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home loans

Top 8 Home Loan Banks in India

Home loan in India, know everything about home loan from top banks in India. Buying shoes of correct size is very important for a person who is interested in buying new shoes, because if a person buys smaller size he will bruise their feet and if a person buys larger size of shoes then he’ll have difficulty in walking due to looseness of shoes. Hence buying correct size of shoes is very important, similarly finding right home loan is very important for customers looking to buy new home.

For this particular need of finding perfect home loan, it’s comparison amongst the major banks in India is required. Home loan interest rate is one of the important factors in comparison of home loan provided by top banks in India. Considering each of the home loan’s structures will help you conclude which particular home loan interest rate is going to be useful as per your needs.

For those people who are busy in their life and don’t want to waste much of their time in this may get through this one article and via online calculator they can compare any two home loans by themselves and this is easier and quicker to do.

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

For More Information Contact Us @9529331331

 

HDFC Home Loan

 HOME- It’s not just a word, it’s an emotion. “Apna Ghar” is always Apna ghar, but your conditions are not always in your favor to have “Apna Ghar”. This is where HDFC Ltd comes in. HDFC Ltd help you, so that you can have your own home. HDFC Ltd, cares for it’s customer, here at HDFC, they try and make home loans affordable and easier on customer’s pocket. HDFC Ltd takes care of mostly everything including best interest rates, least processing fee, home loans for various situations, quick disbursement, long tenures for easy EMI payment and various unique facilities specially designed for customers.

Customer Experience matters most to HDFC Ltd. Here one such experience is discussed in detail with everything you should know before applying home loan at HDFC Ltd. Mr. Kaushik, proud customer of HDFC Ltd, had applied for home loan back in 2015 for a dream home he was planning to buy back then. We will evaluate his experience on basis of certain parameters.

hdfc home loan interest rate

Eligibility Criteria:

Bank decides individual’s eligibility from their income and repayment capacity majorly, also other variables are involved which are age, financial position, credit history, credit score, financial liabilities. At age of 30 years, Mr. Kaushik, who was an employee in an MNC at good package, for which his gross monthly income was 60,000 INR has applied for home loan. Now, this is a representation of strong financial background, his eligibility for home loan was calculated for max possible tenure was 39 lacs to 40 lacs for a period of 30 years. EMI calculated for this loan amount at Rate of Interest of 8.40% was 30,473.54 INR. He had no parallel running loan track.

Home loan for several conditions are provided by HDFC Ltd, which are for buying of houses, their renovation and construction. HDFC has various interesting schemes for home loan which are available at attractive interest rate with doorstep assistance. Mr. Kaushik has opted for HDFC home loan majorly because of the ease provided by HDFC on his pocket. The home loan eligibility depends on various factors, and the loans are available for the buying of properties in projects that have been approved from various Development Authorities like DDA, MHADA etc.

Transparency in charges for HDFC home loans and customized repayment options are present for every different individual separately depending on their needs.  Servicing home loans in any part of India, also a major attraction for customers and this is possible because of integrated banking network service with availability of guidance and technical counseling by experts ensuring that all needs of individual is met and help in making their decision.

 

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

 

The target group for the loan includes the following:

  • Agriculturists, planters, horticulturists, dairy farmers
  • Salaried individuals
  • Self-employed professionals
  • NRI’s

Different types of home loan are available at HDFC bank & their eligibility also varies with them.

Following table is description of varied home loans and their respective audience*.

 

Home Loan Type

Audience

Home loan for self-employed and salaried individuals Self-employed and salaried individuals or non-professional self-employed people
Pre-approved loan scheme Those with cleared HDFC home loan eligibility, looking to mark their financial credibility or to negotiate better with sellers
NRI home loan NRIs wishing to purchase property in India
Home loan transfer Individuals looking to shift their present home loans to HDFC for better interest rates and EMIs
Home improvement loan People wishing to upgrade their property
Home extension loan People wishing to make modifications like addition of extra rooms to property

  

Interest Rate Range: (Data below presented from HDFC Site)

 

FOR SALARIED

RPLR: 16.15%

(Retail Prime Lending Rate)

Loan Slab

Home Loan Interest Rates (% p.a.)

For Women* (upto 75 lakhs) 8.35 to 8.85
For Women* (Above 75 Lakhs) 8.40 to 8.90
For Women* (Above 30 lakhs and upto 75 lakhs) 8.40 to 8.90
For Others* (Above 75 lakhs) 8.45 to 8.95

 Watch  Video  for  more  details:

Services & Processing Charges:

  • Legal & Technical counseling for making right decision in buying best home for customer.
  • Customized repayment options to suit customer’s need.
  • Affordable and transparency in processing charges.
  • Easy on customer’s pocket which make home loan affordable.

Documentation Required:

Salaried:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Months salary slip .
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.

 Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt Ltd- Share Holder pattern, list of directors, MOA.

 

Professional:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.

 

Pre-Closure / Pre-Payment:

HDFC has zero processing fees for pre-payment of customer’s home loan.  Most of us want to get rid of EMI’s as soon as possible but always think it through before pre-payment of  home loan because home loan offers various benefits which in-turn makes pre-payment a loss for customer.

Pre-payment is a service provided by bank , where customer can pay the housing loan in part or full before the due date of tenure. Generally customer with surplus funds chooses pre-payment method.

Some crucial factors to be considered before you decide to repay your home loan.

  • Loss in tax benefits is most important point customer should keep in mind.
  • Investment’s Income should be always considered.
  • Stage of loan where customer stands at the time of repayment.
  • Check if there are any charges involved in prepayment of home loan.

 

Tax Benefits:

Customers are entitled for tax exemption till 1.5 Lac INR every year (financial) on repaying of principal amount of home loan also tax exemption is there on interest on home loan paid by individuals. Government has been focusing on “housing for all” therefore prepayment of your home loan may get your tax benefits lower.

 Investment’s Income:

If customer is opting for pre-payment then naturally he/she must have surplus fund with them to repay. Always think for better returns, if that fund is invested for higher and better return than to pre pay your home loan benefit, then customer should choose to invest that money instead of pre paying the loan amount.

  Stage of Loan:

EMI’S Are highest during the starting stage of home loan and get lower towards end stage of home loan tenure. This is the reason prepayment of loans in middle or later stage is not recommended because it’s main benefit is lower interest outflow so it is advisable to invest your surplus fund rather than pre-paying the home loan amount.

 Pre-payment Charges:

The decision to prepay your home loan should be considered after accounting for the cost of prepayment. While on adjustable rate home loans there are no prepayment charges, on fixed rate home loans, lenders usually charge a penalty of 2 percent of the amount being prepaid through refinance, i.e. when you borrow to prepay your home loan. However, if you use your own funds to prepay your housing loan, no prepayment penalty is levied.

 

For More Information Contact Us @9529331331

 

Pre-payment Process:
Steps:

  1. Just pay a visit to any HDFC home loan branch.
  2. Confirm your appointment with customer relation representative.
  3. Ask for disclosure form and fill it. There you have to provide details of source of income through which you are planning to pay off your loan.
  4. On submission of form, Bank will calculate the pending amount and will tell you.
  5. Pay it off via cheque or Demand Draft.
  6. Once payment is received by the bank, they will close your home loan and you’ll get a final receipt for the payment you have done to bank.
  7. Remember to take Amortization sheet which contains all the detailed information about EMI’s you have paid to bank since day 1 to the last payment for closing of loan.
  8. As soon as payment is received, depending whether your visiting branch is same or different from servicing branch, it takes around 2 weeks to get your property deed files back to you.
  9. Suggestion: Don’t get your documents couriered, get a date from your representative and receive them personally because if any document is torn or not there then bank doesn’t take responsibility for it

Documents that you should receive on Home Loan Closure:

 

  • Property Papers.
  • NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)
  • MOD*(Memorandum of deposit)
  • Promissory Note.

 

*MOD must have been received at the time you had started home loan with bank

About ECS (Electronic Clearing Service):

If you have initiated an ECS for home loan EMI payments every month, HDFC will make sure that no new ECS request goes to your saving bank account after the loan closure. You don’t have to personally visit your bank to get the ECS removed

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

ICICI Home Loan

Purchasing your own home in a locality you like, could be a challenging task. You feel many emotions at one single time. Out of those entire emotions, one is “worry”. What If anything goes wrong? Well ICICI bank helps you with all your worries regarding home loan as it says, “Khayal aapka”. Getting home loan for your dream home is now made easy by ICICI. Customer satisfaction is utmost priority of ICICI along with door to door services and better interest rates. Though the reduction repo rates provided by Reserve Bank of India has directly influenced bank rates but still you can feel the ease in interest rate that ICICI offers to their customers.

Floating interest rates are lower in terms of fixed interest rate types. With ICICI you can get benefit on interest rates linked to MCLR (Marginal Cost Lending Rate). Lower EMIs at attractive interest rates, higher loan amount, better eligibility options and balance transfer facility are some features offered by ICICI Bank home loan.

 

Eligibility Criteria & Enhancing Eligibility:

 ICICI Bank Home Loan has world class digital infrastructure which provides faster approval of home loan by processing applications through the bank’s tablet and smart phone apps termed as zero paper processing.

 

  • Minimum age of the applicant must be 21 years to get eligible for sanction of the loan
  • Maximum age of applicant up to which they can take loan is 65 years or age of retirement (whichever is earlier).
  • Applicant must be a salaried employee or a self-employed (professional / non-professional) with a continuous source of income.
  • If applicant wish to add a co-applicant then it is possible but minimum age of that co-applicant must be 18 years.

 

Enhance Your Eligibility: 

  • If applicant wishes to increase their loan limit, they always have an option of adding their spouse as co-applicant considering that person is also an earning member.
  • If applicant has a co-owner in their property then to have that co-owner as co-applicant is necessary.

 

USP of ICICI Bank Home Loan: 

  • ICICI has wide domain of home loan solutions from which customer can choose according to their feasibility.
  • Processing time for home loan is very less when compared to competitors and with zero paper processing it becomes hassle free and fast.
  • Assistance provided by relationship manager throughout the whole process from beginning of purchasing home till end of it.
  • Applicants need not to visit branch, Doorstep service by ICICI Bank puts customer’s comfort first.
  • Documentation process is as easy as reading ABC, Simple & Easy.
  • Pre-Approved Home loan facility is also available even before customer has selected property.
  • Flexible repayment options are there for customer ease.
  • Over 2500 branches PAN India, out of which 900 branches provides loan services.
  • Insurance facilities with ICICI home loan are also available depending on type of product chosen by applicant.

For more information about advantages and benefits of ICICI Bank home Loan you can contact us at 9529331331, also get information on low interest rates home loan. Home loan for Non Resident Indians (NRI) are also available at ICICI Bank. Applicant must be of 21 years or more for sanctioning of loan.

Getting Home Loan has been made easy & quick by ICICI Bank Home Loan as bank keeps paperwork and other formalities to minimum. Only important documents like ID Proof, Address Proof and Income Proof are some key documents required. If applicant is already an existing customer at ICICI bank they had to submit even less documents.

 

ICICI Home Loan Interest Rates:

 

A). Special pricing for loans up to 30 lacs

 

Floating Interest Rate

Category I-MCLR-6M (8.15%) I-MCLR-1Y (8.20%)
Salaried Borrower Loan Amount <=  30 lacs
Women Borrower I-MCLR-6M + 0.20% (8.35%) I-MCLR-1Y + 0.15% (8.35%)
Others I-MCLR-6M + 0.25% (8.40%) I-MCLR-1Y + 0.20% (8.40%)
Self Employed Borrower Loan Amount <=  30 lacs
Women Borrower I-MCLR-6M + 0.35% (8.50%) I-MCLR-1Y + 0.30%(8.50%)
Others I-MCLR-6M + 0.40% (8.55%) I-MCLR-1Y+ 0.35% (8.55%)

 

Fixed rate for 24/36 months

Category I-MCLR-1Y (8.20%)
Fixed rate for 24/36 months Floating rate pricing from third & fourth year onwards
Salaried Borrower Loan Amount <= 30 lacs
Women Borrower 8.35% I-MCLR-1Y + 0.15%
Others 8.40% I-MCLR-1Y + 0.20%
Self Employed Borrower Loan Amount <= 30 lacs
Women Borrower 8.50% I-MCLR-1Y + 0.30%
Others 8.55% I-MCLR-1Y + 0.35%

 

 

B) Below mentioned floating rates are linked to I-MCLR-1Y (One year MCLR) benchmark rate. I-MCLR-1Y is 8.20%.

 

Women Borrower**

Floating Interest Rate
Category Effective Rate of Interest Rate
30 lacs to  75 lacs 8.65% I-MCLR-1Y+0.45%
75 lacs to  5 crore 8.70% I-MCLR-1Y+0.50%
Above  5 crore 8.80% I-MCLR-1Y +0.60%
Fixed Interest Rate for 5 Years, 10 Years
Category Effective Rate of Interest Rate
Up to 30 lacs 8.70% I-MCLR-1Y + 0.50%
 30 lacs to  5 crore 8.80% I-MCLR-1Y + 0.60%
Above  5 crore 8.90% I-MCLR-1Y+0.70%
Full Tenor Fixed Interest Rate
Category Effective Rate of Interest
Up to  30 lacs 9.70%
30 lacs to  5 crore 9.80%
Above  5 crore 10.05%

 

Salaried Borrower

Floating Interest Rate
Category Effective Rate of Interest Rate
30 lacs to  75 lacs 8.70% I-MCLR-1Y + 0.50%
 75 lacs to  5 crore 8.75% I-MCLR-1Y + 0.55%
Above  5 crore 8.85% I-MCLR-1Y + 0.65%
Fixed Interest Rate for 2 Years, 3 Years
Category Fixed rate for 24/36 months Floating rate pricing from 25th/37th month
 30 lacs to  75 lacs 8.70% I-MCLR-1Y + 0.50%
75 lacs to  5 crore 8.75% I-MCLR-1Y + 0.55%
Above  5 crore 8.85% I-MCLR-1Y + 0.65%
Fixed Interest Rate for 5 Years, 10 Years
Category Fixed rate for 60/120 months Floating rate pricing from 61st/121st month
Up to  30 lacs 8.75% I-MCLR-1Y + 0.55%
Above 30 lacs 8.85% to 8.95% I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate
Category Effective Rate of Interest
Up to  30 lacs 9.75%
Above 30 lacs 9.85% to 10.10%

 

For More Information Contact Us @9529331331

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

Self Employed Borrower

Floating Interest Rate
Category Effective Rate of Interest Rate
 30 lacs to  75 lacs 8.70% I-MCLR-1Y + 0.50%
Above  75 lacs 8.75% to 8.85% I-MCLR-1Y + (0.55% to 0.65%)
Fixed Interest Rate for 2 Years, 3 Years
Category Fixed rate for 24/36 months Floating rate pricing from 25th/37th month
 30 lacs to  75 lacs 8.70% I-MCLR-1Y + 0.50%
Above  75 lacs 8.75% to 8.85% I-MCLR-1Y + (0.55% to 0.65%)
Fixed Interest Rate for 5 Years, 10 Years
Category Fixed rate for 60/120 months Floating rate pricing from 61st/121st month
Up to  30 lacs 8.75% I-MCLR-1Y + 0.55%
Above  30 lacs 8.85% to 8.95% I-MCLR-1Y + (0.65% to 0.75%)
Full Tenor Fixed Interest Rate
Category Effective Rate of Interest
Up to  30 lacs 9.75%
Above  30 lacs 9.85% to 10.10%

Watch Video for more Information:

Documentation & Processing Fees:

Documents

Salaried

Self Employed Professional

Self Employed Non Professional

Photo with Application Yes  Yes  Yes
Address Proof / Identity Proof  Yes  Yes  Yes
Last 6 Months Bank Statements  Yes  Yes  Yes
Last 3 Months Salary-Slips  Yes  Yes  Yes
Processing Fee Cheque  Yes  Yes  Yes
Form 16 / Income Tax Returns  Yes  Yes  Yes
Proof Of Business Existence  Yes
Business Profile  Yes
Education Qualification Certificate And Proof Of Business Existence  Yes  Yes
Last 3 years Income Tax Returns with computation of Income  Yes  Yes
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account  Yes  Yes

*source: This data is taken from ICICI Bank Website

 

ICICI Home Loan Pre Closure Procedure:
ICICI Bank charges no fees for prepayment of home loan. It is absolutely free process for customers who have taken home loan from ICICI Bank. Zero processing fees for pre-closure of home loan.

 

Steps:

  • Visit your servicing ICICI branch from where you have applied for home loan.
  • Get an appointment from bank for pre-closure of your home loan.
  • Visit on scheduled date, fill out a disclosure form provided by bank. There you have to provide details of source of income through which you are planning to pay off your loan.
  • After submitting the disclosure form, Bank will calculate the remaining loan amount that you have to repay to bank.
  • Pay that mentioned amount via cheque or Demand Draft.
  • Once bank receives the payment, they will complete the formalities and will close home loan on your account, you will get a receipt for the complete payment you have done to the bank.
  • Ask for Amortization sheet. It is nothing but details of all your payment through EMIs and final payment that you have done to bank from day one.
  • As soon as payment is received, depending whether your visiting branch is same or different from servicing branch, it takes around 2 weeks to get your property deed files back to you.
  • The Foreclosure Statement will be sent on your email address, within 5 working days from the date of request.
  • If you have provided your mobile number or email, ICICI Bank will inform you about the closure of your request by SMS or email respectively.
  • Providing the mobile number or email here will not result in an update of your mobile number or email as recorded with ICICI Bank.
  • ICICI Bank does not take any responsibility, and will also not be liable, for your claims if the details provided by you are incorrect/incomplete.

 

Suggestion: Don’t get your documents couriered, get a date from your representative and receive them personally because if any document is torn or not there then bank doesn’t take responsibility for it
Documents that you should receive on Home Loan Closure:

 Property Deed.

NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)

Updated CIBIL Score

MOD*(Memorandum of deposit)

Promissory Note.

*MOD must have been received at the time you had started home loan with bank

 

SBI Home Loan

 

State Bank of India home loan is widely chosen by lenders, because State Bank of India is India’s largest government bank, hence more people feel safer with SBI as if something goes wrong then government will help customers on their appeal. Trust factor is given utmost importance in banking and home loan sector, where SBI has been very successful to gain customer’s trust and if is proved by long queues at their branches.

SBI Privilege Home Loan & SBI Shaurya home Loan are two new schemes of home loan by State Bank of India. In which SBI privilege home loan is for government employees and SBI Shaurya home loan is for defense personnel.

 

There are several more reasons for opting home loan from SBI all of which are mentioned here:

  • Lower Rate of Interest.
  • Difference of 0.1% rate saves 4 EMI for 20 Year loan
  • Exceptional legal examination of projects & construction progress check.
  • No unseen cost & minimum expenses.
  • ROI based on MCLR (Floating, auto revisions, no charges). MCLR is marginal cost lending rate.
  • Interest on daily reducing balance.
  • Prepay any amount any number of times from internet banking.(No Charges)
  • Top-Up loan @home loan rates.
  • Easy & hassle free door service.
  • User-Friendly internet banking interface.

home loan

Eligibility Criteria:

Customer’s eligibility is decided by bank on basis of certain parameters which are age, financial position, credit history, credit score & financial stability.

  • MCLR Rate for 1 year is 7.95% for which base rate is 8.65%.
  • Repayment period is 5-30 years.
  • Under bonanza scheme processing fees is Zero INR till 31st March 2018.
  • Maximum LTV upto 30 lacs is 90%. This means for property value of 30 lacs sanctioned loan amount will be 27 lacs.
  • Maximum LTV above 30 lacs is 80-85% of the property value.
  • Minimum gross monthly income required :
    • Salaried: 10,000 INR
    • Self Employed: 16,500 INR
  • Age Eligibility Range: 18-70 Years
  • Balance Transfer Processing Fees: 0 INR under bonanza scheme till 31st March 2018.

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

SBI Home Loan Interest Rates: Last updated as on 02 Jan 2018

 

Category Home Loan (Term Loan)* Home Loan as Overdraft (Maxgain)*
Upto 30 lakhs Above 30 lakh Upto 75 lakhs Above 75 lakhs Above 20 lakh upto 30 lakhs Above 30 lakhs Upto 75 lakhs Above 75 lakhs Upto 3 crores
Salaried
Women 8.30% 8.30% – 8.35% 8.40%-8.45% 8.35% 8.40%-8.45% 8.45%-8.50%
Others 8.35% 8.35%-8.40% 8.45%-8.50% 8.40% 8.45%-8.50% 8.55%-8.60%
Non-Salaried
Women 8.40% 8.45%-8.50% 8.50%-8.55% 8.45% 8.55%-8.60% 8.60%-8.65%
Others 8.45% 8.50%-8.55% 8.55%-8.60% 8.50% 8.60%-8.65% 8.65%-8.70%

 

Interest Rates of Hamara Ghar Home Loan Scheme

Loan upto 30Lac Salaried Non Salaried
Women 8.35% 8.50%
Others 8.40% 8.55%

Interest Rates for Home Loan Top Up Scheme

Insta Home Top Up Loan (Rs.1 lac to Rs.5 lacs) 1% above 1 year MCLR present ER: 9%, irrespective of Risk Grades, gender and occupation (No change).
For Salaried 8.40% – 9.20% (Term loan) 9.30% – 9.60% (Overdraft)
For Self Employed 8.50% – 9.30% (Term loan) 9.40% – 9.70% (Overdraft)

Watch Video For More Information:

 

SBI Home Loan Products

  • SBI Flexipay Home loan
  • SBI Maxgain
  • SBI Hope Loan
  • NRI Home Loans
  • SBI Realty
  • SBI Pal
  • SBI Tribal Plus
  • Gram Niwas
  • Sahyog Niwas
  • SBI Privilege Home Loan
  • SBI Shaurya Home Loan
  • SBI Top Up Home Loan
  • SBI Reverse Mortgage Loan
  • SBI Hope Loans

Latest initiative by State Bank of India planned for all section of society. With lower interest rate and attractive benefits, hope loans of SBI has been a real ray of hope, mainly for underprivileged section of society.

Interest rates: From October’ 16

  • For women- 9.25%
  • For Others – 9.30%

SBI Tribal Plus Home Loan

Special scheme designed for tribal areas where mortgaging of the property is not possible. This type of loan is sanctioned for building of new house or purchasing of new house on the land which is not mortgaged.

  • INR 10 Lacs is the maximum amount of loan sanctioned.
  • 15 years is Maximum Repayment period.

SBI Gram Niwas Home Loan

For all rural and Semi-urban location where customer wants to purchase house or a plot for construction, are covered under Gram Niwas home loan scheme. Locations considered under rural and semi-urban must  have maximum population upto 50,000 according to 2001 census.

  • INR 5 Lacs is the maximum loan amount sanctioned under this scheme.
  • 15 years is maximum repayment period.

 SBI Shaurya Home Loan

Great initiative by SBI for our country’s proud customers who serve in the Army, Navy or Air-Force. SBI Shaurya home loan is only applicable for customer employed in defense sector of our country.

  • Zero processing fees for applicants of SBI Shaurya Home Loan.
  • Least Interest Rate for such applicants under tie-up arrangement with banks by government.
  • 5 years of benefit in repayment of home loan , as applicants under this scheme can repay their loan till age of 75 years whereas for normal applicants it is 70 years.

SBI NRI Home Loans

For applicants of Indian origin residing abroad, NRI’s (Non Resident of India) & PIOs (Persons of India Origin) having a regular source of income can apply under this scheme.

  • Must be employed for past 2 years either in India or Abroad.
  • No such maximum amount limit under this scheme.

SBI Top Up Home Loan

After repayment of at least 1 year, applicants are eligible for top-up considering their payment was satisfactory.

  • Top-up amount ranges between 3 Lacs- 5 Crore INR
  • Processing fees for top-up is 0.35% of loan amount or 10,000 INR plus GST.
  • Interest Rates charged on Top-up loan is different from Normal Home Loan
Top-up loan amount Term Loan
Upto Rs. 20 lakhs 8.35% – 8.45%
Above Rs. 20 lakhs – Rs. 1 crore 8.55% – 8.65%
Above Rs. 1 crore – Rs. 2 crores 8.65% – 8.75%
Above Rs. 2 crores – Rs. 5 crores 9.05% – 9.15%

 

Documentation Required:

Salaried:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph each for applicant and guarantor.
  • Last 3 Months salary slip.
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.

 

For More Information Contact Us @9529331331

Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt Ltd- Share Holder pattern, list of directors, MOA.

 

Professional:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.

 

SBI Home Loan Pre Closure Procedure:
Steps:

  1. Visit your servicing SBI branch from where you have applied for home loan.
  2. Get an appointment from bank for pre-closure of your home loan.
  3. Visit on scheduled date, fill out a disclosure form provided by bank. There you have to provide details of source of income through which you are planning to pay off your loan.
  4. After submitting the disclosure form, Bank will calculate the remaining loan amount that you have to repay to bank.
  5. Pay that mentioned amount via cheque or Demand Draft.
  6. Once bank receives the payment, they will complete the formalities and will close home loan on your account, you will get a receipt for the complete payment you have done to the bank
  7. Ask for Amortization sheet. It is nothing but details of all your payment through EMIs and final payment that you have done to bank from day one.
  8. As soon as payment is received, depending whether your visiting branch is same or different from servicing branch, it takes around 2 weeks to get your property deed files back to you.
  9. Suggestion: Don’t get your documents couriered, get a date from your representative and receive them personally because if any document is torn or not there then bank doesn’t take responsibility for it.

 

Documents that you should receive on Home Loan Closure:

 

  • Property Deed.
  • NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)
  • Updated CIBIL Score
  • MOD*(Memorandum of deposit)
  • Promissory Note.

 

*MOD must have been received at the time you had started home loan with bank

PNB Home Loan

 

Home Loan at PNB Housing Finance Ltd is just like “Ghar ki baat”. To meet customer satisfaction is most prime objective of PNB Housing Finance Ltd. They gains client’s trust & maintain trust with that client in return because afterall it’s a trust business. PNB Housing Finance Limited is currently operating in 31 locations in India through a large network of 38 branches. Even after complete disbursement of loan PNB Housing Finance Ltd hears the customer voice for further help and guidance because every employee at PNB HFL what are client’s feeling and employees put themselves in client’s shoes and help customers out. Digitization has revolutionized the way banking is done. Laptops & Mobile Phones has made it very easy for customer to operate anywhere, anytime to effectively manage their finances,  PNB HFL matches step to step with this modernization.

Mr. Raman, happy customer of PNB Housing Finance Ltd, had applied for home loan back in 2016 for a flat he bought. His experience is shared with bank’s parameters. Unique feature of PNB HFL is that the can fund upto 90% of the property cost known as LTV (Loan to Value) ratio. This is PNB HFL’s USP when compared with other banks.

 

Eligibility Criteria:

 

Bank decides individual’s eligibility from their income and repayment capacity majorly, also other variables are involved which are age, financial position, credit history, credit score, financial liabilities.

Mr. Raman, who was working in an MNC at middle management position, with gross monthly income of 75,000 INR, had applied for home loan from PNB Housing Finance Ltd. At age of 35 years he was going to buy his own home. Excitement & Fear both were his prime emotions.

His eligibility was calculated to be 49 Lacs- 50 Lacs for a period of 30 years considering that he has no parallel running loan track. Now this is benefit of PNB HFL, other banks provide max tenure of 30 years upto age of 60 years whereas PNB HFL goes upto age of 70 Years for salaried & business class.

If Mr. Raman would have opted for any other bank then max tenure he could avail was 25 years which will increase his EMI’s but with PNB HFL he has availed this benefit of longer tenure for salaried class.

Eligibility can be increased as well with certain options. Such options are mentioned below:

  • Add earning family member as Co-Applicant.
  • Availing structured repayment plan.
  • Guarantying stable income flow, periodic savings and investments.
  • Repaying current running loans and short term debts.

For More Information Contact Us @9529331331

 home loan

 

Watch Video For More Information:

 

Interest Rate Range: (Data below presented from PNB HFL Site)

Salaried:

For existing customers (loan disbursed) acquired before 1st March 2017

14.35%  p.a

For new customers (loan disbursed) acquired after 1st March 2017 as follows:

PNBHFR HL Salaried: 8.50%

PNBHFR HL Self Employed Non Professionals: 8.55%

 

Salaried Self Employed Professionals Self Employed Non Professionals
8.60%-10.75% 8.60%-10.75% 8.75%-11.00%

 

*Rates of interest are subject to change at the sole discretion of PNB Housing.

 

Services & Processing Charges:

  • Legal & Technical counseling for making right decision in buying best home for customer.
  • Housing Loan Processing Fees: For INR 300 Lac – 0.50% of loan amount Maximum INR 20,000/- For above  INR 50,000/- (It is fully waived under New Year Bonanza Offer from 10.01.2018 – 31.03.2018).

Documentation Required:

Salaried:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Months salary slip .
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.

 

Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt. Ltd- Share Holder pattern, list of directors, MOA.

 

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

Professional:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.

home loan

Pre-Closure / Pre-Payment:

  1. ­Fix you Appointment at your PNBHFL Branch
  2. Fill up forms regarding your source of income disclosure.
  3. Receive NOC (No Objection Certificate) from bank.
  4. If there is lien, remove it from office of registrar, A lien is nothing but a transaction registered in the Registrar office which prevents you from selling the property.
  5. Get back all the original documents in same condition you have submitted them.
  6. Get your CIBIL updated after prepayment of loan amount.
  7. Get Legal Clearance Certificate from lawyer (Optional).
  8. Get Amortization Sheet, which includes all the details of your EMI’s and final payment.

 

Axis Home Loan

 

Purchasing new home when you are financially stable is no big deal but going to buy a new home within financial crunch is biggest challenge for customer. Managing money through proper channels is not a piece of cake for everyone and especially if customers belongs to middle class. Axis bank with various home loan schemes makes it easy for these customers as it indeed is a piece of cake. Now everyone can buy their dream home.

Listed are few features which happen to be USP of Axis Bank Home Loan:

  • Especially designed interest rates to meet with customer’s need and budget criteria.
  • Wide range of loan tenure just for customer’s facility.
  • Quick and transparent processing of file for any customer of axis bank.
  • Flexibility in interest rates either fixed or floating according to customer’s convenience.
  • Option of transferring balance loan amount from any bank to Axis bank without any hardship.
  • Applying for home loan is made easier by Axis bank for customers by providing doorstep service and guidance, significantly saving customer’s time.
  • Zero processing fees for prepayment of loan amount.
  • Application process at Axis bank is quick and simple. Customer can easily track their application’s status at all times. Axis bank ensures that whole process totally transparent.

home loan

Eligibility Criteria & Enhancing Eligibility: (Source Axis Bank Website)

Major factor that contributes in deciding the criteria for customer’s eligibility are age, income, property value and their financial stability for repayment capacity. Always there is an option of enhancing home loan eligibility by adding earning members of family as co-applicants or by increasing loan tenure.

In year 2013 Mr. Ajit, at age of 32 years was about to buy his own home in Bhubneshwar for which he has done savings and rest he wanted to get financed from Axis Bank. With gross monthly income of 75,000 INR he was eyeing on the property worth 70 Lacs. On calculation it was deduced that he was eligible for only 45-50 Lacs. His requirement was 50 lacs as he had saved rest 20 lacs. It was getting difficult for him to buy his dream home but axis bank made it easier. He added his wife who was also earning member of family as co-applicant in home loan which helped him lowering the ROI from 8.4% to 8.35%.

For salaried class, all the individuals with minimum age of 24 years at the time of sanctioning of loan are considered eligible for maximum age limit of 60 years by the time loan amount gets matured. Government employees or individuals working in organizations of repute also come under eligibility criteria.

For Self-Employed Professionals which includes following profession:

  • Doctors
  • Engineers
  • Architects
  • Charted Accountant
  • Company Secretaries
  • Lawyer
  • Management Consultants

All of the above professions are considered eligible by Axis Bank for home loan application. Applicants under this criteria should have minimum age of 24 years at the time of sanctioning of loan are considered eligible for maximum age limit of 65 years by the time loan amount gets matured.

For self-employed individuals if applicant is regular in filing income tax, he/she is eligible with Axis bank for application of home loan. Applicants under this criteria should have minimum age of 24 years at the time of sanctioning of loan are considered eligible for maximum age limit of 65 years by the time loan amount gets matured.

Axis Bank Rate of interest on Home Loans:

Axis Bank has set its Marginal Cost Based Lending Rate (MCLR) at 8.15% with the MCLR reset frequency set at half yearly for home loans.

Home Loan Amount ROI – Salaried ROI – Self Employed
Upto 30 Lakhs 8.35%* 8.40%
Above 30 Lakhs to 75 Lakhs 8.65%* 8.70%
Above 75 Lakhs 8.70%* 8.75%

*ROI subjected to change as per current market scenario

Watch Video For More Information:

Documentation & Processing Fees:

Salaried:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Months salary slip .
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.

 

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income certified by CA.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt Ltd- Share Holder pattern, list of directors, MOA.

  home loan

Professional:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.

 

LIC HFL Home Loan Pre Closure Procedure:

 

  • Visit your nearest Axis Bank Loan Centre for pre-closure of your loan. Carry your cheque book and valid Photo ID.
  • Pay exact amount as per the date of the foreclosure letter as excess payments will not be accepted.
  • Submit the balance amount by cheque in favor of Axis bank ltd. (Outstation cheques will not be accepted).
  • Once full and final settlement of the loan is done then there is no issue because it is subject to realization of cheque and payment of all charges.
  • In case the EMI gets paid upon presentation, the excess amount will be refunded through a pay order or direct credit (through NEFT) to your repayment account within 15 days of realization of your excess EMI payment.
  • In case there are Post Dated / Security Cheques that are not encashed and you wish to have them returned to you, please place a request at the loan centre within 45 days from the date of loan closure. If there are no requests received within the stipulated time frame the same will be cancelled and destroyed.

For More Information Contact Us @9529331331

Axis Bank charges no fees for prepayment of home loan. It is absolutely free process for customers who have taken home loan from Axis bank. Zero processing fees for pre-closure of home loan.

Documents that you should receive on Home Loan Closure:

 

Property Deed.

NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)

Updated CIBIL Score

MOD*(Memorandum of deposit)

Promissory Note.

*MOD must have been received at the time you had started home loan with bank

DHFL Home Loan

 

Dewan Housing Finance Limited (DHFL), assures customers for transparency flexibility and fair terms. DHFL, changing rules changing lives, fulfills customer’s dream of having their own home. All information regarding DHFL home loan are available here.

  • Minimum amount of loan that can be taken from DHFL is 1 Lacs and maximum amount is 5 Crore with LTV 85% of property cost including registration or 80% of market value whichever is lower.
  • Home loan tenure ranges from 1 to 30 years with maximum age of repayment at the time of loan maturity is 60 years for salaried and 65 for self-employed individuals.
  • Home loan is available for purchasing of new home, under construction or ready to build.
  • EMI’s are set in such a way so that customer’s lifestyle and living standards are not disturbed.

DHFL Home Loan has various schemes for its customers to satisfy their home loan needs, various schemes are mentioned below:

  • Home Purchase Loan.
  • Home Construction Loan
  • Home Improvement Loan
  • Home Extension Loan
  • Land Purchase Loan
  • Plot Loans
  • Home Loans for Self Employed
  • Home Loan Transfer

 

Eligibility Criteria:

Bank decides individual’s eligibility from their income and repayment capacity majorly, also other variables are involved which are age, financial position, credit history, credit score, financial liabilities, Repayment Capacity, Age, Educational qualifications, Stability and continuity of income, Number of dependents, Co-Applicant’s income, Assets, Liabilities, Saving habits, and more. Minimum age of borrower should be 21 years and maximum age should be 60 years, should be of 2 years of working for salaried class and 5 years of business stability for self-employed business man. At age of 36 years, Mr. Rakesh, who was an employee in an MNC at good package, for which his gross monthly income was 70,000 INR has applied for home loan. Now, this is a representation of strong financial background, his eligibility for home loan was calculated for max possible tenure was 40 lacs to 45 lacs for a period of max 25 years. EMI calculated for this loan amount at Rate of Interest of 8.40% was 34,850.99 INR. He had no parallel running loan track.

 

Property Value LTV
Less than 30 lakh 90%
Between 30 lakh and 75 lakh 80%
Above 75 lakh 75%

 

Interest Rates at DHFL: The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions.

Interest Rates at DHFL for Home Loan:

Loan Amount Rate of Interest
Salaried SEP SENP
Up to Rs. 25 Lacs 9.00% 9.00% 9.10%
Above Rs. 25 Lacs up to 75 Lacs 9.00% 9.00% 9.10%
Above Rs. 75 Lacs to Rs. 100 Lacs 9.15% 9.15% 9.25%
Loans above Rs. 100 Lacs to Rs. 150 Lacs 9.15% 9.15% 9.25%
Loans above Rs. 150 Lacs to Rs. 300 Lacs 9.35% 9.35% 9.45%
Loans above Rs. 300 Lacs 9.75% 9.75% 10.0%

SEP- Self-Employed Professionals

SENP- Self-Employed Non-Professionals

 home loan

Processing Fees (Non-Refundable): This is charged as the fee towards processing your home loan application. Repayment of loan has been made very easy, customers have two options for repayment.

  • First is to pay via cheque or demand draft in favor of bank.
  • Second is to pay remaining loan amount off via ECS (Electronic clearing service) based on instructions provided by bank.

 Watch Video For More Information:

 

Services & Processing Charges:

 

Customer Profile Criteria Min Log In Fees
SENP PF for SENP (Net PAT): 0.5% + Taxes Rs. 2500 or applicable PF whichever is lower + Taxes
(Others): 1.5% + Taxes
Salaried/SEP Loans above 75 lacs: Rs. 20000/- + Doc Charges + Taxes Applicable PF or Rs. 2500, whichever is lower + Taxes
Loans above 30 lacs and up to 75 lacs = Rs. 10000/- + Doc Charges + Taxes
Loans up to 30 Lacs = Rs. 5000/- + Doc Charges + Taxes

Source: DHFL Website

 

Documentation Required:

Salaried:

PAN Card.

Aadhar Card.

Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).

1 Photograph.

Last 3 Months salary slip .

Last 6 Months Bank Statement of salary account & savings account.

Last 2 year ITR with form 16 / Form 26AS.

Running Loan Track (If Any).

Document of property to be purchased.

Processing fee check.

 

Self Employed:

PAN Card.

Aadhar Card.

Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).

1 Photograph.

Last 3 Year ITR  with financial with-

Computation of Income.

Profit / Loss A/C.

Balance Sheet.

GST Return Last 1 year

Business Profile description with concerned documentation.

If Contract- Contract Letter + Last 6 months, current & saving A/C statement.

If Partnership firm- Partnership deed & bank statement.

If Pvt Ltd- Share Holder pattern, list of directors, MOA.


Professional:

PAN Card.

Aadhar Card.

Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).

1 Photograph.

Bank Statement with current & saving A/C details.

Profession Documents

Charted Accountant –CA Membership, Professional Degree and registration.

Lawyer- Bar Council registration and professional degree.

Doctor- IMA registration and professional degree.

Architect- Professional Degree and registration.

 

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

For More Information Contact Us @9529331331

Pre-Closure / Pre-Payment:

  1. Just pay a visit to any DHFL home loan branch.
  2. Ask for disclosure form and fill it. There you have to provide details of source of income through which you are planning to pay off your loan.
  3. On submission of form, DHFL will calculate the pending amount and will tell you.
  4. Pay it off via cheque or Demand Draft.
  5. Once payment is received by the DHFL, they will close your home loan and you’ll get a final receipt for the payment you have done to DHFL.
  6. Remember to take Amortization sheet which contains all the detailed information about EMI’s you have paid to bank since day 1 to the last payment for closing of loan.
  7. As soon as payment is received, depending whether your visiting branch is same or different from servicing branch, it takes around 2 weeks to get your property deed files back to you.
  8. Suggestion: Don’t get your documents couriered, get a date from your representative and receive them personally because if any document is torn or not there then bank doesn’t take responsibility for it

 

 

Part-Prepayment Charges
*Part-prepayment will be allowed only once in a financial year.
Type Of Loan Disbursement Stage Charges Applicable
a. Business Loan
b. Plant & Machinery Loan
c. Medical Equipment Loan
No Part -prepayment allowed No part-prepayment allowed
Property Term Loan* Within 6 months of agreement date No part-prepayment allowed
7-24 months of agreement date 5% + Applicable GST
25-36 months of agreement date 3% +Applicable GST
After 36 months of agreement date 2% +Applicable GST
Foreclosure Charges Type Of Loan Disbursement Stage Charges Applicable
a. Business Loan
b. Property Term Loan
c. Plant& Machinery Loan
d. Medical Equipment Loan
Within 6 months of agreement date No Foreclosure allowed
7-24 months of agreement date 5% + Applicable GST
25-36 months of agreement date 3% +Applicable GST
After 36 months of agreement date 2% +Applicable GST
Cheque /ECS bounce charges `500/- + Applicable GSTper instance

Source: DHFL Website

 

Documents that you should receive on Home Loan Closure:

 

Property Papers.

NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)

MOD*(Memorandum of deposit)

Promissory Note.

*MOD must have been received at the time you had started home loan with DHFL
About ECS (Electronic Clearing Service):
If you have initiated an ECS for home loan EMI payments every month, DHFL will make sure that no new ECS request goes to your saving bank account after the loan closure. You don’t have to personally visit your bank to get the ECS removed

 

Indiabulls Home Loan

IndiaBulls Home Loan provides customer help at every step of their home buying process to make customer’s home buying experience as best as possible. Process at IndiaBull is quick and simple without any hassle in sanctioning of loan with attractive and affordable interest rates. IndiaBulls also offers help in property selection with technical and legal checks of customer’s property to make their experience a great one.

 

Features of IndiaBulls Home Loan:

  • Quick Home Loan Eligibility: To know eligibility for home loan, customer need not to go anywhere, just visit Indiabulls website, with a single click customer can check their eligibility.
  • Affordable Interest Rates.
  • Transparency in charges and processing of loan file. Customers can track their file all the way. No hidden charges.
  • Loan approvals are quick at IndiaBulls, no unnecessary delays that delays sanctioning of home loan.
  • Easy documentation.
  • Varied tenure range to meet customer’s condition.

 

The home loan interest rates by Indiabulls Home Loans are extremely feasible. They also provide concessional rates of interest to women beneficiaries. Furthermore, they give facilitates getting of interest subvention to eligible borrowers as per PMAY guidelines under affordable segment

 

Eligibility Criteria:

Approval of home loan at Indiabull is only done when described criteria for applicant is met with company’s policy. Approval depends upon successful presentation of required documents which guarantees their eligibility. There are some basic guidelines for presenting the required documents for applicants which must be followed. Whenever an applicant files a home loan application, Indiabulls reviews the applicant according to their criteria whether or not the candidate  is granted a loan as well as the terms of the loans depends on the fulfillment of the laid down loan criteria. These rules differ for professionals, self-employed candidates, and salaried individuals.

 

Following are the factors which determine an individual’s loan eligibility:

Employment of Applicant:

A person’s employment status at the time of application plays a major role in determining his/her eligibility. The time period for which the person has been employed, and their position and growth in the current organisation, are some factors taken into consideration. After reviews from the employee’s organization, the lender uses a house loan calculator to gauge the financial plan that the individual can be comfortable with.

Age of Applicant:

The financial advisor or the lender fixes the minimum and the maximum age of the applicant involved while applying for the loan and fulfilling the loan tenure respectively. This is determined by the rules of the financial institution and the employment status of the applicant. A housing loan EMI calculator helps the individual to determine a financial plan for his future, where he would set a financial goal to payback his home loan successfully each month.

Expenses and Earnings of Applicant:

The bank takes a close look at the applicant’s loan history along with his/her monthly income to calculate whether the individual can survive another loan. They also keep a check on existing EMI burdens while considering the candidate.

Credit report of Applicant:

The lender of the financial institution also considers the credit report or the credit score of the applicant to gauge his/her repayment behaviour history. This helps the institute to decide whether the candidate is a high risk or a low risk potential loan applicant. Today, most financial institutions have an online housing loan EMI calculator on their respective official websites, which lets applicants check their eligibility even before applying for a housing loan. A house loan calculator gives a clear picture to the individual without having to consult an advisor.

 home loan

Indiabull Home Loan Interest Rate: (Source Indiabull website)

 

  • Home Loans Variable Interest Rate

 

Loan Amount Variable Rates%
Upto and including Rs 75 lacs 8.35% to 9.75%
Above  Rs 75 Lacs and upto Rs 300 lacs 8.70% to 10.50%
Above  Rs 300 Lacs 8.80% to 11.25%

·        Home Loans Fixed & Floating

Loan Amount Fixed Rate Tenure Rates%
Upto and including Rs 75 lacs Upto 2 Years 8.95% to 10.00%
More than Rs 75 lacs and upto Rs 300 lacs
9.00% to 10.75%
More than Rs 300 lacs 9.10% to  11.50%

Watch Video For More Information:

 

Documentation Required:

Salaried:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph each for applicant and guarantor.
  • Last 3 Months salary slip.
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.

 

Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt Ltd- Share Holder pattern, list of directors, MOA.

 

Professional:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.

 

For More Information Contact Us @9529331331

 Indiabulls Home Loan Pre Closure charges & Procedure: (Source Indiabull website)
Pre-Payment charges are charged only when applicant wants to pay off the rest of loan amount before the date set by Indiabulls.

The penalty amount is usually a percent of the outstanding mortgage amount or 3 months of interest, which varies from bank to bank.

 

Floating Rate Loans

  • No charges for prepayment of home loan fees shall be payable for partial or full pre-payments irrespective of the source.

Fixed n Floating (Dual Rate) Loans

  • No charges for prepayment of home loan fees shall be payable for partial or full pre-payments irrespective of the source once the loan has been converted into Floating Interest loan post the expiry of the Fixed Interest Rate period.
  • No charges for prepayment of home loan fees shall be payable for partial or full pre-payments during the Fixed Interest Rate period of the loan where the loan is pre-closed from own sources. However, for any such partial or full prepayment from other than own sources during the Fixed Interest Rate period of the loan will attract prepayment fees of 2% of the amount prepaid.

Floating Rate Loans & Fixed n Floating (Dual Rate) Loans

  • No charges for prepayment of home loan fees applicable for all payments up to 25% of the principal outstanding (POS) inclusive of all prepayments made within preceding 12 months.
  • Where prepayment amount exceeds 25% of principal outstanding (POS), inclusive of all prepayments made within preceding 12 months, then the amount prepaid in excess of 25% of POS will attract pre-payment fees as applicable.
  • Prepayment / Foreclosure fees applicable on foreclosure payments inclusive of all prepayments made within preceding 12 months.
  • Prepayment / Foreclosure fees of 2% applicable; unless specifically mentioned in the borrowers’ loan agreement.

Services Tax as applicable on pre-payment / foreclosure fees.

There is no lock-in period for prepayment of your any home loan fees with Indiabulls Home Loans. You can prepay your home loan in part or full from the very next day of your loan disbursal subject to charges as applicable.

 

Steps:

  • Visit your Indiabulls branch from where you have applied for home loan.
  • Get an appointment from bank for pre-closure of your home loan.
  • Visit on scheduled date, fill out a disclosure form provided by Indiabulls. There you have to provide details of source of income through which you are planning to pay off your loan.
  • After submitting the disclosure form, Indiabulls will calculate the remaining loan amount that you have to repay to them.
  • Pay that mentioned amount via cheque or Demand Draft.
  • Once Indiabulls receives the payment, they will complete the formalities and will close home loan on your account, you will get a receipt for the complete payment you have done to the Indiabulls.
  • Ask for Amortization sheet. It is nothing but details of all your payment through EMIs and final payment that you have done to Indiabulls from day one.
  • As soon as payment is received, depending whether your visiting branch is same or different from servicing branch, it takes around 2 weeks to get your property deed files back to you.
  • Suggestion: Don’t get your documents couriered, get a date from your representative and receive them personally because if any document is torn or not there then bank doesn’t take responsibility for it

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

 

Documents that you should receive on Home Loan Closure:

Property Deed.

NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)

Updated CIBIL Score

MOD*(Memorandum of deposit)

Promissory Note.

*MOD must have been received at the time you had started home loan with bank

 

LICHFL Home Loan

 

One of the biggest and expensive purchases for a customer in their life is to buy their own home. Funding for this particular purchase is also important for which selecting right loan partner is necessary. LIC HFL gives that sense of security to customer which is very important factor of customer satisfaction.

USP of LIC HFL home loan are mentioned below:

  • Door step service by LIC HFL’s skilled professionals along with their guidance.
  • Offices at national and international level.
  • Better interest rates.
  • Various home loan schemes to suit customer’s requirement of purchasing new home, repairs, construction etc.
  • Guidance to buy best property within customer’s budget.
  • Transparency at every stage of home loan process.

 

Eligibility Criteria & Enhancing Eligibility: (Source LIC HFL Website)

Major factor that contributes in deciding the criteria for customer’s eligibility are age, income, property value and their financial stability for repayment capacity. Always there is an option of enhancing home loan eligibility by adding earning members of family as co-applicants or by increasing loan tenure.

In year 2016 Mr. Sahil, at age of 44 years wanted to purchase his own home in Noida extension for which he has saved some amount and rest he wanted to get financed from LIC HFL. With gross monthly income of 1.2 lacs he was eyeing on the property worth 1.4 crore. On calculation it was deduced that he was eligible for only 75-80 Lacs. His requirement was 96 lacs as he had saved rest 24 lacs. It was getting difficult for him to buy his dream home. His tenure couldn’t be increased because of his age so in order to increase his eligibility he added his wife who was also earning member of family as co-applicant in home loan. Now he easily crossed the eligibility threshold and was sanctioned 96 lacs.

LIC HFL Home Loan Eligibility Criteria summarized:

  • Customer’s age range is 21 years to 60 years maximum.
  • Minimum loan amount is 1 lacs & maximum loan amount is 5 crore.
  • Maximum Loan to Value (LTV) is 80%
  • Maximum EMI as percent of income is 65%

home loan

  • Indian Residents:

Purchasing of new property, Construction, Extension:

Loan Amount : Minimum amount is INR 1 Lacs
Loan to Property cost : 85% LTV up to 20 Lacs.

80% LTV above 20 Lacs and up to 75 Lacs.

75% LTV above 75 lacs.

Loan Term : Maximum tenure:-

Salaried – 30 Years.

Self-employed- 20 Years.

Repayment Mode : Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time

 

  • Non-Indian Resident: This scheme is available only for salaried persons having NRI/PIO statu

 

Purchasing of new property, Construction, Extension:

 

Loan Amount : Minimum amount is INR 1 Lacs.
Loan to Property cost : 85% LTV up to 20 Lacs.

80% LTV above 20 Lacs and up to 75 Lacs.

75% LTV above 75 lacs

Loan Term : For Person with Professional Qualification – 20 Years

For Others – 15 Years

Repayment Mode : Equated Monthly Installments (EMI)- Monthly Rest Basis
Rate of Interest : Contact nearest Office for details on the Prevailing Interest Rates
Upfront fees : As applicable from time to time

 

  • Pensioner

 

Before Retirement:

 

Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat
Eligibility : Persons whose age is 50 or more and having a pension scheme after retirement may apply for loan under this scheme.
Terms & Conditions : An undertaking letter that the entire loan oratleast 30 % or an amount as decided by the Area Office will be repaid out of the retirement benefits is required. The balance is to be repaid from the Pension Income. The amount of Principal to be repaid at the time of retirement will depend on the Pension amount the applicant is eligible after retirement.
Loan Term : The term of the loan will be up to 15 years or 70 years of age whichever is earlier.

 

After Retirement:

Purposes : Loans under the scheme may be availed for purchase, construction, extension of House / Flat.
Eligibility : Pensioners having a stable income throughout their life from pension may apply for loan under this scheme.
Terms & Conditions : 1) Commutation of Pension or any portion thereof is not allowed under this scheme.
2) A Guarantor acceptable to the Company is required.
Repayment Mode : The loan is to be repaid before the applicant attains the age of 70 years.

 

home loan

Download Free EMI Calculator Click Here. Get Your personal Amortization Sheet.

 

Documentation & Processing Fees:

 

Salaried:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Months salary slip .
  • Last 6 Months Bank Statement of salary account & savings account.
  • Last 2 year ITR with form 16 / Form 26AS.
  • Running Loan Track (If Any).
  • Document of property to be purchased.
  • Processing fee check.

 

Self Employed:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Last 3 Year ITR with financial with-
    • Computation of Income.
    • Profit / Loss A/C.
    • Balance Sheet.
  • GST Return Last 1 year
  • Business Profile description with concerned documentation.
    • If Contract- Contract Letter + Last 6 months, current & saving A/C statement.
    • If Partnership firm- Partnership deed & bank statement.
    • If Pvt Ltd- Share Holder pattern, list of directors, MOA.


Professional:

  • PAN Card.
  • Aadhar Card.
  • Current Address Proof (Voter ID, Passport, Electricity bill, Bank Passbook).
  • 1 Photograph.
  • Bank Statement with current & saving A/C details.
  • Profession Documents
    • Charted Accountant –CA Membership, Professional Degree and registration.
    • Lawyer- Bar Council registration and professional degree.
    • Doctor- IMA registration and professional degree.
    • Architect- Professional Degree and registration.

Watch Video For More Information:

 

LIC HFL Home Loan Pre Closure Procedure:
LIC HFL charges no fees for prepayment of home loan. It is absolutely free process for customers who have taken home loan from LIC HFL. Zero processing fees for pre-closure of home loan. The process of pre-closure in LIC HFL very simple like any other home loan pre-closure system. Before applying for a pre-closure don’t forget to know the amount you owe them. Also, check the lock-in period, which will definitely remain in between 6 months to 12 months.

 

For More Information Contact Us @9529331331

Steps: The procedure is very simple:

  1. Apply for a pre-closure certificate from LIC HFL.
  2. On receiving it, issue a cheque is favor of LIC HFL along with a request letter for pre-closure of loan.
  3. You would be charged a prepayment penalty if it’s fixed rate home loan else no prepayment penalty is applied if it’s a floating rate home loan.
  4. Once you make the payment, they will hand over your original property documents within 15 days.

Documents that you should receive on Home Loan Closure:

 

Property Deed.

NOC( No objection Certificate)/LCC(Loan Closure Certificate)/NDC(No Dues Certificate)

Updated CIBIL Score

MOD*(Memorandum of deposit)

Promissory Note.

 

*MOD must have been received at the time you had started home loan with bank
 

For More Information Contact Us @9529331331

  • ASHIM KISHOR GOSWAM

    Thanks for this Article. I was looking for best home loan that suits my needs and this article has helped me compare the best home loan for me amongst the top major banks. Post More about home loans.

  • Chandler Bing

    Very useful Article. Gives you information about all major banks providing home loan in India. Thanks for help.

  • Akash Singh Chauhan

    Nice article…useful to get the complete knowledge about home loan through indian banks. Thanks

  • Ashish Sharma

    This article indeed was an elaborated explanation of home loan. I was looking all through internet for article like this which has all the major points compared at one place. Thanks for helping me.

  • Sujeet Kaushik

    I was looking for home loan and came across this article. After reading this article, my many doubts were cleared. Comparison of Home loan interest rates is very helpful for me. I was also wondering about pre closure procedure of home loan and couldn’t find exact steps but this article has explained how to close your loan before maturity and it was really enlightening. Thanks for mentioning detailed document list which are required for application of home loan, it indeed was helpful. I have even made a checklist out of it. Interest rate of home loan is very crucial along with eligibility and both of it is very well presented in this article.

    This article has all the important basic points covered it which helped me as a customer to compare and understand which bank is good for home loan and is best suited to my needs.

  • Pallav Grover

    Good to see such a detailed article along with photographs and content, about home loan in India. There is no such article which gives all the necessary details about home loans from top banks in India. I was planning to take home loan and was looking for better information which could help me out in making an informed decision and this article helps me to do so.
    All necessary information about home loan interest rate, eligibility, time period, pre-closure of home loan and various schemes are explained well. Thanks for this information and I’m looking forward for more updates regarding home loan in India.

  • Rajeev Sharma

    Awsm article
    Helpful all about home loan through indian banks. Thanku

  • Himanshu

    Thanks for shearing this article this is very helpful for me.

  • Preety Goel

    thanks for providing these valuable information to us

  • Sahil Mehta

    Thanks for sharing this article regarding the home loans as I was looking for some good article on home loan

  • Vivek Raman

    Selection of best home loan among the top banks is not a easy task. There are several factors which we as customers had to look for like best home loan interest rate, lower emi, eligibility & tenure of home loan.

    This article has all the important basic points covered it which helped me as a customer to compare and understand which bank is good for home loan and is best suited to my needs. All the banks have some advantage and some disadvantage, which is difficult to know in general but this article has explained it all in very general terms.

    Knowing eligibility is the biggest challenge for us as customers because no two customer are same, so if possible please provide eligibility calculator link too, it will help us out directly to get idea of our limits for home loan.

    Home loan interest rate is another important factor for applying home loan in India, in this article all the details of the home loan interest rate for different banks at different conditions are provided clearly, which was really helpful in making an informed decision on selection of best bank for home loan. This article has all insights required for taking home loan in India.

  • Aneel Verma

    I have applied for home loan with Axis bank and I had good experience for taking home loan. My required loan amount was 30 lakhs INR with the rate of interest of 8.65% floating. The process was very smooth and the loan amount was disbursed on time. Customer service was good and they collected documents on time. There are no additional charges on preclosure of the loan.

  • Ashish

    I have applied for home loan with LIC HFL and I had good experience for taking home loan.
    The loan amount was for RS 20 lakhs with the rate of interest of 13% which is
    high when compared to all other sources. The process was long and the disbursal
    of the loan amount was delayed. Customer service was not up to the mark and the
    processing fees was too high.

  • akash kumar

    Great help from this article, I got a Home Loan from DHFL and the experience after the first year post taking the loan has been quite good. They have provided me with a good rate of interest. The procedure of getting the

    loan has been pretty simple and involved not much difficulty.

  • neha gupta

    Punjab National Bank housing finance limited response was an excellent one for my home loan. The advantage
    is their lesser rate of interest and the response was good and the executive have helped me in all different way.

  • Sandy Kaur

    Thank you so much for sharing this valuable information.This articles has covered all the relevant information and being very helpful for people.

  • Raj Singhania

    This article helped me understand basic information about application of home loan and its eligibility. Rate of interest with the Axis bank was around 10% for the Home loan before ten years of time. I would like to say that the service aspects are okay with them and they have not asked any collateral on it. So far, The experience with the Axis bank was good one for the home loan

  • Riya Malhotra

    Please provide more in-depth information about application of home loan. I want to apply for home loan at HDFC. I want to know more about HDFC Home loan process. The procedure of getting the loan has been pretty simple and involved not much difficulty. Please let me know best home loan offers.

  • Raman Verma

    I have taken Home loan with LIC Housing Finance.The loan amounts is 13.50 lakhs,rate of interest is nominal as compared to others.The tenure is taken for 15 years. Nobody have collected the documents from my end with LIC HFL for the home loan, which I have applied.

  • Rahul shah

    I have to apply for a home loan for the residential flat allotted to me. The RERA registration of the promoter was expired in November and is not renewed to date. But, there is a fresh demand of installment by the promoter after expiry of its registration number. The bank says that it can only disburse the required amount, only if the project is presently registered under RERA but in my case, the RERA registration has expired and not renewed.

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