Compare Today Home Loan Interest Rates June 2020

Looking For Best Housing Loan? Compare Home Loan Interest Rates ☛ SBI ☛ ICICI ☛ PNB ☛ HDFC ltd ☛ Bank of Baroda ☛ Axis ☛ LIC Housing ✍ Apply Online ✍ Doorstep Service ☛ Instant 10 Min Approval ☛ Special Offers for the current month.

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Important points
✓ Home loan offers starts @ 7.25 – 9.20% from SBI, ICICI Bank, HDFC Ltd, PNB, Citibank, Axis bank & LIC Housing Finance, Indiabulls
✓ Latest Interest rates of all major banks of India
✓ Home loan amount up to Rs. 50 crores
✓ Attractive offers for Salaried, Self – employed & women’s from all major banks

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Disclaimer: We do not provide Home Loans but help you to connect with banks to get best deals.
All loans are on sole discretion on the respective banks

Applying for a Home Loan? Five Things to Know

Here are some things to remember before applying for a home loan:

1. Let the CIBIL score negotiate.
2. Resolve pending credit issues with credit cards.
3. Check your own pocket before apply, remember that every rupee borrowed comes with an interest charge.
4. Carefully decide your loan tenure.
5. Compare all available banks to save more on processing fees, hidden charges etc.

Best Home Loan Interest Rates in India

Compare and choose the best Home Loan Interest Rates Offered by Different Lenders in India.

Bank Name Interest Rates Processing Fee EMI per lakh for 30 years
State Bank of India 7.15% – 7.65% 0.35% of the loan amount plus service tax, Minimum of Rs. 2,000/- + S.T and Maximum of Rs. 10,000/- plus service tax Rs. 672 – Rs. 765
HDFC Ltd 7.85% – 8.25% Up to 0.50% of the loan amount or Rs. 3,000 whichever is higher + applicable taxes. Rs. 734 – Rs. 790
ICICI Bank 8.10% – 8.55% 1.00% of the loan amount + applicable Service Tax & Surcharge Rs. 751 – Rs. 783
LIC Housing 7.40% – 8.95% Up to 50 lacs : 10,000 +(Service tax)
50 lacs & above : 15,000 +(service tax)
Zero Processing fee for Women
Rs. 741 – Rs. 801
PNB Housing 8.25% – 9.20%  N.A Rs. 751 – Rs. 819
Bank of Baroda 7.25% – 8.25% 0.50% of Loan amount- Minimum: Rs.8,500/- (Upfront), Maximum: Rs.15,000/- Rs. 734 – Rs. 805
Punjab National Bank 7.95% – 8.20% 0.35% of the loan amount, Minimum- Rs. 2,500/-, Maximum- Rs. 15,000/ Rs. 730 – Rs. 748
Axis Bank 8.10% – 8.85% Up to 1% of loan amount subject to minimum of Rs. 10,000. Rs. 772 – Rs. 819
DHFL 9.75% onwards Rs. 10,000 + document charges + Applicable GST Rs. 859
Corporation Bank 8.10% – 8.35% No processing charges during Monsoon Offer- 2020 Rs. 741 – Rs. 758
Canara Bank 8.10% – 8.55% 0.50% (Min Rs.1500/- and Max. Rs.10,000/-) Rs. 741 – 772
Bajaj Finserv 8.55% onwards Up to 0.80% (for salaried individuals). Up to 1.20% (for self-employed individuals) Rs. 772
Kotak Bank 8.65% – 9.30% Up to Rs 10000/- Rs. 780 – 826
Tata Capital 9.25% onwards 0.5% of the loan amount onwards + GST Rs. 823
Bank of Maharashtra 8.25% – 8.45% N.A Rs. 751 – 765
Indiabulls 8.99% onwards N.A Rs. 804
Union Bank of India 8.20% – 8.35% 0.59%, Minimum Rs.1180/-; Maximum Rs.11800/- Rs. 748 – 758
Allahabad Bank 8.25% – 8.80% N.A Rs. 751 – 790
Andhra Bank 8.50% – 8.65% N.A Rs. 769 – 780
Indian Overseas Bank 8.20% – 8.45% 0.50 % (max. ₹.20,000/-) Rs. 748 – 765
UCO Bank 8.30% – 8.55% 0.5% of the loan amount, minimum Rs.1500/- & maximum Rs. 15000/-. Rs. 755 – 772
Oriental Bank of Commerce 8.25% – 8.80% N.A Rs. 751 – 790
Punjab & Sind Bank 8.45% onwards 0.15% of the loan amount and a maximum of Rs. 15000/- Rs. 765
HSBC Bank 8.55% – 8.65% 1% of the loan amount sanctioned or ₹10,000, whichever is higher plus applicable taxes Rs. 772 – 780
Karnataka Bank 8.59% – 9.14% N.A Rs. 755 – 815

About Home Loan – Home or housing loan is advances made to borrowers who require funds to purchase houses / flats / land / construction / extension / Villa and renovation of houses. Check Home Interest Rates, Processing fees, pre-payment charges, inspection fees, documentation fees etc. Co- applicants/ Joint Applications are allowed. Borrowers are Qualify for tax benefits as per provisions of the IT Act, 1961 (subject to changes).

Home Loan Highlights

Interest Rates 7.90% – 9.20%
Age Limit 21 – 65 Years
Min. Loan Amount Rs.1 lakh
Max. loan amount Up to 90% of property value
How to Apply Apply Online Here
Prepayment charges Nil
Processing fees Nil to 1.50%
Balance Transfer option Yes
Documents Required KYC, ITR, Form 16, P & L A/c

Example – Here is the examples of home loan EMI at interest rate of 8.20% p.a, at various tenures and loan amount are given below –

Loan Amount 5 yrs 10 yrs 15 yrs 20 yrs 25 yrs 30 yrs
5 lakh 10,186 6,119 4,836 4,245 3,926 3,739
10 lakh 20,272 12,239 9,672 8,489 7,851 7,478
15 lakh 30,558 18,358 14,509 12,734 11,777 11,216
20 lakh 40,744 24,477 19,345 16,979 15,702 14,955
25 lakh 50,931 30,597 24,181 21,223 19,628 8,694
30 lakh 61,117 36,716 29,017 25,468 23,553 22,433

Home Loan FAQs

Q1. What is a Home Loan?

For buying residential property you can apply for Home loan.

Q2. Who can apply for home loan?

Applicant should be an Indian citizen between the ages of 21 to 65,  salaried or self-employed, men or women both are eligible.

Q3. How can i apply for home loan?

You can make an online home loan application after comparing home loan interest rates.

Q4. What is home loan EMI?

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until full loan amount with interest.

Q6. What is the repayment period of a home loan?

Home loans are long term borrowing instruments with a minimum tenure of 5 years and maximum tenure of 30 years, you can choose your repayment period between 5 to 30 years.

Q7. What is the Eligibility Criteria for a Home Loan?

Applicant can be self employed , salaried individuals, professionals — with a regular source of income can apply for home loans. Age must be at least 21 years old and upto  age of 65 years when the loan ends. Home loan eligibility criteria depends on bank to bank and lender to lender like age limits, minimum income level, margin and more.

Q8. Why should I apply for a home loan on emicalculator-india?

When you log on to the home loan section of emicalculator-india, you can apply for a home loan in simple steps.
Compare home loan interest rates, loan amount, processing fees, eligibility, income level etc.
Know latest home loan offers based on loan amount and eligibility.
Home Loan EMI calculator tool is available for calculating monthly emi based on loan amount and rate of interest and tenure.
Just you need to enter name, contact number, email, location, salaried or self employed and click on button.

Q9. How much home loan amount do I avail?

Mostly in market 75% to 85% of cost of property is applicable, but loan amount is also depend on applicant’s eligibility criteria.

Q10. What is Pre-EMI interest mean?

When applicant avail of a part of your home loan, applicant will be charged simple interest on the loan amount that has been paid out till your entire sanctioned home loan amount is disbursed. This payment of simple interest on part payment is called Pre- EMI Interest.

Q11. Tax benefit on home loan?

Under Income Tax Act 1961, you are eligible for tax benefits on the principal and interest components loan.

Q12. Required security for home loan?

Security of the home loan would generally be mortgage of the property that is financed by bank or lender.

Q13. What is Power of Attorney?

A Power of Attorney allows a person to grant another person the right to make decisions regarding the person’s assets, finances and real estate properties. Types are mentioned below.
General Power of Attorney –  where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc.
Special Power of Attorney – wherein only a specific right is given by the owner to the chosen person.

Q14. Required documents at the time of possession?

  • Original copies of the chain of title agreements and Building Plan approvals
  • Original registration and stamp duty receipts
  • Possession Letter
  • Original share certificate (In case of societies)
  • Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession
  • NOC from the Society or any other concerned body confirming that there is no objection to the transfer

Q15. Home loan for NRI?

NRI can also apply for  home loan, those who wish to invest in a property or buy your dream house.

Q16. Tax benefit for NRI?

There is no tax benefits is applicable for NRI’s only if you file your returns and subsequently become eligible to avail the tax benefits.

Q17. Eligibility criteria for NRI?

Individual (s) over 18 years of age with a steady source of income who

  • are Non Resident Indians (NRIs) holding a valid Indian passport
  • are persons of Indian Origin (PIOs) holding a foreign passport

NRI home loan eligible criteria-

  1. NRIs, must have total work experience of 2 years in India or abroad.
  2. NRIs with a job contract for a minimum period of 2 years abroad after completion of 6 months in the employment and presently holding a valid job contract /work permit.
  3. Indian citizens working abroad on assignments with foreign Governments/ government agencies or International/Regional Agencies like the UNO, IMF, World Bank, working with Merchant Navy etc., Officials of the Central and State Governments and Public Sector Undertakings deputed abroad on temporary assignments or posted to their offices (including Indian Diplomatic Missions) abroad

Q18. Types of home loan?

The banks usually offer the following types of loans on interest:

  • Home Purchase Loan: For purchasing a new residential property or an old house from its previous owner.
  • Home Improvement Loan: For executing repair and renovation work at home.
  • Home Construction Loan: Loan is available for construct a house on a piece of land you have already purchased.
  • Home Extension Loan: For expanding or extending an existing house. To cite a few examples, addition of an extra room, a floor etc.
  • Land Purchase Loan: For the purchase of a plot of land for both residential or investment purposes.
  • Home Conversion Loans:  If you have already purchased a house by taking a home loan but would now want to buy and move to another house.
  • Balance Transfer Loan: These loans are availed to transfer one’s home loan from one bank to another.
  • NRI Home loans: These are specialized loans, structured to suit the requirements of NRI’s who wish to build or buy a home in India.
  • Loan against Property (LAP): These loans are given or disbursed against the mortgage of a property.

Q19. Who can be joint borrowers in case of a home loan?

Immediate family members such as your parents, spouse, siblings and children are allowed to be joint borrowers in case of a home loan.

Q20. What is floating rate home loan?

If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. In this floating interest rate monthly emi may be decrease or increase as per market up or down.

Q21. What is a fixed rate home loan?

During the whole repayment period EMI will not be affected by any increase or decrease in the market interest rates and the EMI amount will remain unchanged.

Q22. How do I repay my home loan?

There are several way to repay loan amount like issuing post-dated cheques for the tenure of the home loan, getting the amount deducted automatically from your salary account or by ECS (Electronic Clearing System).

Q23. How do NRI repay home loan?

Payments are done through NRO, NRE, NRNR and FCNR accounts. These accounts change on the basis of RBI regulations.

Q23. Down payment for home loan?

Generally, banking & finance institutions pay around 75% to 85% of the cost of the property bought. The remaining 25% to 15% of the amount is paid on an up-front basis, which is popularly known as the down payment.

Q24. What documents do I need to submit at time of application?

Completed loan application form
Passport size photographs
Identity proof – PAN card/Passport/ DL/ Voters ID
Residence proof- telephone or electricity bill/ passport/ voter ID / property tax receipt
Bank statement for at least past 6 months and salary certificates/ latest acknowledged ITR
Copy of plan approved for the proposed construction/extension
Cost estimation/ valuation report from Bank’s (or finance company) authorised surveyor/evaluator.
Allotment letter of housing board/ NOC of the society/Builder etc. as well as any other land use certificate/other

Q25. What is a top up loan?

If you have an existing home loan and have made timely repayments towards the  home loan, you may get the option of borrowing an additional loan equal to the amount you have paid off on your current home loan. Top up loan is based on your existing loan history.

Q26. What is the margin on a home loan?

The percentage of the cost of the home that is not covered by the bank or lender providing you with the home loan. On an average, lenders implement a 15% – 20%  margin on loan i.e. applicant need to pay this percentage, remaining percentage i.e 85 – 80% lender will provide.

Q27. Home loan  interest rate for women?

Most of bank and lender provide concessional on interest rate for women borrowers.

Q28. What is an amortization schedule?

Amortization is a table with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.

Q29. What is Home loan pre-approval?

It is a facility provided by banks and NBFCs to their customers, those who are interested in purchasing a even before they have decided on a property to purchase.

Q30. What are the top home loan providers in India?

Below the list of top home loan provider in India.
SBI Home Loan
HDFC Ltd Home Loan
ICICI Home Loan
LIC Home Loan
Axis Bank Home Loan
DHFL Home Loan
Bank of Baroda Home Loan

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