| Bank Name | Interest Rate | Lowest EMI(per lack) |
|---|---|---|
| Central Bank OF India | 7.5% | 12000 |
| Standard Chartered Bank | 7.7% | 0.15% |
| Bajaj Home Finance | 7.8% | 11800 |
| HSBC Bank | 7.9% | 11800 |
| IDFC First Bank | 7.95% | 11800 |
| L & T Housing | 7.95% | 5900 |
| PNB Housing Finance | 7.99% | 0.25% |
| Kotak Bank | 8% | 11800 |
| DBS Bank | 8% | 11800 |
| Tata Housing Finance | 8.05% | 0.35% |
| HDFC Home Loan | 8.1% | 2360 |
| Yes Bank | 8.1% | 11800 |
| Bank of Baroda Home Loan | 8.1% | 11800 |
| RBL Bank | 8.1% | 0.50% |
| Federal Bank | 8.15% | 11800 |
| Axis Bank | 8.35% | 11800 |
| Hero Housing | 8.5% | 0.50% |
| Indiabulls | 8.75% | 1% |
| Aditya Birla Housing | 9.5% | 0.50% |
| Capri Housing | 9.5% | 1.50% |
| DCB Bank | 9.6% | 0.50% |
| ICICI HFC | 9.75% | 1% |
| Fullerton Grahshakti | 10% | 1% |
| Priamal Housing Finance | 10% | 0.75% |
| Adhar Housing Finance | 10% | 1.50% |
| Ujjivan Housing | 11.5% | 1.50% |
| Chola Madalam | 11.6% | 1.25% |
| DMI Housing | 11.75% | 1% |
| Edelwessis | 11.75% | 1% |
| Shriram Housing | 12% | 1% |
| Vastu Housing Finance | 12% | 1% |
A home is the largest investment anyone ever makes. Make your dream house with an easy and quick Home Loan. Apply today with the help of our aces.
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Overview 
What is a Home Loan?
When a specific amount of money is borrowed from the bank or NBFC for purchasing, expanding, or
constructing a home at a specific fixed or floating interest rate is termed a Home Loan. This
type of loan is payable in EMIs over an agreed period. Also, the property remains as security
with the lender for the loan period. One can get a home loan for:
Loan Eligibility
Home Loan Eligibility Criteria
For a Home Loan, the borrower needs to pledge collateral against the property he is availing the loan. To avail of a home loan, all you need to do is to qualify for the eligibility criteria set by your lender. Some basic home loan or mortgage loan eligibility criteria are as follows:
Age
To avail a home loan, you must be 21-65. Age limit for:
Employment
Your type of employment plays a significant role when applying for a home loan.
Income
Income is another factor that affects your eligibility to get a home loan. Here's the income range for:
Credit
Score
A good or moderate credit score is one of the main factors that define if one can avail of the benefit of a home loan or not.
Rate Of Interest
Home Loan Interest Rates
The Interest Rate on a Home Loan or Mortgage Loan is the amount a lender charges you as a borrower in percentages of the Home Loan Principal Amount or Home Loan Value. It is also known as the Rate Of Interest or ROI, and this charge applies to the Principal Amount yearly over the specified home tenure.
Documents
Home Loan Documents Required
Legal251 will help you get Home Loan at attractive interest rates, flexible tenures, and nominal EMIs from India's Leading Banks and NBFCs. Now you can acquire your dream home without excessive debt burden on your pocket.
You will require some essential documents for getting a Home Loan which can differ as per your Home Loan Plan, purpose or loan, credit profile, and more.
Documents required for Salaried Individuals:
Form 16
Identity Proof: Aadhaar Card/PAN/Voter ID/Passport/Driving License
Employee Identity Card
Employer's Certified Letter
Increment or Promotion letter
3 Months Salary Slip
6 Month Bank Account Statement
Duration of Employment Evidence
Appointment Letter
Confirmation Letter
Promotion Letter
Increment Letter
3 Years IT Returns
Address Proof: Electricity Bill/Telephone Bill/Property Tax Receipt
Documents required for Self-employed Individuals
Proof of Business
PAN
GST Registration Certificate
Trade License
Partnership Deed
Article of Association
Memorandum of Association
Import Export Code
SEBI Registration Certificate
ROC Registration Certificate
Financial Statement Audited by CA
Profit & Loss Account Statement
Balance Sheet
6 Months
Bank Account Statement
3 years
of Income Tax Returns
Professional Practice License for Doctors, Consultants, and more.
Registration
Certificate of Establishment for Shops, Factories, and Other Establishments
6 Months
Indian and International Bank Account Statement for the last six months
Business
Address Proof
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*Other documents might be required additionally by the department
Balance Transfer
Home Loan Balance Transfer
A Home Loan Balance Transfer is the process of transferring your outstanding home loan balance from your existing lending institution to a new lender. This migration process, also known as Home Loan Balance Transfer, facilitates saving more when you opt for a lender offering you a lower interest rate than your current lender.
While your current lender will charge you for a foreclosure or repayment charge decided beforehand in your Home Loan Agreement. At the time of the balance transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.
FREQUENTLY ASKED QUESTIONS
A home loan is when a bank or financial institution (lender) gives a loan to
an individual for buying or expanding residential property. The lender owns
the title of the property until the loan repayment, along with the interest
amount.
The tenure of a Home Loan can be from 5 years to 30 years, depending on the
loan amount sanctioned to you by the lender along with other factors.
Your paying back capacity determines your eligibility to apply for a home
loan, along with the factors that your lender may consider, such as Income,
Age, Qualification, Resident status, Spouse's income, No. of dependents,
Credit history and score, Status of existing loans, and more.
No. As per the Home Loan criteria, your friend is not eligible to jointly
apply for a home loan. However, you can apply for the Joint Home Loan if one
or more members of your immediate family co-signed the application form.
As per the rules maximum of 6 people from a family can jointly apply for a
home loan.
A Floating Rate Home Loan is when the interest rate on a loan varies
periodically over the loan tenure. Also, one can determine the interest rate
charged on a home loan by the lenders (which may vary). The base rate of
banks gets revised periodically based on RBI directives and other factors
that may increase or decrease the EMI amount payable.
You can avail of a fixed-rate home loan at a predetermined interest date
during the loan tenure, which remains unchanged during the loan period
irrespective of market conditions which are hugely beneficial when market
volatility starts affecting interest rates.
Yes, you can. Some lenders propose the option of switching from a floating
rate to a fixed rate home loan and vice versa. Yet, it is not applicable to
all home loans as a few charges are involved in implementing this
conversion. Hence, professionals advise you to get all the details from your
lender regarding the procedure and requirements.
Having a poor credit score will make it difficult for you to get a home
loan. However, you can increase your chances of availing your home loan if
you can get a co-borrower from your family, such as your spouse or parents.
It would be best if you choose a co-borrower having a regular income source
and good credit history for higher chances of a successful application.
The applicant and co-applicant need to provide the following documents when
applying for a home loan:
Form 16
Salary slip for last 3 months
Property documents
Residence proof
Identity proof such as PAN card or Adhar card.
Previous 6 month's bank statement
2 Passport sized photograph
Receipts for the initial down payment
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