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Home Loan: A Brief Overview
The basic needs for a human are food, shelter and clothing. A shelter or a home gives a person a feeling of well-being and it also boosts their will to live a life. Also, who does not want to be free from the hassle of landlords! A home of your own gives you the proud feeling of ownership. Building our own dream house is a kind of major investment which has become a need for the man. However, sometimes the dream of owning a beautiful house beside the sea-shore or any other place may remain only a dream without a Home Loan or Housing Loan. Purchasing a property or the cost of building a house is quite high which is difficult to be paid.
Nowadays, various home loans are accessible from different banks to fulfill your dreams of owning a house. Under home loans, there are various other loans which are provided like loans for plot, purchase, construction, etc. Housing is a big expenditure because of which much other expenditure is avoided. However, if you are planning to avail a home loan, you must also keep your family’s income in mind and then go for a much more liberal loan so that you can repay the loan without much difficulty.
Why to choose a home loan?
Nowadays, real estates are the most profitable options of investments for investors. However, this has also led to increasing prices of houses or properties in the country. Both plots and houses have become exceptionally expensive for customers who wish to buy houses or plots. This has finally led to the need of home loans and thus, the numbers of applicants applying for home loans have increased with each passing day.
- Apart from the soaring real estate price, there is another reason why one opts for a home loan. Nowadays, the dealers ask to pay the property cost at the time of purchase of the property. The property transactions are generally very hefty and customers find it difficult to pay it at a time. Here, comes the need of a home loan.
- Home loans are eligible for exemptions from certain income tax. This can save up the amount of income tax which is paid by a person every financial year.
- You have figured out your dream home and you have a lot of aspirations attached to that house. But you do not have such hefty amount to purchase the house immediately, so here comes home loans which bridgethe gap between you and your dream home.
Features and Benefits of home loan:
You should always apply for the best home loan or rather look for an ideal home loan to purchase your dream house. But whenever availing a home loan, always remember that when you borrow cash, you are logically borrowing from your own future. That is because you have to repay the amount with interest in a fixed time. So, it is essential that you purchase a house or plot according to your financial ability and then accordingly opt for a home loan after carefully studying the features and benefits of it. Experts warn against borrowing things or products you really cannot afford.
Some of the key features which a home loan should have are outlined below.
- Purpose of a home loan: Home loans are availed to construct a house, to buy a plot, for renovation or extension of the existing house.
- Security: Home loans are those advances which are secured. This implies that home loans are given in return for a security which is deposited by the person who takes a loan.
- Availability of loan amount: You can avail for any amount for a home loan according to your eligibility criteria or requirements. However, the limit of home loan amount ranges from Rs. 2 lacs to Rs. 200 lacs.
- Flexible interest rates: Interest rates offered in home loans are very flexible. They are lower in comparison to personal unsecured advances. There is no security for unsecured personal advances.
- EMIs are available: Repayments of the loan is generally done through equated monthly instalments or EMIs. This is because the amounts availed for home loans are quite huge and the tenure to pay the loan is also long.
- Prepayments are allowed: Previously, banks used to charge pre-payment fees for paying the loan before the stipulated time but now, customers can pay off their loan amount according to their convenience.
- Loan Tenor: 30 years is the maximum loan tenure offered by most of the banks.
- Joint-applicants or co-applicants: Home loans allow for joints applications or co-applications since the tax benefit is good and the loan amount is also high.
Also, there are a lot of benefits of a home loan. Some of them are listed below.
- Home loan increases the probability of owning a house and fulfilling your dream. It is highly difficult for a middle class Indian to purchase a house or plot with the whole cash readily available. This is where home loan helps a middle-class person to fulfill his dream by owning a house.
- It is quite obvious that property prices are soaring high since the last 5 years. Land or a house value always increases as time passes. So, investment in purchasing a plot or a house is never going to be a waste. Instead, investment in purchasing a home or plot is a very smart and safe move and the result can be seen after 5 or 10 years.
- Customers can avail a lot of tax benefits from home loans. These loans are eligible for exemptions from certain income tax which can save up the income tax amount that is paid by you every financial year.
Types of Home loans:
Owning a house or a plot in a beautiful place is a dream for most of us. Everybody wants to be freed from the clutches of a landlord. Loans have a vital role and demand in a country like India. Depending upon the type of property to be purchased or constructed, home loans are also classified. Basically depending on the needs, home loans are classified into various types. Home loans are not one-size-fits-all. Each loan holds a special purpose and so, it is very important to understand. What is the main purpose to avail a home loan and accordingly go for that type of home loan? Be it a necessity of renovating your existing house or a desire to buy your own house, there are many types of home loans which can turn your dream into a reality! Here, are a few types of home loans which you can opt for:
- Home Purchase loan: By the name itself, we can guess that this particular home loan type helps in purchasing apartments or houses. This is the most popular type of home loan which is offered by most of the banks and NBFCs. This loan is available with fixed and floating interest rates and is given in various tenures.
- Home Construction loan: This type of loan is offered to those who need financial help for constructing or building their own house on a part of land. This process is somewhat different from common housing loans. The customer or the borrower has to have an idea of the total cost for the construction and apply for a loan accordingly. Also, the construction plot should be bought within a year when the loan is availed as the cost of the land is also included as part of this construction loan. However, in most cases, you can avail house construction loans quite easily if you provide the required documents needed for this loan.
- Home renovation or improvement loan: Any kind of improvement or renovation from flooring work, an extension of a room, renovating the balcony or any kind of plumbing works comes under the renovation or improvement loan.
- Plot or land loan: This kind of loan is used for any kind of empty plot or land. This is used for building houses, any kind of construction or any other investment purpose. However, you cannot buy any agricultural plot of land with this loan. This type of loan is not always provided by all banks or NBFCs.
- Bridge home loans: This kind of loan is availed by those people who sell their existing property to use the same money for improving their existing houses or for purchasing a new house. These are also known as short-term goals generally availed by those who own a residential property. This loan bridges the space between an old and newly bought plot. Also, once the existing house is sold, one can repay the loan to the bank.
- NRI home loan: For availing this loan, the age limit of the applicant is 25-60 years. The minimum age is 25 years with a maximum age of 60 years. Moreover, the applicant should be working in abroad for at least 3 years. The person should have a diploma, graduate, post-graduate or any type of professional degree. However, this type of loan is given for a maximum tenure of 20 years.
- Loans for house conversion: This loan is for those people who want to move or buy another home with the loan which is existing. In such cases, you have an option of paying some extra amount or pre-paying the prior loan. In this way, you would be exempted from the previous loan.
Credit Score for Home Loan:
How to get a good credit score & maintain a good credit report for a home loan in India?
It is difficult to understand the complications of a credit score or report, especially for the common man. In such case, you need to relax and leave the complicated and confusing work on the shoulders of CreditSeva, which strives to turn the world of credit more understandable and comprehensible. This also helps customers to relax, plan out their new houses or plots and then finally avail for home loans. However, if you are anxious as to when your past loans can be closed so that you can go for loans like house conversion, then you need not worry. You can negotiate your loan settlements with our productive and efficient decision makers while having a hot cappuccino on your balcony.
Now, that you know the importance of credit score or reports in order to avail a loan; you are vested to nurture your score. The key is not just to know your score but also to improve it and this is possible only through your financial friend, CreditSeva. Like in all other loans, credit score plays an important role in home loan applications also. In fact, your credit scores decide whether you are eligible for a home loan or not. After you submit your filled home loan application, the bank would first check your credit score and your credit history. Hence, it is essential that you maintain a good credit score. A good credit score for home loan generally starts from 700 and above. Generally, 350-700 is considered to be the average score whereas below 350 indicates that you have a poor credit score. This would disable your chance of getting a home loan. Along with the other criteria’s, if you have a good credit score, then the bank might give you a financial aid of up to 85% of the total cost of the entire property.
Some steps which are to follow before applying for a home loan are:
- Check your credit score before applying for a loan
- If your home loan is rejected once due to low credit score, stop applying repeatedly for it.
- You should have a control of your unsecured loans because a high debt indicates that you are overburdened and won’t be bear more loans as debts.
- Try to avoid part-payments or late payments because both can have a negative impact on your credit score.
However, you can get your credit report for a minimal fee and hence, know your credit score before applying for a home loan. A credit report will include:
- The credit record availed by you
- History of repaying loans and credit card bills
- Late payments or part-payments on past credits by you
- Present loans that you hold and has to be paid
- All kinds of information about the present loans.
How to apply for a home loan?
If just like names, we literally had money plants the plants which gave money, it would have been a dream come true for all! This is obviously not true, but sometimes you might have dreams of owning a beautiful house like Shahrukh Khan’s ‘Mannat’ for which you don’t have funds and you wish for such unrealistic things to fulfill your dreams. Also, might be your grandparents had some beautiful haveli which is left abandoned for a long time and you need to renovate it but you don’t have enough funds. In such cases, all you need is a suitable home loan which meets your expenses.
Now that you have taken the decision of availing a home loan, you need to apply for a home loan. When you approach a bank to avail the loan, you will have to fulfill certain general criteria which would be different for various banks. The minimum age required for availing a home loan is 21 years and the maximum age is 60-65 years which varies from bank to bank. The eligibility of income depends on whether you are salaried or self-employed. However, apart from the criteria which you have to meet, you need to have a good credit score so that your home loan application is approved.
A summary of home loans offered by banks and NBFCs:
Home loans are offered by both banks and NBFCs or HFCs. HFC (Housing Finance Companies) are the special category of NBFCs which deals with only Real Estate loans. This can include home loan, plot loan, loan for commercial property or any type of housing loans.
An NBFC is a (Non-Banking Financial Company), which is registered under the Companies Act of 1956, is controlled by the Reserve Bank of India. Unlike banks, they do not hold any kind of banking license but they provide services same as that of banks. Some of their services include services such as loans and credit facilities, saving products, investments and money transfer services.
The table below gives a short summary of the difference between home loans offered by banks and home loan offered from NBFCs (HFCs in particular).
|Various features||HFC-Housing Finance Companies (NBFC)||Banks|
|The products offered||They give loans only related to property||Give all kinds of loans|
|Controlled by||National Housing Bank(NHB)||Regulated by the Reserve Bank of India(RBI)|
|Process of loan sanction||The process is easier and faster than in banks.||Inconvenience is more in banks when compared with HFCs.|
|House valuation for availing a home loan||Registration amount and few other extra amounts are added to the home value||Only home value is taken into consideration|
|Interest Rate||Base Rate which is spread||Base rate + margin|
|Companies and banks which offer home loans||ICICI Home Finance, HDFC-Do does not have individual HFCs||SBI, IDBI, Axis Bank, etc give home loans|
|Pre-payment facility through NEFT||Often they ask for physical cheques for the partial payments||It is easier to pay partially through NEFT|
|Advantages||Can offer a higher amount of loan for the same property by adding the registration and stamp duty amount||Mostly, banks offer better interest rates.
Also one can save on the interest payment with the help of overdraft facility available in home loans.
Some additional points:
- HDFC bank is bank whereas HDFC is HFC. However, the home loan is sanctioned by HDFC.
- In the same way, ICICI bank gives home loan through ICICI Home Finance, which is HFC.
- Similarly, PNB gives loans through its HFC-PNB Housing Finance Limited.
- Many other banks have the same kind of tie-ups and offer home loans through HFCs.
- However, some banks like SBI, Axis Bank, IDBI bank, etc. offer home loans as banks and not HFC or NBFC.
Compare Home Loans between different banks and NBFCs:
Here is the tabular representation of the comparison of home loans between banks and NBFCs.
Minimum Loan Amount (approx.)
|Maximum Loan Amount
|SBI||Bank||15 lacs||10 crores||1-30 years||0%-0.35%|
|ICICI||Bank||5 lacs||10 crores||3-30 years||Min 0.5 %|
|HDFC LTD||NBFC||5 lacs||10 crores||1-30 years||Upto 0.5 %|
|AXIS Bank||Bank||5 lacs||10 crores||1-30 years||Upto 1 %|
|PNBHFL||NBFC||5 lacs||—||1-30 years||0.25%-0.5%|
|Indiabulls||NBFC||2 lacs||3 crores||1-30 years||Upto 0.5%|
|Gruh Finance Ltd.||NBFC||2 lacs||5 crores||1-30 years||Min. 1 %|
|Reliance Home Finance Ltd.||NBFC||30 lacs||5 crores||3-30 years||Min. 0.5 %|
|TATA HL||NBFC||15 lacs||10 crores||10-30 years||Upto 0.5 %|
Top Banks Providing Home Loans in India:
A country like India has a never ending list of both private and public sector banks that offer home loans. However, people get confused as to which bank to apply with. There are advantages and disadvantages which can be applicable to every bank of the people. The public is long lasting and more stable than private banks. In the same way, private sector banks offer smoother a customer service which is very smooth and easy. The time taken by the private sector banks is generally less.
The top banks which can help you own your dream house are as follows:
1. State Bank of India:
State Bank of India, the largest public sector bank is one of the most preferred banks when it comes to home loans. SBI home loans can be trusted because of the transparency which they maintain. It offers loans for both salaried and self-employed individuals. Some of the unique advantages of SBI Home Loans are:
- They charge a very low interest rate which does not make home loans a burden.
- No extra or hidden costs for availing any type of home loan. This way they maintain transparency.
- The SBI home loans charge very low processing charges.
- No penalties are charged for prepayment of home loans by the SBI group.
- SBI home loans are known for its exclusive benefits offered by them to the customers.
- There are a lot of branches across the country, so you can avail a home loan from the nearest branch of SBI.
- A unique thing is the special “State Bank Rewardz for Home Loan”, which gaps the bridge between a customer and the bank.
2.HDFC Home Loan:
This bank is rightly called as the home loan banker due to the unique benefits provided by the bank in giving home loans. It is through their two famous subsidiaries, HDFC REALTY AND HDFC RED that HDFC bank is climbing the ladder in the competitive field of Real Estate. Moreover this bank is known internationally and is trusted due to its customer care service. Some of the benefits are listed below:
- You can get a loan of upto 90 % of the actual cost of the property.
- Your loan gets approved very fast; sometimes even before the selection of a property.
- Choice can be made from Fixed Rate or Floating Rate as per the needs of the loan borrower.
- The repayment option is quite easy, almost upto 30 years, which can lessen the burden of a customer as he gets ample time to pay back the loan.
- HDFC home loans provide the most attractive and the lowest home loan rates.
- Also, when you avail for a Home Loan from HDFC, no processing fees is charged for self-employed professionals and salaried individuals.
3.ICICI Bank Home Loan:
Home loans from ICICI Bank are known for its easy and quick approval. The benefits which they offer for taking home loans:
- They provide a door step service which makes the customers work easily.
- aAlso, no guarantor is required for taking any type of home loan.
- No charges are charged for prepayment or part pre-payment of your home loan.
- The tenure for loan payment is upto 25 years.
- There are options for insurance for your home loan at the very attractive premium.
- Ample amount of home loan which is suited to one’s needs and desires.
- Very simplified documentation is available in this bank for taking a home loan.
4.Axis Bank Home Loan:
Axis bank is the choice of many Indian families in order to obtain a home loan. The bank’s attempt to give special attention to all its loan applicants makes it so popular. It is very customer friendly which makes it popular among its customers. Some of the unique benefits Axis bank home loan gives are as follows:
- There is an availability of flexible interest rates, so you choose between Floating and Fixed rate according to your needs.
- There is an availability of schemes on a special transfer of balance.
- This bank also has doorstep services which ease down your loan process and makes it more convenient.
- There is no pre-payment charge and so you can pay back your loan any time according to your wish.
- The repayment option is upto 30 years which is quite long.
- However, there is no option of part-payment on floating rate loan but is available in fixed rate loan.
5.PNB Housing Finance Loan (PNBHFL):
PNBHFL is a subsidiary of one of the largest banks of India, Punjab National Bank (PNB). The bank, along with its customers takes pride over being one of the largest public sector housing finance companies in the country. In fact, it has become a name to be reckoned with in the housing finance sector. The advantages of availing home loan from PNBHFL are:
- Availability of door step services enables loan approvals to be faster.
- PNBHFL provides loan amounts upto 90% of the property cost. You can take more loan amount if the property cost is increased.
- They maintain a standard of honesty and transparency.
- ‘Home loan TAX benefits’ is a matter of attraction of this bank.
- Part-payment is available and no pre-closure.
- There is no guarantor required for taking a loan.
6. LIC Home Plan:
LIC Housing Finance Ltd. is considered and also known as one of the largest housing finance companies in the country. LIC Home Loans gives home loans at very less, attractive interest rates with very less processing fees and minimum documentation. Some of the benefits are:
- The home loan tenure is upto 30 years.
- No guarantor required for home loans taken from LIC HFL.
- There is no pre-closure on floating rate loan but it is pre-closure on fixed rate loan.
- There is an availability of balance transfer.
- This housing finance company provides a very eye-catching interest rate.
How to choose the right Home Loan?
Home loans are not for the rich class but rather for the middle class who have dreamt of owning a beautiful house but do not have the adequate cash needed at one time. It can be considered the lifeline of the mediocre class and thus, keeps the hopes of the middle class alive. But the rate of interest is very high for home loans. So, you need to be really wise in choosing your home loan so that you can repay it on time.
It is fair enough if you are already excited to avail a home loan to book your dream house! So here are some features which can help you in choosing the right type of home loan:
- Loan Amount and Tenure: Depending on your income, repayment capacity and then decide upon the home loan amount you need and also do not forget to check the home loan tenure. Then, accordingly avail for that bank or NBFC which meets your need.
- Flexible pre-closure and part-payments or prepayments: Make sure your home loan provides you with more options of pre-closure and also there should be part-payment options.
- Repayment: You should go for a less interest rate, a good tenure and less EMI amount so that you can understand how much amount to be repaid at the end of tenure and then go for a bank or NBFC which meets all these qualities.
- Fixed and Floating Rates: The most bothersome factor while taking a loan is probably the interest rate. So, it depends on the customer whether he wants fixed or floating interest rate. In fixed interest rate, the rate is fixed throughout the home loan tenure while the latter is different. The rate of interest changes according to the market value.
- Some Hidden Charges: A Hidden charge deceives you the most in the case of opting for a loan. While searching for a good provider of home loan, you should also consider the hidden charges that many banks apply by default on the loan borrowers.
Required documents to apply for a Home Loan:
So, after deciding in which bank or NBFC you are applying for a loan, the question comes as to what you need to apply for a home loan. The process is very simple. A few documents and here you set to go to obtain a home loan.
- Identity Proofs: Passport, Driving license, PAN card or Voter ID would work
- Address Proofs: Residential, domicile and ration card
- Age Proofs: Certificate of birth
- Property papers: Documentary proofs of the property for which loan is to be taken
- Filled application form: The application form which is given for taking a loan and the necessary number and size of photographs should be taken.
- For Salaried Individuals:
- Employment certificate from the particular employer where one is an employee
- Payment slips or copies of the same for the last few months
- Latest form 16 which has to be issued by the employer bank statements
2. For Self-employed Professionals/ Individuals:
- Copy of the financial statements for at least last two years
- Profit and loss details for the past few years
- Details of income tax assessments
- If it is a partnership business then a copy of it should be provided
Home Loan Eligibility:
Home loans are very easy to avail; however, the eligibility criteria are generally different for all the banks offering home loans. The following are a few general criteria for applying for a home loan:
- Minimum age for availing personal loans is 21 Years
- Maximum age to repay the loan amount should be 60 years
- A minimum income varying from 5-7 lacs is necessary
- A good credit score should be maintained
- One should have enough income to pay the regular EMI so that banks can provide loans upto 75-80% of the property cost.
a) Eligibility for Salaried Employees:
Salaried(Varies from Bank to Bank)
|Age(Min.-max.)||21 Years –60 Years|
|Net Salary||Monthly income should be more than 25,000. Moreover, regular salary credit is necessary for salaried individuals.|
|More eligible with co-applicant||Adding an earning family member as an applicant will make you more eligible for a home loan|
|Total years of experience in any Job/Profession||Minimum of 3 Years|
|Years stayed in current residence||Minimum of 1 Year|
b) Eligibility for Self-employed Professionals:
Self Employed Professionals (Varies from Bank to Bank)
|Age||Minimum age – 21 Years; Maximum age – 65-70 Years|
|Minimum Profit After Tax||Rs 2 Lakhs for Self-employed professionals as per audited financials|
|Business Stability||A Minimum of 3 years of experience for self-employed professionals|
|Relationship with the Bank||Minimum 1 year liability relationship (currents or savings account) or asset relationship (loan) either live or closed, Repayment track is required|
c) Eligibility for Self-employed Individuals:
|Criteria||Self Employed Individuals (Varies from Bank to Bank)|
|Age||Minimum age – 21 Years; Maximum age – 65 years|
|Minimum Profit After Tax||Rs 1 lakh as per audited financials|
|Business stability||A minimum of 4-5 Years with an impressive turnover for self-employed individuals|
|Relationship with the bank||Minimum 1 year liability relationship (savings or current account) or asset relationship (loan) either live or closed in the last 36 months; Repayment track record is required|
Home Loan Application Checklist:
- Identity Proof (Passport/Driving Licence/Voters ID/PAN Card)
- Residence Proof (Ration card, domicile certificate, Leave and license Agreement/ Utility Bill/ Passport (any one))
- Salary Statement of the last few months (where salary/income is credited)
- Employment certificate by the employer
- Ample number of passport size photographs
- In case of a co-applicant, he also has to provide all his necessary documents, especially income certificate
- Form 16 should also be provided.
Application Process for Home Loan:
The process of application for an availing home loan involves few steps. However, it is different for all banks and all HFCs or NBFCs. However, few general steps are followed by all the banks and other financial institutions like:
- Apply online or you can fill the form taken physically from the bank
- Contact the customer care for guidance
- Visiting any of the help desks in any branch of the bank if problem occurs
- Sometimes, you should write the application to the bank address or any nearby agent of the bank.
Track your Home Loan application status:
Many features and ways are available for tracking the application status of the home loan. These application statuses have to be updated with the current status of the loan and the details are to be entered in the respective columns namely Applicant Name, Reference/Proposal number, Date of Birth, Mobile number etc.
Home Loan Interest Rates: Banks
Home loan interest rates of different banks differ from one another. In general, home loan interest rates are involved with interests like the rate of Interests, Loan Processing Charges, Part-payment etc.
Name of the banks
Rate of Interest (Salaried)
Rate of Interest (Self Employed)
|State Bank of India||8.60%-9.15%||Upto 9.3%|
|AXIS Bank||9.35 %-9.45%||9.40%-9.45%|
|ICICI Bank||9.2 %- 9.5%||Upto 9.60%|
|Punjab National Bank HFL||9.40%-9.60%||Upto 10.5 %|
|HDFC Home Loan||9.2%-9.3%||9.3%-9.35%|
|LIC Home Plan Ltd.||9.40%-9.50%||Upto 9.90 %|
|Bank Of India||9.70%||—|
|Union Bank Of India||9.50%-9.55%||—|
|Allahabad Bank||9.45%-9.70%||Upto 9.80%|
Home Loan Interest Rates: NBFC
Name of the NBFCs
Rate of Interest (Salaried)
Rate of Interest (Self Employed)
|Indiabulls Housing Finance Limited||9.20%-10.50%||9.75%-11.00%|
|L&T Housing Finance||9.65%-10.25%||9.65%-10.50%|
|TATA Capital Housing Finance Ltd.||9.20%-9.45%||9.20%-9.45%|
|Gruh Finance Limited||Upto 11.10%||Upto 11.12%|
|Reliance Home||9.5%-9.85%||Upto 9.90%|
|Dena Bank||9.4%-9.6%||Upto 11.20%|
|Shubham Housing Development Finance Company||12%-14%||15%-17%|
|Sundaram BNP Paribas Home Finance Ltd.||9.80%-11.05%||9.80%-11.05%|
Service Charges & Fees for Home Loans:
Apart from the interest rate which is charged, there are some other fees and charges charged by default when you take a home loan. Though the charges differ in various banks, still the types of charges remain the same. The table below gives the details of the charges charged for housing loans.
Types of charges
Description of charges
|Late payment charges||
|Charges which are pre-payment||
|Home loan Statement||
How to calculate EMI for Home Loans?
To put it simply, an EMI calculator is a tool that will require you to enter the amount you want to borrow, the duration of the loan, the interest rates and the processing fee and it will do the rest. The amount that has to be paid every month so that the home loan is repaid is called as Home Loan EMI. In order to calculate the EMI per month, it depends on the loan which you have taken, the interest rate and the loan tenure or time. So, basically Home Loan EMI depends on:
- Total loan amount
- Tenure of the loan taken
- Floating or fixed rate of interest
The basic formula that works behind an EMI calculator is:
E = P x r x (1+r) ^n/ ((1+r) ^n – 1)
- E is the amount that you will have to pay every month; basically the EMI.
- P is the loan amount that you want to borrow.
- r is the interest rate that is applicable but calculated on a monthly basis instead of being calculated at an annual rate of interest basis. It is obtained by using the formula r = (annual interest/12) x 100.
- n is the duration of the loan in terms of months. So if you select a term of 4 years, n will be 48.
This is the basic formula that will be used by the calculator but there are some that may even include steps like the various charges included in the loan. The processing fee will generally be a certain percentage of the amount being borrowed but since it is decided by the bank it can be different for each bank.
Home Loan Balance Transfer:
The home loan does not mean that it is the end of the journey and that nothing else has to be done. Balance transfer refers to switching over from one lender to another lender who may give you a better deal. The goal of a balance transfer is to move the pending loan amount from one bank to another. There are various reasons as to why customers might opt for a balance transfer. However, if you are serious about it, you need to know about its workings, analyse the actual benefit and then take a call accordingly.
The transfer calculator involves solving a simple math which would save your hard earned money. For this, you have to give your home loan rate which is existing and also the prepayment charges. Based on this, the calculator provides you with four other bank rates which help you to compare. This gives you an idea as to how much you can save.
Top 10 Home loan non-banking financial companies’ (NBFCs) in India:
Apart from public banks, there are various NBFCs or Non-banking financial companies which offer same assistance regarding home loans. These companies also offer home loans to individuals. However, the loan amount offered by NBFC is greater than what it is offered by public or private banks. Even, the eligibility criteria are slightly different from that of banks. The top ten non-banking financial companies which provide housing loans are discussed below in detail:
1. Indiabulls Housing Finance – Maximum people hope or dream of owning a house which they can call it as home. The efforts by Indiabulls Housing Finance loan are focused towards fulfilling these hopes and dreams of people. They have given housing loans of worth Rs. 1.3 lakh crore in the last financial year. They have a huge workforce to meet the demands and help out the customers in selecting the correct loan.
The values which they follow are:
- Customers as priority
- Utmost professionalism
The fundamental features offered by Indiabulls Housing Finance are:
- They offer maximum loan on the total cost of the property along with the cost of the land. Sometimes they even offer 90% of the cost of the property but it depends on the capacity of the customer in repaying the loan.
- The interest rate offered is very adjustable.
- The maximum tenure is also as long as your retirement age.
- They offer housing loan for various kind of purposes.
- Applicants, as well as co-applicants, can repay the loan.
2. Dewan Housing Finance Loan (DHFL) – Today, DHFL stands as one of the largest housing finance companies. The motto of the company is hidden in the words of the chairman who says, “I want every Indian to own a home of his own.” The key features are:
- Dewan Housing Finance Company offers housing loan for different purposes like home improvement loans, home construction loans, plot loans, etc.
- The effective interest rate is around 9.35% p.a onwards.
- Also, the loan payment tenure is very flexible and starts from 30 years.
- They provide loan for both salaried and self-employed individuals.
- The loan procedure is quite simple and fast.
- No conversions are allowed under these kinds of loans.
3.Housing Development Finance Corporation Ltd. (HDFC) – It is one of the major companies who provide finance for housing purpose in India. This company has also given approx. Rs. 456,000 crores in the last 35 years which gave loans for approximately a total of 4.4 million households. It provides a loan of around 65% of the total property value or cost. However, the application process is quite simplifies and it has a lot of branches across the country which provides ease to the loan takers. The key associate for them is HDFC Bank Ltd.
4.PNB Housing Finance Limited (PNBHFL) – It is a public sector housing company who has been fulfilling the dreams of owning a house of so many dreamers. This company is actually promoted by the Punjab National Bank. The key features for providing home loans of this company are:
- This housing loan company provides housing loans to people for buying, constructing or extending their houses.
- They provide the home loan in the fastest way removing wrinkles from a person’s forehead.
- They also provide door step service, unlike many housing companies.
- No guarantor is required in the process of taking a loan.
- This housing company has won many awards for brand excellence in providing home loans.
5.Muthoot Housing Finance Company Ltd. – This Company is world famous as it is the largest gold financing company in the world. However, it is also famous as a housing loan financer. The key features are:
- This Muthoot Housing Loan is almost like a personal loan for your home.
- It has a benefit of down payments and allows you a loan for various purposes.
- Almost zero documentation is required for Muthoot Housing Loan.
- No fee or charges are charged for prepayment of the loan.
- No extra hidden charges or processing fee is charged in this housing loan company.
- They allow or provide a loan amount of close to 1 crore INR according to the eligibility.
6. Reliance Home Finance Ltd. – It is a wide-ranging company which is a part of Reliance Capital Ltd., one of India’s financial service companies. This company considers themselves as “partners” of people in their hunger of fulfilling their long-awaited dream of owning a house. The features of this company are:
- No scheme of income proof is available in this company.
- The loan tenure is very flexible.
- You have very reasonable interest rates and there is an option of Balance Transfer as well.
- The processing fee is almost 1 % of the loan amount.
- No prepayment charges are charged.
- Also, the EMI is quite low whelps the customers to repay the loan.
- They provide door-step service and they maintain transparency in their work.
7.Shriram Housing Finance – This is a part of the greater Shriram Company whose headquarters are in Chennai. This particular housing finance home loan is an answer to your home financing needs as well as desires. This loan can be used for various purposes of housing but the basic feature which makes it home loan popular among its customers are:
- Extensive and detailed documentation is not required
- There are an availability of multiple loan schemes
- No extra charges for prepayment or pre-closure of the home loan
- The loan amount tenure is very flexible upto 20 years.
- The maximum loan amount is 75 lakhs.
8. LIC Housing Finance Ltd. – It is one of the largest housing finance companies across the country. It has helped over 2 lakh housing units by providing them housing loans. The main advantages offered are:
- They have made their loan application process quite simple and hassle free.
- They maintain a transparency in their work
- They are customer centric and gives utmost priority to customers.
- Door step service by skilled professionals are provided
- Very flexible and adjustable interest rates.
- They do not charge any hidden cost.
9. Gruh Finance Limited – This particular company is a subsidiary of HDFC Ltd. and is a recognised housing finance company of India. It provides various housing loan schemes. It provides loans to self-employed individuals and is not strict on checking income certificate. The key features of this finance company are:
- They provide a faster processing of loan and also offers doorstep service,
- Documentation is least in this company.
- They offer long, flexible tenure with low EMI rates.
- Offers affordable interest rates
10.Bajaj Housing Finance Limited – Bajaj Finserv is one of the best and popular home loan provider which not only provides easy home loans but also ideal housing solutions. Bajaj Housing Finance Ltd. is meant for various house hunters. Its unique features are:
- There is an availability of balance transfer
- There is a facility of part payment of the loan amount
- Attractive interest rates with low EMIs
- You can have an access to its site through online also
- They offer a flexible loan scheme along with pre and part payment facilities.
Home Loans against fixed deposit:
A loan against fixed deposit, as the name suggests, is a loan which is taken against the amount financed in a fixed deposit what we commonly call as FD. This can be an intelligent move while applying for loans as then it becomes easier to get loans and also the interest rates are lower than in the normal loans. In times of emergency when we need liquid cash, we tend to break our fixed deposits but availing a loan against the fixed deposit is always considered to be a smarter move.
Fixed deposit is a very good idea of investment. Moreover, maximum fixed deposit loans are offered in such a way that they make sure that any kind emergency can be settled with whereas the fixed deposit amount remains the same. The basic advantages one can experience in availing a loan through fixed deposit are:
- A home loan taken against your FD will provide you with a short-term cash for any kind of financial requirements on housing. This can happen without breaking your FDs.
- As these loans are secured loans so you will get less interest rate than offered in the traditional loans.
- Most of the banks across the country offer a maximum loan upto 90% of the fixed deposit amount.
- The tenure is as long as your fixed deposit tenure is not exceeded.
- This home loan can be provided to oneself as well as a third person individual.
Home loan against Agricultural Land:
Agricultural loans are also one kind of loans that can be taken by farmers for various agricultural purposes like animal farming, purchasing of agricultural land, purchasing of agricultural tools, transportation, etc. However, home loans are also provided to agriculturists, farmers, planters, etc. Home or housing loans are providing according to the agricultural land you own and the various crops that you cultivate.
However, there is no need to mortgage their agricultural land which is the source of income of most of the families to avail a housing loan. Banks do not ask to mortgage their lands of agriculture. Longer duration for loan repayment is given who owns agricultural land. Also, low and affordable interest rates are charged. However, no hidden charges are charged. Repayment options are mentioned or rather provided according to these people’s need and benefit.
Loans taken against agricultural lands are often termed as agri or crop loan. Home loans taken against agricultural lands are the cheapest loans that are available. However, these loans are available only in rural banks.
However, one should always remember these things while availing this kind of loan:
- The land should be under the category of agriculture and should not be a residential or commercial land.
- Only the owner of the land is eligible to avail a home loan along with the submission of original documents of the land.
- Interest rates are very low whereas some banks do not charge any kind of interest rate depending on the loan amount.
- Banks generally give a loan amount of maximum 20,000 per acre.
- The loan amount is given after maximum two working days of your loan application.
Home loan against LIC Policy:
If you have an LIC Insurance policy, then you can surely take a home loan against it. This makes it a secured loan even. This also leads to a low rate of interest on your loan amount. However, the eligibility of your home loan amount depends on the value of your policy. If you take or avail for a loan in the very starting few years of your policy, then your home loan amount becomes less. However, your credit score or history doesn’t have any effect on a loan against your LIC policy.
One home loan request form is all that you require in order availing for a home loan against your LIC policy. If there is not a big queue in the office, then you can complete your work in half an hour. After application, you will get the loan after the third working day from the date of your loan application.
Remember these things:
- You have to submit your original LIC bond papers.
- You can take a loan of 50-60% of the premium amount which you have already paid.
- You should pay the interest amount on time which is every six months.
- Approximately 10% is charged for a home loan against your LIC insurance policy.
Home Loan Payment:
When you apply to avail a loan, the prior thing which a lender does is to check whether you meet the eligibility criteria to avail a loan and if you do meet the eligibility criteria, the next thing looked up is your credit score and based on these criteria’s , one is given a loan. If your credit score is not according to the home loan amount then there is a high chance that your loan application might be rejected or you might get the loan at a very high rate of interest. However, if your credit score is high and optimum, you will get a home loan easily and you will also be in a position to bargain and set your own terms and conditions. The fundamental parameter that you must follow is that you should ensure that your credit score is optimum all the time.
The following are the ways you can follow to keep a high credit score:
- Eliminate nuisance balances
- Pay off your bills on time
- Do not be a spend-thrift always spend smartly on your credit card
- Keep a check on your credit report always
- Avoid being a loan guarantor for anybody’s loan
- Never take a risk of missing a payment or paying less than you normally do.
- Keep a record on your credit report if you have honestly paid off a debt. This shows your commitment to paying off a loan in an orderly manner which makes you an ideal customer.
- Apart from this, you can pay your home loan amount in part payment through EMIs.
- Also, pre-payments are offered in many banks and NBFCs.
- Your co-applicant also can pay the loan amount or it can be divided between both or as many applicants for the loans are there.
- You can opt for online banking while payment of your loan amount or pay through your debit/credit card.
There are four major steps involved in the payment of loan amounts:
Step 1: You have to select your bank in which you have to make your loan payments. Sometimes you do not have the same bank from which you have taken the loan. In that case, you should look for a bank which is a partner of the bank from where you took the home loan.
Step 2: You should provide your loan details. You should give your alphanumeric loan number along with the loan amount which you have to pay back.
Step3: Confirm your payment by giving your payment details either by cash or through online.
Step 4: Receive a confirmation in the form of a receipt or a transaction number in the case of online payment.
How to close your Home Loan:
By now, you should be dreaming of keeping a house-warming party for dear ones! It is good to have big dreams. But you are also advised to have an in-depth knowledge about the features of the home loan which you are going to avail. Generally, the debt of any kind or type is a burden if it is not repaid on time. Therefore, managing your finances smartly can help you in the long run to live a debt-free life. This is something more than just a stable and fixed monthly income which can rescue you from the clutches of the beast called ‘debt’.
Generally, we assume home loans to be the only available option to deal with the dream of owning a home. So, opting for a home loan with a vague idea of the terms, conditions and its offered services could cost you more than your dream home’s cost.
As a home loan is always a risky alternative finance with a higher interest rate, so you should remember to close it at the earliest. But, hold on! You need not be scared as your partner Creditseva is always there to provide assistance in closing a Home Loan. If you give us the opportunity to help you, not only will you be relaxed and tension free but also you will have the golden opportunity to win few exciting gift vouchers and offers according to the requirement. The good credit scores might earn you few gift hampers or cashbacks! So, gear up and login to your Creditseva account and contact our professionals who are there for you anytime. They will rightly guide and assist you in maintaining your credit scores in order to close your loans without any hassle or nuisance. No more annoying calls! Also, you can be assured of your privacy which would be in the safe hands of Creditseva. Who doesn’t want to negotiate closure of loans faster and get rid of this burden of loans? Then here comes Creditseva, which is the right destination to help you in closing your Home Loan.
Home Loan FAQ’s:
As you have acquired a lot of knowledge and information on housing loans, we are sure that a lot of questions as doubts is arising in your head. Here are some of the frequently asked questions. Hope it will be of some help to you.
1. What is a home loan?
A home of your own gives you the proud feeling of ownership and also a sense of belonging. The prior aim of all aims at building their own dream house. It is a kind of major investment which has become a need for man and will remain only a dream without a Home Loan or Housing Loan. It is a type of loan which enables you to purchase a house, a land or a plot, extend or improve your house when you do not have enough cash in your account or hand. This loan allows you to take a house and pay the loan within a certain period in installments. However, you have to meet certain criteria’s to get the loan. The bank is not concerned with the end use of the loan, but you need to furnish enough proof to show your capability to repay the loan.
2. Is housing loan and home loan, the same?
Yes, both terms mean the same and have similar function.
3. What are the purposes of a home loan?
We can take a Home Loan for all kinds of housing purposes. There are no limitations for the same. You can make use of the loan money to invest in anything from your buying your house to a renovating a single room of your present house. Extension of your house, buying a plot, conversion of a house, etc. can be the purpose of home loans.
4.What is the minimum age to avail a home loan?
The minimum age in which one can avail a home loan is approximately 25-30 years.
5.How do I avail for a home loan?
You can avail a home loan from a bank of your choice only after thorough reading of the best interest rates that several banks offer. You should also check with the bank in which you have your salary account, for special discounts. You can negotiate the rate with your bank. Also, check out the eligibility criteria and the necessary documents required before applying for the home loan.
6.How do I know my loan eligibility?
You should go through the brochures and give special attention to the home loan section offered by the banks. Go through the rules and regulations of the particular bank to know your eligibility or you can ask by calling in the customer care of the bank.
7.What would be the maximum tenure to repay the home loan?
The loan tenure is quite flexible and long for home loans. Nearly all banks offer a tenure of 1 to 30 years so that the customer can repay the loan at ease.
8.What is the maximum amount of home loan can I avail?
You can avail a maximum home loan of upto 1 crore also. Most of the banks offer a home loan 60-65 lakhs. Moreover, the maximum amount depends on your capacity to repay the loan.
9.Are there any hidden charges charged along with the loan amount?
Sometimes some hidden charges are charged by the bankers. However, many banks do not have any hidden charge. But there is some processing fee of 1-3% on the loan amount which is charged.
10.What would be the rate of interest for home loans?
The rate of interest differs from one bank to another. Generally, it ranges from 9%-14% according to your profile, kind of job and place of work and city you live in. The most important factor is your repayment capacity.
11.What are the most important documents required for a home loan?
Generally, documents needed for availing home loans is almost similar in all banks or NBFCs.The fundamental or basic documents required are:
- Identity proof
- Age proof
- Address proof
- Income certificate
- Bank statement of past few months
- Photographs, especially passport size
12.What is the correct time to avail a home loan?
There is no right or correct time for taking a loan. A loan is taken according to the emergency of the situation and the same goes with the home loan. However, there is an age limit. The minimum age limit for availing a home loan is 25-30 years. But you need to finance your budget very skilfully and smartly.
13.If you have opted for online banking, do you have to visit the bank which is lending you the home loan?
Yes, you have to visit the lending bank branch at least once in your loan tenure. This might be before closing the loan to check the formalities and sign where it is needed. However, most banks and financial institutes are giving door-step service to avoid standing in long queues.
14.Shall I get the entire cost of the property as loan amount that I want to buy from the bank?
No, you would not get the total cost as loan amount. A bank might offer you as much as 80-90% of the total cost of the property but would not give you the full amount. However, it differs from one bank to another. Moreover, your loan amount will depend on your capacity to repay the loan.
15.When can a borrower start his procedure of repayment?
The borrower can start his repayment once the whole loan amount is paid by the bank. If there is a property which is undergoing construction then the bank allows repayment of the partially paid loan amount.
16.Can anyone pay back the loan in a prior basis?
Yes, almost all the banks offer the pre-payment facility. The only difference is that some banks do not charge any prepayment fee while many banks charge a prepayment fee.
17.What is the time taken to get a home loan application be passed?
This generally depends on the banks in which you are availing a home loan. However, generally, after you have filled the application form and submitted the necessary documents, your loan would be passed. It takes around 20-30 days.
18.Can I change from my fixed interest rate to floating interest rate during the tenure of my home loan?
Yes, you can surely switch anytime from your fixed interest rate to floating rate of interest and vice-versa anytime you want during your loan amount tenure or period.
19.Can I give a joint application for my home loan?
Yes, you can apply for your home loan jointly with your spouse or any family member. Moreover, both of your incomes would be considered for lending the loan.
20.Is there a need of any guarantor for availing a home loan?
This depends on the banks mostly. There are several banks like SBI, inHDFC Ltd., Indiabulls, ICICI bank, AXIS bank, etc. who do not require a guarantor for lending a home loan but some banks do require a guarantor. So, you choose your bank carefully and accordingly.
21.How can I repay my home loan amount?
You can pay back your loan in EMI’s, through post-dated cheques (PDC) or by signing an ECS (Electronic clearing system) with your account. Mostly these ECS are submitted on the 1st day of every month, so it is advised to confirm the same with the bank. If you have an account with the bank then you can mandate the bank to directly debit the same. You can also pay online through net-banking, credit or debit card.
22.What is an EMI?
EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. You can pay your home loan with EMIs, so you have to choose a bank which offers low EMI.
23.How can I make my EMI payments?
EMIs can be paid in offline mode through cash or cheques. Through online, you can pay through net banking or by using your debit or credit card.
24.Do I need a bank account in the bank which is lending me a home loan?
No, having or rather opening an account with the lending bank is not mandatory. You can apply for loan from any bank according to your requirements. However, you can avail special interest rates if you already have a relationship with the bank.
25.What are the necessary things which I need to know about home loan?
- Eligibility Criteria
- Loan amount provided
- No security/guarantor required
- Documents Required
- Interest rates and Charges Applicable
- Prepayment or Repayment options
26.Can I avail home loans for business purposes?
No, you cannot avail home loans for business purposes as it is based totally on housing and property deals. However, you can purchase a plot for your business purpose.
27.When do I get back my original property documents which I have submitted in the bank as security?
Any kind of documents submitted in the bank as security would be given back to you only once you have repaid the whole loan amount.
28.What is the minimum credit score you need to have for a home loan?
The minimum average score you need to have to have a good credit report is approximately 350. A good credit score for home loan generally starts from 700 and above. Generally, 350-700 is considered to be the average score whereas below 350 indicates that you have a poor credit score.
29.Can I trust Creditseva regarding home loan application and procedures?
Creditseva is one of the most trusted financial sites and takes utmost care in the safety and security with the data of the customers. All the data is transferred in electronic form with a very high level of encryption. They maintain a transparency in their work process and is more customer- centric.
30.Can I get any assistance from Creditseva in closing my home loan?
Yes, Creditseva will surely help you in closing your pending home loan to maintain a healthy credit score and to rid of the burden of a debt or loan. You can contact our decision makers or professionals who are available online anytime you face a hurdle.
HUDCO signs agreement with EPFO to help home buyers avail subsidy
07 July 2017: The retirement fund body EPFO will soon sign an agreement with HUDCO to help home buyers avail subsidy and interest subvention under Pradhan Mantri Awas Yojana (PMAY). EPFO will allow its subscribers to withdraw up to 90% of their accumulated EPF to buy homes under the PMAY schemes.
In the next two years, the labour ministry anticipates allowing at least 10 lakh EPFO subscribers to use 90% of EPF accumulations to make down payments to buy houses and use their accounts for paying EMIs of their home loans.
No change in the Repo Rate by RBI: Home Loan Rates might come down Further
13 June 2017: Repo rate is the rate at which central bank lends money to the bank; this rate has remained unchanged for the fourth time in a row. The RBI has decided to hold on to 6.25% policy rate, declared on June 7, 2017.
If you are interested in applying for a home loan, you might expect a fall in the rates. Axis Bank, for instance, cut down the rates from 8.65% to 8.35%. This cut was followed by the others like the SBI, ICICI and HDFC bank in the last one week.
To help the banks lower the rates on home loans and to encourage them to lower further the rates RBI has decided to relax the loan to value ratio.
|Risk- Weights and LTV Ratios on Loan Sanctioned: No Change|
|Outstanding Loan||LTV Ratio (%)||Risk Weight (%)|
|Up to 30 Lakh||≤ 80||35|
|>80 and ≤ 90||50|
|Risk- Weights and LTV Ratios on Loan Sanctioned: From June 7, 2017|
|Above 30 Lakh and Up to 75 Lakh||≤ 80||35|
|Above 75 lakhs||≤ 75||50|
|Risk Weight and LTV Ratios on Loan Sanctioned: From Oct 8, 2015 to June 6,2017|
|Above 30 Lakh and Up to 75 Lakh||≤ 75||35|
|>75 and ≤ 80||50|
|Above 75 lakhs||≤ 75||75|
Karnataka Bank said to slash Home Loan Rate by up to 40bps
07 June 2017: The scheduled commercial Bank, Karnataka Bank has said to have slashed housing loan interest rate by 0.40% with effect from 1st June. The bank announced that housing loans up to 75 lakh would incur interest of 8.60% and above 75 Lakh, up to 5 crores 8.90%.
Mr. Mahabaleshwara- CEO and MD of Karnataka Bank said that the rate cut would boost demand for housing loans and benefit the customers. Karnataka Bank has close to 769 branches and 1400 ATM’s beside 110 e-lobbies.
The bank ended at 176.8, when compared to its previous closing of 178.95 on the BSE.
Bajaj Finserv is reported to have reduced the Home Loan Rate to 8.50 Percent
02 June 2017: Bajaj Finserv is the most distinguished non-bank financier in the country. Known to have invested in technology, processes, and people they continually strive to remain on the top of the news chart. Headquartered in Pune, they offer a range of products like Consumer durable loans, Personal Loans, Loan against property, Two- Wheeler Loans and Credit Cards to name few. It caters to 7 million customers across the country and is known to be one of the most diversified NBFC’s in India.
One such initiative by them is the reduction of home loan rate to 8.50 percent for a limited period. Most of the persevering buyers are making most of this opportunity. This offer was valid till the 29 May-2017.
Due to the considerable decrease in the real-estate prices post the introduction of RERA, or the Real Estate Regulatory Act and demonetization has created a favorable milieu for purchasers. Just when the environment looked favorable Bajaj Finserv announced to offer home loans at 8.50%. The advantage was also passed to those who were willing to refinance their home loans with the company.
Bajaj Finserv introduced this product with benefits like 3 EMI holiday, instant approval and speedy disbursal. They had a convenient online process where potential customers could check their eligibility criteria. Those who meet the criteria received a call from the business representative, and within 5 minutes the loan was approved. The 3 EMI holiday feature allowed the customer could start paying their loan after three months of disbursal giving them sufficient time to arrange and divert funds.
Change in Home Loan Income Tax Rules From 1st April, 2017
31 March, 2017: There will a change in the rules of income tax with respect to home loans. These new rules will be applicable from 1st April, 2017. There has been a reduction in the tax benefits that were enjoyed by the borrowers on rented properties. The change is the income tax rule will be that the interest that is to be paid by the individuals, if exceeds Rs 2 Lakh, should be carried forward for upto 8 years of assessment.
The current laws of tax for rented properties used to facilitate a borrower to deduct the complete interest that was to be paid on the home loan. This used to be done after the adjustment of the income for rent that belonged to an individual. There will be substantial changes in these laws also.
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