Want to know how to get a home loan? Well you have landed on the right article.
People finally find the house of their dreams after a month of looking, meeting real estate agents over and over, and attending many open houses. But arranging fund becomes a trouble.
Thank God there is a system of home loans in place which help you buy the house of your dreams. A prospective buyer should be well informed before taking out a home loan. If you want to buy a house, you've come to the perfect place.
This blog covers the fundamentals of getting a home loan. A home loan is a secured loan that is used to purchase a residence.
Home loans give high-value money for lengthy periods of time at cheap interest rates. This is a very common type of loan. If you are an adult and employed in India, getting a home loan is simple. It is even easier for women to obtain a low-interest house loan.
Read further to know all the details of getting home loan in India from different banks.
Process and Formalities Of Getting a Home Loan
Get your documents ready
Take Legal Opinion
Valuation of Property
E-stamping or Franking of Agreement
Submission of Application
Document verification
Loan Disbursement
Registration of property
Document Required
- KYC-PAN,
- Address proof
- ID proof
- Income proof,
- Bank statement and
- one photograph
Following are the Banks and Other Financial Institution that Offer Home Loans
1. State Bank Of India
State Bank of India is a centralized bank and most preferred for home loans. Details are given below:
Eligibility Criteria:
Age | 18 to 70 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Loan-to-Value (LTV) Ratio | 80% to 90% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.65%
Max & Min Amount That can be availed: It largely depend on the salary of a person ranging from 15,10,000 to 57,00,000. (Actual loan amount may vary depending on various factors).
To satisfy diverse needs, there are a number of home loan schemes with appealing interest rates and repayment terms.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
- Women applicants can take advantage of special discounts.
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee ranges between ₹2,000 - ₹10,000 (Onetime fee), E-stamping fee included.
2. Bank Of Baroda
Bank Of Baroda is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 70 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 90% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.85%
Max & Min Amount That can be availed: It largely depend on the salary of a person ranging from Rs.1L - Rs.2Crs. (Actual loan amount may vary depending on various factors).
To satisfy diverse needs, there are a number of home loan schemes with appealing interest rates and repayment terms.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee ranges between 0.25% - 0.50% (Onetime fee).
3. Punjab National bank
Punjab National bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 50 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 8.90% p.a. - 14.45% p.a.
Max & Min Amount That can be availed: Rs.15,00,000 to 57,00,000.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee ranges between 0.25% - 0.50% (Onetime fee).
4. Union Bank of India
Union bank of India is a prominent bank that provides loan.
Eligibility Criteria:
Age | 18 to 70 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.60%.
Max & Min Amount That can be availed: Rs.25L onwards.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.50% (Onetime fee), E-stamping fee included.
5. Bank Of Maharashtra
Bank of Maharahtra is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 8.70% to 8.80%.
Max & Min Amount That can be availed: Rs.25L.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.25% (Onetime fee).
6. Canara Bank
Canara Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 70 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.90% - 8.90%.
Max & Min Amount That can be availed: Rs.25L.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.50%(Max ₹10,000) (Onetime fee).
EMI Calculation
Home loan from Canara Bank The EMI per Rs lakh is Rs. 659, which is the bank's lowest EMI at 6.65%.
7. Indian Overseas Bank
Indian Overseas Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 7.05% - 9.80%.
Max & Min Amount That can be availed: Rs.15L onwards.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.5% (Onetime fee).
8. Kotak Mahindra Bank
Kotak Mahindra Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 65 years |
Nationality | Indian |
Income | Rs. 20,000 or above per month |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.75% - 8.45%.
Max & Min Amount That can be availed: Visit the website for details.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 20 Years
Other Fees Or any hidden charges: Processing fee is ₹10,000.
9. ICICI Bank
ICICI Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Income | 5LPA or above |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 10.5%.
Max & Min Amount That can be availed: 50,000 to 25L.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 6 Years
Other Fees Or any hidden charges: visit the website
10. Axis Bank
Axis Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.90%.
Max & Min Amount That can be availed: 5L to 10 Cr..
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: 0.50%(Min ₹10,000) (Onetime fee)
11. Federal Bank
Federal Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 7.65% - 7.80%.
Max & Min Amount That can be availed: Up to 15Cr.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.50%(Max ₹7,500).
12. RBL Bank
RBL Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 8.50%.
Max & Min Amount That can be availed: Up to 10Cr.
Terms & Conditions:
· No guarantor is needed.
· No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: 1.5% of loan amount (min. Rs.7,500).
13. Bandhan Bank
Bandhan Bank is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.40% p.a. to 11.75% p.a..
Max & Min Amount That can be availed:
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: 1% or minimum of Rs.5,000 + taxes.
14. LIC Housing Finance
LIC Housing Finance is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.9%.
Max & Min Amount That can be availed: 1L to 15Cr.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.50% (Onetime fee), E-stamping fee included.
15. HDFC LTD
HDFC LTD is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.70% onwards.
Max & Min Amount That can be availed: 5L to 10Cr.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.5% -1.5%(Onetime fee).
16. Tata Capital Housing Finance
Tata Capital Housing Finance is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 8.50%.
Max & Min Amount That can be availed: Up to 3 Cr.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 2% (Onetime fee).
17. Bajaj Housing Finance
Bajaj Housing Finance is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 8.60%.
Max & Min Amount That can be availed: From Rs.25L onwards.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 25 Years
Other Fees Or any hidden charges: Processing fee is 0.5% (Onetime fee).
18. PNB Housing Finance
PNB Housing Finance is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 6.75% to 8.80%.
Max & Min Amount That can be availed: Rs.8L onwards.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.25% (Onetime fee).
19. Indiabulls Housing Finance
Indiabulls Housing Finance is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 8.99% onwards.
Max & Min Amount That can be availed: 2L to 3Cr.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 0.5% - 1% (Onetime fee).
20. Aditya Birla capital
Aditya Birla capital is a prominent bank that provides loan.
Eligibility Criteria:
Age | 21 to 60 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Work Experience for Salaried | At least one year of working experience |
Work Experience for Non Salaried | At least two year of experience |
Loan-to-Value (LTV) Ratio | 75% to 85% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is considered good) |
Interest Rates: When compared to other Home Loans, the interest rate is 9% to 12.5%.
Max & Min Amount That can be availed: 20L to 10Cr.
Terms & Conditions:
- No guarantor is needed.
- No pre-closure charge and only a partial payment
Repayment Period: 1 - 30 Years
Other Fees Or any hidden charges: Processing fee is 1% (Onetime fee).
Conclusion
I hope you liked our article on how to get home loan, if you have any comments or suggestions do share them in the comments below.
If you want to get a home loan, it is necessary to get all the information that is needed to find out. You must not rely completely on the loan, save at least 20-25%
Frequently Asked Questions
1. What is the eligibility of getting home loan?
Answer: following are the eligibility criteria of getting a home loan in India.
Age | 18 to 70 years |
Nationality | Indian |
Employment Type | Individuals who are paid Professionals or non-salaried businesspeople |
Loan-to-Value (LTV) Ratio | 80% to 90% |
Credit Score | Higher the credit score, lower the interest rate (750 or above is good) |
2. How much home loan can I get if my salary is 15000?
Answer: The loan amount depends upon bank to bank and other factors such as your credit score. If your net monthly pay is Rs. 15,000, you may be eligible for a house loan of up to Rs. 9,00,000.
3. How can I get a home loan quickly?
Answer: If you want to get a home loan quickly, follow the tips given below:
- Maintain a very good credit score
- Try to save enough to pay at least 20% or more downpayment for the house
- Get your paperwork in order and updated
- Get your partner to sign it with you.
4. How much home loan can I get on 25000 salary?
Answer: The loan amount depends upon bank to bank and other factors such as your credit score. If your net monthly pay is Rs. 15,000, you may be eligible for a house loan of up to Rs. 18 to 19L