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SBI Home Loan

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Home Loans

State Bank Of India is the largest mortgage lender in India providing attractive home loan interest rates. Current SBI home loan interest rates start from 6.95%p.a. (concessional rates of SBI home loan for women) with flexible repayment options up-to 30 years for SBI home loan tenure. Processing fee for home loan in SBI is up-to 0.40% of the loan amount (Min.Rs.10,000 & Max.Rs.30,000) plus applicable GST.

Benefits Of SBI Home Loan

  • Low home loan rates in SBI. SBI bank home loan interest rate starts from 6.95% p.a.
  • Interest concession of 0.05% p.a. on SBI home loan interest rate for women.
  • Interest calculation on a daily reducing balance.
  • Home loan also available as an overdraft with SBI overdraft home loan.
  • Low processing charges. SBI home loan processing fee ranges in 0.20%-0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.
  • No prepayment penalties.
  • PMAY credit linked subsidy schemes available with subsidy up-to Rs.2.67 lakhs.
  • SBI Pre-approved home loan facility available.

SBI Home Loan Interest Rates 2020

SBI Home Loan Schemes Rate Of Interest For Salaried Rate Of Interest For Self-Employed
SBI Regular Home Loan 6.95% -7.35% p.a. 7.10%-7.50% p.a.
SBI Shaurya Home Loan 6.95% p.a. onwards  –
SBI Maxgain Home Loan 7.30%-7.70% p.a. 7.45%-7.85%
SBI Privilege Home Loan 6.95% p.a. onwards  –
SBI Flexipay Home Loan 8.15%-8.65% p.a.  –
SBI Tribal Plus Home Loan 7.05% p.a. onwards  –
SBI (Commercial Real Estate) CRE Home Loan 7.45% p.a. onwards  –
SBI Realty Home Loan 7.65%-7.90% p.a.  –
SBI Home Top Up Loan (Term Loan) 7.50%-9.55% p.a. 7.65%-9.70% p.a.
SBI Home Top Up Loan (Overdraft) 8.40%-8.65% p.a. 8.55%-8.80% p.a.
SBI Insta Home Top Up Loan (For Rs.1 Lakh – Rs.5 Lakhs) 8.20% p.a. 8.20% p.a.
SBI Smart Home Top Up Loan (Term Loan) 8.05% p.a. 8.55% p.a.
SBI Smart Home Top Up Loan (Overdraft) 8.55% p.a. 9.05% p.a.
SBI Bridge Home Loan 9.50% p.a. – for first year 10.50% p.a. – for second year.  –
SBI Corporate Home Loan 9.20% p.a. – 10.95% p.a. (Loan applicant is a corporate entity).
SBI EMD Earnest Money Deposit 10.45% p.a.  –
SBI Loan Against Property (If self-occupied) 8.80%-9.30% p.a. 8.80%-9.30% p.a.
SBI Loan Against Property (If not self-occupied) 8.90%-9.65% p.a. 8.90%-9.65% p.a.
SBI Reverse Mortgage Loan 9.05% p.a. – for public 8.05% p.a. – for SBI pensioners  –

SBI Home Loan Details

SBI provides home loans for the purchase of property (residential/commercial/land), repairs, renovate or redecorate, extension or improvement and construction of the property.

SBI Home Loan Eligibility Criteria

Eligible Profile Salaried, Self-Employed Professionals, Self-Employed Non-Professionals, NRIs, PIOs, Corporate Entities
Age Criteria Minimum 18 years & maximum 70 years.
Loan Amount SBI home loan maximum amount is based on the eligibility.
SBI Loan Repayment Options – Home Loan Tenure SBI home loan maximum tenure is 30 years. (Minimum tenure for home loan in SBI is 5 years)
SBI Home Loan Types SBI Home Loan For Under Construction Property, SBI Property Loan, SBI Plot Loan/SBI Land Loan, SBI Top Up Loan, SBI Home Loan Transfer, SBI Renovation Loan/Home Renovation Loan SBI, SBI Home Extension Loan, SBI NRI Home Loan, SBI Loan Against Property, Reverse Mortgage Loan SBI, SBI Construction Loan/Home Construction Loan SBI, Commercial Property Loan SBI, Home Improvement Loan SBI.
SBI Home Loan Rate Today SBI housing loan interest rate starts from 6.95% p.a.
EBR 6.65% p.a.
SBI Home Loan EMI Per Lakh Starts from Rs.662/- (Rs.662/- is the per lakh EMI calculated @ of 6.95% p.a. for 30 years)
Rate Packages Available Floating & Fixed rate SBI housing loan rate.
SBI Home Loan Approval Process Time 20-30 working days.
SBI Housing Loan Processing Charges SBI housing loan processing fee (inclusive of legal & technical charges)- ranges in 0.20%-0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST. Stamp duty charges for SBI home loan – 0.20% of the loan amount. (Read to know the complete list of charges on home loans- CLICK)
Pre Closure Charges For Home Loan SBI Nil for floating interest rates.

SBI Home Loan Schemes

SBI offers customized schemes for the customers to suit their varied home loan requirements. Mentioned below are its various home loan products with its salient features.

1) SBI Regular Home Loan

  • Available for all Indian residents from 18 years to 70 years for purchase (resale/builder under-construction or ready to move)/construction/extensions/repairs & renovations of the property. (Click to know the difference in home loan for resale & builder case)
  • SBI current home loan interest rates available from 7% p.a. onwards. Special discounted rates for women borrowers. 0.05% concession on interest rates for women.
  • SBI home loan offers longer repayment tenure up-to 30 years.
  • Zero prepayment charges.
  • SBI home loan processing fees range from 0.20%-0.40% of the loan amount plus applicable GST subject to minimum Rs 10000/- & maximum Rs 30000/-. (including legal and technical cost)
  • Home loan available in the form of overdraft.
  • Tax benefits under section 24 and 80(C).

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

2) SBI Pre-Approved Home Loan

  • SBI pre-approved loan (PAL) is available for all Indian residents from 18 years to 70 years.
  • Pre-approved home loan from SBI enables the applicant to get home loan sanctioned even before finalizing the property.
  • SBI pre-approved loan interest rate starts from 6.95% p.a.
  • SBI PAL eligibility is assessed only on the basis of the income details of the applicant.
  • Home loan available in the form of overdraft.
  • Other benefits of PAL are similar to regular home loans.
  • Non-refundable processing fees (0.20%-0.40% of home loan amount plus applicable GST) will be collected at the time of sanction.

3) SBI Balance Transfer Of Home Loan

  • Available for all Indian residents from 18 years to 70 years.
  • Low housing loan rate of interest in SBI for balance transfer starting from 6.95%p.a. (Compare home loan transfer details of SBI with other leading banks)
  • SBI home loan take over interest rates are charged on daily reducing balance.
  • Home loan available in the form of overdraft.
  • No hidden costs- Nil pre & part payment charges.
  • Extended loan tenures up-to 30 years.
  • SBI home loan transfer processing fees inclusive of legal & technical – 0.20%-0.40% of the loan amount plus applicable GST (Min Rs 10000/- & Max Rs 30000/-).

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

For the latest SBI home loan transfer interest rates & processing fees offer call on 9321020476.

4) SBI NRI Home Loan

  • Available for NRIs & PIOs (Person Of Indian Origin) applicants from 18 years to 60 years.
  • Extended loan tenure up-to 30 years.
  • SBI bank NRI home loan available in the form of overdraft.
  • Low SBI home loan ROI (Rate Of Interest) for NRIs – 6.95% onwards.
  • Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).

Click to get documents required for SBI home loan for NRI.

Learn more on NRI home loans & NRI home loan transfer.

5) SBI Flexipay Home Loan

  • SBI flexi home loan available only for salaried Indian residents from 21 years to 45 years.
  • 20% higher SBI housing loan eligibility with Flexi pay home loan.
  • The applicant can pay only the interest during the pre-EMI period followed by step-up EMIs in the subsequent years.
  • SBI flexi pay home loan interest rate varies from applicant to applicant depending on their credit scores and LTV (Loan To Value) percentage.
  • Maximum loan amount availed is up-to 7crs.
  • Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).

6) SBI Privilege Home Loan

  • Designed specially to provide home loans to Central & State Government employees (including Public Sector Banks, Central Govt.’s Public Sector Units & Pensioners) from 18 years to 75 years.
  • The loan can be serviced post retirement period. Post retirement EMIs capped @ 50% of the existing per month income.
  • Zero processing fees (excluding legal & technical cost) & Zero foreclosure charges.
  • 30 years repayment tenure.
  • Uniform interest rates of 6.95% p.a. onwards for all women, men/others with check-off facility & 7% p.a. onwards for all without a check off facility.

(Check-off facility meaning= the home loan EMIs are directly deducted from the employee’s salary and remitting the same to the lender’s bank)

7) SBI Shaurya Home Loan

  • Provided only for the defense employees i.e. for Indian army and defense personnel from 18 years to 75 years.
  • Zero processing fees (excluding legal & technical cost) & Zero foreclosure charges.
  • Longer repayment tenure of 30 years.
  • SBI shaurya home loan interest rates are charged on daily reducing balances.
  • Uniform interest rates of 6.95% p.a. onwards for all women, men/others with check-off facility & 7% p.a. onwards for all without a check-off facility.

8) SBI Realty Home Loan

  • Available for Indian residents from 18 years to 65 years for the purchase of the plot to construct a house. (Construction to be completed within 5 years from the sanction of the SBI plot plus construction loan).
  • Maximum loan amount availed for SBI plot and construction loan is up-to Rs.15 crores.
  • Maximum tenure available is 10 years.
  • The applicant can also avail another SBI home loan for construction of house on plot financed under SBI Realty as per the SBI land purchase scheme.
  • SBI Realty Loan interest rates range from 7.70% p.a. – 7.90% p.a. – daily reducing balance. (0.05% concession on rates available for women applicants.)
  • Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).

Also Read: Everything You Must Know Before Purchasing A Land & Availing The Land Loans

9) SBI Home Top Up Loan

  • Available for resident Indians and NRIs from 18 years to 70 years.
  • Top up loan on home loan SBI can be availed in the form of overdraft.
  • SBI home loan top up interest rate range in 7.50% p.a. – 9.55% p.a. for term loan and 8.40% p.a. – 8.65% p.a. for overdraft.
  • Interest charges on daily reducing balances for SBI top up loan interest rate.
  • SBI home loan top up eligibility is subject to the applicant’s income and the property’s market value (Maximum LTV is subject to 80%).
  • Longer repayment tenure up-to 30 years.
  • Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).

Compare SBI top up loan with ICICI Bank home loan top up.

10) SBI Smart Home Top Up Loan

  • Available for resident Indians and NRIs from 18 years to 70 years.
  • The applicant needs to visit the nearest SBI/RACPC (Retail Assets Central Processing Centre) to avail the loan.
  • The applicant should not have any other active home top-up or insta home top-up loans for availing SBI smart top up loan.
  • Minimum CIBIL score required is 550 and above with satisfactory repayment track record of 1 year or more. (Click to understand the significance of CIBIL in home loan)
  • Loan tenure available is up-to 20 years.
  • Minimum loan amount is 5 lakhs, also available in the form of overdraft facility.
  • No documents required.
  • Interest rates for term loans are 8.05% p.a. & 8.55% p.a. For overdraft loans are 8.55% p.a. & 9.05% p.a. respectively for salaried and self-employed applicants.
  • Flat processing fees of Rs.2000/- plus applicable GST.
  • No need to pay the processing fees upfront. The charges will be deducted from the loan amount itself.
  • Nil prepayment charges.

11) SBI YONO Insta Home Top Up Loan

  • It is the digital home loan that is applied through SBI’s YONO mobile app.
  • No documentation required.
  • Applicable only for its existing customers with satisfactory track record.
  • Only those pre-selected customers selected on the basis of the track history, outstanding tenure, etc. can apply for this product 24*7.
  • Instant disbursals through SBI YONO App. Loan available in the form of overdraft.
  • Loan amount that can be availed is minimum Rs.1 Lakh and maximum Rs.5 Lakhs.
  • Interest rate applicable for all is 8.20% p.a.
  • Flat processing fees of Rs.2000/- plus applicable GST adjusted through the top up loan disbursement amount.

12) SBI Bridge Home Loan

  • Bridges the gap of fund shortage between the sale of the existing home and the purchase of a new home.
  • Available for resident Indians from 18 years to 70 years.
  •  Minimum loan amount with SBI bridge loan is 2 years while maximum is 2 crores.
  • Loan tenure is up-to 2years.
  • Interest charged on daily reducing balances. 9.50% p.a for the first year & 10.50% p.a. for the second year.
  • Processing cost is 0.35% of the loan amount plus applicable GST, subject to minimum of Rs.5000/-.

13) SBI Corporate Home Loan

  • Available for corporate entities i.e. public sector and private limited companies including its subsidiary/SPV (Special Purpose Vehicle/Special Purpose Entity) units to purchase/construct residences (in the name of the companies) for the use by their employees/directors/promoters.
  • Also available for SBI home loan balance transfer in the name of the company from other lender Banks/HFCs/NBFCs
  • Preconditions for the corporate entities for availing the home loan:
    – Should be SBI’s existing borrower or debt free company.
    – Should have 3 years of business vintage.
    – Should have uninterrupted flow of income/net profits for the last 3 years.
    – No restructuring of the company’s loan accounts for the last 3 years.
  • In case of a subsidiary company:
    a.) The parent company should agree to be the guarantor in the home loan.
    b.) The parent company fulfills its eligibility norms &
    c.) The parent company provides undertaking to service the subsidiary company’s home loan if the subsidiary has insufficient t cash flows to repay the home loan EMIs.
  • Interest rates range from 9.20% p.a. – 10.95% p.a.
  • Processing cost is 0.50% of the loan amount plus applicable GST, subject to minimum of Rs.50,000/- & maximum of Rs.10 Lakhs.

14) SBI Home Loan To Non-Salaried Differential Offerings

  • Available for non-salaried resident Indians i.e. the self-employed Indian residents with minimum age of 18 years for the purchasing/constructing a house, for repairing & renovating the existing house and also for the housing loan takeover from other lenders.
  • Minimum loan amount that can be availed is Rs.50,000/- subject to the maximum loan amount of Rs.50 Crores.
  • Longer repayment tenures available up-to 30 years.
  • Interest rates applicable are 7.10% p.a. onwards on daily reducing balances.
  • Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).
  • Preconditions for availing the home loan for the applicant (proprietor/partner/director):
  • Should have a minimum business vintage of 3 years.
  • Must be profit making for the last 2 years.
  • Existing Credit Facilities, if any, should be Regular and Standard.
  • In case of joint ownership of the residential property in the name of proprietor and the proprietorship firm the firm must be a debt free firm or an existing borrower of SBI.

15) SBI Tribal Plus

  • Tribal plus home loan is available for all resident Indians residing in the hilly/tribal areas from 21 years to 60 years for the purchase/construction of a new house without mortgaging the land, for purchasing of the resale house not more than 10 years old, for repair & renovation of the house and also for the home loan takeover from other lender Banks/HFCs/NBFCs.
  • Repayment tenures are up-to 15 years.
  • Maximum loan amount that can be availed is Rs.10 Lakhs.
  • Nil prepayment charges.
  • No need to mortgage the land, third party guarantor are allowed.
  • Interest rates start from 7.10% p.a. on daily reducing balances. 0.05% rate concession for women borrowers.
  • Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).

16) SBI Earnest Money Deposit (EMD)

  • SBI Earnest Money Deposit scheme is available for all resident Indians with minimum age of 21 years.
  • The loan is availed only to pay the booking amount for the residences/plots sold by the urban development authorities, housing boards and other government entities.
  • EMD are short term loans having repayment tenure of not more than 1 year.
  • No minimum income criteria to avail the maximum loan amount of Rs.15 Lakhs.
  • Interest rates applicable for all is 10.45% p.a.
  • Applicable processing fee is 0.50% of the home loan amount plus applicable GST subject to a minimum of Rs.1000/-.
  • No prepayment charges.

17) SBI CRE (Commercial Real Estate) Home Loan

  • SBI CRE home loan is designed especially for all resident Indians from 18 years to 70 years who already own 2 or more residences and want to buy more.
  • Maximum number of home loans that can be applied through CRE is restricted to 3 including the existing and the proposed one & excluding the closed home loans.
  • Longer repayment up-to 30 years.
  • Home loan available in the form of overdraft facility.
  • Nil prepayment charges.
  • SBI CRE home loan interest rates are charged on daily reducing balances ranging from 7.50% p.a. – 7.85% p.a for salaried &7.65% p.a. – 8% p.a. for self-employed. 0.05% rate concession available for women borrowers.
  • Applicable processing fee is 0.35% of the home loan amount plus applicable GST subject to a minimum of Rs.5000/-.

18) SBI Maxgain Scheme

  • It is a home saver loan product which provides prepayment benefits without compromising the liquidity.
  • Available for the applicants from 18 years to 70 years for the purchase, construction, extension, repairs & renovation of the residential property.
  • The loan is sanctioned in the form of overdraft. Park the access funds in the account and pay less interest.
  • SBI maxgain home loan benefits the applicants by savings on their interest component. SBI maxgain interest rate is charged on the outstanding principal amount i.e. the principal loan amount – (minus) the excess funds parked.
  • SBI maxgain home loan interest rate charged for salaried range in 7.35% p.a. – 7.70% p.a. & SBI maxgain home loan rate for self-employed range in 7.50% pa. – 7.85% p.a. 0.05% concession on SBI maxgain rate of interest for women borrowers.
  • Provides cheque book, debit card and online banking facility to the applicant who wishes to manage his saving’s account while dealing with the home loan.
  • SBI maxgain terms and conditions/ Eligibility
  • Maxgain loan taken for construction – construction should be started within 3 years of the loan taken.
    – Maxgain loan taken on under-construction property – surplus funds deposited before the full disbursement of loan cannot be withdrawn till complete disbursement of loan. However, the interest will still be saved and added to the account balance, but will be withdrawn only after taking the possession of the property. 
    – Minimum loan amount that can be applied is Rs.20 Lakhs.
    – Longer repayment up-to 35 years available.
    – Processing cost including legal and technical charges – 0.20%-0.40% of home loan amount plus applicable GST. (Min Rs 10000/- & Max Rs 30000/-).
  • SBI maxgain disadvantage – No tax deductions under section 80C for the money parked in the maxgain account and section 24 for the unpaid interest amount i.e. the interest saved.
  • Use SBI maxgain calculator to calculate your interest component.

19) SBI Green Home Loan

  • SBI’s greenhouse loan is available for all applicants from 18 years to 70 years who wish to buy ecofriendly house i.e. environmentally friendly house.
  • The green house concept will help in conservation of natural resources such as wood, water and energy, reduce the carbon emissions, etc. and cause less damage to the environment.
  • Green housing loans will be sanctioned for projects rated by the Indian Green Building Council (IGBC). The projects which have eco-friendly amenities such as rainwater harvesting, water recycling and solar power systems, etc.
  • Various concessions for purchasing an eco-house from green home builders which includes:
  • Reduced OCR margins – Less own contribution required.
  • Lower interest rate – Concession on the housing loan interest rates for all loan tenures.
  • Processing fee offer – less processing fees or zero processing fees.

20) Pre-EMI Interest By Builders Scheme

  • Builders registered under the bank’s Builder Tie Up arrangement agree to pay the buyer’s pre-EMIs full or a part of pre-EMIs at a fixed interest rate.
  • The applicant pays the EMIs from the stipulated repayment start date as per the terms of sanction.
  • The stipulated repayment starts dates differ for each builder project and accordingly, the specific moratorium periods are permitted by the bank for different projects.

Click to read Is pre-EMI is better than full EMI. Also find out the merits and demerits for investing in resale & builder property.

21)  SBI Loan Against Property (P-Lap) / SBI Mortgage Loan

  • SBI lap loan is available for all resident Indians from 18 years to 70 years against the pledge of the property to fulfill the personal funds requirement for child education, marriage, medical expenses, etc.
  • House mortgage loan SBI is available only for personal purposes and not for business and speculative purposes. Compare SBI mortgage loan with ICICI Bank’s Mortgage loan.
  • SBI loan against property eligibility:
    * Maximum loan tenure of up-to 15 years.
    * Minimum loan amount is Rs.10 Lakhs & maximum is Rs.7.5 Crores (Subject to the location of the property).
    * Maximum LTV is 65% of the value of the property.
    * Minimum net monthly income of the applicant required is Rs.25,000/- i.e. Rs.3 Lakhs p.a.
    * No prepayment penalty.
    * SBI mortgage loan interest rate is charged on daily reducing balance.
    * SBI loan against property interest rate starts from 8.80% p.a. Onwards. (Check out mortgage loan balance transfer @ lowest interest rates in India)
    * Processing fees of 1% of the loan amount plus applicable GST, subject to maximum of Rs.50,000/-.

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 Best Banks For Mortgage Loan In India and to know more on mortgage overdraft.

For the latest SBI lap loan interest rate call on 9321020476.

22) SBI Reverse Mortgage Loan

  • Reverse mortgage scheme of SBI provides mortgage loans for senior citizens of India above 60 years (spouse 58 years in case of joint loans) to meet their livelihood needs such as day-to-day expenses, medical expenses, etc. against their self-occupied and self-owned residential property.
  • The reverse mortgage loan in SBI is not repaid during the lifetime of the applicant. The entire loan balance along with the interest becomes payable only when the borrower sells the house or moves away permanently or when the last surviving borrower dies OR when he willingly pre-closes the loan.
  • No prepayment penalty.
  • Loan tenure for reverse mortgage loan SBI is 10-15 years depending on the age of the applicant.
  • Minimum loan amount is Rs.3 Lakhs and maximum is Rs 1 Crore.
  • 8.05% p.a. reverse mortgage interest rates for SBI pensioners.
  • 9.05% p.a. reverse mortgage loan interest rate for the public.
  • Applicable processing fee is 0.50% of the home loan amount plus applicable GST. (Minimum Rs.2000/- & Maximum Rs.20,000/-).

Click to get complete information on reverse mortgage.

List Of Documents Required For Home loan SBI

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

2) Income Documents required for housing loan:

  1. Documents required for home loan for salaried person – 4 months Salary Slips, 6 months Bank Account Statement, 2 years From 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 required for home loan SBI:

  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 needed for SBI home loan

  1. Duly signed SBI 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 home loan SBI.

  1. SBI home loan documents required Resale Case for salaried, for self employed for Proprietorship firm, Private Ltd. Company, Partnership Firm. 
  2. Documents required for home loan from builder for salaried, for self employed Proprietorship firm, Private Ltd. Company, Partnership Firm.  
  3. SBI housing loan required documents 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.

For the latest SBI home loan interest rates & SBI home loan balance transfer interest rates call on 9321020476 or login to Loanfasttrack.

 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:

Express Home Loan – ICICI Bank

by admin

Express Loan ICICI Bank - Loanfasttrack
Icici Bank Home Loan Apply Online @ Lowest Interest Rates Of 6.95%*P.A. With Loanfasttrack.

Benefits Of Express Home Loan

  • Quick home loan approvals – approvals within 8 working hours once complete documents are uploaded.
  • No physical pickup of documents before case approval.
  • The customer receives a ‘sanction letter’ as against an ‘offer letter’ which is issued by competition.

ICICI Bank’s Express Home Loan enables quick and easy home loan sanctioned online. It is the easiest way to get home loan for both salaried and self-employed. The loan applicant need not visit the branch or the sales executives to get his home loan sanctioned. By simply applying online, providing basic details, filling the ICICI Bank home loan application form and by uploading the documents required for home loan i.e. the KYC & income documents the loan applicant can generate ICICI home loan sanction letter online which will be the provisional sanction letter. (Additional Read: How To Read Home Loan Sanction Letter Of Bank.)

Details of Express Home Loan

  • Eligible Profile: All applicants residing in India.
  • Maximum Loan Amount: 3Crores.
  • Maximum Tenure: Up-to 30 years. (Tenure is subject to the age of the applicant. The applicable tenure for the applicant will be displayed online while availing of loan sanction.)
  • Processing Fees & Charges: Flat processing fee of Rs 3,100/- at time of sanction. For disbursement, normal fees will be collected for property and other checks which includes administration charge of Rs 5,900/-. Processing fee chargeable will be displayed online to the applicant while availing of sanction.

(Additional Read: Must Know all Costs In Home Loan)

  • Home Loan Interest Rate: Starts from 6.95%*p.a. (Home Loan Rates are dependent on parameters such as CIBIL score, loan amount, etc. The housing loan interest rates will be displayed online to the applicant when availing of the offer.)
  • Sanction Validity: The home loan sanction letter availed by applying online housing loan through ICICI home loan online apply is valid for 6 months.
  • Financial Parameters For Loan Approvals: Credit bureau checks, salary credits, average bank balances, monthly obligations, income credits from other sources, etc.
  • Documents of both applicant and co-applicant must be uploaded online to apply for instant home loan. ICICI Bank Credit Manager will assess the submitted application & documents and will thereby approve the loan appropriately. The applicant has to submit the following documents:
  • Passport size color photograph of all applicants.
  • KYC Documents- Pan card, Aadhar card, residential proof (electricity bill/passport copy/landline bill/gas bill).
  • Income Documents – (a) Salaried – 4 months Salary Slips, 6 months Bank Account Statement, 2 years Form 16. (b) Self-employed – CA certified copies of 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account.
  • Bank Statement – 12 months.
  • Signature Verification Document.

(Note: Income documents to be uploaded of only those applicants whose income is being considered for sanctioning the loan.)

Check your home loan eligibility online with the help of Loanfasttrack’s EMI Calculator before you apply home loan online.

ICICI Bank is the easiest bank to get home loan sanctioned within 8 working hours with its online home loan application process. Know the complete step by step process to apply housing loan online with ICICI Bank through its official channel partner “Loanfasttrack”. Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai.

Services Offered By Loanfattrack Includes – 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, Educational 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.

Our specialized services include providing:

Additional Read:

Mortgage Loan List Of Documents For Self-Employed (Private Ltd. Firm)

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Mortgage Loan List Of Documents For Self-Employed (Private Ltd. Firm)

I) Mortgage Loan Documents Required For Sanction Process

KYC

  1. Company pan card copy along with director’s signature & stamp.
  2. Pan card copy of all directors.
  3. Passport size color photograph of all applicants.
  4. Copy of residence proof (passport/electricity bill & Aadhaar card copy) of all directors.
  5. Copy of office proof (electricity bill/telephone bill).
  6. Pan card of shareholders having minimum stake of 51%.

Financial Documents

  1. CA certified copies with membership number:
  2. 3 years latest financials of the company including saral Copy, computation of income, Balance Sheet, P&L account, Capital Account.
  3. 3 years latest financials of all directors including saral copy, computation of income, Balance Sheet, P&L account, Capital Account.
  4. Company Annual report.
  5. Directors report.
  6. Auditor Report and Annexure to auditor’s report.
  7. Tax audit report (Form 3CB & 3CD) (42 Points) -If applicable.
  8. Copy of company’s Debtors & Creditors aging 1 Year – if case is booked under banking product.
  9. Latest 12 months bank account statement of all directors.
  10. Latest 18 months bank account statements of all current accounts of the company.
  11. Latest 3 years Form no-26 AS.
  12. Latest 1year Copy of GST returns – 3B form.
  13. Latest 4 months salary slips of the director.
  14. Latest 2 years form 16 of director.
  15. Latest 6 months salary credit statement of the director.
  16. For any rental income receivable by the director:
  17. Copy of registered rental agreement.
  18. Latest 1year bank account statement reflecting the rental credit.

Other Documents

  1. MOA & AOA of the company.
  2. List of directors and shareholding of the company- CA certified.
  3. Business/company profile on the letter head of the company.
  4. Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.
  5. Copy of contract letter- if any.
  6. If applicant Director is:
  7. Chartered Account (CA) – Copy of COP & passing certificate.
  8. Doctor – Copy of Degree Certificate.
  9. Details of all existing loans along with the sanction letters of the applicant-director (for calculating loan obligation).
  10. Details of all existing loans along with the sanction letters of the company (for calculating loan obligation).
  11. Processing fees cheque in favor of the bank/NBFC.
  12.  Bank’s mortgage form duly signed by applicant (director) and co-applicant/ directors/ company.
  13.  Any other documents as required by the credit manager.

II List of Documents Required for Property’s Legal & Technical

  1. Prior chain of agreement.
  2. Copy of index 2.
  3. OC/CC + approved plan copy.
  4. Latest property tax receipt.
  5. Latest property maintenance bill.
  6. Share certificate.
  7. Copy of society registration.

III Documents For Mortgage Loan Disbursement 

  1. Disbursement kit duly signed by the applicant & Co-applicant.
  2. Original copy of prior chain of agreement with stamp duty & registration paid along with the copy of index 2.
  3. Occupation Certificate copy.
  4. Original share certificate (if issued).
  5. Society Registration Copy.
  6. NOC from Builder (if society is not formed) / NOC from Society – if society is formed (signed by society chairman & secretary).
  7. Latest copy of property tax receipt.
  8. Copy of Mortgage Intimation.
  9. Facility agreement duly franked and signed.
  10.  7- Security mandate cheque in favor of the Bank.
  11.  Administration Fees –clearance by cheque or DD-demand draft.
  12.  For CIDCO/MHADA Property
  13. Copy of conveyance deed & Original NOC & transfer letter from CIDCO/ MHADA if conveyance deed is executed.
  14. Copy of tri-party agreement & lease agreement – if conveyance deed is not executed.
  15.  Any other documents as per:
  16.  Credit Manager’s requirement.
  17.  Property Legal report.
  18.  Sanction condition on sanction letter.
  19.  If applicant partner owns < than 51% stake in the company:
  20. All partners & the partnership firm to be co-applicant in loan.
  21. Financials of all partners & the partnership firm is required.

 IV Additional Documents Required For Mortgage Loan Balance Transfer

  1. LOD (list of documents) from the existing bank.
  2. 12/18 months repayment track record.
  3. Outstanding letter copy from the existing loan bank.
  4. Original copy of LOD & Outstanding letter to be submitted for loan disbursement.

Note:

  • All documents have to be self -attested by respective applicants & Co-applicants.
  • All property owners have to be on the loan structure.
  •  
Transfer Your High Interest Rate Mortgage Loan @ Lowest Interest Rate Click To Apply.

If you want to meet your financial emergencies through a secured way of low cost mortgage loan, reach us on https://www.loanfasttrack.com/. Loanfasttrack will provide you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. Contact us on 9321020476 to know mortgage loan interest rates in all banks. You may also reach us on info@loanfasttrack.com.

About Loanfasttrack- 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. Our specialized services includes providing:

Loan Against Property @ Lowest Interest Rate With Loanfasttrack – Apply Now.

Additional Read:

Mortgage Loan List Of Documents For Self-Employed (Partnership Firm)

by admin
Mortgage Loan List Of Documents For Self-Employed (Partnership Firm)

I) Mortgage Loan Documents Required For Sanction Process

KYC

1) Pan card copy of all partners.

2) Company pan card copy along with stamp & director signature.

3) Copy of residence proof (passport/electricity bill & Aadhaar card copy).

4) Copy of office proof (electricity bill/telephone bill) of partnership firm.

5) Latest passport size color photograph of all partners.

Financial Documents

1) 3 years latest ITR copy of the applicant including saral Copy, computation of income, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

2) 3 years latest ITR of all partners including saral copy, computation of income, Balance Sheet, P&L account, Capital Account – CA certified with membership no.

3) Latest 12 months bank account statement of all partners.

4) 18 months updated account statements of the partnership firm of all current accounts.

5) Latest 3 years Form no-26 AS.

6) Latest 1year Copy of GST returns – 3B form.

7) Tax Audit Report (Form 3CB & 3CD) (42 Points).

8) Debtors & Creditors statement aging for 1 year-CA certified.

9) For rental income receivable- if any:

a) Copy of registered rental agreement.

b) Latest 1year bank account statement reflecting the rental credit.

Other Documents

1) True certified copy of partnership deed.

2) Business/company profile on the letter head of the company.

3) Business proof – GST registration, Ghumastha or Copy of Aadhar Udoyg.

4) Copy of contract letter (if any).

5) If applicant partner is:

  • Chartered Account (CA) – Copy of COP & passing certificate.
  • Doctor – Copy of Degree Certificate.

6) Details of all existing loans along with the sanction letters of the applicant (for calculating loan obligation).

7) Details of all existing loans along with the sanction letters of the partnership firm (for calculating loan obligation).

8) Processing fees cheque in favor of the Bank/NBFC.

9) Bank’s mortgage form duly signed by applicant and co-applicant/partner/company.

II List of Documents Required for Property’s Legal & Technical

1) Prior chain of agreement.

2) Copy of index 2.

3) OC/CC + approved plan copy.

4) Share certificate.

5) Copy of society registration.

6) Latest copy of property tax receipt.

7) Latest copy of property maintenance bill.

III Documents For Mortgage Loan Disbursement 

1) Disbursement kit duly signed by the applicant & Co-applicant.

2) Original copy of prior chain of agreement with stamp duty & registration paid along with the copy of index 2.

3) Occupation Certificate copy.

4) Original share certificate (if issued).

5) Society Registration Copy.

6) NOC from Builder (if society is not formed) / NOC from Society – if society is formed (signed by society chairman & secretary).

7) Latest copy of property tax receipt.

8) Copy of Mortgage Intimation.

9) Facility agreement duly franked and signed.

10) 7- Security mandate cheque in favor of the Bank.

11) Administration Fees –clearance by cheque or DD-demand draft.

12) For CIDCO/MHADA Property

  • Copy of conveyance deed & Original NOC & transfer letter from CIDCO/ MHADA if conveyance deed is executed.
  • Copy of tri-party agreement & lease agreement – if conveyance deed is not executed.

13) Any other documents as per:

  • Credit Manager’s requirement.
  • Property Legal report.
  • Sanction condition on sanction letter.

14) If applicant partner owns < than 51% stake in the company:

                        a) All partners & the partnership firm to be co-applicant in loan.

                        b) Financials of all partners & the partnership firm is mandatory.

IV Additional Documents Required For Mortgage Loan Balance Transfer

1) LOD (list of documents) from the existing bank.

2) 12/18 months repayment track record.

3) Outstanding letter copy from the existing loan bank.

4) Original copy of LOD & Outstanding letter to be submitted for loan disbursement.

Transfer Your High Interest Rate Mortgage Loan @ Lowest Interest Rate Click To Apply.

If you want to meet your financial emergencies through a secured way of low cost mortgage loan, reach us on https://www.loanfasttrack.com/. Loanfasttrack will provide you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost. Contact us on 9321020476 to know mortgage loan interest rates in all banks. You may also reach us on info@loanfasttrack.com.

About Loanfasttrack- 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. Our specialized services include providing:

Loan Against Property @ Lowest Interest Rate With Loanfasttrack – Apply Now.

Additional Read:

ICICI Bank Home Loan Top Up

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ICICI Bank Home Loan Top Up - Loanfasttrack
Home Loan Top Up @ 7.10%*p.a. Maximum Tenure Up-to 15 Years

A top up loan on home loan can be availed by an eligible borrower to fulfill his immediate requirement of funds such as medical emergencies, children education, business expansion, etc.

Housing Loan Top Up With ICICI Bank

Getting a top up on existing home loan is very easy and convenient for the home loan borrowers of ICICI Bank. ICICI Bank Home loan top up interest rate starts from 7.10%*p.a. with flexible loan tenure of up-to 15 years.

ICICI Home Loan Top Up Details

Top Up Loan Rate Of Interest Range from 7.10%*p.a. – 8.70%p.a.
Interest Rates For Home Loan Transfer With Top Up 7.10%*p.a. onwards.
Type Of Interest Rate Fixed as well as floating.
Home Loan Top Up Eligibility Maximum 80% of the market value of the property. (Subject to the income eligibility of the borrower).
Processing Fees 0.50%-1.50% on the loan amount + applicable GST.
Loan Tenure Balance tenure of existing loan or 15 years whichever is higher. (subject to max tenure defined as per the customer profile)
Loan Amount Minimum Rs. 50,000/- and maximum 100% of original loan amount sanctioned.
Top Up Loan Income Tax Exemption IT exemption for top up home loan is available only if the end-use is justifiable. For construction or new property purchase – tax exemption under section 80C for principal amount and 24 (b) for interest amount.Business purposes – interest can be claimed as business expenses under section 37 (1).                      
Documents Required For Home Loan Top Up KYC – Pan Card, Adhar Card, PhotographIncome DocumentsSalaried – 4 months Salary Slips, 6 months Bank Account Statement, 2 years From 16.Self-employed – 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certifiedLOD (List of documents)Additional documents required for top up home loan along with home loan balance transfer:Property Documents – Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy, Property Tax.Loan Outstanding Statement & 18 months Repayment Track Record.    (Refer the links for detailed list of documents for home loan balance transfer with top up – For Salaried, For Self-Employed- Proprietorship Firm, Private Limited Company, Partnership Firm.)
Apply For Top Up Loan

Home Loan Top Up Conditions

  • A borrower must be within 21 years to 70 years.
  • Must have a good repayment track.
  • Must have uninterrupted flow of income.
  • Must qualify for ICICI bank top up loan eligibility.
  • As per income.
  • As per market value of the property.
  • Must not have high obligations.
  • ICICI bank top up loan amount cannot be used for trading and speculative purposes.
  • Business must be a profit making business for self-employed borrowers.
  • Must have a good CIBIL score including the CIBIL scores of the co-borrowers.

(Read more on CIBIL & Its Significance In Home Loan & Know How Your Home Loan Inquiry Impacts Your CIBIL Scores).

  • Only completed properties eligible for top-up loan.
ICICI Bank Home Loan Balance Transfer With Top UP – Apply Now

Home Loan Top Up Calculator

Loan calculator helps to estimate the monthly instalments of the loan amount for different loan tenures as well as for different loan amounts. Use Loanfasttrack’s EMI calculator to calculate per month EMI outgo on top up loan in ICICI bank.

Loan top up calculation of ICICI Bank

ICICI bank loan top up calculation is subject to the borrower’s income eligibility as well as to the market value to the property. The income eligibility of the borrower cannot exceed the prescribed FOIR (Fixed Obligation Against Income Ratio) which is up-to 65% of net income for salaried and up-to 70% of net profit for self-employed and the eligibility as per the market value of the property cannot exceed the maximum LTV (Loan To Value) of 80% of the market value of the property. The lower of the two will be the home top up loan eligibility of the borrower.

Insta Top Up Loan ICICI Bank

It is a pre-approved loan available only for eligible salaried borrowers having a salary account with ICICI bank and pre-approved top-up offer. The borrower can apply loan up-to 1 crore under insta top up loan, for a maximum loan tenure of 10 years – 15 years. The interest rates for insta home top up loan range from 7.10%p.a. – 7.50%p.a. The insta top up loan holds a validity of 6 months. The loan can be applied in 3 simple steps. Speak to Loanfasttrack on 9321020476 to know the 3 steps.

Apply For Instant Top Up Loan Of ICICI

Loanfasttrack Offers:

Processing Fees cash back offers for bt top up loan. To know more on cash back offers for ICICI home loan balance transfer and top up reach us on 9321020476 or email us on info@loanfasttrack.com.

Apply Today For Icici Home Loan Balance Transfer And Top Up – Click

Visit https://www.loanfasttrack.com/ to:

Other Services Offered By Loanfattrack Includes – 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, Educational Loans And Loan Transfers.

Loanfasttrack is a Mumbai based loan provider company since 2015 offering loan services in Mumbai. Loanfasttrack is a direct sales associate with leading banks namely, ICICI Bank, HDFC Ltd, Canara Bank, Citi Bank, Piramal Housing Finance, etc. Our specialized services includes providing:

Additional Read:

Loan Against Property At Lowest Interest Rate With Loanfasttrack

by admin
Loan Against Property — Loanfasttrack

(Remember Janakidevi, who took our services to meet her home loan balance transfer and top-up requirement? One of our esteemed customers, satisfied with our prompt services once again approached us at Loanfasttrack, this time for her loan against property requirement popularly referred as mortgage loan in India.

This time also all her queries, doubts and questions relating to loan against property interest rates, processing time, tenure, loan against property eligibility, additional top-up, loan against property calculator, required documents for loan against property, etc. were cleared by our representatives at Loanfasttrack.) 

Janakidevi’s conversations with our representatives was as follows:

Questionnaire On Loan Against Property

Q. What is loan against property?

Ans:- It is a type of secured loans against your property taken to fulfill your professional and personal needs. People misinterpret it with home loan, but in banking language loan against property means mortgage loans.

Q. Where can I use the loan funds for?

Ans:- Loan against property end use should be specific. The loan amount cannot be used for trading and speculative purposes, investments in stocks and mutual, money lending business, investing in illegal plots or property, for purchasing a chawl property, etc. However the loan funds can be used for home repairs and renovations, business expansions, children education or marriage, medical emergencies, etc. Moreover you can also use funds availed from loan against property to buy another property.

Q. How much loan can I get against my property?

Ans:- The maximum loan amount on your property is subject to the market value of your property. As per the LTV (loan to value) norms of the banks maximum 60%-70% of the market value of the residential and commercial property and 50%-55% of industrial property will be your loan eligibility against property.

Q. How is loan against property eligibility calculated?

Ans:- Your eligibility for loan against property is determined as follows:

(Lower of 1 & 2)

1) Income Eligibility (40%-60% of the monthly net income or net profit of salaried and self-employed respectively).

2) LTV Calculation (50% – 70% on the market value of the property depending upon the type of the property).

Q. What do you mean by loan against property eligibility criteria?

Ans:- The bank’s eligibility criteria’s such as your age, tenure, loan amount, profile, employment details, income flow, property details, etc. are the criteria that makes you eligible or non-eligible for the loan amount. Say for instance, a borrower’s age of 70 years makes him non-eligible for the loan or a borrower employed with an industry tenure following under the bank’s negative list of industries makes him non-eligible for the loan.

Q. What is the minimum loan amount that I can apply?

Ans:- Loan against property minimum amount is 5 lakhs. But loan amount for applying mortgage loan through Loanfasttrack starts from Rs.15 lakhs.

Q. What will be the loan turnaround time?

Ans:- 15-20 working days is theloan against property processing time.

Q. What will be my loan against property tenure?

Ans:- Loan against property maximum tenure available is for 15 years and minimum tenure is for 5 years (subject to the age of the borrower). Maximum tenure of 20 years is also available with some banks, but will be case specific, available for self-employed professionals such as doctors, engineers, lawyers, etc. and for salaried will be case specific. 

Q. Is a loan against property for 30 years available?

Ans:- No.

Q. Can loan against property be converted to home loan?

Ans:- No.

Q. What is the difference- loan against property vs home loan?

Ans:- Please refer to the link below “https://www.loanfasttrack.com/blog/blog/finance/difference-between-home-loan-and-loan-against-property/” .

Q. What is the difference- loan against property vs personal loan?

Ans:- For immediate fund requirement you can either apply for loan against property or personal loan. Both will fulfill your fund emergencies, but both differ with respect to interest rates, processing fees, processing time, closure conditions, etc. The difference between the both is highlighted below in a tabular format.

  Loan Against Property Personal Loan
Type Of Loan Secured loan against property. Unsecured loan.
Rate Of Interest 8.75% – 11.50% p.a. 11%-18% p.a.
Tenure Upto 20 years. Upto 7 years.
  Upto 1% on the loan amount plus applicable GST. Usually high upto 2.5% on the loan amount plus applicable GST.
Processing Time 15-20 working days. 5-7 working days.
Foreclosure Charges Upto 2% on outstanding loan amount. Upto 5% on outstanding loan amount.
Loan Eligibility Subject to income and property valuation. Subject to only income.
Overdraft Facility OD facility available. No OD facility.
Documents Required KYC, financial documents & property papers. Only KYC & financial documents.
Tax Benefits Loan against property tax exemption is applicable only on interest paid provided required documents are maintained to justify the end-use. No exemptions for principal paid. No tax benefits.
Apply For Loan Against Property

Q. What is a loan against property overdraft facility?

Ans:- Loan against property overdraft is a facility provided to you to get a mortgage loan in the form of an overdraft and pay interest only on the utilized loan amount. Interest rates on mortgage OD will be 1%-2% higher in comparison to the interest rates on regular mortgage loan.

Get complete information on Mortgage OD – refer our blog “Know All About Mortgage Overdraft”.

Apply For Loan Against Property OD.

Q. What is the ongoing loan against property rate of interest?

Ans:- Loan against property minimum interest rates starts from 8.75%p.a.

Apply For Loan Against Property Lowest Interest Rates @ 8.75% p.a.

To know loan against property interest rates all banks CLICK.

Q. Can a borrower apply for loan against property with bad CIBIL?

Ans:- A borrower can apply for loan against property with bad credit, but the low CIBIL has less chances for the loan approvals. Moreover there are Banks/NBFCs that provide mortgage loans to the borrowers with low CIBIL scores provided the justification for the low score is sought, but the interest rates on mortgage loan and processing fee for mortgage loan will remain high for such cases.

Read more on CIBIL and its significance refer to the link – “https://www.loanfasttrack.com/blog/blog/finance/cibil-and-its-significance-in-home-loan/”.

Q. How much CIBIL score required for Loan against property?

Ans:- An average score of 750 and above is considered to be a good CIBIL score to apply for a mortgage loan in India.

Q. How much will be my EMI for loan against property?

Ans:- Your EMI for mortgage loan will depend on the loan amount, interest rate and the mortgage loan tenure. You can easily calculate your EMI using the loan against property EMI calculator of Loanfasttrack. Our calculator will also help you to compare the multiple EMIs with different loan tenures and interest rates and choose the one that best suits you.

Q. Can I opt for a loan against property balance transfer in future along with top-up?

Ans:- Yes. You may approach another bank in future for a mortgage loan balance transfer along with a top-up loan to enjoy the benefits of low interest rates on mortgage loans. However the loan against property top up eligibility will be subject to your income eligibility and to the market value of the property. The cumulative principal loan amount and the top-up amount cannot exceed the prescribed LTV norms of the bank.

Q. What are the loan against property tax benefits?

Ans:- Loan against property tax rebate is applicable only on the interest paid.There are no tax exemptions for the principal amount in mortgage loans.

  1. Interest can be claimed as business expenses under section 37(1) if the end-use for the mortgage loan is for business purposes.
  2. Interest can be claimed as business expenses under section 24(b) if the end-use for the mortgage loan is for purchasing house or home renovation or repairs.
  3. No interest exemptions if the end-use for the mortgage loan is for personal reasons such as, children education, marriage expenses, etc.

Q. What are the loan against property documents required?

Ans:- Loan against property documents list includes:

  1. KYC (pan card, aadhar card, residential and office proof),
  2. Financial documents

For Salaried- 4 months salary slips, 2 years form 16, 6 months bank account statement.

For Self-Employed- 3 years ITR copy, business profile & business proofs.

  • Property documents (prior chain of agreement, OC/CC + plan copy, Index 2, share certificate, property tax and property maintenance).

Refer link https://www.loanfasttrack.com/blog/blog/finance/mortgage-loan-list-of-documents-for-salaried-customers/ for detailed list of loan against property papers

&

https://www.loanfasttrack.com/blog/blog/finance/document-checklist-for-mortgage-loan-balance-transfer-for-salaried-customers/ for detailed list of documents required for loan against property balance transfers.

Q. Can a borrower apply for loan against property without income proof?

Ans:- Loan against property without any income proof is not possible. However, a loan against property without ITR for self-employed customers is possible under the banking surrogate product of the banks, wherein the loan is provided only on the basis of banking statements of the borrower. Multiple bank accounts can be considered for higher loan eligibility of loan against property for self-employed. Current account is mandatory for all self-employed except for the self-employed professionals.

Q. Can a mortgage loan be transferred to another person?

Ans:- All co-owners of the property have to be co-applicants on the loan. A mortgage loan transfer from one applicant to another co-applicant to the loan is possible provided   the applicant gives up his ownership rights by signing a release deed subject to the income eligibility of the co-applicant

Q. Can NRI take loan against property in India? How to get Loan against property in India?

Ans:- There are only limited banks that provide loan against property for NRI. ICICI Bank, one of the leading private banks in India provides “Loan Against Property NRI”. NRI loan against property is available only for salaried NRIs working in the countries other than Iran, North Korea (Democratic People’s Republic of Korea), Cuba, Syria, Sudan, and Cremia Region of Ukraine, Pakistan, Bangladesh, Sri Lanka, Afghanistan, China, Nepal, Macau, nigeria, Hongkong or Bhutan. Self-employed NRI cannot apply for mortgage loans in India.

You can visit Visit Loanfasttrack or click the link given below https://www.loanfasttrack.com/mortgage-loan/apply-online-now.html. Alternately you can also email on  info@loanfasttrack.com or directly speak to Loanfasttrack experts on 9321020476.

Click For NRI list of documents for applying loan against property.

Apply For Quick Loan Against Property In India

Q. Which banks provide loan against property?

Ans:- All Banks & NBFCs provide loan against property.

Loan against property banks includes all nationalized & private sector banks. Leading bank for mortgage loans in Mumbai is ICICI Bank. Apply for a loan against property of ICICI Bank today.

Loan against property NBFC – HDFC Ltd. lead the loan against property by NBFCs. Apply for a loan against property of HDFC Bank today.

Q. Which mortgage loan is best for me?

Ans:- Loan Against Property Comparison Of The Top Banks

  Loan Against Property ICICI Bank Loan Against Property HDFC Ltd. Loan Against Property Canara Bank
Rate Of Interest 8.95% p.a. 8.95% p.a. 9.80% p.a.
Processing Fees Upto 1% on loan amount. Upto 1% on loan amount. 0.50% on the loan amount.
Processing Time 15-20 working days 20-25 working days 30 working days
Online Processing Possible Possible Not Possible

CLICK to know further for selecting the loan against property best bank.

Apply For Loan Against Property In HDFC Bank

Q. Kindly explain on loan against property eligibility ICICI Bank?

Ans:- Loan against property eligibility Criteria with ICICI Bank:

  • Eligible Profile – Salaried, self-employed, self-employed professionals & NRI.
  • Minimum Loan Amount – Rs.15 lakhs.
  • Processing Fees – Upto 1% on loan amount. (Attractive cashback offers from Loanfasttrack for mortgage loan above Rs.50 lakhs)
  • Processing Time – 15 to 20 working days.
  • Rate Of Interest – 8.90% p.a.
  • LTV – 60%-70% for residential and commercial property & 50%-55% for industrial property.
  • Part Payment Charges – Nill.
  • Foreclosure Charges – Upto 2% on the outstanding loan amount. (Pre-payment charges vary between eligible profile)

Q. What are the loan against property advantages?

Ans:- Loan against property benefits:

  • Fulfill immediate requirement of funds.
  • Interest rates are low as compared to personal loans.
  • Get a flexible repayment tenure.
  • Can get funds in the form of OD, especially suitable for an self-employed borrower to meet his requirement of working capital.
  • A co-applicant can be added to get higher eligibility.
  • Multiple properties can be considered for the calculation of the LTV, and to enhance the eligibility.
  • Online processing of loan.

Q. What is the loan against property repayment schedule of 50 lakhs for 15years?

Ans:- Assuming the lowest interest rate of 8.90%, find below is the loan amortization chart of 50 lakhs for 15 years. (Starting from the month of August 2020).

Year Total EMI Principal Interest Balance
2020 2,52,080 67,661 1,84,419 49,32,339
2021 6,04,992 1,72,960 4,32,032 47,59,379
2022 6,04,992 1,88,998 4,15,994 45,70,382
2023 6,04,992 2,06,520 3,98,472 43,63,860
2024 6,04,992 2,25,670 3,79,322 41,38,190
2025 6,04,992 2,46,594 3,58,398 38,91,595
2026 6,04,992 2,69,462 3,35,530 36,22,135
2027 6,04,992 2,94,444 3,10,548 33,27,691
2028 6,04,992 3,21,747 2,83,245 30,05,945
2029 6,04,992 3,51,580 2,53,412 26,54,366
2030 6,04,992 3,84,178 2,20,814 22,70,189
2031 6,04,992 4,19,798 1,85,194 18,50,389
2032 6,04,992 4,58,725 1,46,267 13,91,665
2033 6,04,992 5,01,258 1,03,734 8,90,408
2034 6,04,992 5,47,734 57,228 3,42,673
2035 3,52,912 3,42,674 10,238 0

Q. Is it possible to get loan against property on residential plot?

Ans:- Yes. Loan against property on open plot is possible. At times it is also referred to as land loans by lender Banks & NBFCs.

Q. Is It possible to apply for loan against property online?

Ans:- Yes. You can apply for an online process of your mortgage loan application with banks like ICICI & HDFC. You can also upload your documents online for the loan processing. Give us a call on 9321020476, our professional experts will guide you.

Q. What are the terms and conditions to apply for loan against property?

Ans:- Loan against property terms and conditions:

  • Should have a regular flow of income.
  • Should have a good CIBIL score.
  • Property must be within the corporation city approved limits.
  • The property must be the ownership property-  self owned, jointly owned or a parental owned property (Only residential, commercial or industrial property).
  • All property co-owners have to be the co-applicants in the loan.
  • If the property is in parental name and you as 1 of the siblings wish to apply for the mortgage loan, it is mandatory to obtain the NOC, from the rest of the siblings.
  • Restrictions on the end-use of the mortgage funds, where the mortgage funds cannot be utilized for trading and speculative purposes, investments in stocks & mutual funds, for new start-up business, etc.

Q. What is the procedure for Loan against property?

Ans:- Read below for the loan against property process.

  • The loan process starts by applying with the best bank for a mortgage loan, by submitting the required set of documents along with the application form.
  • Documents are checked for any queries.
  • FI (Field Investigation) visits will be arranged at residence & office.
  • Property market value will be ascertained through the technical visits.
  • The file will be forwarded for sanction.
  • Processing fees will be collected on loan sanctioned.
  • Property legal will be conducted to ensure the property has a clear and marketable title.
  • On loan sanction with clear legal & technical reports, loan disbursement will be the final process.
  • You are then required to submit the original property papers along with the disbursement kit duly signed.

Q. Is there any product to take loan against property for senior citizens in India?

Ans:- Yes, loan against property for senior citizens is available. The Product is Reverse Mortgage. Reverse mortgage provides loan against property for pensioners and loan against property for retired persons who are above 60 years. It does not require any income source or CIBIL scores. Only the senior citizen must possess a self-owned or jointly owned property with the spouse.

agent

For complete details on Reverse Mortgage refer to – REVERSE MORTGAGE- Loan For elderly

Q. The Coronavirus pandemic has brought unemployment in the city. Is it possible to get a loan against property for an unemployed?

Ans:- The recent past effect of the pandemic had a huge impact on the employment of the people. Many have rendered jobless owing to the economic pressures. While many leaned towards applying for personal loans and mortgage loans to satisfy their immediate requirement of funds, banks on the other hand altered their lending policies and accordingly loan against property for unemployed is not possible.

Solution: Add an co-applicant (having regular flow of income) to your loan application. Know who can be your co-applicant – CLICK. Alternately you can also show your additional source of income such as rental income if any, agricultural income if any, etc.

Q. How to take loan against property?

Ans:- Simple. Visit Loanfasttrack or you may directly click on the below link

https://www.loanfasttrack.com/mortgage-loan/apply-online-now.html. Enter the basic details (name, contact number & location), choose the bank/banks and submit.

Loanfasttrack will get in touch with you within 24 hours.

Q. Why Loan against property to be applied through Loanfasttrack?

Ans:- Loanfasttrack is a trusted agency in Mumbai among the loan against property agents. Loanfasttrack is a specialized loan provider company in Mumbai 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 will provide you hassle free services at your doorsteps with comparative evaluations of more than 13+ top banks, with no additional cost.

Loanfasttrack’s specialized services includes providing:

Additional Read:

Home Loan Transfer Details

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Home Loan Transfer Details -loanfasttrack
Home Loan With Lowest Interest Rates In India @ 6.95%*p.a.  Home Loan Transfer With Zero Processing Fee Offer With Selected Banks.

Home Loan Transfer Definition:  

A home loan transfer from one bank to another bank is referred to as Home Loan Transfer OR Home Loan Balance Transfer.

Home Loan Balance Transfer Meaning:

A Home loan transfer to other bank is usually done in order to enjoy the benefits of the low interest rates of home loans, to apply for a top-up loan and to enhance the housing loan tenure.

Home Loan Balance Transfer And Top-up

To avail top loan at the home loan interest rate, an home loan balance transfer with top-up is applied with the best bank for home loan in India. A top-up is the additional loan taken on an already existing home loan to meet various professional and personal needs. The top-up loan eligibility is subject to the income of the borrower and to the market value of the property. The cumulative amount of the home loan and the top up loan cannot exceed the banking LTV (Loan To Value) norms which is 80% of the market value of the property. The top up interest rates of leading lenders for home loan range from 7.35%p.a. – 11.15%p.a.

HDFC & ICICI bank home loan top up interest rate starts from 7.10% p.a. onwards

ICICI Bank Home Loan Balance Transfer With Top Up @ Lowest Rate Of 7.10%p.a.

Home Loan Transfer Tenure

The home loan tenure is subject to the age of the borrower and to the income eligibility of the borrower. Provided the fulfilment of the age and income criteria the home loan tenure can be altered for the borrower. The loan tenure is inversely proportional to the EMI. An enhancement in the loan tenure will decrease the EMI and vice-a-versa.

Maximum tenure for home loan transfer is 30 years.

Home loan transfer minimum tenure is 5 years.

Home Loan Transfer Interest Rate

Home loan transfer lowest interest rate is available with Canara Bank which is 6.95%p.a. for any loan amount available for both salaried and self-employed borrowers.

The top-up loan is charged at a mortgage loan interest rates for the top-up amount exceeding the original home loan amount. For example, if the original home loan taken by the borrower is Rs.50lakhs and the outstanding loan amount at the time of home loan balance transfer is Rs.35lakhs, then the interest rate calculation for the top up loan will be as under:

For top-up loan upto Rs.15lakhs (50lakhs-35lakhs) – housing loan interest rate.

For top-up loan more than Rs.15lakhs – mortgage loan interest rate.

The Home Loan Transfer Rates Of Top Banks

Bank Home Loan Rate Of Interest Top-Up Rate Of Interest
ICICI Bank 7.10% p.a. For Salaried. 7.25% p.a. For Self-Employed. Starts from 7.10% p.a to 9.50% p.a.
Canara Bank 6.95% p.a. For Salaried & Self-Employed –
HDFC Ltd. 7.10% p.a. For Salaried & Self-Employed Starts from 7.10% p.a to 9.90% p.a.

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

Top-up loan with Canara bank is not available with home loan balance transfer. Top-up loan can be availed only by the existing home loan borrowers of Canara Bank after completing 1 year with Canara Bank.

Charges For Home Loan Transfer

Since home loan transfer is treated as a fresh loan all relevant home loan charges will be applicable for the loan transfer. The home loan transfer charges includes,

i) Home loan transfer processing fees + applicable GST.

ii) Franking & stamp duty cost of 0.20% on the loan amount + applicable GST.

iii) Administrative cost i.e. legal and technical charges which range from Rs.5000/- to Rs.10,000/- which varies between banks.

iv) Other miscellaneous expenses such as CIBIL charge, CERSAI charge, title search cost, etc.

Home Loan Balance Transfer Charges Rbi Guidelines – As per the RBI guidelines NIL Pre-closure/Foreclosure Charges are applicable on a floating interest rate home loan.

Home Loan Balance Transfer Offers  

Home Loan Transfer Zero Processing Fee With ICICI Bank @ 7.10% p.a. (For Cases Above Rs.1Crore)  

Home Loan Transfer Without Processing Fee With Canara Bank @ 6.95% p.a. (For Cases Above Rs.75Lakhs)

Home Loan Transfer Calculator

Home loan EMI calculator is important since it helps to compare the EMI difference for transferring the home loan. The calculator gives the exact idea on the per month savings on EMI and the savings on the total interest payable on the same home loan amount. The calculator is easy to use, it instantly calculates the EMI and also provides the amortization chart showing the ratio of the principal amount to the interest due, based on the loan tenure and interest rates.

Compare multiple EMIs with different loan tenures and interest rates with Loanfasttrack’s EMI Calculator.

(For complete details, read: Home Loan EMI Calculator.)

Home Loan Transfer Terms & Conditions

  • Must have a good repayment track record for 12months.
  • Must have a regular flow of income.
  • Home loan transfer grampanchayat property is not possible.
  • The property possession is taken.
  • Under-construction property home loan is not transferable.
  • Top-up loan is subject to income eligibility and to the LTV norms.
  • Top-up amount cannot be used for trading and speculative purposes.

Home Loan Transfer Documents Required

Home loan transfer documents include, KYC, Income Documents, Property papers and LOD + O/S letter + Repayment track record.

1) KYC- Pan card, Adhar card, residential & office proof.

2) Income Documents –

  1. For Self-Employed- 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no.
  2. For Salaried – 4 months Salary Slips, 6 months Bank Account Statement, 2 years From 16.

3) Property Documents – Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy, Property Tax.

4) LOD, Outstanding letter and 12-18months repayment track record.

Click for Home Loan Balance Transfer documentations – For Salaried, For Self-Employed- Proprietorship Firm, Private Limited Company, Partnership Firm.

For ICICI bank home loan transfer, ICICI bank home loan balance transfer with top up, home loan transfer from ICICI Bank to HDFC, home loan transfer from HDFC to ICICI Bank, home loan transfer to HDFC Bank,home loan transfer to ICICI Bank, home loan transfer to Canara Bank visit https://www.loanfasttrack.com/. You can also email us on info@loanfasttrack.com or directly speak to our experts on 9321020476.

Loanfasttrack promises to get you a best home loan in India, best home loan tenure, best home loan bank, best home loan interest rates in India, best home loan offers along with home loan transfer best offers.

Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. 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.

It also helps you:

Additional Read:

Home Loan Transfer Requirements

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Home Loan Transfer Requirements
Home Loan Balance Transfer @ 6.95%*p.a. With Zero Processing Fees*

You choose for a home loan transfer from one bank to another in order to enjoy the benefits of home loan transfer mainly the lowest interest rates for housing loan & enhancement in the housing loan tenure (subject to maximum tenure on home loan which is 30years).

In order to opt for the home loan transfer to other bank, it is important that you fulfill all the home loan transfer terms and conditions of the banks. The transfer terms and conditions may vary among the lenders i.e. Banks & NBFCS, say for instance Pvt. Banks like ICICI & NBFCs like HDFC Ltd. can transfer your home loan which is 6 months old, while the nationalized Banks like Canara need a 12 months repayment track record in order to process the home loan transfer request. Given below are some of the important aspects to be considered to transfer your home loan.

Home Loan Transfer Requirements

1) Timely Repayment Of Loan EMIs

In home loan balance transfer requests the banks basically and mainly looks for a clear track history for housing loan repayment by the borrowers. The housing loan repayment schedule / track record must be clear of any EMI bounces, EMI late payments & undue EMIs. Timely repayment of home loan EMIs will also earn a lowest interest on home loan. A good repayment track record for 12-18 months is required in order to transfer your high interest rate home loan to a new bank with low interest rate home loan. A 6 months old home loan can also be transferred with selected banks, namely ICICI & HDFC.

2) Must Have Uninterrupted Flow Of Income

You need to have a regular flow of income per month if you wish to switch home loan to another bank. Bank ascertains your repayment capacity on the basis of your income eligibility. A borrower with interrupted flow of income cannot enjoy the benefits of home loan transfer. Even if you have uninterrupted income flow of income but you maintain an account balance for the EMIs, home loan balance transfer is possible.

 3) The Property Should Be Within The City Approved Corporation Limits

A home loan transfer grampanchayat property is not approved. The property has to be within the approved corporation limits of the authority and must be approved by BMC, TMC, MHADA, CIDCO, KDMC, VVCMC, MMRDA etc. for the properties in the metropolitan city of Mumbai. Grampanchayat properties are usually not transferable by the leading home loan Banks and NBFCs.

Additional Read: Why Is It Difficult To Get A Loan On Grampanchayat Property?

4) Possession Of The Property Has Been Received

(Home Loan Transfer Under Construction Property Is Not Possible)

A home loan taken on under construction property cannot be transferred unless the borrower has taken the possession of the property. In under-construction home loans you pay only the interest amount to the bank or the loan is partially disbursed, therefore, unless you get the possession of the property and start paying the full EMIs for atleast 6 months the home loan cannot be transferred. (CLICK to know If Pre EMI is better than full EMI). You are required to provide a copy of the possession letter along with other home loan transfer documents when opting for the home loan switch.

Additional Read: What Is Advantageous? Purchasing A Resale Property Or Investing In A Builder Property

Quick Guide To Difference Between Home Loan Builder Case & Resale Case

5) The Loan Is Not In The Lock-In Period

Ensure that your loan is not in the lock-in period while switching the bank for lowest home loan rate. Such is the preferable circumstance for fixed interest rate home loans. In fixed interest rate home loans your rate of interest remains fixed for a fixed tenure say for 1year, 3years, 5years, 10years or 15years according to the banking agreement. Under fixed interest rate home loans you are charged a penalty for preclosure of your home loan which may range from 2%-5% on the outstanding loan amount depending upon the Bank/NBFC.

If you are looking to transfer your high interest rate home loan i.e. a fixed interest rate home loan and pay a nominal penalty, speak to experts of Loanfasttrack on 9321020476 for guaranteed solution.

6) All Co-Borrowers & Co-Owners Of Property Must Sign The Home Loan Application Forms. 

All co-owners of the property have to be co-applicants on the loan. For home loan balance transfer all co-applicants must give their consent to transfer the loan. Especially when a home loan is availed in the name of two or more siblings. On the contract if the home loan is to be transferred on a single name or an applicant while applying for a balance transfer, the other co-applicants must give up their property ownership rights by signing a release deed.

Home loan transfer from wife to husband and vice-a-versa, home loan transfer from parents to children (son & daughter), home loan transfer from sister to brother or vice-a-versa, home loan transfer from brother to brother, are some of the examples of home loan transfer to another person.

7) Good CIBIL Score

A CIBIL score of 750 above is considered a good CIBIL score for all types of loan requirements. Banks scrutinize your repayment capacity by pulling out your CIBIL report. Low/poor CIBIL score puts question to your repayment capacity and banks avoid funding on the grounds of high risk of defaults. However a low CIBIL score housing loan may be considered for balance transfers by Banks/NBFCs but such transfers necessarily may not earn you a lowest interest rate for housing loan.

Additional Read: CIBIL And Its Significance In Home Loan

Know How Your Home Loan Inquiry Impacts Your CIBIL Scores

8) Top-Up Restrictions For Home Loan Balance Transfer With Top Up

A top up applied to meet your professional and personal needs is subject to the fulfilment of the following conditions:-

i) Income Eligibility – You must be eligible to pay additional top-up EMI towards your top-up loan.

ii) LTV Norms – The cumulative loan amount of the balance transfer and top-up amount does not exceed the LTV norms of the bank which is 80% of the market value of the property.

iii) The top-up amount cannot be used for trading and speculative purposes.

iv) The top-up loan is charged at a mortgage loan interest rates for the top-up amount exceeding the original home loan amount.

Apply For ICICI Bank Housing Loan Transfer With Top Up @ Lowest Rate Of 7.10%p.a.

Additional Read: What Do You Mean By Loan Eligibility In Home Loan?

9) Should Have Necessary Documents For Home Loan Transfer

Home loan transfer documents must have 3 important documents along with your KYC, income & property papers, which are:

i) LOD – List Of Documents. (List of original documents submitted to the bank provided on the bank’s letterhead)

ii) Loan Outstanding Letter.

iii) 12-18months SOA (Statement Of Account) of repayment track record.

Click for home loan transfer documents required – For Salaried, For Self-Employed- Proprietorship Firm, Private Limited Company, Partnership Firm.

Home Loan Transfer Details:

  1. Home Loan Transfer Interest Rates
    Starts from 6.95% p.a.
  2. Best Home Loan Tenure:
    Home Loan Transfer Minimum Tenure – 5 years
    Home Loan transfer Maximum Tenure – 30 years
  3. Processing Fees – Upto 0.30% on the loan amount + applicable GST.To know complete list of charges – CLICK
  4. Home Loan Balance Transfer Charges Rbi Guidelines
    As per the RBI guidelines NIL Pre-closure/Foreclosure Charges are applicable on a floating interest rate home loan.
  5. Home Loan With Lowest Interest Rates In India
    Minimum home loan interest rate available is 6.95% with Canara Bank (For any loan amount), ICICI Bank (For any loan amount-builder property purchase) and HDFC Bank (For loan amount below 30lacs for women borrowers).

The Home Loan Transfer Rates Of Top Banks

Bank Home Loan Rate Of Interest Top-Up Rate Of Interest
ICICI Bank 7.10% p.a. For Salaried. 7.25% p.a. For Self-Employed. Starts from 7.10% p.a to 9.50% p.a.
Canara Bank 6.95% p.a. For Salaried & Self-Employed –
HDFC Ltd. 7.10% p.a. For Salaried & Self-Employed Starts from 7.10% p.a to 9.90% p.a.

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

Additional Read:Why Home Loan Interest Rates Of NBFCs Higher Than Banks

For ICICI bank home loan transfer, ICICI bank home loan balance transfer with top up, home loan transfer from ICICI Bank to HDFC, home loan transfer from HDFC to ICICI Bank, home loan transfer to HDFC Bank,home loan transfer to ICICI Bank, home loan transfer to Canara Bank visit https://www.loanfasttrack.com/. You can also email us on info@loanfasttrack.com or directly speak to our experts on 9321020476.

Home Loan Balance Transfer Offers With Loanfasttrack  

Home Loan Transfer Zero Processing Fee With ICICI Bank @ 7.10% p.a. (For Cases Above 1Crore)  

Home Loan Transfer Without Processing Fee With Canara Bank @ 6.95% p.a. (For Cases Above 75Lakhs)    

Home Loan Balance Transfer With Zero Processing Fee With HDFC Bank @ 7.10% p.a. (For Cases Above 1 Crore)

Online Process For Home Loan Transfer

Home loan transfer has now become easier with the online processing of the loan. Selected banks such as ICICI & HDFC have started home loan transfer online. All you have to do is place your request for the transfer, select the product, upload your documents alongwith the duly signed loan application form and submit for the online processing of home loan balance transfer.

For additional details on online processing feel free to call our experts on 9321020476 or alternately email Loanfasttrack on  info@loanfasttrack.com.

Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. 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.

It also helps you:

Additional Read:

Home Loan Opportunity – Opportunity To Avail Loan @ 6.95% p.a.

by admin
Home Loan Opportunity - Loanfasttrack

Mr. Narayan: (singing) “Ek Bangala Bane Nyara…..” was interrupted with the knocking on the door.

“Knock Knock”

“Who is it” asks Mr. Narayan.

“I am OPPORTUNITY”, replies the voice behind the door.

With mix of all gesture, confusion, surprise and emotions Mr. Narayan opens the door to welcome the opportunity. The opportunity that he was singing- to purchase a house of his own.

The impact of Covid-19 is visibly seen in the real estate industry. The prices for the new purchases from builders took a hit with the fall in the inventory sales as the pockets of many survivors got almost emptied over the last 4 months of the pandemic CoronaVirus. On the contrary, it also raised an opportunity for the investors and the customers who were looking for an opportunity for the markets to get corrected, over the increased real estate prices over the years. The builders have reduced the prices of the new launches and are also offering reduced prices for their new projects due to the liquidity crunch. The fall in the home prices is what customers like Mr. Narayana were waiting for.

Loanfasttrack too believes it is the best time for anyone to purchase their dream house since it is an opportunity that will not stay for a long time. Loanfasttrack therefore has the best offer for everyone who wishes to purchase a house in Mumbai. You can now get finance at the cheapest rate ever since the last 10 years home loan rates in India. You can now apply for home loan at the lowest interest rate of 6.85%*p.a.

For the customers like Mr. Narayana it is an golden opportunity to book a house at a relatively lower prices and get a bank interest rate on home loan starting from 6.95%*p.a.

How To Apply For A Home Loan At Lowest Rate

The process is simple. Just follow the below steps and get the lowest interest on home loan.

Step 1: Visit https://www.loanfasttrack.com/home-loan/apply-online-now.html.

Step 2: Fill in your basic details like name, email, contact and loan amount.

Step 3: Loanfasttrack will contact you within 24 hours on the mentioned contact details.

Step 4: Expert from Loanfasttrack via telephonic conversation will coordinate to understand your requirement.

Step 5: On analysing your loan requirement the expert will offer you with the best deal by providing a comparative evaluation of the housing loan interest rates of the top-banks.

Step 6: The Relationship Manager from Loanfasttrack will visit you in person for further documentation to help you apply for a housing loan with the selected bank/banks.

It takes just the 6 steps to avail a cheapest home loan in India. Do not let go of this opportunity to get lowest interest home loans in India.

Today’s home loan interest rates in India are the lowest loan interest rate in India of the 15 years.

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

Why Loanfasttrack?

Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. 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, educational loans and loan transfers.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Speak to our experts on 9321020476 or log on to https://www.loanfasttrack.com/ for additional details. You can also email on info@loanfasttrack.com.

Additional Read:

Benefits Of Home Loan Transfer

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benefits of home loan transfer

Is home loan transfer good? Is home loan transfer profitable? Is home loan balance transfer beneficial? are some common questions from home loan borrowers.

Many times the borrower is not aware of home loan transfer benefits and thereby misses the chance to reduce his EMI, by transferring his home loan to other bank. Highlighted below are the benefits of home loan balance transfer.

Home Loan Transfer Advantages

1) Home loan transfer will get you a low interest rate on home loan.

The change in the RBI’s repo rate also changes the lending rates of the bank. With the reduction in the repo rates, the bank’s lending rates are reduced. If your existing rate of interest doesn’t change with the change in the bank’s interest rates, or if the change is negligible, then it is probably the time to shift your loan. Home loan transfer from one bank to another will get you the low housing loan interest rate.

Additional Read: Know How To Deal With The Increasing Interest Rates Of Housing Loans

Home Loan Transfer Lowest Interest Rate of 6.95%*p.a.

2) Enjoy Reduced EMIs

Low interest rate means low per month repayment outgo i.e. reduced EMIs.

3) Total Interest Payable Is Less

Low interest rate means less total interest payable to the bank for the same principal amount.

Home Loan Transfer Offers

4) Opportunity To Enhance Your Loan Tenure

Home loan transfer will give you an opportunity to enhance your loan tenure. Enhancing the loan tenure saves money on your per month instalments, since the EMIs are  reduced.

(Home loan transfer minimum tenure is 5 years)

5) Get Top-up At Home Loan Rate

Home loan transfer is beneficial to avail a home loan transfer and top-up loan at home loan interest rates.

Home Loan Transfer With Top-up At Lowest Interest Rate Of 6.95*p.a.

6) Transfer From Fixed To Floating Interest Rate

Home loan balance transfer also gives you an opportunity to transfer your fixed interest rate home loan to floating interest rate home loan and vice-a-versa.

7) Opportunity To Shift With The Bank With New Age Technology

Home loan transfer is beneficial when you are looking for a new age banking technology and ease of access which existing banks are not able to offer such as online requests for generating loan statements, online repayment or prepayment, documents retrieval request, interest rate reduction request, etc.

Home Loan Transfer To ICICI Bank

8) Home Loan Transfer Can Get You A Loan Saver Plan

Home loan transfer also gives you an opportunity to transfer your home loan from the standard plan to a saver plan / home loan with OD facility. The saver plan is where you can park your access funds in the saving account and pay less interest or EMI.

Home Loan Transfer Schemes

9) Enjoy Satisfactory Services With The New Bank

If you are frustrated with the services provided by your existing bank, home loan transfer will get you satisfactory services with the new bank such as timely response, generating loan statements, document requests and transferring the benefits of reduced rates, etc. which your existing bank might have failed.

Home Loan Transfer To HDFC Bank

10) Opportunity For Home Loan Transfer From NBFC To Bank

Interest rates with NBFCs are higher in comparison to banks. The home loan balance transfer option will give you an opportunity to transfer your high interest rate home loan with NBFC to a low interest rate home loan with the bank.

Additional Read: Why Home Loan Interest Rates Of NBFCs Higher Than Banks

Click For Home Loan Transfer HDFC To ICICI Bank

11) Home Loan Transfer To Another Person Is Possible

Home loan transfer by the applicant to the co-applicant or from co-applicant to the applicant is possible with the home loan balance transfer option, provided the transferer makes a release deed and transfers his ownership rights on the property to the other loan co-borrower subject to the income eligibility of the co-borrower. Home loan transfer from wife to husband and vice-a-versa, home loan transfer from parents to children (son & daughter) or vise-a-versa, home loan transfer from sister to brother or vice-a-versa, home loan transfer from brother to brother, are some of the examples of home loan transfer to another person.

Home Loan Transfer Options

 12) Other Benefits

  • Home loan transfer is beneficial when you are reallocating to another city.
  • Home loan transfer is beneficial when you get a low interest rate on a housing loan along with zero home loan transfer processing fees.
  • Home loan transfer is beneficial when you get a low interest rate on a housing loan along with concessions on the home loan transfer charges.

Home Loan Transfer Interest Rates

Below given is the home loan transfer rates of top banks.

Bank Rate Of Interest
ICICI Bank 7.10% p.a. For salaried. 7.25% p.a. For self-employed.
Canara Bank 6.95% p.a. For salaried & self-employed.
HDFC Ltd. 7.10% p.a. For salaried & self-employed.
Click For Home Loan Transfer To Canara Bank

Home Loan Transfer Documents Required

1) KYC- Pan card, Adhar card, residential & office proof.

2) Financial Documents –

  1. For Self-Employed- 3 years ITR with Saral Copy, Balance Sheet, P&L Account, Capital Account – CA certified with membership no. and UDIN No.
  2. For Salaried – 4 months Salary Slips, 6 months Bank Account Statement, 2 years From 16.

3) Property Documents – Prior Chain of Agreement, OC/CC + approved plans, Index 2, Share Certificate, Society Registration Copy, Property Tax.

4) LOD, Outstanding letter and 12-18months repayment track record.

Click for Home Loan Balance Transfer documentations – For Salaried, For Self-Employed- Proprietorship Firm, Private Limited Company, Partnership Firm.

Even though the home loan transfer is beneficial, the borrower at times is reluctant to take the benefits of the loan transfer because of the time consuming lengthy home loan processing and its tedious documentation. But Loanfasttrack has made it possible for the borrower to enjoy the benefits of the home loan balance transfer by its easy & smooth processing, minimum documentation, home services and fastest disbursement process of within 15-20 working days. Try services of Loanfasttrack, Loanfasttrack is ready to be your home loan transfer agent.

Loanfasttrack is the best online user friendly platform to compare and evaluate the best bank for home loan in India. 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.

It also helps you:

√ To find the best bank for home loan

√ To get lowest home loan rates in Mumbai

√ To get an instant loan in Mumbai

√ To get instant personal loan in Mumbai & business loan in Mumbai

√ To make you qualify for the maximum loan against property eligibility

√ To get a low cost home loan balance transfer

√ To get assured low interest rates for loan against property in Mumbai

Additional Read: