We Dealsofloan offers a Home Loan at lowest interest rate. Compare the lowest interest rates on home loans starting at 7.25 per cent p.a. And Apply for the Best Affordable Home Loan. Get the full list of existing interest rates on housing loans in India from all leading Banks and NBFC's.
Home Loan Interest Rate 2020
|
Bank Names |
Interest Rate |
Benchmark Type |
Processing Fee |
|
SBI Home Loan |
7.35% |
RLLR |
0.20% , Min Rs. 4,000, Max Rs. 17,400 |
|
HDFC Bank Home Loan |
7.50% |
PLR |
0.50%, Min Rs. 3,000, Max Rs. 10,000 |
|
Bank of Baroda Home Loan |
7.25% |
RLLR |
Min Rs. 10,000 |
|
Federal Bank |
8.35% |
RLLR |
0.50% , Min Rs. 3,000, Max Rs. 7,500 |
|
PNB Housing Finance |
8.95% |
PLR |
0.50%, Min Rs. 10,000 |
|
Axis Bank Ltd |
7.90% |
RLLR |
0.20% , Min Rs. 5,000, Max Rs. 25,000 |
|
IDFC First Bank |
9.50% |
RLLR |
Min Rs. 5,000, Max Rs. 5,000 |
|
IDBI Bank |
8.25% |
RLLR |
0.50% , Min Rs. 5,000 |
|
Piramal Housing Finance |
9.00% |
PLR |
0.50% or Max Rs 10000 |
|
Kotak Mahindra Bank |
8.40% |
RLLR |
0.50% or Max Rs. 10,000 |
|
Tata Capital Housing Finance |
9.05% |
PLR |
0.50% to 1% |
|
LIC Housing Finance |
7.50% |
PLR |
0.25% |
|
Bajaj Finserv |
8.45% |
PLR |
0.50% to 1% |
|
Magma Housing |
10.25% |
PLR |
Min Rs. 2,500 |
|
Aadhar Housing |
10.25% |
PLR |
Min Rs. 2,500 |
|
ICICI Bank |
8.10% |
RLLR |
0.50% 1.00% |
|
Edelweiss Housing |
10.50% |
PLR |
0.50% |
|
DCB Bank |
10.24% |
1 Year MCLR |
2.00%, Min Rs. 5,000 |
|
South Indian Bank |
8.05% |
RLLR |
1.00% , Max Rs. 10,000 |
|
India bulls Home Finance |
9.25% |
PLR |
Min Rs. 7,500, Max Rs. 10,000 |
|
DBS Bank |
7.70% |
RLLR |
Max Rs. 10,000 |
|
DHFL Home Finance |
9.50% |
PLR |
0.50%, Min Rs. 2,500, Max Rs. 20,000 |
|
Jana Small Finance Bank |
9.50% |
RLLR |
0.50%, Min Rs. 2,500, Max Rs. 20,000 |
|
Canara Bank |
8.05% |
RLLR |
0.50% , Min Rs. 1,500, Max Rs. 10,000 |
|
Ujjivan Small Finance Bank |
12.50% |
RLLR |
1.00% |
|
Jammu And Kashmir Bank |
7.70% |
RLLR |
0.25% , Min Rs. 500, Max Rs. 10,000 |
|
Bank of Maharashtra |
8.20% |
RLLR |
0.50% |
|
Andhra Bank |
8.15% |
RLLR |
0.50% , Max Rs. 10,000 |
|
United Bank of India |
8.00% |
RLLR |
0.59% , Min Rs. 1,180, Max Rs. 11,800 |
|
Standard Chartered Bank |
9.40% |
3 Month MCLR |
1.00%, Min Rs. 5,000, Max Rs. 10,000 |
|
Syndicate Bank |
8.00% |
RLLR |
0.13% , Min Rs. 500, Max Rs. 5,000 |
|
RBL Bank |
10.45% |
1 Year MCLR |
Min Rs. 5,000, Max Rs. 15,000 |
|
Karur Vysya Bank |
8.20% |
RLLR |
Min Rs. 5,000 |
|
Indian Overseas Bank |
7.45% |
RLLR |
0.53% , Min Rs. 8,900, Max Rs. 13,350 |
|
HSBC Bank |
8.65% |
RLLR |
1.00% , Max Rs. 10,000 |
|
Central Bank of India |
7.25% |
RLLR |
0.50% , Max Rs. 20,000 |
|
Piramal Housing Finance |
9.00% |
PLR |
0.10% |
|
Bank of India |
7.25% |
RLLR |
0.25% , Min Rs. 1,500, Max Rs. 20,000 |
|
Yes Bank |
9.85% |
1 Year MCLR |
1.00%, Max Rs. 15,000 |
|
Allahabad Bank |
8.25% |
RLLR |
0.40% , Max Rs. 50,000 |
|
Union Bank of India |
8.25% |
RLLR |
0.50% , Max Rs. 15,000 |
|
Punjab and Sind Bank |
8.05% |
RLLR |
0.25% , Min Rs. 1,000, Max Rs. 15,000 |
|
Lakshmi Vilas Bank |
9.70% |
RLLR |
0.40% , Min Rs. 10,000, Max Rs. 20,000 |
|
Karnataka Bank |
8.55% |
RLLR |
0.25% , Min Rs. 250 |
|
Indian Bank |
7.55% |
RLLR |
0.23% , Max Rs. 20,381 |
Features of Home Loans:
- The Home Loans are long-term loans, and the period of the loans differ from 5 years to 20 years. It does, though, stretch up to 30 years in some circumstances.
- The Home Loan is India's cheapest form of loan as the Home Loan Interest Rate is the least compared to other forms of loans.
- Nearly all major banks such as SBI, HDFC, etc. will avail the Low Interest Home Loans.
- The interest rate for home loans is of two types; floating interest rate and fixed interest rate!
- About 80 to 90 % of the value of the property can be used as Home Loans, if all other conditions have been met!
Factors Affecting in Home Loan:
Age:
Your availability for home loans is calculated to be "tenure" for a certain duration Your tenure is focused on your age, and in a certain time span, your ability to pay it off. A young applicant's ability to pay back his loan will be different from that of a retired or middle-aged person. Home loan lenders face very different problems in different stage of life. Banks take this into consideration during assessment. You will solve the challenges people face in your age group by managing and financial planning well, and chose the best opportunity available to you.
Work Experience and Educational Qualification:
If your educational qualifications and professional experience are outstanding, there are higher chances that the bank will approve your home loan. For example, if you are a salaried employee, in order to be eligible for a home loan you must have at least two to three years of work experience.
Income:
That does not require any further clarification. Your income have a good impact on banks and NBFC's willing to lend you. The higher your Monthly salary, the more money banks are able to lend you. Most lenders request that borrowers will be eligible for a home loan with a certain amount of income. Your eligibility for home loans is determined based on your salary.
Employment type:
The form of your work will affect your eligibility for home loans. Banks care whether you are a salary-earner or a self-employed professional (SEP) or a non-professional self-employed person (SENP). The eligibility criteria vary depending on your employment form. Frequent job switches may affect your chances of obtaining a home loan.
Credit Score:
A good credit score of 750 and above will strongly impact the home loan rates of interest provided to you. Your score takes into account factors such as your repayment history, how many current loans and credit card payments you have, what kind of debts you have borrowed in the past. So a borrower will use this figure to calculate your financial strength before authorizing the loan to determine your repayment potential.
Documents Required for Home Loan:
|
Documents Required |
Salaried Customers |
Self Employed Customers |
|
Application Form |
Signed by customer along with photographs |
Signed with photographs with rubber stamp if required |
|
Identity Proof |
Clear Copy of PAN card Self signed |
Copy of PAN card self-signed |
|
Certificate and Proof of Business Existence |
Not applicable |
PAN, GST registration, Copy of partnership deed, Shop act, Trade license, Certificate of practice, Registration certificate issued by government |
|
Current Address Proof |
Copy Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) |
Bank statement, Utility bill, Reg, Lease or rent agreement, TAN allotment letter, Passport, Driving Licence, Voter ID card, Phone bill, Property bill |
|
Office Address Proof |
Not Applicable |
Utility Bill, Bank Statement, Reg. Lease Rental Agreement |
|
Income Proof |
Form 16, Latest 6 months’ salary slip & Latest 6 months bank statement, Previous Job experience proof if required |
Last 2 years ITR, Last 12 months bank statement ( ITR is not mandatory) |
|
Property Documents |
Past title chain if resale or builder master file – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension & Latest Draft Agreement, down payment receipt & down payment clearance proof as bank statement |
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