Home Loan
Home Loan, also known as a mortgage, is a type of loan used to finance the purchase of a property, such as a Flat or a Bungalow. Home Loans are typically long-term loans with a repayment period that can range from 1 to 30 years, depending on the terms of the loan and the borrower’s financial situation. Non-Resident Indian (NRI) can also avail Home Loan to purchase a property in India.
When a borrower takes out a Home Loan, the lender provides the funds needed to purchase the property, and the borrower agrees to repay the Loan with interest over a specified period of time. The borrower usually needs to provide a down payment, which is a percentage of the property’s value, to secure the loan.
Home Loans come with different interest rates, repayment terms, and fees, depending on the lender and the borrower’s financial situation. It’s important to shop around and compare different loan options to find the best one for your needs.
Features Of Home Loan
- Allows for homeownership without paying the full cost upfront.
- Fixed interest rates provide stability and predictability for budgeting.
- Prepaying the loan can reduce the overall interest paid and shorten the loan term.
- Can potentially build equity in the property as the loan is repaid and the property appreciates in value.
Benefits Of Home Loan
- Borrow a large amount of money to finance a home purchase at lower Interest rates.
- Repay the loan over a long period of time, typically 15 to 30 years.
- Floating or Fixed interest rates.
- Option to make prepayments without penalty.
- Tax benefits for principal and interest payments under section 80 (c) and 24 (b) respectively.
Types of Home Loans
There are several types of home loans available in India, each with its own features and benefits. Some of the most common types of home loans in India are:
- Home Purchase Loan : This is a standard home loan used to finance the purchase of a residential property.
- Top Up Loan / Home Improvement Loan : This type of loan is used to fund repairs, renovations, or improvements to an existing residential property. Home
- Construction Loan: This type of loan is used to finance the construction of a new home on a piece of land that the borrower already owns. Home
- Extension Loan: This type of loan is used to finance the extension or addition of a new room or floor to an existing residential property. Land
- Purchase Loan: This type of loan is used to finance the purchase of a piece of land with the intention of building a residential property on it. Home Loan Balance Transfer: This type of loan allows borrowers to transfer their existing home loan from one lender to another with the aim of securing a better interest rate or other favorable terms.
- Pradhan Mantri Awas Yojana (PMAY): This is a government-backed home loan scheme aimed at providing affordable housing to people from economically weaker sections of society.
It’s important to understand the terms and conditions of each type of home loan and compare them with other loan options to find the best fit for your needs
6 Year Experience
We have been serving our clients from last 6 years.
Certified Advisor
We are a certified Investment advisor.
10K+ Happy Clients
We have helped more than 10K clients to grow their wealth.
Home Loan Details
Check the table to understand the home loan offers from different banks.
| Bank / Finance Company | Rate of Interest | Processing Fees | Action |
|---|---|---|---|
| AU Small Finance Bank | 17% onwards | 2% of loan amount plus GST | Apply Now |
| Axis Bank | 6.50% onwards | 1% of Loan Amount | Apply Now |
| Bandhan Bank | Apply Now | ||
| Bank of Baroda | 8.45% onwards | Zero processing fee | Apply Now |
| Canara Bank | 8.80% onwards | Maximum Rs. 5000/- plus GST | Apply Now |
| Federal Bank | 10.40% onwards | Maximum Rs. 5500/- plus GST | Apply Now |
| HDFC Bank | 7.90% onwards | Maximum Rs. 8000/- + GST | Apply Now |
| ICICI Bank | 8.25% onwards | Maximum Rs. 8000/- + GST | Apply Now |
| IDBI Bank | 8.75% onwards | Maximum 2.5% of Loan amount plus GST | Apply Now |
| IDFC First Bank | 8.99% onwards | Upto 3.5% of Loan amount | Apply Now |
| Indusind Bank | 8.00% onwards | 2% of Loan amount | Apply Now |
| Kotak Mahindra Bank | 6.50% onwards | 1% of Loan Amount | Apply Now |
| Punjab National Bank | 8.30% onwards | Upto 1% of Loan amount | Apply Now |
| State Bank of India | 8.05% onwards | Maximum Rs. 15,000+ GST | Apply Now |
| Tata Capital | 15% onwards | 1.75% of loan amount plus GST | Apply Now |
| Yes Bank | 8.00% onwards | 1% of loan amount maximum Rs. 10000/- (plus GST) | Apply Now |
Minimum Home Loan is 1 Year and Maximum is 30 Years.
Home Loan sanction letter is valid upto 6 months.
Yes, You can approve Home Loan before finalizing property.
No.
Yes, If You can transfer Home Loan without prepayment charges.
Yes, You can add your immediate family member as co-applicant to your Home Loan.
Yes, You can add your spouse income to get higher Home Loan Amount.
Yes, You can under section 80C upto Rs. 1.50 Lac on Principal amount and under section 24 (B) upto Rs. 2.00 Lacs on Interest Amount.
After completion construction of property. You can claim every year 20% of interest paid during under construction of the property.
