Now numerous banks can provide a different range of home loans as per your specifications and requirements. So, it's up to you to compare the interest rates of home loans and choose the best offer from all the leading banks and financial institutions. All the home loan interest rates are varying from one another and the rates are varied according to the external benchmark rate of new RBI guidelines.
If you are searching for the best home loan and want to compare the home loan provided by the different banks and financial institutions, then connect with the professionals of Eazy Bank Loan. All of its professionals can provide you details of home loans in transparency, integrity, and excellence form.
Go through the Eazy Bank Loan website to get all the details about the home loans provided by the different banks and financial institutions. You can apply for a home loan on the website by filling the loan application. We can help you provide all the details about home loans with low-interest rates and processing fees, no hidden costs and pre-payment penalty, and many more.
When you apply for home loan, follow the below guidelines to choose the most beneficial one.
When you are choosing the home loan, you must compare the interest rates of different banks and financial institutions. Before finalizing the housing loan, check the interest rates for salaried and self-employed individuals. The loan lenders can offer different rates of interest as per the loan amount. Before applying for the home loan, don't forget to calculate the home loan EMI by taking the help of the EMI calculator.
On the other hand, knowing the home loan interest rate in advance can help you to determine the home loan EMI and plan out the repayment policies in a better way. By using the EMI calculator one can determine the total payable interest of the loan as well as its cost. In the calculator, you only need to enter the housing loan interest rate, principal, and the tenor of the loan EMI.
Whenever you apply for a housing loan, choose any of the interest rates such as fixed-rate and floating-rate as per your requirements. The best significance of floating rate interest is, it has zero charges on the foreclosure or part-prepayments. You can reduce the home loan interest rates by transferring the existing loan, performing the part-prepay, and increase the EMI of payable loans.
| Bank | Interest Rate | Processing Fee | Max Tenure | Max Loan Amount | |
|---|---|---|---|---|---|
|
Starting from 8.45% | 0.15% (Rs. 1,500 - Rs. 15,000) | Up to 30 years | Up to 90% of the property value | ApplyDetails |
|
8.60% p.a. onwards* | 0.5% or Rs.3,000 whichever is higher | 1-30 Years | Based on customer profile | ApplyDetails |
|
8.90% p.a. onwards | Rs. 10,000 -Rs. 15,000 | 5-30 Years | ₹ 30L -₹ 5Crs | ApplyDetails |
|
8.85% p.a. | Up to 7% of the loan amount | Up to 30 years | Up to Rs. 5 crore | ApplyDetails |
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8.55% p.a. onwards | 0.35% (Max Rs. 15,000) | Up to 30 years | 75%-80% of the property cost | ApplyDetails |
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8.85% p.a. onwards | 0.50% of the loan amount | Up to 30 years | Depending on the applicant’s profile | ApplyDetails |
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8.75% p.a. onwards | 0.50% (Rs. 2,500 - Rs.5,000) | Up to 30 years | Up to 90% of property value | ApplyDetails |
|
8.50% p.a. onwards | 1% | 1-30 Years | ₹ 20L -₹ 10Crs | ApplyDetails |
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8.75% - 9.80% | "2999+GST for CIBIL Score above 700, .50% + GST for Score below 700" | Up to 30 years | As per the applicant’s eligibility | ApplyDetails |
|
8.45% p.a. onwards | 0.35% onwards | 1-30 Years | Loan Amount At the discretion of the bank | ApplyDetails |
By using the home loan EMI calculator, you can easily and simply calculate your loan EMI. For calculating the loan EMI, you have to put the loan amount, loan tenor, and rate of interest in the loan EMI calculator. By using the EMI calculator you can get several details about the home loan such as total interest payable, loan EMI per month, and total payments.
For calculating the loan EMI, you need to use the following mathematical formula. Such as:
P defines the principal amount, N defines the number of monthly installments you have to pay in your loan and the R defines the interest rate per month. By taking the home loan calculator, you can easily calculate the EMI of your home loan in advance that would need to spend every month. For calculating it, you have to go to the housing loan EMI calculator page of the website and put all the details for calculating it efficiently.
Through the house loan calculator, you can determine whether you able to fulfill the home loan EMI within the loan tenure or not. According to your specifications, you can either increase or decrease the loan EMI amount according to the loan amount you have taken.
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| Year | Principal(A) | Interest(B) | TOTAL PAYMENT(A + B) | BALANCE |
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Many people are unable to buy their dream home due to several factors without a home loan. But before that, they need to search about the top home loan lenders in India who offer home loans at a low interest rate. Apart from the interest rates, the home loan in India considers many aspects before approving. Such as:
So, when you apply home loan check out the special offers provided by the different banks and financial institutions. Including all the offers, check out the interest rates and processing fees for calculating the EMI easily and efficiently. All the processing fees and interest rates of the home loan vary with a bank to a bank. Check all the eligibility of the home loan before applying it to a bank because without fulfilling the eligibility of the loan application may reject it.
Before finalizing the home loan from any of the banks or financial institutions, first compare home loans provided by them with the documentation, interest rate, loan tenure, and eligibility criteria. Check all the home loan details of the banks and choose the most useful among them accordingly.
Now Indians get specially designed home loans for the government employees which are defined as an SBI privileged home loan at low-interest rates starting from the 8.70% per annum. It will offer cheaper home loan schemes to the government employees and defense personal for enhancing the wake of the government’s acceptance to the recent proposal. As per the new schemes, SBI has lowered the interest by 0.05% and repay the loan at age up to 75 years and now opposed to 70 years.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| - | - | - | Apply |
Buying a house is always a dream for many because it involves a lot of financial planning. To make the process easier, ICICI banks can provide loans in a simple way for those who want to fulfill their home dream. Thus the ICICI home loans can offer you the best home loan solutions and information which is related to either purchasing/construct a new home or renovating the existing one.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| - | - | - | Apply |
HDFC Ltd. provides the home loan for their existing customers in better interest rates to purchase a house, renovation, and extensions of the old one, etc. For the existing customers, the bank can offer low-interest rates than the other new customers. Throughout the process, you will enjoy the attractive interest rates, quick processing, transparent charges, and easy repayment options.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| - | - | - | Apply |
LIC HFL is granting loans to senior citizens who are necessarily above 65 years of age. The criteria of the loan are, you have to pay the interest at the reasonable rates that might not be salaried and you will pay the EMIs with your previous savings. The terms and conditions of the loan are broadly classified for the people who have hit retirement already and for those who are above 50 years of age. The main purpose of the loan sanction is purchasing, construction or extension of house/flat.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| - | - | - | Apply |
With the axis bank home loan, you can fulfill your dream of owning a home because the bank offers home loans starting at 3 Lakhs. The home loans are coming with a host of benefits which have smaller EMIs that you can space out your payments over the longer tenure, easy application process, attractive interest rates, doorstep service, etc. Find more details about the home loans through the below steps.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.85% - 9.50% | NA | Up to 1% of the Loan amount subject to minimum of ₹10,000 Upfront processing fee of ₹2500 plus GST | Apply |
Housing loans provided by Canara bank make sure that the person does not feel burdened in paying their loan EMI. But there are certain factors or criteria are stipulated by the bank itself that need to be satisfied before the loan applications are approved because the loans are provided for the long term in a huge amount with a stipulated interest rate.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.05% - 10.05% | 8.75%-8.90% | 0.5% of the loan amount + GST | Apply |
ISFC can provide several bank loans to make your funding requirements better. The bank can fulfill the funding requirements of your home building in a defined exclusive segment. All of the home loan methodologies of the ISFC bank can improve your purchase and construction requirements to meet your growing expectations.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| - | - | - | Apply |
Buying a new house or investing in a dream residence can be stressful for individuals, but the DBS bank can provide home loans which would make all your dreams come true. The bank can provide attractive interest rates, transparent charges, easy repayment options, quick processing, and many more attractive features.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| - | - | - | Apply |
Without worrying about the financial constraints, the Yes bank can provide home loans to realize your home dreams. The home loan provided by the bank to the individual borrowers at a given rate of interest to be paid back with an equated monthly installment. Provide flexible loan tenures at competitive interest rates that meet your financial requirements.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 10.10% | NA | 0.5% of the loan amount or a maximum of ₹10000 + GST | Apply |
One of the lowest EMI charged home loan provider is the syndicate bank. Syndicate banks can offer the home loan with the tenure up to 30 years as well as the lowest rate of interest that would be lead to 8.15%. It can charge the EMI which is consists of both interest payment and principal repayment and based on the loan amount, loan tenure and the interest rates.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.15% - 8.50% | NA | 0.125% of loan amount or a maximum of ₹5000 + GST | Apply |
Standard charted banks can give you home loans to finance your dream home. Home loans provided by the bank can visualize your home with attractive interest rates starting at 9.21% per annum. Charted banks can provide home loan faster with the doorstep service. If you have any issues related to the loan, then you can contact through a wide network of branches.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 9.21% | NA | ₹10,000 + GST | Apply |
With the united bank of India home loan, the shelter of your dream home will be a reality at most attractive terms. The united bank of India can provide home loans for several purposes such as purchase, construction, extensions, repair, renovation and furnishing of your residential house/ flat including the purchase of land.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.00% - 8.15% | NA | As applicable | Apply |
Get closer to your dream of the home by choosing the home loan plans tailored by Kotak Mahindra bank. The bank will provide you a bouquet of customized home loan plans and offer you a seamless and pleasurable home-buying experience. Through the sanction of 75% to 80% of the property cost the house loan borrowers can go one step closer towards their dream home.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.90% | NA | Zero processing fee for online application. (Upto 1.25% of Loan amount for offline application) | Apply |
Get hassle-free home loans from the federal bank to make your dream into reality. The federal bank can provide housing loans at competitive interest rates for construction of the house, acquisition of land and renovation of the existing houses as well as purchase the house plot for the subsequent construction of the house.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.55% - 8.70% | NA | 0.50% of the loan amount to a maximum of ₹7,500/- + GST | Apply |
Home is the biggest investment purchase in an individual's life. At IDFC's first bank, you can get the home loan which is financially helpful for most people. With the IDFC bank loan, you can buy a flat or home without having to worry about putting a huge down payment. On the other hand, it is also applicable for both the salaried and self-employed individuals.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 9.05% - 12.15% | NA | Upto ₹10,000 + GST | Apply |
Owning your home is always seems to be life's biggest aspirants, so the IDBI bank can provide a home loan solution that is designed to offer you convenience loans and make your home dream a pleasant one. Our home loan solutions can fulfill your home requirements in a customized manner.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.25% - 8.80% | 8.75%-9.10% | 0.50% of loan amount to a maximum of ₹2500 + GST | Apply |
Bank of Baroda can provide low-interest bank loans that are best in the market without having any differentiation. Bank can provide you the home loans with a principle approval from its higher authority that would be prior to the identification of a specific house or plot by a prospective application of the home loans.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 8.40% - 9.40% | NA | Up to 0.50% of the loan amount or a maximum of ₹7,500 + GST | Apply |
When you are looking to purchase your first home or construct a new one as well as renovate your current one, then the Bajaj finance home loan can meet all your home loan requirements. It can provide home loans with the lowest rate of interest with reduced EMIs up to 50% of your sanctioned home loan amount.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 9.05% - 11.15% | NA | Up tp 1.20% of the loan amount + GST | Apply |
Our heart is placed in our home, so owning a home is the biggest milestone in life. Tata Capital to provide tailored home loans for the people above 24 years of age. You can borrow the loan at 24 years of age and need to complete the home loan at the time of 65. On the other hand, you should earn at least 30,000 per month for approving the loan with 2 years of experience.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 9.20% - 9.35% | 9.00%-9.40% | As applicable | Apply |
A home loan can bring the joy of your own home and building memories in a place that would seem to be special. India bulls housing finance can provide home loans that can provide the most convenient loan at the effective interest rates. Provide the tailor mode loan solution to celebrate the joy of own home.
| Total Interest | Interest Rates for Women | Processing Fee | |
|---|---|---|---|
| 9.25% - 12.00% | NA | Up to 1.00% of the loan amount + GST | Apply |
Now home loan seems to be the most valuable option in India which is easily accessible in banks and several financial institutions. Every borrower needs to fulfill the home loan eligibilitycriteria for approving their home loan. Below points define the whole thing more briefly.
During the whole process, you can get better financial planning and reduce the chances of a loan rejection application. Use the tool for eradicating the hassles of manual calculations of loan eligibility amount. One can access the calculator easily in the online website whenever possible from anywhere.
The documents which are required for a home loan are completely depending on the occupation of the applicant and the loan criteria of the banks and financial institutions. The following points define the documents required for a home loan.
| Property document | Identify proof | Address proof | Income proof |
|---|---|---|---|
| Sales deed and stamped agreement of the sale. | Pan card | Permanent address documents with any identity proof | Salary slip of salaried employees |
| Detailed information about the construction cost. | Adhaar card | Property tax receipt | Last 3-month bank statement of salaried employees |
| Bank account statement made to the seller. | Passport | Electricity bill | Trade license, GST registration certificate, etc. of self-employed. |
| NOC collected from the housing society. | Driving license | Telephone bill | Balance sheet and profit & loss a/c statement of self-employed. |
When you apply for a home loan, you have to repay the loan to the lender in a form of EMIsuntil you paid the complete amount of the loan. But for processing and approving the home loan, the entire borrower needs to pay some fees. Go through the below points to know about all the processing fees charged during the home loan approved.
Now the banks and finance companies provide several loan opportunities that will beneficial for you and help you to buy your new home. A home loan is great financial assistance that makes your dream home into a reality. But before applying for a home loan, you have to check several things such as:
With the help of a home loan, people achieve their dream home. So, the demand for home loans is increasing in India day-by-day. Now many banks and financial institutions in India offer a variety of home loans. The following points define the different types of home loan in India:
A home loan is the most popular loan used for buying a new house. So, the loan lenders offer a fully transparent and flexible home loan with the best terms. Offer exclusive home loans to make your dream home into a reality.
If you want to add a new home or floor in your existing home, then take the home extension loan for enlarging and renovating your sweet home.
To buy a piece of land or plot for constructing your dream home, you can take the land loan from the banks or financial institutions.
The home renovation loans are applied by the individuals for various purposes such as painting the interior or exterior of the home, installing new tiles, etc.
If you are searching for a home loan that will help you to perform both purchasing a plot as well as constructing your dream home, then a composite loan seems to be the most reliable option.
When you are decided on applying for a home loan, there is a lot of stakes you need to consider. Here are the dos and don'ts you have to consider during the home loan approval process.
| Do's | Don'ts |
|---|---|
| In your loan application, including all your financial information. | During the application or approval process of the home loan, don't do any financial changes. |
| Use the money which you saved for the down payment of a loan. | Don’t quit or change the jobs right before getting a loan. |
| Provide genuine documents to improve the chances of loan approval. | Avoid the unusual or large purchases before approving your loan. |
| Regularly follow-up with the loan lenders for immediate loan approval | Don't take any types of financial risks like changing to a new bank or making large deposits in the bank. |
HomeA home is the best option that arranges funds needed for buying your dream home. But due to several reasons, the house loan can be rejected by the banks and financial institutions such as:
When the house loan got injected, you have to consider several things for again approving it bythe bank. Go through the steps to make it approved as soon as possible:
When you are applying for a home loan, you have to fulfill the basic eligibility for approving the loan such as a citizen of India, at last, 21 years old, etc. Apart from the eligibility criteria, you have to determine the several factors which determine your home loan eligibility such as:
A home loan is an amount which can be borrowed by the individuals for performing their home purchase, home renovations, home constructions, and many more. For approving the home loan, the lenders can take the property as security for lending the money.
Home loans are very popular in India because it carried with a minimal rate of interest, no hidden fees, and charges as, smooth and worry-free borrowing well as value-added features. For getting a home loan, you have to consider the steps:
Home loan has two types of interest rates such as fixed-rate and floating rate. Both of them have their own set of benefits and used for different purposes.
Fixed home loan interest never charges with the market force and completely dependent on the market rate. In a fixed rate, you can easily forecast your loan EMIs and plan for the loan repayment with great ease. The fixed interest rate is generally taken when the interest rate on taking a loan is low and offer stability loan facilities.
Floating interest rates are commonly are varied over the course of the loan's tenor action. If you will consider the floating rate of interest in your home loan, then you never predict the EMIs with utmost certainty. In these interest rates, when the rates drop, the loan instantly benefitted. So, if you are working in real-estate, then floating interest rates are ideal ones.
Yes, the home loan tax can be deductible in case of repayment of interest under the section of 24 of ITA of India. On the other hand, if the home loan has pertained to the rented property, then there is no limit to the deduction of the interest on the home loan.
Owning a debt-free house is always satisfying, so the home loan borrower always likes to prepay the outstanding home loan amount. If you are paying a high amount of home loan interest, then it's always advisable to prepay the outstanding home loan amount for reducing its interest. Once you will prepay the home loan outstanding, then you can invest that money in long-term assets like fixed deposits or equities.
Higher-income will sanction a high amount of home loans as well as lower EMIs on actual loan value. Moreover, the minimum salaries for applying the home loan for the salaried employees in metro cities are 25,000 rupees per month and 20,000 rupees per month for the employees of other cities.
The maximum home loan eligibility is generally calculated after the loan amount getting deductions into several EMIs that would be paid by you in every month. In general, the banks are providing a maximum of up to 85% of the loan amount against the current value of your property. In this way, if you want a home loan for buying a property of 70 lakhs then the maximum loan amount you can get is 85% of that property cost that is 59.50 lakhs.
Now the Indian government can encourage individuals to invest in a house. Due to this reason, home loans are eligible for tax deductions. So, when you buy a house on a home loan, it can facilitate you with multiple tax benefits as well as reduce your tax outgo. Yes, you can get the tax deduction facilities on your home loan with following benefits such as:
For the faster processing and hassle-free execution of your home loan, you have to gather all the required documents very carefully before applying for the loan. Here are the documents you need for processing the home loan:
The co-applicant is the person in the home loan who is equally responsible for repayingthe loan like the original borrower of the loan. According to the law of the bank, the co-applicant needs to be a blood relative or immediate family member. Due to the co-applicant, you will enjoy several other benefits in your home loan approval process such as:
For first-time buyers, choosing the home loan always seems to be a complicated process. While choosing a home loan the first thing you have to consider is the interest rates which are divided into two parts such as fixed interest rates and floating interest rates. Below points define both of them elaborately:
In fixed interest rates, the interest amount is fixed and never varies with the market fluctuations. The interest rates are paid on the monthly basis of the starting month. It is useful for the below points:
But have a higher rate of interest and limited repayment tenure as well as a prepayment penalty.
Moreover, the floating interest rates are adjustable rate home loans in which the interest rates are changing throughout the action. These types of interest rates are reset at a specific interval and could vary in every quarter or 6 months. It is also useful for the below points:
The pre-EMI is defined as an interest amount that can be paid over the entire tenure of a home loan. Generally, the pre-EMI payment is started when the home is under construction. Once the Pre-EMI payments are over, the EMI payments started immediately. It also provides several benefits for your home loan such as:
Now people are taking home loans to get their dream home faster. So, the financial institutions and different banks can provide home loans to bring their dream home into a reality without any financial burden. But the lenders of the home loan need to ensure that you are eligible for the home loan. Below points define the factors that affect your home loan eligibility:
In India, several national or private banks, and non-banking financial companies can provide numerous home loan options to all individuals. Based on your needs you have to choose the home loan by understanding all the documentation, eligibility criteria, and many more requirements needed by the lenders. Here are the different types of home loans you have to consider must:
The MCLR is generally defined as the Marginal cost of fund-based lending rate which indicates the financial body which is never permitted to lend money. In the home loan, the MCLR rate is succeeded the base rate and the rate can be fluctuated due to the force of the banks and financial institutions. Moreover, the MCLR rate is determined by the deposit rates and based on the loan tenors. It can be calculated with the below parameters:
Yes, you can switch from a fixed rate to a floating rate during your home loan tenure and vice versa by paying a small fee. The reason behind is, the home loan lenders can understand the consequences of the loan borrowers and provide them the right to choose the best interest rates as per their requirements. Moreover, the floating-rate loan does not have any prepayment penalties.
The home loans provided by the different banks and financial institutions are coming with an option of moratorium period in which you don't need to pay your loan which is between the 36 months and 60 months of the loan approval. After the end of the period, you need to start the repayment of your loan in EMI till your long tenure end. During the moratorium period you don’t need to pay the EMI but only need to pay the Pre-EMI interest.