|Bank||Home Loan Rate||Processing Fee|
|SBI Home Loan||8.55%|
|HDFC Home Loan||8.60%||0.50% |
Min Rs. 3,000 - Max Rs. 10,000
|ICICI Bank Home Loan||9.05%||0.25% |
Min Rs. 5,000 - Max Rs. 5,000
|Axis Bank||8.90%||0.50% |
Min Rs. 1,000 - Max Rs. 25,000
|PNB Housing Finance||9.05%||1.00% |
Min Rs. 10,000 - Max Rs. 10,000
|Bank of Baroda||8.65%||0.50% |
Min Rs. 7,500 - Max Rs. 20,000
|LIC Housing Finance||8.70%||0.50% |
|Indiabulls||9.25%||Min Rs. 7,500 - Max Rs. 10,000|
|DBS Bank||9.50%||Max Rs. 10,000|
Min Rs. 2,500 - Max Rs. 20,000
|Kotak Bank||8.90%||Max Rs. 10,000|
|Canara Bank||8.75%||0.50% |
Min Rs. 1,500 - Max Rs. 10,000
|Tata Capital||9.05%||0.50% |
|LT Housing Finance||9.90%||2.00% |
Min Rs. 4,999
|UCO Bank||8.70%||0.50% |
Min Rs. 1,500 - Max Rs. 15,000
|Reliance Capital||10.00%||1.00% |
Min Rs. 3,000 - Max Rs. 6,500
Max Rs. 20,000
|Jammu And Kashmir Bank||8.85%||0.25% |
Min Rs. 500 - Max Rs. 10,000
|IDBI Bank||8.80%||0.50% |
Min Rs. 2,500
|Federal Bank||8.75%||0.50% |
Min Rs. 3,000 - Max Rs. 7,500
|Dhan Laxmi Bank||9.90%||1.00% |
Min Rs. 10,000
|Corporation Bank||9.00%||0.50% |
Min Rs. 1,000 - Max Rs. 50,000
|Piramal Housing Finance||9.00%||0.10% |
|Bank of Maharashtra||8.75%||0.50% |
|Yes Bank||9.35%||0.75% |
Max Rs. 10,000
|Andhra Bank||8.80%||0.50% |
Max Rs. 10,000
|United Bank of India||8.65%||0.59% |
Min Rs. 1,180 - Max Rs. 11,800
|Standard Chartered Bank||9.41%||1.00% |
Min Rs. 5,000 - Max Rs. 10,000
|Syndicate Bank||8.75%||0.13% |
Min Rs. 500 - Max Rs. 5,000
Min Rs. 20,000 - Max Rs. 50,000
|RBL Bank||10.45%||Min Rs. 5,000 - Max Rs. 15,000|
|Karur Vysya Bank||9.65%||Min Rs. 5,000|
|Indian Overseas Bank||8.70%||0.53% |
Min Rs. 8,900 - Max Rs. 13,350
|HSBC Bank||8.85%||1.00% |
Max Rs. 10,000
|DCB Bank||10.24%||2.00% |
Min Rs. 5,000
|Central Bank of India||8.60%||0.50% |
Max Rs. 20,000
|IDFC First Bank||9.60%||Min Rs. 5,000 - Max Rs. 5,000|
|Bank of India||8.85%||0.25% |
Min Rs. 1,000 - Max Rs. 20,000
Max Rs. 10,000
|Allahabad Bank||8.85%||0.40% |
Max Rs. 50,000
|Union Bank of India||8.80%||0.50% |
Max Rs. 15,000
|South Indian Bank||9.45%||1.00% |
Max Rs. 10,000
|Punjab and Sind Bank||8.85%||0.25% |
Min Rs. 1,000 - Max Rs. 15,000
|Lakshmi Vilas Bank||10.00%||0.40% |
Min Rs. 10,000 - Max Rs. 20,000
|Karnataka Bank||8.90%||0.25% |
Min Rs. 250
|Indian Bank||8.60%||0.23% |
Max Rs. 20,381
|GIC Housing Finance||10.25%||Min Rs. 2,500|
As per the current rates, SBI offer the lowest home loan interest rate of 8.55%. These rates can vary depending upon the value of the property and your repayment capacity. Higher the loan amount, higher will be the rate of interest.
After the latest home loan rate revision announced by SBI in 2019, new home loan interest rates start from 8.55% for home buyers as well as for those who want to transfer their loan from other banks.
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 :
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.
MyLoanCare 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.
|Bank with||Name of Bank or Home Loan Company|
|Cheapest home loan in India at 8.55 - 8.6%||SBI, HDFC, Central Bank of India, Indian Bank|
|Lowest EMI Rs. 772 per lakh of home loan for max loan tenure of 30 years||SBI|
|Lowest Processing Fees of upto Rs. 5,000 on housing loan||ICICI Bank, Syndicate Bank, IDFC First Bank|
|Lowest Processing Fees as a percent of home loan of 0.10%||Piramal Housing Finance|
|Customer Reviews Rating of 3.5 and above||Axis Bank, ICICI Bank, Citibank, Standard Chartered Bank, Edelweiss, GIC Housing Finance, Reliance Capital, HDFC, PNB Housing Finance, Bank of Baroda, Corporation Bank, IDBI Bank, PNB, SBI, DCB Bank, Federal Bank, Canara Bank, Central Bank of India, United Bank of India, DBS Bank, LT Housing Finance|
It has never been easier to get a housing loan, as today you can do online loan comparison based on interest rates, other loan terms and conditions of all banks before choosing the right loan offer.Step 1 : Check loan EMI and calculate eligibility
As you decide to take a home loan, always estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also calculate the monthly EMI that you can comfortably service given your net take home salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your house loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you can comfortably service, shortlist the banks which offer you maximum loan amount to meet your requirements.Step 2 : Check property approval status and legal documents
If you are buying a property from builder, then check for the banks which have approved the projects you have shortlisted. For resale property, check the approved map plans and ensure that all property registration papers for the complete chain from the first owner to current owner are in place. Shortlist the banks which lend on your chosen property.Step 3 : Decide on type of home loan interest rate offers
As you narrow down the list of banks in Step 2 and 3, you need to conduct an interest rate on home loan comparison of the loan offers of various banks. Some of the interest rate offers that needs to be checked are:
In addition to interest rates, banks also charge many other fees on home loans. Along with interest rates, you should check other associated costs with a your loan which include prepayment charges, processing fee, insurance premium and other charges offered by the shortlisted banks. You should calculate all inclusive costs on home loan to be able to further shortlist the banks and reduce your choice to 2-3 banks.
You can take the help of loan advisors of online marketplaces like myloancare.in to be able to get details on home loan rates of all banks and take an informed decision.
Finally as you decide to take the loan, also consider other service and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in MCLR rates over a period of time. Last but not the least, read reviews of existing customers on banks on their services, interest rates and transparency to take your decision to borrow from a bank.
While, all banks and HFCs in India offer multiple home loan schemes, some new schemes are quite popular in India due to their unique features and special discounted rates. Home Loan Banks like SBI, Axis Bank, Citibank, BoB and finance companies like HDFC, PNB Housing, Indiabulls are currently running many attractive schemes for housing loan borrowers. Some of the popular housing loan schemes have been captured in table below:
|SBI||For Women Borrowers||Loan is offered at concessional rate starting @ 8.55%.|
|Maxgain||Home loan with overdraft facility @ 8.65%|
|Axis Bank||Home Loan Top Up||Loan to get additional loan amount. Interest rate of top up loan starts @ 8.90%|
|ShubhAarambh Home Loan||Avail 12 EMI waiver offer at 8.90%|
|HDFC||HDFC Reach||Home loan with less documentation starting @ 10.05%|
|Indiabulls||Indiabulls e-Home Loan||Apply loan online @ 9.25% and get facilities like IB chat, e-sign, DigiLocker integration|
|Bank of Baroda||Pre-approved Home Loan||Loan pre-approved by the bank @ 8.65% before the property is purchased by the applicant with a validity of 4 months|
|Citibank||Home Credit Loan||Home loan with overdraft scheme @ 8.85%|
|Citibank T-Bill Home Loan||Innovative scheme in which floating rate home loans are benchmarked to 91 days Govt. T-Bill rate, thus making them completely transparent|
The table below summarises the popular types of home loans in India based on their purpose and interest rate.
|New Home Loan||To buy a new flat, apartment or house from a builder or seller.Also includes loan for construction of house on an existing plot.|
|Home Improvement Loan||To renovate your existing home like tiling, flooring, painting etc.|
|Home Extension Loan||To expand the house by adding new space like floor, room, balcony etc.|
|Land Purchase Loan||To purchase a plot and build a house. Interest rates are 1.5-2% higher than a home loan, with prespecified time limit for construction|
|Home Conversion Loan||Scheme to allow borrowers to transfer their existing loan from fixed rate to floating rate or vice-versa A conversion fee is levied on the outstanding principal to switch your loan.|
|NRI Home Loans||Home Loan for Non Resident Indians to buy, construct or renovate a home in India.|
|Home Loan Overdraft||Borrowers can add surplus funds in an overdraft account for any period to reduce interest liability. Interest rates are 0.15-0.2% higher than regular housing loan.|
|Home Loan Top Up||To borrow additional amount on existing home loan from same bank or at the time of balance transfer up to a percentage of property value. Interest rates are 0.25-1% higher than regular housing loan.|
|Home Loan Balance Transfer||To transfer your home loan from to another bank offering lower interest rate to save interest and to get top up loan|
|Pre-approved Home Loan||Loans that are approved even before youcomplete property transaction based on credit history, current EMI obligations etc.Interest rates are low and pre-approved offer is valid up to 6 months|
|Documents required||Salaried||Self Employed|
|Application Form||Signed with photographs||Signed with photographs|
|Identity Proof||PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card||PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card|
|Certificate and Proof of Business Existence||PAN, Sales tax/ Excise/ VAT/ Service tax registration, Copy of partnership deed, Trade license, Certificate of practice, Registration certificate issued by RBI, SEBI|
|Address Proof||Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old)||Bank statement, Utility bill, Registry copy, Lease or rent agreement, TAN allotment letter|
|Income Proof||Form 16, Latest 6 months salary slip, Last 6 months bank statement||Last 2 years ITR, Last 6 months bank statement|
|Age Proof||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate||PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate|
|Property Documents||Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension||Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension|
You can apply for loan in several ways. You can directly visit the bank branch and meet the sales person, contact a loan agent or apply online at any bank or NBFC's website. You can also check and compare best interest rates of all banks online at MyLoanCare and apply for loan.How can I apply home loan in my city?
Yes, you can apply home loan in your home town provided you have sufficient income to pay the EMIs on time and have good credit history. You can also compare home loan offers for different cities online at MyLoanCare and apply for the loan at lowest rates.What is the minimum and maximum tenure of house loan?
These are generally taken for a longer period of time. The loan tenure for hosuing loan ranges from 5 years to 30 years.What is the minimum CIBIL score required for home loan?
CIBIL score ranges from 300 to 900. A score of 650 and above is considered as good credit score to get housing loan. Higher the credit score, higher the chances to get loan approved.How do I calculate the interest rate on my Home Loan taken some time back? Has it gone up or down?
In case your loan was taken as a fixed rate loan
You will need to submit copies of the following property documents
Yes, you can apply jointly with an earning co-applicant (either be your spouse or your parents). Adding co-applicant can increase your eligibility and you can also avail for a higher amount of loan as your co-applicant's income also gets added to your income and that total is taken into consideration for calculating the loan amount you will be eligible for.Does it affect my co-applicant if I default in home loan?
Yes, if you fail to pay the loan on time then it will also affect your co-applicant as default in loan will affect his/her CIBIL rating as well.Can I do balance transfer on house loan?
Yes, if you are getting higher interest rate and paying higher EMI than other banks, then you can opt for housing loan balance transfer and reduce your monthly burden.Can I take top up on my existing home loan?
Yes, you can avail top up on their running house loan only if you have made timely repayment of EMIs accrued on existing home loan. The interest rate charges on a top up loans are comparatively 0.25 – 1% higher than a housing loan. The loan can be availed with minimal documentation.Can I get a home loan with a bad credit score?
Yes, you may be eligible for qualifying a home loan even with a low CIBIL score. But, the lenders may charge a higher rate of interest on your loan and may ask you to apply for loan along with a co-applicant to improve your credit worthiness.What are the tax benefits available on home loans?
Yes, a home loan borrower may avail tax benefit on their home loans both on the principal as well as on the interest rate on home loans:
Nowadays, almost all banks offer attractive schemes on Home Loan at competitive rates with many customer friendly features. You can do rates comparison, check your eligibility, calculate EMI, apply online and get the best Home Loan rates. MyLoanCare helps you throughout the loan process from the day you apply to the time you get disbursement. You can register with us, track your loan status on a regular basis and get an option to earn attractive cashbacks and refer and earn benefits.