Home Loan: Apply Housing Loan Online @ 8.25% Interest Rate 2018
Home Loans

Home Loan Type

New Home Loans

New Home Loans

NRI Home Loans

NRI Home Loans

Plot Loans

Plot Loans

Home Construction Loans

Home Construction Loans

Home Loans Balance Transfer

Home Loans Balance Transfer

Home Extension Loans

Home Extension Loans

Home Renovation Loans

Home Renovation Loans

Plot & Construction Loans

Plot & Construction Loans

Pradhan Mantri Awas Yojana

Pradhan Mantri Awas Yojana

Step to Apply Home Loan

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Meeting Executive

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Check Eligibility

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Submission of Application & Documents

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Submit Property Documents

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Property Validation

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Loan Approval

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Loan Disbursement

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Property Registration

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All Banks Home Loan Interest Rates July 2018

Bank Lowest EMI per lakh Max Tenure
SBI Home Loan Rs. 765 30 Years
HDFC Home Loan Rs. 769 30 Years
ICICI Bank Home Loan Rs. 772 30 Years
Axis Bank Rs. 769 30 Years
PNB Housing Finance Rs. 804 30 Years
Bank of Baroda Rs. 769 30 Years
LIC Housing Finance Rs. 769 30 Years
Indiabulls Rs. 862 20 Years
Citibank Rs. 805 25 Years
DBS Bank Rs. 913 20 Years
DHFL Rs. 758 30 Years
Kotak Bank Rs. 877 20 Years
PNB Rs. 780 30 Years
Bank of India Rs. 769 30 Years
Corporation Bank Rs. 801 30 Years
Dhan Laxmi Bank Rs. 945 20 Years
GIC Housing Finance Rs. 982 20 Years
Indian Overseas Bank Rs. 769 30 Years
Punjab and Sind Bank Rs. 776 30 Years
Syndicate Bank Rs. 852 30 Years
Vijaya Bank Rs. 772 30 Years
Yes Bank Rs. 863 25 Years
Allahabad Bank Rs. 868 20 Years
Bank of Maharashtra Rs. 787 30 Years
HSBC Bank Rs. 805 25 Years
Jammu And Kashmir Bank Rs. 999 15 Years
Lakshmi Vilas Bank Rs. 952 20 Years
RBL Bank Rs. 941 25 Years
UCO Bank Rs. 772 30 Years
LT Housing Finance Rs. 870 30 Years
Andhra Bank Rs. 776 30 Years
Canara Bank Rs. 772 30 Years
Dena Bank Rs. 798 25 Years
Edelweiss Rs. 944 25 Years
IDBI Bank Rs. 765 30 Years
Karnataka Bank Rs. 776 30 Years
Reliance Capital Rs. 878 30 Years
Union Bank of India Rs. 772 30 Years
IDFC Bank Rs. 787 30 Years
Standard Chartered Bank Rs. 884 20 Years
Central Bank of India Rs. 769 30 Years
DCB Bank Rs. 994 20 Years
Federal Bank Rs. 808 30 Years
Indian Bank Rs. 868 20 Years
Karur Vysya Bank Rs. 860 25 Years
OBC Rs. 815 25 Years
South Indian Bank Rs. 819 30 Years
United Bank of India Rs. 769 30 Years
IIFL Rs. 769 30 Years

What is Home Loan or Housing Loan?

Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property. Acquiring a home which you can proudly call as your “Own House” is a life-time decision. It requires a lot of research, planning about your exact necessities (your family matters a lot on coming up to a conclusion regarding necessities) and finally requires huge finances. Your home has to be a place where you can easily relax after coming from a day’s tiring schedule, a place where you can spend a fruitful time and beautiful moments with your family.

List of major Home Loan companies in India

SBI Home Loan Indian overseas Bank Home Loan
LIC Housing Finance State bank of Travancore Home Loan
HDFC Home Loan PNB Housing Finance
ICICI Bank Home Loan IndusInd Bank Home Loan
HSBC Home Loan Punjab National Bank Home Loan
IDBI Home Loan Dhanalakshmi Bank Home Loan
DHFL Home Loan Jammu kashmir Home Loan
Axis Bank Home Loan IDBI Home Finance
ING Vysya Home Loan DCB Home Loan
Bajaj Finance Home Loan Uco Bank Home Loan
India Bulls Home Loan Federal Bank Home Loan
Bank of Baroda Home Loan GE Money Home Loan
Central Bank of India Home Loan Citi Financial Home Loan
Kotak Mahindra Home Loan Bank of India Home Loan
Deutshce Bank Home Loan Canara Bank Home Loan
Bank of Maharashtara Home Loan Allahabad Bank Home loan
Royal Bank of Scotland Home Loan Union Bank of India Home Loan
Andhra Bank Home Loan United Bank of India Home Loan
Punjab & Sind Bank Home Loan Dena Bank Home Loan
Syndicate Bank Home Loan Standard Chartered Home loan
Vijaya Bank Home Loan Corporation Bank Home Loan
Indian Bank Home Loan

Types of Home Loan

There are different types of home loans available in the market to cater borrower’s different needs. New Home Loans: This is the basic type of a home loan which has the purpose of purchasing a new house. Plot Loan & Construction Loan: It is that loan which is taken to purchase a land for construction & investment purposes. Home Construction Loan: This type of loan taken when the borrower wants to construct a new home. Home Loans Balance Transfer: The most well-known approaches to decrease interest rates is to either go for a balance transfer of the loan or converse with the bank that has given you the loan to reduce it. Balance Transfer: Balance transfer of a loan happens when the whole unpaid essential loan amount is transferred to another bank for a lower rate of interest. Home Extension Loan: This type of loan serves the purpose when the borrower wants to extend or expand an existing home, like adding an extra room etc. Home Renovation Loan: This type of home loan is for the renovation or repair of the home with a contractor like Johnson Construction Company. Pradhan Mantri Awas Yojana: Pradhan Mantri Awas Yojana is a program by Government of India to guarantee “Housing for all by 2022”. Under this program, there is a Credit Linked Subsidy Scheme on home loans for properties in urban market having a place with Economically Weaker Section (EWS), Middle Income Group 1 and 2 (MIG) and Low Income Group (LIG). NRI Home Loan: NRI Home Loan allows numerous NRIs (Non Resident Indians) to have home loans when putting resources into properties. Financially, it bodes well to buy a property through home loan as opposed to through individual financing especially when you can contribute your own assets elsewhere for better returns. Home Conversion Loan: It is that loan wherein the borrower has already taken a home loan to finance his current home, but now wants to move to another home. The Conversion Home Loan helps the borrower to transfer the existing loan to the new home which requires extra funds, so the new loan pays the previous loan & fulfills the money required for the new home. Bridge Loan: This type of loan helps finance the new home of the borrower when he wants to sell the existing home, this is normally a short-term loan to the borrower & helps during the interim period when he wants to sell the old home & want to buy a new one, It is given till the time a buyer is found for the old home.

Documents Required for Home Loan:

The following Documents to be submitted for to check eligibility:
  • The application form to be signed and affixed a required number of photos.
  • Proof of identity (Copy of ID/Driving License/PAN Card/Passport/Voter).
  • Proof of address (Copy of latest Passport/Telephone Bill/Property Tax Receipt/Electricity Bill/Voter ID).
  • Book/Bank Account Statement of Last 6 months.
Non-salaried individuals:
  • Business proof.
  • Detailed Statement of Personal assets and liabilities.
  • Signatures for Identification from the Present bankers.
Documents Requested from Guarantors:
  • 2 passports sized photos.
  • Identity and address proof.
  • Proof of business.
  • Statement of Personal liabilities & assets.
  • Signatures for Identification by their present bankers.
Additional Documents required from Salaried Applicants:
  • Salary certificate.
  • Form 16 for last 2 years or Copy of ITR.
  • Additional Documents required from Self-Employed/Non-Salaried/Other IT Assesses/Professionals:
  • Challan copy proving that Advance Income Tax paid.
  • Assessment Orders of 3 years/Copy of ITR.

Frequently Asked Questions

You can apply for a loan in a few different ways. You can straightforwardly visit the bank office and meet the salesman, contact a loan operator or apply online at any bank or NBFC’s site. You can likewise check and think about best interest rates of all banks online at policyandfunds.com and apply for a loan.
These are generally taken for a more drawn out timeframe. The loan residency for housing loan ranges from 5 years to 30 years.
CIBIL score ranges from 300 to 900. A score of 650 or more is considered as a great FICO assessment to return the home loan. Higher the FICO assessment, the higher the odds to get loan application endorsed.
In the event that your loan was taken as a fixed rate loan
  • Most settled rate loans would offer settled interest rate for a period extending from a couple of months to 15 years. From your endorse letter and loan assertion, check the period for which the interest on your home loan is to stay settled. In the event that your loan is still in the settled rate time frame, your present rate of interest is same as what it was originally taken at
  • In case your loan has changed over to gliding rate, the loan assertion would determine the formula for the same. The formula might be either MCLR base rate in addition to a given spread (in the event of banks) or PLR short spread (if there should be an occurrence of housing account organizations). For MCLR rate in addition to spreading housing loan, simply read the spread said in the loan assertion and add it to the current MCLR rate of the separate bank. For PLR less spread loan, check the negative spread said in the loan understanding and subtract it from the PLR of the individual home back organization. You can locate the current MCLR rate or PLR of your bank or housing fund organization at Current MCLR Base Rate and PLR.
In the event that your loan was taken as a fixed rate loan
  • You should submit duplicates of the accompanying property archives
  • Past title chain– Conveyance deed, deals deed, allotment letter, ownership letter
  • Receipt of propelling instalment towards buy of property if there should be an occurrence of resale or booking with developer
  • Latest property assess receipt
  • Copy of endorsed anticipate development/expansion
Indeed, you can apply together with a gaining co-candidate (either be your life partner or your folks). Including co-candidate can expand your qualification and you can likewise profit for a higher measure of the loan as your co-candidates salary additionally gets added to your pay and that aggregate is mulled over for figuring the loan sum you will be qualified for.
Indeed, on the off chance that you neglect to pay the loan on time then it will likewise influence your co-candidate as default in the loan will influence his/her CIBIL rating also.
Indeed, on the off chance that you are getting higher interest rate and paying higher EMI than different banks, at that point you can decide on home loan balance transfer and diminish your month to month trouble.
Truly, you can profit top up on their running house loan just in the event that you have made convenient reimbursement of EMIs gathered on existing home loan. The interest rate energizes on the best loans are relatively 0.25 – 1% higher than a home loan. The loan can be benefited with insignificant documentation.
Indeed, you might be qualified for qualifying a home loan even with a low CIBIL score. In any case, the banks may charge a higher rate of interest on your loan and may approach you to apply for loan alongside a co-candidate to enhance your credit value.
Truly, a home loan borrower may profit tax break on their home loans both on the primary and on the interest rate on home loans:
  • Tax exclusion on reimbursement of home loan foremost (under section 80C)– The individual is qualified for a most extreme yearly assessment conclusion of Rs. 1,50,000 (Rs. 2 lakh for senior natives).
  • Tax advantage on the interest rate for a home loan (under section 24):– The individual can profit the tax cut on the measure of interest paid on their home loan to the greatest furthest reaches of Rs. 2 lakh (Rs. 3 lakh for senior natives) for a self-possessed property.
These days, all banks offer appealing plans on Home Loan at focused rates with numerous client agreeable highlights. You can do rates examination, check your qualification, ascertain EMI, apply on the web and get the best Home Loan rates. PolicyAndFunds.com encourages you all through the loan proceeds from the day you apply to the time you get dispensing. You can enlist with us, track your loan status all the time and get a choice to win appealing cash backs and allude and gain benefits.
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