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About Home Loan In India

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.

Home Loan Charges Schedule

Charges Schedules

  • Home Loan Processing Fees
  • GST
  • Stamp Duty
  • Intimation To Mortgage Charges.
  • Any Other charge which differs from banks to banks.

Current Home Loan Interest Rates In India

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.

Home Loan Charges In India

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.

Which Is The Best Bank For Home Loan In India

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.

  • If you are looking for quick services, faster disbursement along with low interest rates, ICICI Bank is the best bank.
  • If you are looking to apply for a home loan online from the comfort of your home, ICICI Bank & HDFC are the best banks.
  • If you want to apply with a bank providing the lowest interest rate, HDFC is the best Bank.
  • If you feel secure applying with nationalized banks, Canara Bank is the best bank.
  • If you are drawing minimum per month income or earning cash incomes, HDFC is the best bank.
  • If you are looking for a smart home loan product to save your interest cost, Canara Bank is the best bank.

Types Of Home Loan In India

  • Home Purchase Loans: Loan taken for the purchase of a new home.
  • Pre-Approved Home Loans: Also referred to as in-principal approval, pre-approved home loans are the loans taken even before finalizing the property. The loans are provided only on the basis of your repayment capacity which is determined by your financial position & income, income stability and through your creditworthiness.
  • Home Loan Balance Transfer Loans: Loan that helps to pay-off an existing home loan i.e., refinancing the existing home loan for a lower interest rate or longer repayment tenures.
  • Home Loan Top up Loans: Loan taken in addition to the existing home loan to meet your variety of professional and personal needs.
  • Land Purchase Loans: Loan taken to buy a piece of land to construct or build a house.
  • Home Construction Loans: Loan taken to construct your house on a piece of land.
  • Home Extension Loans: Loan taken for expansion of your house which includes alteration in the current structure of the residence to add extra space such as constructing a new room, a floor, a bigger bathroom or enclosing a balcony.
  • Home Improvement Loans: Loan taken for renovations and repair of a home such as painting, external repair work, electrical work, water-proofing and construction of underground overhead water tank etc.
  • NRI Home Loans: Loans exclusively meant for the non-resident Indians to assist them buy a residential property in India.

Home Loan Benefits With Loanfasttrack

Make home loan comparison of the top banks and apply home loan with Loanfasttrack today to enjoy the following benefits:

  • Compare the home loan interest rates of the top banks.
  • Enjoy lowest home loan interest rates starting from 6.75% p.a.
  • Pay less EMIs with longer tenures up-to 30 years.
  • Home loans available for all CIBIL scores.
  • No hidden costs.
  • Money savings unique home loan offers in India.
  • Instant savings on processing fees.
  • Lifetime free financial advice.

Home Loan Eligibility Criteria

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
  • Salary, perks, incentives, bonus, gratuity, arrears, paid leaves.
  • Income from other sources such as, rental income, agricultural income, etc.
  • Cash income of the self-employed, if physical books of accounts are maintained provided such income is reflected in the ITR.
  • Income of the co-applicant.
  • Company’s net profit, if the company is a co-applicant in the loan.
  • Net income and profits of all the businesses of the self-employed home buyer.
Incomes not considered for eligibility
  • Interest income received on the money lending business.
  • Overtime and part time income of the salaried.
  • Partner’s income in a partnership firm.
  • Interest income received on the fixed deposits and investments.
  • A salaried home buyer also having a business, income from only one head will be considered i.e., either salaried income or a business income.
  • Cash incomes which are inadequately documented.
Eligibility Calculation Lower of:
  • For Salaried ((Net income per month X 60%-65% FOIR) – Obligations) ÷ Per lakh EMI

For Self-Employed (Net Profit X 65%-70% FOIR) - Obligations) ÷ Per Lakh EMI

  • LTV – Market Value of the property X (75%-90%).

Home Loan EMI Calculator

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.

Benefits of using online EMI calculator
  • The calculator shows the exact EMI you have to pay.
  • It shows the total interest payable for the selected loan tenure.
  • Online EMI calculator is simple and easy to use. Manual EMI formula is complex and not easy to calculate, this increases the chances of wrong calculations which can misguide your right decisions.
  • It saves time by calculating the EMIs in seconds.
  • You can also make comparisons on the multiple EMIs of different tenures, loans and rates and choose the EMI that best suits your budget.
Calculate Your EMI

Top 3 Best Home Loan Schemes

1) ICICI Bank Home Loans
  • Lowest housing loan interest rates starting from 6.85%* p.a.
  • Low processing fee of 0.30% on the loan amount.
  • Digital home loan application online.
  • In-principal sanction within 24 hours. (Express Home Loan – ICICI Bank)
  • Extended loan tenures up-to 30 years.
  • easy repayment options with full waiver of prepayment penalty on floating interest rate loans.
  • Maximum funding up-to 90%.
  • Popular schemes - regular home loan, banking surrogate, home loan balance transfer & mortgage overdraft.
ICICI Bank Home Loans
2) HDFC Bank Home Loans
  • Customized home loan schemes to meet your requirement.
  • Promisingly low home loan rates starting from 6.75%* p.a.
  • Special rates for women applicants.
  • Lowest one-time processing fees for salaried employees of Rs.5,900/-.
  • Customized repayment options with tenures up-to 30 years.
  • Only digitally login of the home loan files.
HDFC Bank Home Loans.
3) Canara Bank Home Loans
  • Home loans available for all profiles and CIBIL Scores
  • Lowest interest rates starting from 6.80%* p.a.
  • Interest rate concessions for women applicants.
  • No login fees required.
  • Flat interest rates for any loan amount.
  • Flat processing fees of 0.50% for any loan amount, minimum Rs.1500/- and maximum Rs.10,000/-.
  • Flexible repayment options of up-to 30 years.
  • Home loan saver plan available.
Canara Bank Home Loans

Income Tax Benefits On Home Loan

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.

Home Loan Income Tax Benefits

Benefits Of Applying For Joint Home Loan

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:

  • Higher home loan eligibility
  • Makes repayment easy when the debt burden is shared with your co-applicant.
  • Earns you concessions on the interest rates when jointly applied with a women co-applicant. Read more for housing loan benefits for women borrowers.
  • You and your co-applicant both can claim the tax benefits under sec 80C & sec 24(b) for the principal repayment and interest paid, maximum up-to Rs.1.5 Lakhs & Rs.2 Lakhs per year respectively.
Benefits Of Applying For Joint Home Loan .

Home Loan Documentation

Salaried Self-Employed
KYC
  • Pan Card, Aadhar Card & Passport size photograph.
  • Pan Card, Aadhar Card & Passport size photograph.
Income Documents
  • Latest 4 months salary slips.

  • 2 years Form 16.

  • 12 months bank account statement of the salary account.
  • 3 years latest financials with Saral Copy, Balance Sheet, P&L account, Capital Account - CA certified with membership no. & USDIN no.

  • Latest 3 years Form no-26 AS.

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

  • Latest 12 months bank account statement of all accounts.
Other Documents
  • Duly Signed bank application form.

  • Processing fee cheque in favor of the bank.
  • Duly Signed bank application form.

  • Processing fee cheque in favor of the bank.

  • Business profile on the letter head of the company.

  • Business proof – GST registration, Ghumastha or Copy of Aadhar Udyog.

  • Copy of contract letter if any.

  • If home buyer is:
    Chartered Accountant -
    copy of COP & passing certificate.

  • Doctor - copy of degree certificate.
Property Documents
  • Copy of draft agreement.

  • Copy of prior chain of agreements.

  • OC / CC + approved plan copy.

  • Copy of index 2.

  • Latest property maintenance bill.

  • Copy of share certificate.

  • Copy of society registration certificate.

  • Property tax receipt.
  • Copy of draft agreement.

  • Copy of prior chain of agreements.

  • OC / CC + approved plan copy.

  • Copy of index 2.

  • Latest property maintenance bill.

  • Copy of share certificate.

  • Copy of society registration certificate.

  • Property tax receipt.

Documents Required For Home Loan Disbursement

Resale Property Builder Property

  • Original copy of prior chain of agreement with stamp duty duly paid & registration done along-with index 2 and Occupancy Certificate/CC.

  • Bank account statement for OCR proof.

  • Original Copy of share certificate - if issued.

  • NOC from society duly signed by chairman & society secretary.

  • Seller documents – self attested Pan card copy, Aadhaar card copy, 3 months bank account statement & seller verification form.

  • Any other documents as required by the legal report and sanction conditions.

  • Latest Property tax receipt copy.

  • Copy of Society registration.

  • Copy of mortgage intimation.

  • If Seller BT – copy of Original LOD (list of document) & foreclosure letter is mandatory.

    • => For CIDCO/MHADA 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.

  • 7-Security mandate cheques in favour of BANK.

  • Docket kit duly signed by all applicants.
  • Original Agreement with index2.

  • Demand letter from Builder.

  • NOC from Builder.

  • Bank account statement for OCR proof.

  • ROC and Lien letter from Builder - if project is funded by the bank.

  • Payment receipt from Builder.

  • Architecture report from Builder.

  • Allotment letter or Possession letter from Builder.

  • 7 security mandate cheque in favor of the Bank.

  • Docket kit duly signed by all applicants.

  • Additional documents if the project is Non-APF

    • a) Title search report.

    b) Any other documents as per the legal report of the property.

Home Loan Process

  • 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

    • Apply online OR
    • Apply offline, make physical application to a lender Bank/NBFC/HFC.

  • Documents Collection

    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.

Detailed Process Of Home Loan.

Important Home Loan Tips

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.

  • Ensure to do good research before you apply for a loan.
  • Compare and evaluate between the lenders for interest rate, funding, processing fees, foreclosure charges & conditions, etc.
  • Plan your down payment.
  • Figure out how much you can afford to pay per month. Use our EMI calculator to know your affordable EMIs.
  • Track your CIBIL scores. A good CIBIL record can earn you a good deal on home loans.
  • Keep your home loan documents ready, this will help in faster home loan processing.
  • Choose the correct home loan product which is just right for you.
  • Make sure to go through the entire loan agreement before signing.
  • Apply for a pre-sanction loan to know your exact home loan eligibility and accordingly plan your property budget.
Imporant Home Loan Tips.

Reasons Why Your Home Loan Gets Rejected

  • Default on your monthly payments.
  • To many current obligations.
  • You are nearing retirement.
  • Non satisfactory CIBIL scores.
  • Non satisfactory CIBIL scores of the co-applicants.
  • LTV constraints on the property funding.
  • Applying with more than 2 banks at the same time. This affects your CIBIL score.
  • The property or the project you are purchasing is blacklisted by the banks.
  • There is a legal issue in the property such as unclear title, suit filed on the property, property not registered, stamp duty not paid, etc.
  • There are technical issues in the property such as very old construction, no life of the building, no structure audit report, illegal extensions in the property without prior permission from the authorities, etc.
  • If you are a frequent job hopper.
  • If you are working in black listed countries such as Pakistan, Afghanistan, Nigeria, Bhutan, China, Nepal, Bangladesh, Sri Lanka, Iran, North Korea (Democratic People’s Republic of Korea), Cuba, Syria, Sudan, and Crimea Region of Ukraine, Macau, Hong Kong.

Before You Apply For A Home Loan

Calculate your Eligibility

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.

Check home loan EMI calculator

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.

Check home loan interest rates of the banks

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.

Check home loan processing fees and other charges

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.

Check Home Loan Documents Required

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
Salaried Self-Employed
Resale Case

Proprietorship Firm

Resale case

Builder Case

Builder Case

Partnership Firm

Resale case

Builder Case

Private Ltd. Company

Resale case

Builder Case

10 Common Home Loan Mistakes

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.

  • Do not take the first offer you receive. Always shop around to find the best deal.
  • Choosing the home loan product which is just not right for you.
  • Do not overlook the fine prints and terms & conditions of the home loan.
  • Do not blindly sign the agreement.
  • Do not rely on verbal commitments from the lenders.
  • Do not know the other charges which cost a home loan.
10 Common Home Loan Mistakes

Frequently Asked Questions

Q. How Big Must Be Your Down Payment?

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.

Q. How long does it take to get a home loan sanctioned?

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.

Q. Can I apply for two home loans at a time?

Ans: Yes, you may apply for two home loans at a time subject to your loan eligibility to pay 2 EMIs.

Q. What is the interest rate for home loan in India? Which bank has low interest rate for home loan?

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.

Q. How to repay a home loan faster?

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:

  • Apply for a loan amount which is within your reach of repayment.
  • Make higher down payments.
  • Avoid taking additional loans.
  • Choose a lender who allows maximum prepayments.
Read more.
Q. Can I get a 90% home loan?

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%
Q. I am self-employed looking for a home loan in Mumbai, I have not filled my recent ITR. Can I still get a home loan?

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.

Q. What are Pre-EMIs? Can I get a tax benefit on Pre-EMIs?

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.
Q. What is home loan refinancing?

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.
Q. I took a loan 2 months back with an NBFC, which is charging me a high interest rate. Can I balance transfer my home loan to a bank?

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.

Q. When can a home loan be transferred?

Ans: A home loan can transfer after completing a minimum tenure of 6 months for the following reasons:

  • A home loan can transfer after completing a minimum tenure of 6 months for the following reasons:
  • To apply for a top up at lowest interest rates.
  • To enjoy longer repayment tenures.
  • To transfer your home loan from fixed interest rate to floating interest rate.
Read more - FAQs on home loan balance transfer.
Q. My current home loan interest rate is high? How do I reduce it?

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.

Q. Months ago I took a home loan. Can I apply for a top-up loan? How much loan can I get?

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.
Q. My processing fees cheque got bounced? Will my home loan get rejected?

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.

Q. Online v/s offline home loans? Which one is better?

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.

Read more

Q. Is a personal loan better than a home loan?

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.
Q. Is it mandatory to take home insurance with a home loan?

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

Q. How do I reduce my EMI?

Ans:Try one or more of the following ways:

  • Make partial prepayments to the loan account.
  • Select longer repayment tenure.
  • Apply with a lender with lower home loan interest rates.
  • Apply for a home loan balance transfer.
Apply for home loan balance transfer @ zero processing fees with Loanfasttrack.
Q. Are fixed interest rates better than floating interest rates?

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.

Q. What are PSD conditions in a home loan?

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:

  • Loan closure letters.
  • Co-applicant addition.
  • Read more
Q. What is the difference between availing a home loan from a private bank and nationalized bank?

Ans:: Benefits of applying home loan with private banks and nationalized banks:

Private Banks Nationalized Banks
  • You get door-to-door services.
  • Loans are sanctioned and disbursed speedily.
  • Get scope for negotiations on processing fees and interest rates.
  • Can apply online from the comfort of your home.
  • Easy to use banking apps, helps for quick access of your loan account statements, repayment history, generate interest certificates, etc.
  • Have standard processing fees which are low in comparison to the private banks.
  • Enjoy the interest rate change with immediate effect.
  • Lenient on CIBIL scores.
  • No limit on prepayments in a year.
  • No lengthy process of personal discussions.
  • Decreased interest rates are uniformly transferred to both existing as well as new home loan customers.
Read more

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