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Get home loans up-to 20 Crores @ lowest interest rates starting from 6.75% p.a. for repayment tenures up-to 30 years, processing fees starting from 0% with Loanfasttrack.
Home loans are an attractive and popular means for buying your dream house. It is the most common mode to raise the required finance for purchasing a new house. Home loans are the longest financial commitment which comes with an extended repayment tenure of up-to 30 years.
Home loans come with a choice of fixed as well as floating interest rates. You may choose among a variety of home loan lenders from Banks/NBFCs/HFCs. Home loans are available for salaried, self-employed, self-employed professionals, NRIs. Get your free home loan quote today.
|Bank Name||Home Loan Rate Of Interest||Home Loan Processing Fees (PF)||Loan Tenure|
|ICICI Bank||6.85% p.a. - 8.05% p.a.||0.30% of the loan amount + GST||@Up-to 30 years||Enquire Now|
|Limited period offer - Zero PF for cases above Rs.1 crore.|
|HDFC Ltd.||6.75% p.a. - 7.85% p.a.||Up-to 0.50% - of the loan amount + GST||@Up-to 30 years||Enquire Now|
|Limited period offer - PF of only Rs.5,900/- + GST For Salaried Loan Borrowers|
|Canara Bank||6.90% p.a. - 8.90% p.a.||Rs.10,000/- + GST||Up-to 30 years||Enquire Now|
|Kotak Mahindra Bank||6.85% p.a. - 8.45% p.a.||Up-to 0.50% of the loan amount + GST||@Up-to 20 years||Enquire Now|
|Axis Bank||6.90% p.a. - 8.90% p.a.||Up-to 0.50% on the loan amount + GST (Minimum Rs.10,000/-)||Up-to 30 years||Enquire Now|
|SBI Bank||6.95% p.a. - 10.95% p.a.||Up-to 0.40% of the loan amount + GST (Maximum Rs. 10,000/-)||Up-to 30 years||Enquire Now|
|Bank Of Baroda||6.85% p.a. - 8.70% p.a.||Up-to 0.50% of the loan amount + GST (Maximum of Rs.25,000/-)||Up-to 30 years||Enquire Now|
|Bank Of India||6.85% p.a. - 8.25% p.a.||0.50% of the loan amount + GST (Maximum Rs.50,000/-)||Up-to 30 years||Enquire Now|
Note: Interest rates of home loans of all banks and processing fees are subject to change without prior notice.
|Processing Fees||Rs. 5900/- to 0.50% on the loan amount.|
|Legal & Technical Cost||Rs.5900/- to Rs.10,000/-|
|Stamp Duty Cost||0.30% on the loan amount.|
|GST||18% applicable on all loan charges.|
Currently HDFC Ltd. tops the rank for the best banks providing lowest home loan interest rates followed by ICICI Bank. HDFC’s home loan interest rates start from 6.75%, you can also apply for a loan from the comfort of your home.
Make home loan comparison of the top banks and apply home loan with Loanfasttrack today to enjoy the following benefits:
Each lender Bank/NBFC/HFC have different criteria. The amount of loan provided to you depends on these different criteria, which includes your age, income, employment details, CIBIL, property valuation, current obligations & property legal clearance
|Age||Minimum 21 years & Maximum 70 years|
|Resident Type||Indian resident, NRI & PIO|
|Employment Profile||Salaried & self-employed|
|CIBIL||Satisfactory CIBIL scores of 750 & above|
|Minimum Income||Rs. 2 Lakhs p.a.|
|Incomes considered for eligibility||
|Incomes not considered for eligibility||
For Self-Employed (Net Profit X 65%-70% FOIR) - Obligations) ÷ Per Lakh EMI
The home loan EMI calculator makes your personal budgeting easy. You can easily know how much EMI you can comfortably service. The three main factors which determine your EMIs are loan amount, loan tenure and the rate of interest.
|Home Loan Tax Benefit Under Section||Nature Of Home Loan Deduction In Income Tax||Maximum Tax Amount Deductible|
|80C||Housing loan principal repayment||Up-to Rs.1.5 Lakhs p.a. (Including one time stamp duty and registration cost)|
|24(b)||Deduction for interest on housing loan||Up-to Rs.2 Lakhs p.a.(for self-occupied properties) No limit (for let-out properties)|
|80EE||Additional home loan interest deduction for first time home buyers||Rs.50,000/- p.a.|
To get detailed information on tax benefits on joint home loans, second home loans, multiple home loans, etc.
A joint home loan is a loan you apply jointly with your immediate family member/members i.e., spouse, children, father, mother & siblings. Joint home loans can get you following benefits:
|Resale Property||Builder Property|
a) Copy of conveyance deed, original NOC & transfer letter from CIDCO/ MHADA - if conveyance deed is executed.
b) Copy of tri-party agreement & lease agreement - if conveyance deed is not executed.
b) Any other documents as per the legal report of the property.
Apply for a home loan
Fill in the form with basic details name, address, contact details, employment details, income details & co-applicant’s details. You can either
A bank representative will collect your home loan documents along with the application form, if you are making an offline loan application. If you're applying online, upload your home loan documents online.
Documents Processing & Verification
This process includes your documents verification, CIBIL check, FI visits, etc.
Personal Discussion & Sanction
A credit manager conducts the personal discussion to evaluate your home loan requirement. After successful discussion your home loan will be sanctioned.
Pay The processing Fees
On loan sanctioned you are required to pay the processing charges on the approved home loan amount.
Sanction Letter Issued
Once you pay the complete processing fee amount, an official copy of the sanction letter will be issued.
Legal & Technical Process
Property’s legal and technical will be conducted to ascertain the property has a clear and marketable title and that banks do not over lend.
Loan Agreement & Disbursement
Lastly, sign the bank’s loan disbursement agreement and submit.
Home loan will be your long-term financial commitment, it is therefore crucial you find a perfect lender to apply for your house of dream. Follow these Important home loan tips to get a loan that is just right for you.
Eligibility is your ability to repay the loan. Each bank has their own parameters based on which you are provided with a home loan, namely income, age, current obligations, property details- valuation, location & LTV ratio, employment details, income stability, assets & liabilities, etc.
Know your monthly home loan instalments with our easy-to-use home loan EMI calculator. Simply input your loan amount, tenure & interest rate to know how much you can afford to repay per month.
Interest rates are the primary factor for the home loan comparison which directly affects your home loan EMI. Get the best home loan interest rate today.
Banks charge fees for processing your home loan application which varies with your loan amount. Besides the processing fees there are various other charges that add to the home loan cost.
You need to submit your Identity proof, Address proof, Income proof and Property papers for availing a housing loan. For detailed list of documents refer the links:
|Home Loan List Of Documents|
Private Ltd. Company
Since home loan is your long-term financial commitment, choosing the best home loan is the most crucial decision. Selecting the home loan which is just right for you can save your money both in short term as well as long term, just avoid making these common home loan mistakes.
Ans: The amount you should put down as down payment is your personal decision depending on what is the best for your finances. You may put down more in addition to the standard percentile of the down payment. The higher the down payments the more benefits you shall earn from the home loan lenders. Higher down payments mean you take less home loan and pay less EMI and save on the interest outgo. Read more.
Ans: Sanction nearly takes 7-10 working days on successful login of the home loan file. However, you can always apply for an in-principal sanction online to get you an instant approval for a home loan. Try Express home loans of ICICI Bank for instant approvals.
We also suggest you to get yourself a pre-sanction home loan which will make your home loan disbursement faster and to also plan your property purchase accordingly. Read more for pre-sanction home loans.
Ans: Yes, you may apply for two home loans at a time subject to your loan eligibility to pay 2 EMIs.
Ans: Home loan interest rates in India starts from 6.75% p.a. onwards. HDFC & ICICI Bank provides the lowest housing loan interest rates in India.
Ans: Home loans are a long-term financial commitment with the repayment tenure till 30 years. The magic to pay off home loan quicker starts by saving money. You may follow the following ways:
Ans: You can avail home loans up-to 90% for the property valuing below or equal to 30 Lakhs. The following is the applicable LTV grind as per the market value of the property.
|Market Value Of The Property||LTV % On The Market Value Of The Property|
|Below 30 Lakhs||90%|
|30 Lakhs - 75 Lakhs||80%|
|75 Lakhs & Above||75%|
Ans:Yes, you can still avail a housing loan in Mumbai. Though it is mandatory to get the latest 3 years ITR returns for applying for a home loan, there are banks such as HDFC & ICICI, etc. who can provide you a home loan through their banking surrogate product provided you have a good banking transaction history of the current account. Read more about banking surrogate product of ICICI Bank.
Ans:Pre-Emi is the interest paid on the partial disbursements of your home loan amount. The pre-EMI period is not a part of the loan tenure which means the interest you pay during the pre-EMI period is not deducted from the total repayable loan amount.
Please remember in Pre-EMI you are not allowed to:
Tax Benefits on Pre-EMI
No tax benefits till the possession of the property. However aggregate of such interest paid can be claimed in 5 equal instalments from the year in which the construction is completed u/s 24(b) of the Income Tax Act, 1961.Read more for details.
Ans:Home loan refinancing means transferring your home loan from existing lender Bank/NBFC/HFC to a new lender. Refinancing is generally done in order to avail a low interest rate on a home loan. It is commonly addressed as home loan balance transfer or home loan switch.Read more on refinancing.
Ans:A home loan can be transferred only after completion of the minimum tenure of 6 months provided you have a clear track record. Also, it is important that you meet the prescribed eligibility criteria of the banks, such as LTV norms, income eligibility calculation, property legal and technical clearance, etc
Also read: Why home loan interest rates of NBFCs are higher than Banks.
Ans: A home loan can transfer after completing a minimum tenure of 6 months for the following reasons:
Ans:You have to approach your home loan branch to bring to their notice that you are paying a higher rate. Ask them to match your interest rate with the prevailing market rate. At times you might be charged with a conversion fee to reduce your interest rate on your home loan. Even after conversion your rates are still high you can opt for home loan refinancing.
Also read: Know how to deal with increasing interest rates of housing loans.
Ans:Yes, you can apply for a top up loan subject to your loan eligibility with respect to income and LTV ratio.Read 3 best home loan top up loans in India.
Ans:The banks look to bounce in the processing fee cheque as your poor capacity to repay the loan and can reject your home loan application on these grounds. However, if you have balance in your other bank account/accounts equal to or more than the processing fee amount, you can justify the bounce in the processing fees, and the banks may consider approving your home loan.
Ans:If you are tech-savvy, apply for an online home loan application. This is faster and can be applied at your comfort. If you are not internet friendly, apply for an offline home loan. Offline is a time-consuming process mainly because the documents are physically scrutinized at various processing desks.
Ans:If you think of buying a property with the borrowed funds, home loan is a better option. Home loan provides you with higher loan amount, lower interest rate and longer repayment tenures which keeps your EMI low. Home loans also provide you with tax benefits. However if you are looking for a smaller loan amount to meet your specific personal needs personal loan can be a better option. Alternatively, you may also apply for a top-up loan on a home loan instead of a personal loan if you already hold a home loan to get a loan at low interest rates.Get ICICI Bank home loan top-up loan @ home loan interest rates.
Ans:No, it is not mandatory to take a home cover with a home loan. However, home insurance secures you and your family from the burden of home loan repayment in uncertainty such as critical illness, job loss, death, etc
Ans:Try one or more of the following ways:
|Apply for home loan balance transfer @ zero processing fees with Loanfasttrack.|
Ans:In fixed interest rates your interest rate remains fixed for a certain tenure. During such fixed tenures you cannot enjoy the interest rate change. While in floating home loan interest rates you can enjoy the change in the interest rate. Fixed interest rates are suitable when you think home loan interest rates will increase in the future and vice-a-versa.
Ans:PSD conditions are those special conditions which are vital in approving your home loan. Such conditions are case specific and are mentioned on your sanction letter. You have to fulfil these conditions for loan disbursement. Examples of PSD conditions are:
Ans:: Benefits of applying home loan with private banks and nationalized banks:
|Private Banks||Nationalized Banks|
Loanfasttrack is a free service provider. It is one of the best home loan companies to secure your dream house.Loanfasttrack has a dedicated professional team which helps you to arrive at a smarter decision by evaluating the attractive & best home loan offers and best home loan rates of all banks & discounts from multiple banks. It is the best online platform that helps you to find best bank for home loan and compare home loan interest rates, check home loan eligibility & apply home loan online at a single click. You no longer have to worry about “Which bank gives lowest interest rates for home loan”, Loanfasttrack assures on providing you with lowest Housing loan interest rates.
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