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Home Loan Interest Rate, Compare Interest Rate, Check Eligibility.

Home Loan Interest Rate, Compare Interest Rate, Check Eligibility.

May 27, 2020By Admin

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
(As per the property legal requirement by bank )

&

Latest Draft Agreement, down payment receipt & down payment clearance proof as bank statement

Get Your Free Credit Report

Your credit report is one of the most important factors when it comes to deciding your eligibility for a particular loan.

We provide credit reports for free so you can understand the health of your credit history.

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