Home Loan Details
Purpose : Home loan can be used for purchasing a new house, construction of house on a plot, home improvement, extension and renovation of your existing house.
Key Features :
- Eligibility : Loan available for both salaried and self-employed borrowers within the age group of 18 and 70 years.
- Security : Mortgage of home you are planning to purchase, renovate or construct.
- Loan Amount : In the range of ₹ 2 Lakh to ₹ 15 Cr.
- Loan to Property Value Ratio : Varies from 65% to 90%.
- Loan Tenure : Can range from 5 to 30 years.
- Home Loan Interest Rates Benchmark : As per RBI guidelines, most banks have now shifted to RLLR (Repo Linked Lending Rate) which is based on Repo rate. NBFCs use PLR (Prime Lending Rate), as a benchmark to advance loans.
- Interest Rates : The new Home loan Interest Rates start from 7.90%. Special rates for women borrowers.
- Lowest EMI : Lowest EMI of ₹ 727 per lakh.
- Processing Fees : Up to 0.5% of loan amount or Maximum Rs. 10,000, whichever is higher.
- Prepayment Charges : Nil charges on floating rate home loans
- Other Charges : Legal charges, technical charges etc.
- Documents Required : Address Proof, Identity Proof, Income Documents, Property Documents
- Popular Home Loan offers : Banks offer schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Banks also offer overdraft facility to save interest on house loan. Some of the popular housing loan schemes are SBI home loan for women, HDFC Reach, Axis Bank 12 EMIs offer, Bank of Baroda pre-approved loans, Indiabulls e-home loans etc.
List of top best banks for Housing Loans in India
- State Bank of India
- HDFC
- ICICI Bank
- Punjab National Bank
- Bank of Baroda
- Axis Bank
- Kotak Bank
- Citibank
Types of Home Loans
The table below summarises the popular types of mortgage loans in India based on their purpose and interest rate.
|
Home Loan |
Purpose |
|
New Home Loan |
To buy a new flat, apartment or house from a builder or seller.Also includes loan for construction of house on an existing plot. |
|
To renovate your existing home like tiling, flooring, painting etc. |
|
|
Home Extension Loan |
To expand the house by adding new space like floor, room, balcony etc. |
|
To purchase a plot and build a house. Interest rates are 1.5-2% higher than a home loan, with prespecified time limit for construction. |
|
|
Home Conversion Loan |
Scheme to allow borrowers to transfer their existing loan from fixed rate to floating rate or vice-versa A conversion fee is levied on the outstanding principal to switch your loan. |
|
NRI Home Loans |
Home Loan for Non Resident Indians to buy, construct or renovate a home in India. |
|
Home Loan Overdraft |
Borrowers can add surplus funds in an overdraft account for any period to reduce interest liability. Interest rates are 0.15-0.2% higher than regular housing loan. |
|
To borrow an additional amount on existing home loan from the same bank or at the time of balance transfer up to a percentage of property value. Interest rates are 0.25-1% higher than regular housing loan. |
|
|
To transfer your home loan from to another bank offering lower interest rate to save interest and to get top-up loan. |
|
|
Pre-approved Home Loan |
Loans that are approved based on credit history, current EMI obligations, etc., well before the property transaction are the pre-approved loan. Interest rates are low and pre-approved offer is valid up to 6 months. |
Documents Required for Home Loan
|
Documents required |
Salaried |
Self Employed |
|
Application Form |
Signed with photographs |
Signed with photographs |
|
Identity Proof |
PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card |
PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued i-card |
|
Certificate and Proof of Business Existence |
PAN, GST registration, Copy of partnership deed, Trade license, Certificate of practice, Registration certificate issued by RBI, SEBI |
|
|
Address Proof |
Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) |
Bank statement, Utility bill, Registry copy, Lease or rent agreement, TAN allotment letter |
|
Income Proof |
Form 16, Latest 6 months salary slip, Last 6 months bank statement |
Last 2 years ITR, Last 6 months bank statement |
|
Age Proof |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate |
|
Property Documents |
Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension |
Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension |
Why shivaayfinance.com ???
Nowadays, almost all banks offer attractive schemes on Home Loan at competitive rates with many customer friendly features. You can do rates comparison, check your eligibility, calculate EMI, apply online and get the best Home Loan rates. shivaayfinance.com helps you throughout the loan process from the day you apply to the time you get disbursement. You can register with us, track your loan status on a regular basis and get an option to earn attractive cashbacks and refer and earn benefits.