2019-08-16T10:51:01
Quick Guide on Home Loan
Purpose : Home loan can be used for purchasing a new house, construction of house on a plot, home improvement, extension and renovation of your existing house.
Key Features :
Eligibility : Loan available for both salaried and self-employed borrowers within the age group of 18 and 70 years.
Security : Mortgage of home you are planning to purchase, renovate or construct.
Loan Amount : In the range of ₹ 1 Lakh to ₹ 15 Cr.
Loan to Property Value Ratio : Varies from 65% to 90%.
Loan Tenure : Can range from 5 to 30 years.
Interest rates : Home loan Interest Rates starting from 8.05%. Special rates for women borrowers.
Lowest EMI : Lowest EMI of ₹ 737 per lakh.
Processing Fees : Up to 1% of loan amount or Maximum Rs. 10, 000.
Compare Home Loan Processing Fee of All Banks in India
Prepayment Charges : Nil charges on floating rate home loans
Check Prepayment Rules
Other Charges : Legal charges, technical charges etc.
Documents Required : Address Proof, Identity Proof, Income Documents, Property Documents.
Top Home Loan Providers : Banks and Home loan companies such as SBI, ICICI Bank, HDFC Bank, Axis Bank, HDFC, PNB Housing, DHFL, Indiabulls Home Finance.
Popular Home Loan offers : Banks offer schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Banks also offer overdraft facility to save interest on house loan. Some of the popular home loan schemes are SBI special rates for women, HDFC Reach, Axis Bank 12 EMIs offer, Bank of Baroda pre-approved loans, Indiabulls e-home loans etc.
Best Bank for Home does a detailed comparison of all banks and housing loan companies on parameters of interest rates, processing fees, prepayment charges, lending process and customer service of banks on a regular basis. Based on latest schemes, the following banks should be in your consideration list for getting a house loan.
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