unmark the lien marked on the property pledged with the lender to avail the home loan. The closure NOC is of vital importance because it documents the closure of the borrower’s home loan. If the closure is not documented properly it may hamper the credit rating of the borrowers making it difficult for their future borrowings. Remember, if the borrower does not have a closure NOC, the home loan is yet not closed even though he has paid the last instalment towards the home loan. (Is your CIBIL low? Loanfasttrack’s blog will be helpful, read – How To Apply For Home Loan With Bad CIBIL Score.)

            Also read: CIBIL & its significance in home loan.

(Contact Loanfasttrack for application for NOC from Bank for home loan closure.)

Home Loan Comparison Chart Of The Top Banks

Bank Name Rate Of Interest Processing Fees Tenure
ICICI Bank 6.90% p.a. – 8.05% p.a. 0.30% of the loan amount + applicable GST Up-to 30 years
HDFC Ltd. 6.90% p.a. – 7.85% p.a. Up-to 0.50% – up-to 1.50% of the loan amount + applicable GST Up-to 30 years
Canara Bank 6.90% p.a. – 8.90% p.a. Rs.10,000/- + applicable GST Up-to 30 years
CLICK to get the complete chart

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack on: www.loanfasttrack.com or call on 9321020476 or email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Click to know more for home loan with

ICICI Bank HDFC Ltd. Canara Bank SBI Bank
Axis Bank Bank Of India Bank Of Baroda Kotak Mahindra Bank

Additional Read:

Online Vs Offline Home Loan – Which One Is Better?

by admin
Online Vs Offline Home Loan - Which One Is Better?
While everything around is changing and meliorating rapidly, how can the home loan industry lag? ……………………………… For online home loan processing, all you need is an internet connection and a machine (laptop/desktops/computers/mobile phones).

In today’s scenario we cannot imagine a life without technology. It is this technology that has eased the life of a common man. Even the population in the rural areas has elevated to smart gadgets by using the smartphones, smart-watches and smart-televisions. This technological advancement has made life convenient for people since they no longer have to wait in long queues for utility bill payments or step out to buy daily veggies, groceries, for phone recharge, visit banks for statements, etc. The technology has made all this possible simply just at a click of a button from the comfort of our homes while sitting relaxed with a coffee mug.

While everything around is changing and meliorating rapidly, even the home loan industry is no more an exception. Especially after the pandemic outbreak when the sale numbers of the mortgage industry took a toll, the online presence of the home loan processing became prominent after the lockdown which paved the way for mortgage lenders such as ICICI Bank Ltd., HDFC Bank & HDFC Ltd., etc. to step into the world of online housing loan processing by launching their customer friendly user portals for processing paperless loans through online home loan applications.

Although the physical offline processing for home loan still continues, the online process to “apply for housing loan online” has gained momentum over the offline process since its inception mainly because of its merits which are easy and speedy processing, hassle free documentation, online loan tracking, etc. Whether to follow a traditional offline home loan process or opt for an online process, is purely a discretion of the home loan borrower, however it is of vital importance that he understands the following merits and demerits of both processes before making a decision to apply for home loan.

The Offline Vs Online Home Loan Comparison

The offline and online home loan differ only till the process of home loan sanction. The fact that the home loan is applied digitally & or physically is the only base for differentiation between the both. The digitalization of the entire housing loan process till disbursement is yet not in practice with any lender. Lender banks who have opted for online digital platforms only process the borrower’s home loan applications for loan sanctions. For disbursement, yet the offline process is prominent. Let’s understand the individual process.

What is the Offline Home Loan Process?

It is the traditional way of processing an home loan application where the loan borrower undergoes the process of physical signing and submission of bank application forms along with the key documents i.e.KYC, income documents & property papers. The borrower also might require to visit the branch to apply for home loan and to submit the hard copies of the home loan documents required especially while applying for a house loan with nationalized banks. The offline is a time consuming process which nearly takes 7-10 working days for the loan to sanction mainly because the submitted documents are physically verified and scrutinized at various processing desks such as RCU- document scrutiny, Risk desk- CIBIL check, application form check, credit scrutiny, home loan eligibility calculation and finally credit manager’s personal discussions with the borrower to establish the loan credibility.

In offline since everything is done manually, manual processing and manual submission of the hard copies, there are possibilities that important documents may get misplaced or lost while in transit. The offline process is usually suitable for those home loan borrowers who are not internet savvy and for those who believe in obtaining personal one-to-one services from the bankers.

What is the Online Home Loan Process?

It is a new web based way of paperless processing of an home loan application through online portals of the mortgage lenders. It is an end-to-end online loan approval process. The borrower need not visit the branch or sign the agreement or make photocopies of the documents. The forms are filled online and stored digitally thus making it convenient for the borrower to apply for an instant home loan from anywhere just at a click by simply visiting the secured online portal of the lenders and uploading the documents. This is a less time consuming and speedy process in comparison to the offline home loan process. A computer/smartphone and an interest is all what is required. The borrower must be internet geeky to make use of this speedy process. However even if you are not, no worries, Loanfasttrack is at your rescue; anytime get in touch with us. The online process is simple, the borrower has to simply register himself on the lender’s portal / website, fill in the application form with required requisites, upload the documents and submit. The borrower can also check his home loan eligibility online using the home loan eligibility calculator. (Click the links to get a complete list of documents till disbursement, salaried resale case/salaried builder case, self-employed resale case- Proprietor/Partnership Firm/Pvt. Ltd. Co., self-employed builder case- Proprietor/Partnership Firm/Pvt. Ltd. Co.)

Tracking of online housing loan applications is also easy and convenient with an online process. Unlike the offline process where heavy follow ups with banking personals are required, in online processing the progress on the file is regularly updated online from time-to time making it easy to track the file status. (Learn How To Apply Online For Home Loan, Mortgage Loan & Loan Transfers – By Loanfasttrack.)Given below are the key benefits to get home loan online.

  1. Easy and speedy way of processing home loan applications.
  2. Faster sanctioning of home loan.
  3. Can be applied from anywhere from the comfort of your home.
  4. No need to sign a physical multi-paged home loan application form.
  5. Get to know the home loan eligibility instantly. (For an easy and speedy way to calculate your eligibility – use Loanfasttrack’s EMI calculator.)
  6. Simple and easy process with standing instructions available on the portal with prompting pointers to fill in the required details.
  7. The portals are secured and user friendly.
  8. Time saving process, no need to make multiple visits to the lender branch.
  9. Easy documentation. Simply upload the required documents. The required set of documents will be listed on the portal/website.
  10.  Easy tracking of the loan application. No need for hard follow ups with the bank managers.
Apply For HDFC Home Loan Online – Get A Link.

What documents need to be uploaded for the loan approval?

The borrower needs to upload the following documents for online bank home loan:

1) KYC (Of applicant & co-applicants) – Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.

2) Income Documents (only of the applicant/co-applicant whose income is to be considered for loan application):

  1. For Salaried – 4 months Salary Slips, 6 months Bank Account Statement & 2 years Form 16.
  2. For Self-1employed – 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account, 12 months bank account statements of all bank accounts savings + current account.

Prerequisites to opt for quick home loans online

1) One needs to be tech-savvy. Must have online knowledge of computers and the internet.

2) Must have access to a good internet connection.

3) Keep balance in the bank account for upfront deduction of non-refundable login fees.

4) Must keep the required set of documents ready to be uploaded online for home loan online apply.

Apply For ICICI Bank Home Loan Online – Get A Link.   Get Home Loan Sanctioned Online Within 8 Working Hours With Express Home Loan Of ICICI Bank

Instant Comparison Chart For Online & Offline Home Loans

  Online Home Loans Offline Home Loans
Turnaround time (TAT) Speedy process.Loan is sanctioned within 3-5 working days.No follow ups or push-ups required. Time consuming.Loan is sanctioned within 7-10 working days.Hard push-ups required for speedy processing.
Tracking of application Easy. File status is uploaded online from time-to-time. Hard follow-ups with bankers.
Eligibility Prompted instantly on feeding the important financial data. Actual calculation is a time taking process.
Documentation Hassle free. Documents can be easily uploaded on the portal.No risk of loss of documents in transit. Hard copies of the documents need to be submitted. Risk of documents being misplaced or lost in transit.
Loan Charges The processing fees (PF) and other relevant charges are displayed on the portal along with any PF offers. At time complete charges are not communicated at the time of login.
Suitable For Those who are tech-savvy. Those who believe in taking personal one-to-one services from the banker.

With the help of online home loan companies such as Loanfasttrack it is easier for the borrower to compare the best banks for housing loans just at a click. Whether online or offline whichever way you prefer, Loanfasttrack will provide you with timely assistance round the clock with its years of experience in mortgage industry offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a Mumbai based loan provider company since 2015 & is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

You can also email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Additional Read:

Why Home Loan Interest Rates Of NBFCs Higher Than Banks

Income Tax Benefits On Home Loan

by admin

 Home Loan Tax Benefit In India Is Available For Both Housing Loan Interest And Principal Deduction Under Section 24(b), 80C, 80CCE & Section 80EE Of Income Tax Act 1961.

Income Tax Rebate On Home Loan For FY 2020-2021

The 2020 financial budget has not altered the housing loan tax rebates for the home loan borrowers other than: a) Increasing the time limit for availing the loans for houses under affordable housing schemes announced by the government till 31st March 2021. Which means that a home loan borrower can claim the benefits of additional deduction on home loan interest of up-to Rs.50,000/- till 31st March 2021. The benefit is provided under section 80EE of Income Tax Act, 1961 & b) The borrower owning more than one property cannot claim any of the properties as self-occupied to maximize the tax benefits.

The following grid highlights the sections of the Income Tax Act that provide home loan rebate to the borrowers.

Home Loan Deduction In Income Tax For FY 2020-21
Home Loan Tax Benefit Under Section Nature Of Home Loan Deduction In Income Tax Maximum Tax Amount Deductible
80C Housing loan principal repayment Rs.1.5 Lakhs

(Including one-time stamp duty and registration cost)
24(b) Deduction for interest on housing loan Rs.2 Lakhs (for self-occupied properties)

No limit (for let-out properties)
80EE Additional home loan interest deduction for first time home buyers Rs.50,000/-

The EMI paid by the borrower towards the repayment of the borrowed funds from the Bank comprises two components i.e. the principal and interest amount, both of which can be separately claimed by the borrower for tax saving on housing loan under section 80C & section 24(b) respectively of the Indian Income Tax Act, 1961. To claim the home loan tax benefits under the two sections, the owner/co-owners of the property must also be the joint borrower/co-borrower to the housing loan.

Find below the tax benefits the borrower can enjoy:

  • Tax benefit on second home loan.
  • Tax benefits on home loan for joint ownership property.
  • Income tax rebate on home loan for under construction property.
  • Tax benefits for first time home buyers
  • Tax exemption on multiple home loans.
  • Tax benefits for interest paid for housing loan for self-occupied property.
  • Tax benefits for interest paid for housing loan for let out property.
  • Pre EMI interest tax benefit.
  • Home renovation loan tax benefit.
  • Home improvement loan tax benefit.
  • Home loan top up tax benefit.
  • Loan against property tax benefit/mortgage loan tax benefit.

Everything You Must Know Before Applying For A Housing Loan

Tax Benefits For Housing Loan Under 80C For Principal Repayments

Under section 80C the borrower enjoys the home loan principal repayment tax benefits. The maximum deduction under section 80C for the borrowers is available for up-to Rs.1.5 Lakhs per year. Home loan principal tax benefit can be claimed by the borrower on all types of residential property whether, first home- resale or new home (Quick guide for difference in builder home loan & resale home loan), joint ownership property, self-occupied or rent out property.

The following are the prerequisites to avail the tax benefits on principal repayment on housing loan deduction under section 80C:

  • 80C housing loan benefits are available only on the residential house property for the borrower who has taken a home loan for the purpose of construction or purchase of new ready to move property.
  • The 80C house loan deduction in income tax can be claimed only on the completed/ ready to occupy properties. To claim this home loan 80C deduction the borrower first needs to complete the construction, only then he can claim for the deduction.
  • Additionally, if the borrower sells his property within 5 years of taking the possession of the property, he cannot claim the 80C home loan deduction. Moreover, any deduction claimed by the borrower will be reversed in the year in which the property is sold and the same will reflect as income of the borrower in the year of sale of the property.
  • The borrower is allowed to claim the housing loan principal 80C deduction on both ownership properties whether self-occupied by him or let-out i.e. given on rent.
  • Maximum deduction under 80C that can be claimed by the borrower in a year is up-to Rs.1.5 Lakhs.
  • One-time stamp duty and registration fee can also be claimed under this deduction of 80C repayment of housing loan in the year of purchase of the property. (Click to know the list of all costs incurred for availing home loan)
  • In case of joint home loans availed by the borrower, both borrower and co-borrower can apply for the deduction on principal repayment of housing loan 80C for Rs.1.5 Lakhs each per financial year.
  • Principal repayment of housing loan 80C deduction is not available on the second home and the under-construction property being purchased by the borrower.
  • If the borrower owns more than two properties, he can claim any of the two houses as self-occupied and claim aggregate deduction on the principal repayment up-to Rs.1.5 Lakhs per year.

Home Loan Interest Tax Benefits Under Section 24b Of Income Tax Act

Sec 24b of income tax act deals with the housing loan interest tax exemption. Maximum housing loan interest exemption limit under this section is up-to Rs.2 Lakhs per year. Housing loan interest rebates can be claimed by the borrower on all types of residential property whether, first home, second home, under-construction property, joint ownership property, self-occupied or rented out property or deemed to be let out property.

The following are the prerequisites to avail the home loan interest tax exemption under section 24b:

  • Home loan interest tax deductions are available for any type of loan whether commercial, personal loan or residential house property loan, etc. taken by the borrower for the purpose of construction or purchase of new ready to move/under-construction property or for the repair/reconstruction of the house property. (Read on the advantages for purchasing a builder and resale property)
  • The housing loan interest deduction in income tax is available on the accrual basis and not on the paid basis.
  • Housing loan interest maximum deduction applicable for self-occupied property is up-to Rs.2 Lakhs per year while there is no housing loan interest limit for let out property.
  • The home loan interest exemption in income tax is applicable for any loan amount whether it is borrowed from Bank/NBFC, private financier/ patpedhi or friends or relatives.
  • The deduction under 24b can be claimed on two or more houses and hence the deduction can also be claimed on two or more housing loans with the maximum housing loan interest deduction limit of up-to Rs.2Lakhs in a year.
  • Home loan interest rebate in income tax can be claimed for both self-occupied as well as let out property.
  • One-time service fee, brokerage charges, prepayment charges, etc. can also be claimed under this section for tax rebate on housing loan interest.
  • In order to claim the maximum interest on housing loan limit of up-to Rs.2 Lakhs in a year the construction of the property must have been completed within 5 years from the end of the financial year in which the borrower has taken the loan.
  • If the construction of the property is not completed within the 5 years then the housing loan interest tax benefit will be restricted to Rs.30,000/- in a year.
  • Unlike the selling restrictions on the property to avail benefits on home loan principal rebate there are no restrictions on the sale of the property to avail benefits on housing loan interest rebate in income tax.
  • Deduction of interest on housing loan in case of joint ownership:

In case of joint home loans availed by the borrower, both borrower and co-borrower can apply for tax rebate on home loan interest for up-to Rs.2 Lakhs/ Rs.30,000/- each in every financial year for self-occupied property. No home loan interest exemption limit for let out properties.

  • For under-construction property purchased by the borrower the income tax rebate on home loan interest before possession for the aggregate interest paid can be claimed in equal parts in the next 5 financial years after having taken possession of the property, provided the loan is taken only for the purchase or construction of the property. Interest on home loan deduction in income tax for under construction property is not available for the repairs/renovations/renewals/reconstruction of the property.

Home Loan Interest Rates꘡Compare Rates Of Top Banks

Tax Deduction Under Section 80EE & Section 80EEA For Additional Interest On Housing Loan

Sec 80EE of income tax provides additional interest benefits over and above the housing loan interest income tax exemption of section 24b, for the loan borrower who is purchasing the house for the first-time. Unlike section 24b for interest paid on housing loan deduction, the deduction us 80EE & 80EEA is allowed from the gross total income and not from the income under house property. The borrower cannot claim deduction under both sections at a time. If the borrower claims the deduction under section 80EEA he will no longer be eligible to claim deduction under section 80EE of the income tax act and vice-a-versa.

Why Home Loan Interest Rates Of NBFCs Higher Than Banks

Section 80EE Deduction

Income tax section 80EE provides the additional housing loan interest tax rebate of Rs.50,000/- per year for the home loan borrower of the first residential house. The interest deduction will be available on actual interest paid and not on the accrual basis.Given below are the prerequisites to avail the additional income tax benefit on home loan interest under 80EE section of income tax:

  • 80EE income tax deduction is applicable only on the loan taken for residential house property taken only for the purpose of purchase or construction of the house.
  • 80EE section deduction available only for the loans sanctioned in the financial year of 2016-2017.
  • The value of the property should not exceed Rs.50 Lakhs and the loan sanctioned should not exceed Rs.35 Lakhs. (Read on Small Value Home Loans)
  • The maximum 80EE deduction limit is Rs.50,000/- per year till the repayment of the loan continues.

Section 80EEA Of Income Tax Act

Income tax section 80EEA provides the additional home loan interest tax rebate on PMAY-CLSS schemes for up-to Rs.1.5 Lakhs per year to the borrower, over and above the interest-income tax rebate on housing loan of section 24b. Given below are the prerequisites to avail this additional benefit of 80EEA income tax.

  • The deduction is applicable only for the individual borrower on the loan taken for residential house property taken only for the purpose of purchase or construction of the house.
  • Available only for the loans sanctioned in the financial year of 2019-2020.
  • The property value should not exceed Rs.45 Lakhs.
  • The property area should not exceed the maximum area of 90 sq. mtr.
  • The borrower must not be the owner/co-owner of any other pucca house.

Is your CIBIL score low? Know from Loanfasttrack, how to apply for a home loan with low CIBIL score.

Additional Read: CIBIL and its significance in home loan.

Tax Benefits On Joint Home Loans

Although it is mandatory with many lender Banks/NBFCs to have a co-applicant for the home loan application, the joint home loans not only helps to enhance the home loan eligibility & secure a interest concession with women co-applicant but it also provides the tax benefits to both borrower and co-borrower/co-borrowers of the loan. (Know more on housing loan benefits for women borrowers in India). All borrowers/applicants can claim the joint home loan tax benefit on the principal as well as the interest paid as per the maximum deduction limit allowable under section 80C & 24b of the Indian Income Tax Act, 1961 provided the following conditions are meet:

  • If home loan is taken in joint name tax benefit will be available only when all the borrowers/applicants are also the co-owners to the property.
  • Each can claim the home loan principal tax exemption under section 80C for a maximum amount of Rs.5 Lakhs per year.
  • Each can claim the home loan interest deduction under section 24b for a maximum amount of Rs.2 Lakhs per year.
  • Each can also claim the additional interest benefits of up-to Rs.1.5 Lakhs per year under section 80EE & 80EEA, provided it is their first house.

Income Tax Benefits On Multiple Properties & Income Tax Benefit On Second Home Loan

Investment in assets especially in immovable assets such as properties/plots is a common and popular form of saving & investments by the people. (Quick guide for 8 Best Investment Plans For SAVINGS).The borrower makes profits on the appreciation in the value of the property and it also fetches him rent if the property is rented out forming an additional source of income for him. Moreover, if the borrower has invested in multiple properties by taking out home loans, he can also enjoy the income tax benefits on two self-occupied properties provided the following conditions are fulfilled.

  • In case of more than two properties owned by the borrower, the borrower can claim any of the two houses as self-occupied and the other properties shall be deemed to have been let out.
  • The maximum aggregate deduction available for principal repayment under section 80C is restricted to Rs.1.5 Lakhs per year for all home loans taken together for multiple properties.
  • On the two self-occupied houses the maximum deduction for housing loan interest paid under section 24b is restricted to Rs.2 Lakhs per year for both houses taken together.
  • For the let-out properties the entire interest paid against the rent received can be claimed for deductions under section 24b.
  • On more than two properties the borrower has to pay tax on the basis of notional rent received from the property.

Home Loan Tax Exemption For Under Construction Property

The borrower who has purchased an under-construction property and have taken a housing loan for the purchase of the said under construction property can enjoy the following tax benefits on home loan:

  • No under construction home loan tax benefits under section 80C for principal repayment of the loan.
  • Home loan interest tax exemption under construction property can be availed under section 24b of the income tax for the maximum amount of up-to Rs.2 Lakhs in a year provided the construction of the property has been completed within the 5 years from the home loan taken.
  • The pre-construction interest on housing loan can be claimed in equal instalments in next 5 financial years after having taken possession of the property.
  • If the construction is not completed within 5 years the interest exemption is restricted to Rs.30,000/- per year.

The home loan tax benefit for under construction property is applicable only if the borrower has taken the loan for the purchase or construction of the property. The deduction is not applicable if the loan is taken for repairs/renovations/renewals/reconstruction of the property.

Click to know the important loan facts before purchasing an under-construction property.

HRA And Home Loan Tax Exemptions

We have already discussed the tax exemptions available on the types of properties owned by the borrower. Let’s illustrate with a hypothetical situation- if the borrower is staying on rent and has also booked a property availing a housing loan from the bank. Under such circumstances the borrower will not only enjoy the standard benefits of home loan but will also be eligible for claiming HRA benefits under section 10(13A) & section 80(GG) of the Income Tax Act, 1961, explained in detail below.

HRA Exemption In Income Tax Under Section 10(13A)

  • The deduction is available only for the salaried employees whose salary breakup includes HRA component.
  • The borrower must be staying in a rented accommodation.
  • The maximum house rent deduction in income tax allowed is minimum of:
  • The actual HRA amount received from the employer.
  • Actual rent paid per annum less 10% of the annual salary.
  • 50% of the salary if staying in metro cities or 40% if residing in non-metro cities.
  • The borrower is allowed to claim HRA deduction in income tax even if he is paying rent to his family members, provided it is backed with the required evidence.
  • The borrower is also allowed to claim this house rent exemption in income tax even if he owns a house but is staying on rent in another city provided the house he owns is self-occupied and is not let-out.

HRA Rebate In Income Tax Under Section 80(GG)

  • The deduction is available for self-employed and salaried employees who do not receive HRA from their employer.
  • The borrower must be staying in a rented accommodation.
  • The maximum deduction allowable is minimum of:
  • 60,000/- per year.
  • 25% of the adjustable gross total income.
  • Actual rent paid minus 10% of basic salary.
  • If the borrower owns any other self-occupied residential property in any other place, no deduction for HRA in income tax is allowed.

Chart For Best Home Loan Deals

Bank Name Rate Of Interest Processing Fees Tenure
ICICI Bank 6.90% p.a. – 8.05% p.a. 0.30% of the loan amount + applicable GST Up-to 30 years
HDFC Ltd. 6.90% p.a. – 7.85% p.a. Up-to 0.50% – up-to 1.50% of the loan amount + applicable GST Up-to 30 years
Canara Bank 6.90% p.a. – 8.90% p.a. Rs.10,000/- + applicable GST Up-to 30 years
CLICK to get the complete chart

FAQs

  1. Who is eligible for home loan tax benefits?

Ans: A home loan borrower who has taken a loan for the purchase or construction of the residential property either for self-use or let-out is eligible to claim tax for the principal repayment and the interest paid. The loan co-borrower also being the co-owners of the property is also eligible for the tax exemptions.

The home loan customer gets tax benefit under section 80C (for principal repayment) & section 24(b) (for interest paid) and 80 EE/80EEA (for additional interest).

  1. How much is the 80C maximum limit?

Ans: The maximum limit for the repayment of home loan principal in 80C is up-to Rs.1.5 Lakhs per financial year. In case of joint home loan tax rebate each applicant can claim the home loan principal 80C deduction of Rs1.5 Lakhs per year.

  1. Home loan interest comes under which section of income tax?

Ans: The home loan interest exemption section of income tax is section 24(b), section 80E & 80EEA for additional interest benefits for the first-time home buyers.

  1. Are there any tax benefits on loans taken from friends?

Ans: The borrower is allowed to claim tax benefits only on the interest component under section 24(b) of the income tax act for the loans taken from the friends provided it is properly documented with an interest certificate from the friends. On the other hand, the friends will be liable to pay tax on the interest received on the funds lent.

  1. Does home loan insurance cover provide tax deduction?

Ans: Banks usually provide home loans with an insurance cover to the borrowers, the premium of which is either paid upfront in hefty lump sum i.e. single premium by the borrower or the banks pays the same on the behalf of the borrower and club it with the home loan amount whereby he repays it through EMIs. If the borrower pays the premium upfront, he can claim the home loan insurance tax benefits under section 80C of the Income Tax Act,1961 & if the premiums are clubbed to the home loan EMIs no tax deductions are available.

  1. In case of joint home loans, what are the home loan co applicant tax benefits?

Ans: The co-applicant can also claim the income tax benefits for principal repayment under section 80C for Rs.1.5 Lakhs p.a. as well as for the interest paid under section 24(b) for maximum up-to Rs.2 Lakhs p.a.

 

  1. Is home loan top-up eligible for tax exemption? How much is the top up loan on home loan tax exemption?

Ans: The home loan top-up is eligible for tax exemption under both sections of income tax, viz. Section 80C (for principal repayment) & section 24(b) (for interest paid) provided the top-up amount is used only for the purchase/construction/repairs & renovations of the property and is backed up with the necessary evidence – invoices, receipts, agreements & legal documents.

  1. Are there any pre-EMI tax benefits?

Ans: Pre-EMI is generally associated with under construction properties. In pre-EMI a borrower pays only interest towards the partial disbursements of his loan which has no impact on the principal amount & loan repayment tenure. Therefore, in Pre-EMI the borrower does not get any benefits on the principal repayment but can claim interest paid for housing loan for under construction property. The aggregate interest paid can be claimed in equal parts in the next 5 financial years after having taken possession of the property, provided the loan is taken only for the purchase or construction of the property.  Pre EMI interest deduction under section 24 is not available for repairs/renovations/renewals/reconstruction of the property.

For complete knowledge on Pre-EMI click to read our previous post “Is Pre-EMI Better Than Full EMI.”

  1. How to claim tax benefits on home loan?

Ans: A salaried home loan borrower can claim tax benefits by submitting the interest certificate to his employer while others can claim the benefits by filling their income tax returns per financial year.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans, home loan transfer, top-up loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Contact Loanfasttrack on: www.loanfasttrack.com or call on 9321020476 or email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Other popular posts of loan Loanfasttrack.

Kotak Mahindra Bank Home Loan

by admin

Kotak Mahindra Home Loan - Loanfasttrack
Offers customized home loan plans to eligible borrowers at lowest Kotak Mahindra home loan interest rate starting from 6.75% p.a. for flexible loan tenure of up-to 20 years with processing fees of up-to 0.50% of the loan amount.

Key Features & Benefits Of Kotak Mahindra Home Loan:

  • Kotak Bank/ Kotak Housing Finance is the lowest interest rate home loan provider.
  • Kotak Mahindra home loan rate starts from 6.75% p.a.
  • Lowest per lac EMI starting from Rs.760/- onwards.
  • Zero processing fees for Kotak Mahindra Bank online application for home loan.
  • In principle approval available for the borrowers.
  • Loan amount of up-to 90% of the cost of the property for home loan transfer to Kotak Mahindra bank.
  • Faster home loan processing.
  • Simplified documentations.
  • No hidden costs.
  • Nil prepayment charges for floating Kotak housing loan interest rate.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.

Kotak Mahindra Bank Home Loan Interest Rate 2020

While the Kotak Bank home loan rate applicable remains uniform irrespective of the loan amount, Kotak Mahindra home loan interest rate 2020 are subject to the LTV i.e. Loan To Value percentage on the property. Given below is the grid for Kotak home loan interest rate 2020.

    For LTV Up-to 80% For LTV Up-to 80% to 90%
Home Loan Salaried 6.75% p.a. – 8.30% p.a. 6.85% p.a. – 8.35% p.a.
  Self-Employed 6.85% p.a. – 8.40% p.a. 6.95% p.a. – 8.45% p.a.
Home Loan Balance Transfer 6.75% p.a.
Home Loan Top Up Interest Rates 7.50% p.a. onwards.
Home Improvement Loan 6.75% p.a. onwards.
Loan Against Property Kotak Mahindra Bank 9.25% p.a. onwards.

Note: Kotak Mahindra Bank housing loan interest rates are subject to change without prior notice.

Kotak Mahindra Bank Home Loan Details

Eligible Profiles Salaried, Self-Employed Professionals, Self-Employed Non-Professionals & NRIs/PIOs.
Age Criteria Minimum age is 18 years & maximum age is 65 years
LTV Loan Amount Rs.20 Lakhs – Rs.75 Lakhs – 80% of the cost of the property.   Loan amount Above Rs.75 Lakhs – 75% of the cost of the property.   For Home Loan Balance Transfer – 90% of the cost of the property.
Loan Tenure Up-to 20 years for salaried. Up-to 15 years for self-employed.
Kotak Bank Home Loan Interest Rate 2020 Kotak home loan rates range from 6.75% p.a. – 8.45% p.a.
Per Lakh EMI Kotak Mahindra Finance home loan per lakh EMI starts from Rs.760/- onwards.
Processing Fees Up-to 0.50% on the loan amount + applicable GST.   (Know the complete home loan charges – Click)
Processing Fees On Kotak Bank Online Application Of Home Loan Zero.
Kotak Mahindra Home Finance Foreclosure Charges Nil on floating Kotak Mahindra housing loan interest rate.
CIBIL Score 750 & Above
Turnaround Time For Home Loan Disbursement 2 working days.

Kotak Home Loan Eligibility

Kotak Bank home loan eligibility depends on the factors such as borrowers per month income, the source of his income, borrower’s qualification & his employment history, CIBIL score & credit history, borrower’s age, number of dependents on him if any, his future plans, etc.

Kotak Mahindra Bank Home Loan Eligibility Criteria

For Individuals For Partnership/ LLP/ Indian Company For HUF
Age:- Salaried – 18years – 60 years   Self-Employed – 18years – 65 years Business Vintage:- Should be in existence for at least 3 years. Should be in existence for at least 3 years.
Income:- Minimum income of Rs.20,000/- p.m. &   Rs.15,000/- p.m. (for cities other than Mumbai, Pune, Bangalore, Delhi & Chennai) Income:- Minimum net income of Rs.2,40,000/- p.a. &   Rs.1,80,000/- p.a. (for cities other than Mumbai, Pune, Bangalore, Delhi & Chennai) Income:- Minimum net income of Rs.2,40,000/- p.a. &   Rs.1,80,000/- p.a. (for cities other than Mumbai, Pune, Bangalore, Delhi & Chennai)  
Qualification:- Minimum graduation compilation for salaried working with Private Ltd. Company & Partnership Firm.   Income Documentation:- Mandatory HUF IT returns for 3 years.  

Mahindra Bank Home Loan Charges

Pre- Disbursement Charges
Kotak Bank Housing Loan Processing Fees For Home Loans up-to Rs.30 Lakhs – 0.25% & 0.50% of the loan amount + applicable GST respectively for salaried & self-employed.For Home Loans above Rs.30 Lakhs – 0.50% of the loan amount + applicable GST.For online application of Home Loans – zero processing fees.For Top-Up Loan – 1% of the loan amount + applicable GST.For Commercial Loans– 1% of the loan amount + applicable GST. For Kotak Mahindra Bank Mortgage Loan – 1% of the loan amount + applicable GST.
Documentation Charges For Home Loan – Rs.4,000/- + applicable GST.For Kotak Mortgage Loan – Rs.10,000/- + applicable GST.
Post Disbursement Charges
Account Statement / Interest Certificate Charges Free – once in a year.Rs.250/- + Applicable GST – thereafter.     
Switch Fee For floating to floating (lower rate): Maximum up-to Rs.15,000/- + applicable GST (For Home Loan/Home Extension Loan & Home Improvement Loan)Maximum up-to 0.40% of the outstanding loan amount + applicable GST (For Non-Housing Loan- Commercial Loan/Kotak Mahindra Loan Against Property)
Account Swap Charges Rs.500/- + applicable GST. (per instance)
Document Copy Charges Rs.500/- + applicable GST. (per instance)
Duplicate NOC Charges Rs.500/- + applicable GST. (per instance)
Cheque Dishonour Charges Rs.750/- + applicable GST. (per instance)
Prepayment Charges Nil – for micro & small finances, floating interest rate term loan for individuals for personal purpose, for home loan top up & floating interest rate  housing loan in Kotak Mahindra Bank.   Others (Post Lock-In Period Of 6 Months: Nil for payment of Rs.25,000 or up-to 25% of the total outstanding loan amount.4% + applicable GST for part payment in excess of 25% or full prepayment.
Commitment Fee (Non-Compliance of Sanction Terms) 2% of the loan amount + applicable GST – for Home Loan, Home Loan Top-up & Kotak Bank Mortgage Loan.4% of the loan amount + applicable GST – for Home Extension & Home Improvement Loan.

Kotak Mahindra Bank Home Loan Calculator

Calculate Kotak Mahindra home loan eligibility with Loanfasttrack’s Kotak home loan calculator. Loanfasttrack’s Kotak home loan EMI calculator is a hassle free simple generic calculator. The Kotak Mahindra Bank home loan EMI calculator provides accurate estimates of the EMI for various loan amounts & for various loan tenures. Home loan calculator Kotak also displays the total interest payable for home loan amount. The interest payable varies with the loan tenures. The longer the loan tenure the higher is the interest payable & vice-a-versa.

Home loan eligibility Kotak can be easily calculated using only the following 3 variables.

  • Loan Amount
  • Loan Tenure
  • Home loan interest rates Kotak Bank.

Simply enter these 3 variables to get the desired EMI amount.

While the loan amount and home loan rate of interest Kotak Bank are proportional to EMI the loan tenure is inversely proportional to the EMI.

  • The higher the loan amount the higher will be the EMI & vice-a-versa.
  • The longer the loan tenure the lower will be the EMI & vice-a-versa.
  • The higher the interest rate the higher will be the EMI & vice-a-versa.

EMI Amortization Chart

The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component till the loan is repaid. While each monthly payment remains the same, the payment is made up of parts that vary over a period of time. Since the EMI is made-up of the principal and the loan amount, higher interest will be deducted than the principal loan amount during the initial period of loan tenure & higher home loan principal & lower interest amount will be deducted towards the end of the tenure.

Home Loan Amortization Chart For Rs.75 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of November @ 6.75% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 1,14,054 29,763 84,291 74,70,237
2021 6,84,324 1,85,764 4,98,560 72,84,473
2022 6,84,324 1,98,698 4,85,626 70,85,775
2023 6,84,324 2,212,533 4,71,791 68,73,242
2024 6,84,324 2,27,332 4,56,992 66,45,910
2025 6,84,324 2,43,163 4,41,164 64,02,750
2026 6,84,324 2,60,090 4,24,234 61,42,660
2027 6,84,324 2,78,200 4,06,124 58,64,459
2028 6,84,324 2,97,571 3,86,753 55,66,888
2029 6,84,324 3,18,291 3,66,033 52,48,598
2030 6,84,324 3,40,451 3,43,873 49,08,146
2031 6,84,324 3,64,156 3,20,168 45,43,990
2032 6,84,324 3,89,510 2,94,814 41,54,477
2033 6,84,324 4,16,633 2,67,691 37,37,844
2034 6,84,324 4,45,642 2,38,682 32,92,201
2035 6,84,324 4,76,672 2,07,652 28,15,529
2036 6,84,324 5,09,862 1,74,462 23,05,668
2037 6,84,324 5,45,363 1,38,961 17,60,306
2038 6,84,324 5,83,336 1,00,988 11,76,971
2039 6,84,324 6,23,951 60,373 5,53,020
2040 5,70,270 5,53,021 17,249 0

Kotak Mahindra Bank Home Loan Schemes

1) Kotak Bank Home Loan

  • Available for all eligible borrowers from 18 years to 65 years for purchasing a resale/ready to move/under-construction property and also for improving/extending the existing property. (Click to know the difference in home loan for resale & builder case)
  • Kotak Bank Home Loan is available for a tenure of up-to 20 years.
  • Maximum LTV of up-to 80% of the cost of the property.
  • Kotak Mahindra Bank home loan rate starts from 6.75% p.a.
  • Kotak Mahindra housing loan processing fee is up-to 0.50% on the loan amount + applicable GST.
  • Zero home loan processing fees for online home loan application.

Make Home Loan Processing Fee Comparison of other leading banks namely, ICICI, HDFC Ltd., Canara, SBI, Axis Bank, BOB & BOI.

  • Minimum income required is Rs.20,000/- p.m.
  • Minimum qualification required is – graduation for salaried working with Private Ltd. Company & Partnership Firm.
  • Mandatory to have a co-applicant for the home loan application.
  • Faster turnaround time of 2 working days disbursal for Kotak Mahindra Bank housing loan disbursement.
  • No hidden charges.
  • Nil foreclosure charges.
  • PMAY scheme interest subsidy available.

Compare Kotak Bank Home Loan With ICICI Bank Home Loan, HDFC Ltd. Home Loan, Canara Bank Home Loan, SBI Home Loan, Axis Bank Home Loan, Bank Of Baroda & Bank Of India Home Loan.

2) Quick Home Loan Approval (Approval Within 24 Hours)

  • Available for all eligible borrowers from 25 years to 45 years.
  • Quick Kotak housing loan sanction within 24 hours.
  • Quick home loan in Kotak Bank is available only for the eligible borrowers living in the cities of Mumbai, Pune, Surat, Ahmedabad, Delhi, Hyderabad, Bangalore, Gurgaon, Chennai, Indore, Jaipur & Chandigarh.
  • In principle approval for the borrowers through a paperless process by using their income tax credentials.
  • Simple process- by making an online home loan application, filling the form and uploading the documents.
  • Minimum income required is Rs.20,000/- p.m.
  • Kotak Mahindra Bank home loan interest rate starts from 6.75% p.a.
  • Documents required include – identity proof (Pan Card), address proof (Adhaar Card/Passport), income proof (salaried-3 months salary slips & self-employed- ITR copy).

(For borrowers having primary bank account with Kotak – only 6 months salary slips in PDF format is required)

Compare Kotak Mahindra Bank’s Quick Home Loan Approval With ICICI Bank’s Express Home Loan- Approval Within 8 hours.

3) Kotak Home Loan Balance Transfer

  • Nil prepayment charges.

Also Read: Home loan transfer requirements, Benefits of home loan transfer.

4) Home Improvement Loan

  • Available for all borrowers (salaried/self-employed/self-employed professionals/NRIs/PIOs/) from 18 years to 65 years for furnishing (purchasing new furniture, fittings, etc) and repairs & renovating of the house.
  • Maximum loan amount of up-to 90% of the cost of the improvement.
    (For loan amount Rs.30 Lakhs – Rs. 75 Lakhs – 80% of the cost of the improvement.
    For loan amount above Rs.75 Lakhs – 75% of the cost of the improvement.)
    Maximum loan amount for NRI is 80% of the cost of the improvement.
  • The loan will be disbursed in full or in suitable installments on the basis of progress of improvement works, as assessed by Kotak Mahindra Bank.
  • Maximum tenure of up-to 15 years. For NRI loan borrowers maximum loan tenure is for up-to 10 years.
  • Home loan rates Kotak Mahindra Bank for home improvement loan starts from 6.75% p.a. Onwards.
  • Processing fee of up-to 0.50% on the loan amount + applicable GST.
  • Nil foreclosure charges.

Additional Read: Difference In Applying Home Loan With Public Bank & Private Bank

5) Kotak Mahindra Top Up Loan On Home Loan

  • Kotak top up loan on home loan is available for all existing home loan borrowers (salaried/self-employed/NRIs/PIOs) from 18 years to 65 years to meet their personal and professional requirement of funds.
  • Top up home loan Kotak Mahindra Bank rate interest starts from 7.50% p.a. onwards.
  • Maximum funding of 90% of the market value of the property including the existing outstanding loan amount.
  • Kotak Bank top up loan tenure will be the outstanding tenure of the existing home loan or maximum up-to 15 years, whichever is earlier.
  • Kotak loan top upprocessing fee – 1% of the top up loan amount plus applicable GST.
  • Click to know the detailed list of documents required for applying top up loan for salaried loan borrowers.

Compare Kotak Home Loan Top Up Loan WithICICI Bank home loan top up.

6) Kotak Mahindra Bank NRI Home Loan 

  • Kotak Mahindra NRI home loan is available for all NRIs (Non-Resident Indians) & PIO (Persons Of Indian Origin) for the purchase of ready to move/under-construction property and for home improvement (renovation & furnishing) residing/working in the countries namely – North America-(USA and Canada), Europe-UK and all European countries, Australia, New Zealand, Asia (Japan, China, South Korea), South East Asian Countries (Singapore, Malaysia, Indonesia, Thailand, etc.), Gulf Countries (UAE, Saudi Arabia, Oman & Kuwait).
    (Read More About NRI Home Loans)
  • Available for home loan transfer to Kotak Mahindra Bank.
  • Maximum age of the borrower is 58 years at the loan maturity.
  • Maximum LTV is 80% of the cost of the property.
  • Maximum tenure of up-to 15 years.
  • NRI Home Improvement Loan:
    * Available for decoration, painting, renovation, furnishing, tiling, flooring, plumbing, waterproofing, electrical work, grills and aluminum windows, roofing, construction of underground/overhead water tank, paving of compound wall (with stone/tile/etc.) and borewell, etc.
    * Maximum loan of 80% of the cost of the improvement.
    * Maximum tenure of up-to 10 years.
  • Processing fees is up-to 0.50% of the loan amount.
  • Kotak Bank loan interest rates start from 6.75% p.a.
  • Minimum education qualification required is graduate.
  • NRI should be employed for a minimum of 3 years.
  • Minimum income criteria for NRI depends on the loan tenure.
For loan tenure up-to 5 years For loan tenures from 5 years to 15 years
USD 20,000 – for USA / UK USD 42,000 – for USA / UK
USD 20,000 – for Merchant Navy USD 26,000 – for Merchant Navy
Dirhams 36,000 – for Gulf Countries Dirhams 48,000 – for Gulf Countries

7) (PMAY) Pradhan Mantri Awas Yojana

  • Interest subsidy on housing loans of 3% – 6.50% for all eligible borrowers (salaried/self-employed/NRI/PIO/) from 18 years to 65 years having yearly income from Rs.3 Lakhs to Rs.18 Lakhs & belonging to the EWS, LIG & MIG segment for either acquiring or purchasing a new house or to upgrade an existing kuccha or semi-pucca house.
  • Maximum subsidy amount of up-to Rs.2.67 lakhs (6.50% p.a.).
  • The NPV (Net Present Value) of the interest subsidy will be calculated at a discount rate of 9%.
  • Maximum income to avail the benefits is up-to Rs.18 Lakhs p.a.
  • Maximum tenure for availing the interest subsidy is 20 years.
  • Maximum loan amount eligible for the subsidy is up-to Rs.12 Lakhs.
  • Maximum carpet areas of the property is up-to 200 sq meter i.e. 2153 sq. ft.

8) Kotak Mahindra Bank Loan Against Property (LAP)

  • Kotak loan against property is available for all eligible borrowers (Salaried, Self-employed & Self-employed Professionals) from 18 years to 65 years to meet their personal & professional needs against the security of their residential property, commercial property & industrial property. (Click to learn more on mortgage loans)
  • Maximum loan tenure of up-to 15 years
  • Minimum loan amount is Rs.10 Lakhs & maximum loan amount is Rs.5 Crores.
  • Maximum LTV of 65% of the cost of the property
  • Also available in the form of overdraft facility. (CLICK to know more on mortgage overdraft loans)
  • Turnaround time processing time of 21 working days.
  • Minimum income required is Rs.40,000/- pm for salaried borrowers % Rs.1,80,000/- p.a. annual income for self-employed & self-employed professionals.
  • Pure rental income of the borrower can be considered for Kotak Bank loan against property.

(Compare Kotak Bank loan against property with ICICI Bank’s Loan Against Property.)

  • Mandatory to hold a graduate degree for the salaried loan borrowers working with private limited company or partnership firm.
  • Minimum 3 years business vintage required for self-employed borrowers with consistent profits for the last 2 years.
  • Kotak Mahindra Bank LAP interest rate starts from 9.25% p.a. (Check out mortgage loan balance transfer @ lowest interest rates in India)
  • Processing charges of 1% on the Kotak Mahindra mortgage loan amount plus applicable GST.
  • Nil foreclosure charges for individual borrowers & for others – up-to 4% of the outstanding loan amount plus applicable GST.
  • For detailed documents required for applying for a mortgage loan please refer to the links:
  Self-Employed
Salaried Pvt. Ltd Company Partnership Firm Proprietorship Firm
Balance transfer for salaried.      

Click to find out the lowest interest rate loan against property with Loanfasttrack & which bank is best for Mortgage loan in India.

Additional Read: Difference Between Home Loan & Mortgage Loan

For the latest Kotak Mahindra Bank Loan Against Property interest rates call on 9321020476 or login to Loanfasttrack.

Housing Loan Tax Benefits 

Home loan tax exemption is available on both principal repaid & interest paid by the borrower.

Income tax benefits on housing loan as per the Indian Income Tax Act, 1961:

  • Tax rebate on home loan principal repayment, under U/S 80C and 80CCE of the IT Act of 1961:
    * First home self-occupied or vacant/rent out – Actual principal repaid subject to a maximum of Rs.1.5 Lakhs p.a.
    * Under-construction property – Nil income tax exemption for housing loan.
    * Second home/ additional property – Nil income tax rebate on housing loan principal repayments.
  • Tax saving on home loan interest paid:
    * First home self-occupied or vacant/rent out –
    1) Actual interest repaid subject to a maximum of Rs.2 Lakhs p.a. if the house construction is completed within 5 years & Rs.30,000/- p.a. If the house construction is not completed within 5 years.
    2) For property value up-to Rs.50 Lakhs & home loans with Rs.35 Lakhs additional benefits of Rs.50,000/- is available for interest on home loan deduction.
  • Under-construction property – The interest paid can be claimed in equal parts in five financial years after the possession of the property subject to Rs.2 Lakhs p.a.
  • Second home/ additional property – Actual interest repaid subject to a maximum of Rs.2 Lakhs p.a.

Kotak Home Loan Documents Required

The borrowers are required to submit the income proof, identity proof, address proof, age proof, signature proof, educational proof, relationship proof and the banking details. Given below is the detailed checklist for housing loans.

Kotak Mahindra Bank Home Loan Documents Required

SR. No. Documents Required For Salaried For Self-Employed
1 KYC Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof
2 Income Documents 4 months Salary Slips6 months Bank Account Statement2 years From 16 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified12 months bank account statements of all bank accounts savings + current account
3 Property Documents Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt
4 Additional Documents for home loan transfer LOD Outstanding Balance Letter18 months repayment track record LOD Outstanding Balance Letter18 months repayment track record
5 Other Documents Duly signed Kotak Bank home loan application formProcessing fees cheque Duly signed Kotak Bank home loan application form Processing fees cheque                     
6 For Kotak NRI Home Loan Please refer to the link – “https://www.loanfasttrack.com/blog/blog/finance/nri-list-of-documents-for-applying-home-loan/”.
7 Refer to the links for a detailed Kotak Bank home loan checklist. Documents required for resale case   Documents required for resale case:  Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for builder case Documents required for builder case: Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for home loan balance transfer Documents required for home loan balance transfer for: Proprietorship FirmPrivate Limited CompanyPartnership Firm

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank
Axis Bank Bank Of India Bank Of Baroda  
Click For The Latest Kotak Bank Home Loan Offers

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

You can also email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Additional Read:

(BOB) BANK OF BARODA HOME LOAN

by admin
Bank of Baroda home loan
Bank Of Baroda Is Rated As One Of The Top Nationalized Banks In India. Home loan Baroda Bank is available for all eligible borrowers with EMIs starting from ₹655 per lakh. Bank Of Baroda current home loan interest rate starts from 6.85% p.a. over extended loan tenures up to 30 years with processing fees starting from 0.25% of the loan amount.

Key Features Of Bank Of Baroda Housing Loan:

  • BOB is the lowest interest rate home loan provider.
  • Bank Of Baroda home loan interest rate today starts from 6.85% p.a.
  • Lowest per lac EMI starting from Rs.655/-
  • Uniform Bank Of Baroda ROI for home loan for salaried, self-employed, self-employed professionals & NRIs.
  • Longer repayment tenure for 30 years available.
  • Pre-approved home loan facility available.
  • Home loan interest in Bank Of Baroda is calculated on daily reducing balance.
  • Home loan BOB interest rate is linked to repo rate.
  • Nil prepayment charges for floating Bank Of Baroda loan interest rates.
  • Top-up loans can be applied up-to five times during the loan tenure.
  • Loan applicant can add a close relative as a co-applicant to increase his home loan eligibility (co-applicant necessarily need not be a joint owner of the property).
  • Loan applicants receive a complimentary Bank of Baroda Credit Card.
  • Loan applicants get a free Bank Of Baroda home loan insurance cover with every home loan.
  • Loan applicants also get rewarded with a concession of 0.25% on Car Loans. 
  • Loan applicants get access to high-end banking technology for easy repayment of housing loans.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.

Bank Of Baroda Home Loan Interest Rates 2020 Of Various Home Loan Schemes

Baroda Home Loan 6.85% p.a. – 8.20% p.a.
Baroda Home Improvement Loan 6.85% p.a. – 8.20% p.a.
Baroda Home Loan Advantage 6.85% p.a. – 8.20% p.a. For loans up-to Rs.75 Lakhs.   7.10% p.a. – 8.45% p.a. For loans above Rs.75 Lakhs.
Baroda CRE Home Loan 7.10% p.a. – 8.45% p.a.
Baroda CRE Home Loan (Advantage) 7.10% p.a. – 8.45% p.a. For loans up-to Rs.75 Lakhs.   7.35% p.a. – 8.70% p.a. For loans above Rs.75 Lakhs.
Baroda Top Up Loan 7.45% p.a. – 8.80% p.a.
Baroda Mortgage Loan 8.05% p.a. – 13.20% p.a.
Baroda Ashray (Reverse Mortgage Loan) 9.20% p.a.

Note:    (i) Housing loan interest rates Bank Of Baroda are subject to change without prior notice.

(II) Home loan rate of interest bank of baroda is linked to the Baroda Repo Linked Lending Rate (BRLLR) of the bank.

Bank Of Baroda Home Loan Details

Eligible Profile Salaried, Self-Employed Professionals, Self-Employed Non-Professionals, NRIs, OCI & PIOs, firms & companies.
Age Criteria Minimum age is 21 years (co-applicant-18 years) & the maximum age is 70 years.
Loan Amount Maximum up-to Rs.10 Crores.
Repayment Tenure Maximum up-to 30 years.
Collateral Accepted Constructed or purchased homes, (at times also) insurance policies, government promissory notes, shares and debentures, gold ornaments etc.
Who Can Be The Loan Co-Applicants Spouse, Father, Mother (including Step Mother), Son (including Step Son), Son’s wife, Daughter (Including Step Daughter), Daughter’s husband, Brother/sister (Including step brother/sister), Brother’s wife, sister (including step sister) of spouse, Sister’s husband, Brother (including step brother) of spouse. Click to get complete information on Co-Applicant in home loans.
Bank Of Baroda Types Of Loans: – Bank Of Baroda repo linked Home Loan, Bank Of Baroda Top Up Loan,  Bank Of Baroda NRI Home Loan, Bank Of Baroda Pre Approved Home Loan, Bank Of Baroda Home Renovation Loan, Bank Of Baroda Home Improvement Loan, Bank Of Baroda Home Loan Takeover, Bank Of Baroda Plot Loan/Bank Of Baroda Land Loan, Bank Of Baroda Mortgage Loan,  BOB Reverse Mortgage Loan.
BOB Per Lakh EMI Bank Of Baroda home loan EMI starts from Rs.655/- per lakh.
BOB Bank Home Loan Interest Rate Bank Of Baroda bank home loan interest rate starts from 6.85% p.a.
Bank Of Baroda Home Loan ROI Bank Of Baroda housing loan rate is linked to repo rate.
Bank Of Baroda Repo Rate Home Loan Interest Rate Package Available Floating home loan interest Bank Of Baroda.
Housing Loan Interest Rate In Bank Of Baroda Housing loan interest in Bank Of Baroda is charged on daily reducing balance.
LTV (% on the market value of the property) 90%- for loan amount up-to Rs.30 Lakhs.80% – for loan amount from Rs.30 Lakhs – Rs.75 Lakhs.75% – for loan amount above Rs. 75 Lakhs.                              
FOIR (Fixed Obligation Against Income Ratio) Maximum FOIR of up-to 80%.
Bank Of Baroda Home Loan Charges Unified Bank Of Baroda home loan processing charges i.e. inclusive of processing charge, documentation charge, document verification/vetting charge, pre-sanction inspection charge, legal & technical cost, CIBIL cost, CERSAI cost as well as ITR verification charge.
Bank Of Baroda Home Loan Processing Time Minimum 30 – 45 working days.
Bank Of Baroda Home Loan Charges Processing fees of up-to 0.50% of the home loan amount + applicable GST. (Minimum Rs.8500/- & Maximum Rs.25,000/-)   (Read to know the complete list of charges on home loans – Click)
Bank Of Baroda Home Loan Prepayment Charges Nil on floating home loan interest of Bank Of Baroda.
Bank Of Baroda Loan Schemes Baroda Home Loan, Baroda Home Loan Advantage, Baroda Pre-Approved Home Loan, Bank Of Baroda Home Improvement Loan, Baroda Top UP Loan, Baroda Home Loan Takeover Scheme, ISHUP Schemes, CRGFS Schemes,  Bank Of Baroda PMAY Schemes & Baroda Ashray Reverse Mortgage Loan.

Bank Of Baroda Home Loan Calculator

Use Loanfasttrack’s Bank Of Baroda Home Loan EMI calculator to calculate your EMI outgo. Loanfasttrack’s Bank Of Baroda EMI calculator is a hassle free simple generic calculator which gives accurate estimates of the EMI for various loan amounts for various loan tenures. It also displays the total interest payable on the home loan amount. The interest payable varies with the loan tenures. The longer the loan tenure the higher is the interest payable to the bank & vice-a-versa.

The home loan EMI depends largely on the rate of interest, loan amount & loan tenure. Simply enter these 3 variables to get the desired EMI amount.

  • The higher the loan amount the higher will be the interest paid on housing loan and therefore higher will be the EMIs & vice-a-versa.
  • The longer the tenure the less will be the EMIs. & vise-a-versa.
  • The higher the interest rate of home loan in Bank Of Baroda the higher will be the EMIs & vice-a-versa.

EMI Amortization Chart 

The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component.

An amortization chart details the periodic loan repayments consisting of the principal & the interest amount till the loan is repaid. Each monthly payment remains the same & the payment is made up of parts that vary over time. The interest deduction in the EMI will be higher than the housing loan principal deduction during the initial period of tenure followed by lower interest deduction and higher home loan principal deduction towards the end of the tenure.

Home Loan Amortization Chart For Rs.60 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of November @ 6.85% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 91,958 23,525 68,433 59,76,475
2021 5,51,748 1,46,918 4,04,830 58,29,556
2022 5,51,748 1,57,306 3,94,442 56,72,252
2023 5,51,748 1,68,425 3,83,323 55,03,828
2024 5,51,748 1,80,329 3,71,419 53,23,497
2025 5,51,748 1,93,077 3,58,671 51,30,419
2026 5,51,748 2,06,729 3,45,019 49,23,691
2027 5,51,748 2,21,342 3,30,406 47,02,349
2028 5,51,748 2,36,990 3,14,758 44,65,361
2029 5,51,748 2,53,739 2,98,009 42,11,619
2030 5,51,748 2,71,679 2,80,069 39,39,393
2031 5,51,748 2,90,886 2,60,862 36,49,054
2032 5,51,748 3,11,447 2,40,301 33,37,606
2033 5,51,748 3,33,465 2,18,283 30,04,141
2034 5,51,748 3,57,039 1,94,709 26,47,102
2035 5,51,748 3,82,278 1,69,470 22,64,823
2036 5,51,748 4,09,302 1,42,446 18,55,521
2037 5,51,748 4,38,236 1,13,512 14,17,284
2038 5,51,748 4,69,216 82,532 9,48,067
2039 5,51,748 5,02,387 49,361 4,45,681
2040 4,59,790 4,45,679 14,111 0

Bank Of Baroda Home Loan Schemes

1) Baroda Home Loan

  • Available for purchasing a plot (Bank Of Baroda plot purchase loan), for construction of a house on plot, purchasing a resale/ready to move/under-construction property and also for improving/extending the existing property. (Click to know the difference in home loan for resale & builder case)
  • Available for all salaried, self-employed, self-employed professionals, NRIs (Read About NRI Home Loans), PIOs & OCIs from 21 years to 70 years.
  • Available for home loan transfer to Bank Of Baroda. (Get complete knowledge on home loan balance transfer-CLICK)
  • Maximum loan amount ranges from Rs.5 Crore – Rs.10 Crore.
  • Longer repayment tenure of up-to 30 years.
  • BOB home loan interest rates range from 6.85% p.a. – 8.20% p.a.
  • Bank Of Baroda home loan top up interest rate is charged on daily reducing balance.
  • Bank Of Baroda home loan top up can be availed up-to maximum of 5 times during the BOB home loan tenure.
  • Bank Of Baroda home loan processing fee
    * Up-to Rs.50 Lakhs – 0.50% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.15,000/-
    * Above Rs.50 Lakhs – 0.25% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.25,000/-
    * Flat Rs.8,500/- for home loan transfer Bank Of Baroda.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs. 50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • Maximum funding of up-to 90% on the value of the property.
  • Bank Of Baroda home loan eligibility:
    * For salaried residents – minimum 1 year of employment.
    * For self-employed- minimum 2 years of business vintage.
    * For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • A close relative (Spouse, Father, Mother (including Step Mother), Son (including Step Son), Son’s wife ,Daughter (Including Step Daughter), Daughter’s husband, Brother/sister (Including step brother/sister), Brother’s wife, sister (including step sister) of spouse, Sister’s husband, Brother (including step brother) of spouse) can be added to the home loan application as an co-applicant in order to enhance the BOB home loan eligibility.
  • Nil prepayment charges on home loan by Bank Of Baroda.
  • Free credit card with every home loan.
  • 0.25% concessions on car loans.

Compare BOB Home Loan With ICICI Bank Home Loan, HDFC Ltd. Home Loan, Canara Bank Home Loan, SBI Home Loan, Axis Bank Home Loan & Bank Of India Home Loan.

For the latest BOB Bank Home Loan, Bank Of Baroda Home Loan Transfer interest rates & processing fees offer call on 9321020476 or login to Loanfasttrack.

2) Baroda Home Loan Advantage

  • Available for all salaried, self-employed, self-employed professionals, NRIs, PIOs & OCIs from 21 years to 70 years for purchasing a residential plot, for purchase + construction of the plot, for construction of house, for purchasing a resale/ready to move/under-construction property and also for improving/extending the existing property. (Read: Everything You Must Know Before Purchasing A Land & Availing The Land Loans)
  • Also available for Bank Of Baroda-BOB home loan transfer.
  • Key features of Baroda Home Loan
    * Sanctioned home loans are linked to the borrower’s BOB saving account (zero rate of interest on this savings account).
    * The borrowers can deposit his savings in the linked SB account to avail maximum benefit of interest in the Home Loan account.
    * BOB home loan interest is calculated on daily reducing balance i.e. on the daily outstanding balance in the borrower’s BOB savings account.
    * EMI’s are auto recovered from the linked savings account.
  • Maximum loan amount is Rs.10 Crore.
  • Longer repayment tenure of up-to 30 years.
  • Bank Of Baroda home loan rate ranges from 6.85% p.a. – 8.45% p.a.
  • Processing fees of up-to 0.50% on the home loan amount.
  • Bank Of Baroda loan eligibility:
    * For salaried residents – minimum 1 year of employment.
    * For self-employed- minimum 2 years of business vintage.
    * For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs.50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • LTV up-to 90% on the market value of the property.
  • Nil prepayment charges on BOB housing loan.

Compare Baroda Home Loan Advantage with BOI’s Star Smart Home Loan with SBI’s Maxgain Product, Axis Bank Super Saver Home Loan & ICICI Bank Home Overdraft Product.

3) Baroda Pre-Approved Home Loan

  • Available for all salaried, self-employed, self-employed professionals, NRIs, PIOs & OCIs from 21 years to 70 years.
  • Bank Of Baroda pre-approved home loan provides in-principle approval for home loan which enables the loan applicant to get home loan sanctioned even before finalizing the property.
  • In-principle approval will be valid for 4 months from the date of its issue.
  • Maximum loan amount is Rs.10 Crore.
  • Maximum LTV of up-to 90% on the market value of the property.
  • Longer repayment tenure of up-to 30 years.
  • Bank Of Baroda housing loan interest rate ranges from 6.85% p.a. – 8.70% p.a.
  • Bank Of Baroda home loan processing charges range from 0.25% – 0.50% on the loan amount plus applicable GST. Upfront applicable fees is Rs.7500/- + GST, rest to be collected after the loan is sanctioned.
  • Nil prepayment charges.

4) Bank Of Baroda Home Improvement Loan

  • Available for all salaried, self-employed, self-employed professionals, NRIs, PIOs & OCIs from 21 years to 70 years for repairs and renovation of the home, for purchase of new furniture, fittings and furnishings, etc.
  • Maximum loan amount is Rs.10 Crore.
  • BOB home loan rates range from 6.85% p.a. – 8.20% p.a.
  • Longer repayment tenures of up-to 30 years.
  • BOB home loan processing fee
    * Up-to Rs.50 Lakhs – 0.50% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.15,000/-
    * Above Rs.50 Lakhs – 0.25% of the loan amount plus applicable GST subject to minimum of Rs.8,500/- and maximum of Rs.25,000/-
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs.50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • LTV up-to 90% on the market value of the property.
  • Bank Of Baroda housing loan eligibility:
    * For salaried residents – minimum 1 year of employment.
    * For self-employed- minimum 2 years of business vintage.
    * For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • Nil foreclosure charges.

Additional Read: Difference In Applying Home Loan With Public Bank & Private Bank

5) Baroda Top UP Loan

  • BOBO top up home loan is available for all existing home loan borrowers (salaried/self-employed/NRIs/PIOs) from 21 years to 70 years to meet their personal and professional requirement of funds.
  • BOB home loan top up amount – minimum Rs.1 Lakh and Maximum Rs.2 Crores.
  • Maximum funding of 90% of the market value of the property including the existing outstanding loan amount.
  • Top-up tenure will be the outstanding tenure of the existing home loan.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs. 50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    

Compare BOB Top Up Loan With BOI Star Top Up Loan & ICICI Bank home loan top up.

6) Baroda Home Loan Takeover Scheme

Learn How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack

* For Non-Individuals i.e. Firms/Companies

=> Mandatory to have an individual applicant in the home loan application.
=> Minimum 18 months EMI must have been paid.
=> The company must have been incorporated for a minimum 5 years.
=> Minimum 2 years business vintage required.
=> The company must be profitable for the minimum last 2 years.
=> Company’s net worth must be positive.
=> Good CIBIL score of the company.

Additional Read Home Loan Transfer For NRIsFOIR (Fixed Obligation Against Income Ratio)percentage

For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs.50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • LTV up-to 90% on the market value of the property.
  • Free credit card with every home loan.
  • 0.25% concessions on car loans.

Also Read: Home loan transfer requirements, Benefits of home loan transfer.

For the latest BOB HL interest rates for home loan transfer in Bank Of Baroda & processing fees offer call on 9321020476 or login to Loanfasttrack.

7) Interest Subsidy Scheme For Housing The Urban Poor (ISHUP)

  • The ISHUP scheme is applicable for the urban LIG (Low Income Group having income of up-to Rs.5,000/- pm) & EWS (Economically Weaker Sections having income up-to Rs.10,000/- pm) borrowers only from 21 years to 70 years for the purchase/construction of a house or to extend the existing house.
  • 5% interest subsidy (Net Present Value) available for a maximum principal amount of Rs.1 Lakh.
  • Maximum loan tenure of up-to 20 years.
  • Home loan eligibility:
    => For salaried – 48 X (average gross salary for last 3 months)
    => For others – (Max) 4 X (average annual income of last 2 years)
  • Maximum funding of 80% on the market value of the property.
Category Maximum Loan Amount Maximum House Area
For EWS Rs.1 Lakh 25 Sq. Meter
For LIG Rs.1.6 Lakhs 40 Sq. Meter

8) Credit Risk Guarantee Funds Scheme For Low Income Housing (CRGFS)

  • Available only for the borrowers belonging to EWS & LIG categories in the urban area.
  • The scheme provides loans to the borrowers without any collateral/security or third party guarantor according to the Credit Risk Guarantee Fund Trust established by Indian Government’s Ministry of Housing and Urban Poverty Alleviation.
  • Under this scheme the Trust will provide credit risk guarantee to lending institutions (Banks) for the home loans they provide to the EWS & LIG category borrowers for acquisition and purchase of new/resale home, home construction and improvement.

Click to find out the merits and demerits for investing in resale & builder property.

  • Maximum house area is up-to 430 sq. ft. carpet i.e. 40 sq. meter.
  • Maximum loan amount is Rs.5 Lakhs.
  • For loans up-to Rs.2 Lakhs guarantee cover provided is 90% of the loan amount & for loans from Rs.2 Lakhs-Rs.5 Lakhs guarantee cover provided is 85%.
  • Tenure for guarantee cover is maximum up-to 25 years or loan termination date whichever is earlier.

9) (PMAY) Pradhan Mantri Awas Yojana Bank Of Baroda

  • Interest subsidy on housing loans of 3% – 6.50% for all eligible borrowers (salaried/self-employed/NRI/PIO/OCI) from 21 years to 70 years having yearly income from Rs.3 Lakhs to Rs.18 Lakhs & belonging to the EWS, LIG & MIG segment for either acquiring or purchasing a new house or to upgrade an existing kuccha or semi-pucca house.
  • Maximum subsidy amount of up-to Rs.2.67 lakhs.
  • Maximum income to avail the benefits of this scheme is maximum up-to Rs.18 Lakhs p.a.
  • Maximum carpet areas of the house under PMAY Bank Of Barodascheme is up-to 200 sq meter i.e. 2153 sq. ft.
  • Maximum loan amount is Rs.10 Crores while maximum loan amount eligible for the subsidy is up-to Rs.12 Lakhs..
  • Maximum loan tenure of up-to 30 years with subsidy up-to 20 years of the loan tenure.
  • Maximum funding of 90% on the market value of the property.
  • Bank Of Baroda housing loan interest starts from 6.85% p.a.
  • Bank Of Baroda home loan eligibility criteria:
    => For salaried residents – minimum 1 year of employment.
    => For self-employed- minimum 2 years of business vintage.
    => For NRIs/PIOs/OCI –
    (a) minimum 2 years valid job contract / work permit OR must be staying abroad for at least 2 years.
    (b) Minimum gross annual income of Rs.5 Lakhs.
    (c) Should not be the citizens of the countries- Bangladesh / Pakistan / Sri Lanka / Afghanistan / China / Iran / Nepal & Bhutan.
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
For Salaried Loan Borrowers (Bank Of Baroda home loan eligibility based on salary) For Self-Employed Loan Borrowers
Gross Monthly Income FOIR % Latest 2 Years Average Gross Annual Income FOIR %
< Rs.20,000/- 50% Up-to Rs.6 Lakhs 70%
Rs.20,000/- to Rs. 50,000/- 60% Above Rs.6 Lakhs 80%
Rs.50,000/- to Rs.2 Lakhs 65%    
Rs.2 Lakhs to Rs.5 Lakhs 70%    
Above Rs.5 Lakhs 75%    
  • Processing fees up-to 0.50% of the loan amount plus applicable GST.(Minimum Rs.8,500/- & Maximum Rs.25,000/-)
  • Nil prepayment charges.

10) Mortgage Loan Bank Of Baroda

  • Available for all borrowers (salaried/self-employed/NRIs) to meet their immediate personal & professional fund requirement against the mortgage of residential/ commercial property and non-agricultural plots.(Click to learn more on mortgage loans)
  • Also available in the form of overdraft facility. (CLICK to know more on mortgage overdraft loans)
  • Minimum loan amount for mortgage loan is Rs.2 Lakhs & maximum loan amount is up-to Rs.10 Crores.
  • Maximum funding of 60% on the market value of the property.
  • Maximum loan tenure of up-to 10 years.  (Check out mortgage loan balance transfer @ lowest interest rates in India)
  • FOIR (Fixed Obligation Against Income Ratio)percentage:
Gross Monthly Income (GMI) FOIR %
Up-to Rs.75,000/- 50%
Rs.75,000/- to Rs.3 Lakhs 60%
Above Rs.3 Lakhs 70%

Compare Bank Of Baroda home loan against property with ICICI Bank’s Loan Against Property.

(Check out mortgage loan balance transfer @ lowest interest rates in India)

  • Unified processing charges.
For Term Loan For Overdraft Loan
1% on the loan amount plus applicable GST Up-to Rs.3 Crores 0.35% of the limit. (Maximum Rs.7,500/-)
(Minimum Rs.7,500/- & Maximum Rs.1,50,000/-) Above Rs.3 Crore 0.25% of the limit.

Click to know the documents required for applying for a mortgage loan for salaried, self employed – Pvt. Ltd Company, Partnership firm, Proprietorship Firm, mortgage loan balance transfer for salaried.

Click to find out the lowest interest rate loan against property with Loanfasttrack.

Additional Read: Difference Between Home Loan & Mortgage Loan

For the latest Bank Of Baroda LAP interest rate call on 9321020476 or login to Loanfasttrack.

11) Baroda Ashray Reverse Mortgage Loan

  • Ashray reverse mortgage loan is a mortgage loan for senior citizens of India above 60 years (spouse 55 years in case of joint loans) to meet their post retirement expenses, day-to-day expenses, medical expenses, etc. against the mortgage of their self-occupied and self-owned residential property (commercial property not allowed).
  • Maximum tenure is 15 years. (The tenure may further be extended till survival of the borrower subject to advance value of the property.)
  • Maximum loan amount inclusive of interest is up-to Rs.1 Crore (subject to value of the property).
  • Property insurance needs to be taken by the borrower regularly.
  • Reverse mortgage interest rate applicable is 9.20% p.a.
  • Processing fees 0.20% of the loan amount, maximum of Rs.10,000/-
  • Processing charges are waived 100% on all Bank of Baroda’s home loans and top-up loans.

Click to get complete information on reverse mortgage.

Bank Of Baroda Home Loan Tax Benefits 

Income tax benefit on home loan is available on both interest paid as well as on the principal amount repaid by the borrower.

Exemption on home loan, as per the Indian Income Tax Act, 1961:

  • The principal repaid can be claimed for home loan tax deduction under section 80C of the Income Tax Act up-to Rs.1.5 Lakhs p.a.
  • Interest on housing loan deduction –
    => The interest paid can be claimed for income tax exemption on home loan as deduction under section 24 of Income Tax Act up-to Rs.2 Lakhs p.a. for the property ready to move/self-owned by the borrower.
    => Home loan interest exemption of Rs.30,000 if construction is not completed within five years.
    => For home loans up-to Rs.35 Lakhs & cost of the properties up-to Rs.50 Lakhs, an additional housing loan tax exemption on interest of up-to Rs.50,000 is applicable on the interest paid for first time home buyers.
    => Housing loan interest exemption for rented properties-

Entire interest amount can be claimed in a year for the property which is rented out by the borrower subject to the maximum exemption limit of Rs.2 Lakhs for the interest paid.

Bank Of Baroda Home Loan Documents List

SR. No. Documents Required For Salaried For Self-Employed
1 KYC Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof Pan CardAadhar CardLatest Passport size photographOffice proof Residence Proof
2 Income Documents 4 months Salary Slips6 months Bank Account Statement2 years From 16 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified12 months bank account statements of all bank accounts savings + current account
3 Property Documents Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt Prior Chain of AgreementOC/CC + approved plansIndex 2Share CertificateSociety Registration CopyProperty Tax Receipt
4 Additional Documents for home loan transfer LOD Outstanding Balance Letter18 months repayment track record LOD Outstanding Balance Letter18 months repayment track record
5 Other Documents Duly signed Bank Of Baroda home loan application formProcessing fees cheque Duly signed BOB home loan application form Processing fees cheque                     
6 For NRI Home Loan Please refer to the link – “https://www.loanfasttrack.com/blog/blog/finance/nri-list-of-documents-for-applying-home-loan/”.
7 Refer to the links for a detailed Bank Of Baroda home loan checklist. Documents required for resale case   Documents required for resale case:  Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for builder case Documents required for builder case: Proprietorship firmPrivate Ltd. CompanyPartnership Firm
    Documents required for home loan balance transfer Documents required for home loan balance transfer for: Proprietorship FirmPrivate Limited CompanyPartnership Firm

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank Axis Bank Bank Of India
Click For The Latest Bank Of Baroda Home Loan Offers

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

Seek expert advice on 9321020476.

You can also email on info@loanfasttrack.com.

Loanfasttrack’s specialized services includes providing:

Additional Read:

BANK OF INDIA (BOI) HOME LOAN

by admin
BOI Home Loan
Bank Of India offers home loans to eligible borrowers with EMIs starting from ₹655 per lac. Interest rates start from 6.85% p.a. overextended loan tenures up to 30 years with processing fees starting from 0.25% of the loan amount.

Key Features Of Bank Of India Housing Loan:

  • BOI is the lowest interest rate home loan provider.
  • BOI home loan interest rates 2020 starts from 6.85% p.a.
  • Lowest per lac EMI of Rs.655/-
  • Longer repayment tenure available for 30 years.
  • BOI housing loan interest is calculated on daily reducing balance.
  • Discounted interest rates for women borrowers.
  • BOI bank home loans are also available for NRIs.
  • No administrative charges.
  • Nil prepayment charges for floating interest rates.
  • Free personal accident insurance cover.
  • PMAY credit linked subsidy schemes available with subsidy upto Rs.2.67 lakhs.

Current Home Loan Interest Rates BOI 2020 Chart  

CIBIL Score Salaried Borrowers Self-Employed Borrowers
  Womens Others Womens Others
760 & Above 6.85% p.a. 6.85% p.a. 6.85% p.a. 6.85% p.a.
Between 725 – 759 7.% p.a. 7.05% p.a. 7.10% p.a. 7.15% p.a.
Between 675 – 724 7.10% p.a. 7.15% p.a. 7.70% p.a. 7.75% p.a.
For CIBIL Score of -1 & 0 7.% p.a. 7.05% p.a. 7.10% p.a. 7.15% p.a.

Note:    (i) Interest rates are subject to change without prior notice.

(ii) Interest rates applicable only for Star Home Loan/Star Smart Home Loan/Star Diamond Home Loan

(iii) Interest rates are based on CIBIL scores of the borrowers.

(iii) 0.50% additional BOI housing loan interest rates for CRE-RH home loans i.e. for borrowers who own multiple properties i.e. 2 or more.

Click to understand the significance of CIBIL in home loan & to know how your home loan inquiry can impact your CIBIL score.

BOI Bank Home Loan Interest Rates For Various Home Loan Schemes

BOI Star Home Loan 6.85% p.a. – 7.75% p.a.
BOI Star Smart Home Loan 6.85% p.a. – 7.75% p.a.
BOI Star Diamond Home Loan 6.85% p.a. – 7.75% p.a.
BOI Star Top Up Loan 7.35% p.a – 8.25% p.a. 
BOI Star Pravasi Home Loan 6.90% p.a. – 6.95% p.a.
BOI Earnest Money Deposit (EMD) Scheme 6.85% p.a. – 11.85% p.a.
Pradhan Mantri Awas Yojana (PMAY) 6.85% p.a.
BOI Star Loan Against Property 8.85% p.a. – 9.35% p.a.

BOI Home Loan Details

Eligible Profile Salaried, Self-Employed Professionals, Self-Employed Non-Professionals, Corporates (Proprietorship Firm, Partnership Firm, Private Ltd. Company), NRIs, PIOs & HUFs.
Age Criteria Minimum 21 years & maximum 70 years.
Loan Amount Maximum up-to Rs.5 Crores.
Repayment Tenure Maximum up-to 30 years.
Loan Funding Maximum up-to 85%* of the market value of the property.
Types Of BOI Home Loan BOI Plot Loan, BOI Home Improvement Loan, BOI Plot Plus Construction Loan, BOI Home Loan, BOI Home Loan Balance Transfer, BOI Top Up Loan, BOI Home Repairs & Renovation Loan, BOI Loan Against Property.
BOI Home Loan Interest Rates Starts from 6.85% p.a. (Discounted interest rates for womens)
BOI Per Lac EMI Starts from Rs.655/- (Rs.655/- is the per lakh EMI calculated @ of 6.85% p.a. for 30 years)
Rate Package Available Floating & Fixed interest rate.
BOI Home Loan Processing Fees For individuals 0.25% of the loan amount + applicable GST (Minimum Rs.1,500/- & Maximum Rs.20,000/-)   For Partnership Firms & Corporates – 0.50% of the loan amount + applicable GST (Minimum Rs.3,000/- & Maximum Rs.40,000/-)   (Read to know the complete list of charges on home loans- CLICK)
Prepayment Charges Floating interest rates – Nil. Fixed interest rates- 0.65% – 2.25% of the outstanding balance.
BOI Home Loan Schemes Available BOI Star Home Loan, BOI Star Smart Home Loan, BOI Star Diamond Home Loan, BOI Star Pravasi Home Loan, BOI Earnest Money Deposit (EMD) Scheme, Pradhan Mantri Awas Yojana (PMAY), BOI Star Loan Against Property.

BOI Home Loan Calculator

Use Loanfasttrack’s BOI Home Loan EMI calculator to calculate your EMI outgo.It  is a hassle free simple generic calculator which gives you accurate estimates of the EMI for various loan amounts as well as the loan tenures. The calculator also displays the total interest payable for the said home loan tenure.

Simply enter 3 variables to get the desired EMI amount i.e. the loan amount, home loan rate of interest & loan tenure.

EMI Amortization Chart

An amortization chart provides details on periodic loan repayments compromising the principal & the interest amount until the loan is repaid. While each monthly payment remains the same, the payment is made up of parts that vary over time. The amortization schedule determines the percentage of EMI outgo towards the interest component versus principal component.

Home Loan Amortization Chart For Rs.30 Lakhs Housing Loan For 20 Years

(Assuming your loan is disbursed in the month of October @ 6.85% p.a.)

Yearly Chart

Year Total EMI Principal Interest Balance
2020 68,970 17,695 51,275 29,82,306
2021 2,75,880 73,879 2,02,001 29,08,427
2022 2,75,880 79,099 1,96,781 28,29,326
2023 2,75,880 84,692 1,91,188 27,44,633
2024 2,75,880 90,678 1,85,202 26,53,953
2025 2,75,880 97,091 1,78,789 25,56,863
2026 2,75,880 1,03,954 1,71,926 24,52,909
2027 2,75,880 1,11,303 1,64,577 23,41,606
2028 2,75,880 1,19,172 1,56,708 22,22,436
2029 2,75,880 1,27,595 1,48,285 20,94,840
2030 2,75,880 1,36,617 1,39,263 19,58,225
2031 2,75,880 1,46,273 1,29,607 18,11,952
2032 2,75,880 1,56,613 1,19,267 16,55,339
2033 2,75,880 1,67,683 1,08,197 14,87,655
2034 2,75,880 1,79,538 96,342 13,08,117
2035 2,75,880 1,92,230 83,650 11,15,886
2036 2,75,880 2,05,820 70,060 9,10,067
2037 2,75,880 2,20,368 55,512 6,89,698
2038 2,75,880 2,35,949 39,931 4,53,750
2039 2,75,880 2,52,627 23,253 2,01,123
2040 2,06,910 2,01,123 5,787 0

BOI Home Loan Schemes

1) BOI Bank Home Loan

  • Maximum loan amount of Rs.5 Crores.
  • Additional 15% of the home loan amount maximum up-to Rs.5 Lakhs can be availed for furnishing the house which will be available at the same BOI home loan rate with the maximum repayment tenure of 10 years.
  • Loans for the installation of the solar PVs are also available at the BOI housing loan rate of interest.
  • LTV funding:
    * 80% on the agreement value/ cost of the property (excluding stamp duty, registration and other documentation charges) for loan amount below Rs.75 Lakhs.
    * 75% on the agreement value/ cost of the property (excluding stamp duty, registration and other documentation charges) for loan amount above Rs.75 Lakhs.
  • BOI home loan eligibility will be calculated as lower of the two.
For Salaried Home Borrowers 72 times of gross monthly salary or 6 times of gross annual income based on IT returns.
For Self-Employed Home Borrowers 6 times of Gross annual income based on IT returns.
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company 6 times of cash accruals (Profit after tax + depreciation) as per Balance Sheet/P&L Account.

or

  For Salaried Home Borrowers Net Take Home Pay (NTH):-
Gross Monthly Income   Up-to Rs.1 Lakh Rs.1 Lakh – Rs.5 LakhAbove Rs.5 Lakhs  NTH     40%   30%   25% FOIR (Fixed Obligation Against Income Ratio)   60% 70%   75%
For Self-Employed Home Borrowers
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company Minimum 1.5 DSCR (Debt-service Coverage Ratio).
  • For the borrowers purchasing the 2nd house, notional rental income from the property can be considered for higher home loan eligibility.
  • BOI star home loan interest rates range from 6.85% p.a. To 7.75% p.a.
  • Home loan interest rate in BOI is charged on daily reducing balance.
  • BOI home loan processing fee
    – For salaried/self-employed proprietor/ self-employed professional – 0.25% of the loan amount plus applicable GST subject to minimum of Rs.1,500/- and maximum of Rs.20,000/-
    – For Partnership Firm & Pvt. Ltd. Comp – 0.50% of the loan amount plus applicable GST subject to minimum of Rs.3,000/- and maximum of Rs.40,000/-
  • Nil prepayment charges on floating BOI house loan interest rate.
  • Step-up & Step-down EMI facility available.
  • Free personal accident insurance cover.

Compare BOI Home Loan With ICICI Bank Home Loan, HDFC Ltd. Home Loan, Canara Bank Home Loan, SBI Home Loan & Axis Bank Home Loan.

For the latest BOI Home Loan, Home Loan Transfer interest rates & processing fees offer call on 9321020476 or login to Loanfasttrack.

2) BOI Star Smart Home Loan

  • It is an overdraft home loan scheme of BOI which provides interest relief without compromising the liquidity.
  • Eligible profiles from 21 years to 70 year:|
    – BOI’s existing saving account customers or current deposit customers who have maintained an average balance of Rs.5000/- for the last 1 year.
    – BOI’s new customer who opens a saving account or current deposit account with them with an opening balance of Rs.5000/-
    – Salaried customers having salary accounts with BOI.
    – Self-employed & self-employed professional with uninterrupted flow of income.
  • Minimum loan amount is Rs.5 Lakhs for salaried & for others is Rs.10 Lakhs.
  • Maximum loan amount:
    – For construction/purchase of home – Rs.5 Crores.
    – For repairs, renovation & extension of home – Rs.50 Lakhs.
    – For plot purchase – Rs.3 Crores. (Read: Everything You Must Know Before Purchasing A Land & Availing The Land Loans)
    – For home furnishing – Rs.5 Lakhs.
  • Longer repayment tenures up-to 30 years.
  • BOI rate of interest home loan for Star smart overdraft scheme range from 6.85% p.a – 7.75% p.a.
  • Interest is charged on daily reducing balance.
  • Processing fees 0.25% of the loan amount + applicable GST (Min Rs.1,500/- & Maxi Rs.20,000/-) – for individuals &

0.50% of the loan amount + applicable GST (Min Rs.3,000/- & Max Rs.40,000/-) – for Partnership Firms & Corporates.

  • The surplus amount in savings/current deposit account automatically gets transferred to the home loan account thus reducing the interest burden.
  • Drawing limit and sanction limit is simultaneously reduced on every repayment of EMI.
  • Provides cheque book, debit card, mobile banking and online banking facility to the borrowers who wish to manage their saving’s account while dealing with the home loan.
  • Loan funding of 80%.
  • Nil prepayment charges on floating interest rate home loan.

Compare BOI’s Star Smart Home Loan with SBI’s Maxgain Product, Axis Bank Super Saver Home Loan & ICICI Bank Home Overdraft Product.

3) BOI Star Diamond Home Loan

  • Available for all high net worth salaried, self-employed, self-employed professionals, firms/ corporates for residential accommodation of their partners/directors from 21 years to 70 years, only for cities of Mumbai, Pune, Ahmedabad, Delhi, Chennai, Kolkata, Bangalore, & Hyderabad.
  • High net worth = individuals & firms/corporates with average minimum gross income of Rs.1 Crore and above as per the audited balance sheets for the last 3 years.
  • Maximum loan amount available is Rs.5 Crores.
  • Funding of 75% on the cost of the property / agreement value.
  • Minimum income for individuals is 25% of the gross income & minimum 1.5 DSCR (Debt-service Coverage Ratio) for firms/ corporates.
  • Maximum loan tenure of up-to 30 years.
  • Interest rates range from 6.85% p.a. – 7.75% p.a.
  • Interest is charged on daily reducing balance.
  • Step-up & Step-down EMI facility available.
  • One-time processing fees of Rs.50,000/- plus applicable GST.
  • Nil prepayment charges on floating interest rate home loan.

4) BOI Star Top Up Loan

  • Available only for existing loan borrowers (salaried, self-employed and self-employed professional) from 21 years to 70 years with good repayment track records of minimum 24 months.
  • BOI loan top up amount can be used for any business or personal purposes except the speculative purposes.
  • Minimum loan amount is Rs.2 Lakhs and maximum loan amount should not exceed 75% of the market value of the property inclusive of the existing outstanding home loan amount.
  • Repayment tenure of maximum 12 years for BOI top up loan on home loan.
  • Top up loan BOI interest rates range from 7.35% p.a. – 8.25% p.a.
  • Processing fees 0.25% of the loan amount + applicable GST (Min Rs.1,500/- & Maxi Rs.20,000/-) – for individuals & 0.50% of the loan amount + applicable GST (Min Rs.3,000/- & Max Rs.40,000/-) – for Partnership Firms & Corporates.

Compare BOI Star Top Up Loan with ICICI Bank home loan top up.

5) BOI Star Pravasi Home Loan

  • Minimum loan amount is Rs.1 Lakh & maximum loan amount is Rs.5 Crores.
  • Longer repayment tenure of up-to 30 years.
  • Interest rate of home loan for women borrowers is 6.90% p.a. and for others is 6.95% p.a.
  • Interest is charged on daily reducing balance.
  • Processing fees 0.25% of the loan amount (Min Rs.1,500/- & Maxi Rs.20,000/-) & 0.50% of the loan amount (Min Rs.3,000/- & Max Rs.40,000/-) + applicable GST.
  • Home loan eligibility:
For Salaried Home Borrowers 72 times of gross monthly salary or 6 times of gross annual income based on IT returns.
For Self-Employed Home Borrowers 6 times of Gross annual income based on IT returns.
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company 6 times of cash accruals (Profit after tax + depreciation) as per Balance Sheet/P&L Account.
  • Net take home pay (NTH)/ DSCR:
  For Salaried Home Borrowers Net Take Home Pay (NTH): –
Gross Monthly Income   Up-to Rs.1 Lakh Rs.1 Lakh – Rs.5 LakhAbove Rs.5 Lakhs  NTH     40%   30%   25% FOIR (Fixed Obligation Against Income Ratio)   60% 70%   75%
For Self-Employed Home Borrowers
For HUF/Proprietorship /Partnership Firm/ Pvt. Ltd. Company Minimum 1.5 DSCR (Debt-service Coverage Ratio).
  • Nil prepayment charges on floating BOI house loan interest rate.
  • Step-up & Step-down EMI facility available.
  • Free personal accident insurance cover for loan up-to Rs.5 Crores.

Click to get the complete list of documents required for NRI Home Loans.

6) BOI (EMD) Earnest Money Deposit Scheme

  • EMD are short term loans available for all eligible borrowers with a minimum age of 21 years to finance them to pay the booking amount for the residences/plots sold by the urban development authorities, housing boards and other government entities.
  • Maximum loan amount is Rs.10 Lakhs.
  • Loan Eligibility:
    – For Salaried – Gross salary p.m. X 12 times.
    – For others – Last year annual income as shown in the ITR.
  • Maximum funding of 90% available.
  • Interest rates applicable are 6.85% p.a. for loans below 1 year and for loans above 1 year 11.85% p.a.
  • Processing fees of Rs.500/- (one time) per application.
  • No prepayment charges.

Click to find out the merits and demerits for investing in resale & builder property.

7) Pradhan Mantri Awas Yojana (PMAY)

  • Interest subsidy on housing loans of 3% – 6.50% for all eligible borrowers (salaried/self-employed/NRI) from 21 years to 70 years having yearly income from Rs.3 Lakhs to Rs.18 Lakhs & belonging to the EWS, LIG & MIG segment for the purchase / construction of their first house.
  • Maximum subsidy amount of up-to Rs.2.67 lakhs provided for the borrower who does not own any pucca house in his name.
  • Maximum carpet areas of the house under PMAY scheme is up-to 110 sq meter i.e. 1184 sq.ft.
  • Maximum income to avail the benefits of this scheme is maximum up-to Rs.18 Lakhs p.a.
  • Longer repayment tenure up-to 30 years with subsidy up-to 20 years of the loan tenure.
  • Interest rate applicable for all is 6.85% p.a.
  • Maximum loan amount eligible for the subsidy is up-to Rs.12 Lakhs.
  • Processing fees – nil up-to maximum loan amount eligible for subsidy and above standard processing fees charges will be applicable which are- 0.25% of the loan amount (Min Rs.1,500/- & Maxi Rs.20,000/-) & 0.50% of the loan amount (Min Rs.3,000/- & Max Rs.40,000/-) + applicable GST.
  • Nil prepayment charges.

8) BOI Star Loan Against Property (BOI Mortgage Loan)

  • Processing fees – maximum up-to Rs.20,000/- plus applicable GST.

Compare BOI Star Loan Against Property with ICICI Bank’s Loan Against Property.

  • Processing fees for overdraft mortgage loan:
For Loan Repayment By Instalment For Mortgage OD (Reducible) For Mortgage OD (Non-Reducible)
1% of the loan amount + applicable GST For 1st Year: 0.5% of the loan amount + applicable GST 0.50% of the sanctioned amount /reviewed limit + applicable GST  
(Minimum Rs.5,000/- & Maximum Rs.50,000/-) (Minimum Rs.5,000/- & Maximum Rs.30,000/-) (Minimum Rs.5,000/- & Maximum Rs.30,000/-on annual basis)  
  For Subsequent Years: 0.25% of the reviewed limit + applicable GST  
  (Minimum Rs.2,500/- & Maximum Rs.15,000/-)  

Click to know the documents required for applying for a mortgage loan for salaried, self employed – Pvt. Ltd Company, Partnership firm, Proprietorship Firm, mortgage loan balance transfer for salaried.

Click to find out the lowest interest rate loan against property with Loanfasttrack.

For the latest BOI Mortgage Loan interest rate call on 9321020476 or login to Loanfasttrack.

BOI Home Loan Income Tax Benefits

Income tax benefits are available on both- interest paid as well as on the principal amount repaid by the borrower.

As per the Indian Income Tax Act, 1961:

  • The principal repaid can be claimed for tax deduction under section 80C of the Income Tax Act up-to Rs.1.5 Lakhs p.a.
  • The interest paid can be claimed for tax deduction under section 24 of the Income Tax Act up-to Rs.2 Lakhs p.a. for the property self-owned by the borrower.
  • Entire interest amount can be claimed in a year for the property which is rented out by the borrower.

BOI Home Loan Documents Required

1) KYC – Pan Card, Aadhar Card, Latest Passport size photograph, Office proof & Residence Proof.

2) Income Documents

  1. Documents required for home loan for salaried person – 4 months Salary Slips, 6 months Bank Account Statement, 2 years Form 16.
  2. Documents required for home loan for self-employed – 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified, 12 months bank account statements of all bank accounts savings + current account.

3) Property documents

  1. Prior Chain of Agreement
  2. OC/CC + approved plans
  3. Index 2
  4. Share Certificate
  5. Society Registration Copy
  6. Property Tax Receipt.

4) Additional documents required for home loan transfer

  1. LOD
  2. Outstanding Balance Letter
  3. 18 months repayment track record.

5) Other documents

  1. Duly signed BOI home loan application form.
  2. Processing fees cheque.

6) Click for documents required for NRI home loan

7) Please refer to the links for detailed documents for BOI home loan apply.

a) Home loan documents required Resale Case for salaried, for self-employed for Proprietorship firm, Private Ltd. Company, Partnership Firm. 
b) Documents required for home loan from builder for salaried, for self-employed Proprietorship firm, Private Ltd. Company, Partnership Firm.  
c) Housing loan documents required for home loan balance transfer for salaried, self-employed – Proprietorship Firm, Private Limited Company, Partnership Firm.

Click to know housing loan interest rates of different banks and to know which bank has the lowest home loan interest rate.

Similar Banks Offering Home Loans

ICICI Bank HDFC Ltd. Canara Bank SBI Bank Axis Bank
Zero Processing Fees For Home Loan Balance Transfer. Click To Avail The Offer.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai on– housing loan in Mumbai, mortgage loan in Mumbai, personal loan in Mumbai, business Loan in Mumbai, unsecured business loans,home loan transfer, top-up loans, car loans and loan transfers. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc.

Visit www.loanfasttrack.com.

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