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Home Loan Online ComaprisionComparision
Banks Interest Rate(%) Processing Fee Range Loan Amount Tenure Range  
Bank of Baroda
Bank of Baroda
8.35% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
PNB Home Loan
PNB Home Loan
8.45% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
HDFC Bank
HDFC Bank
8.50% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
State Bank of India
State Bank of India
8.50% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
PNB Housing Finance
PNB Housing Finance
8.50% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
DHFL Home Loan
DHFL Home Loan
8.60% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Indiabulls Home Loan
Indiabulls Home Loan
8.65% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
ICICI Bank
ICICI Bank
8.65% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Axis Bank
Axis Bank
8.65% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Standard Chartered Bank
Standard Chartered Bank
8.95% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Kotak Mahindra Bank
Kotak Mahindra Bank
8.95% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Yes Bank
Yes Bank
9.25% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
IDBI Home Loan
IDBI Home Loan
9.30% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Union Bank
Union Bank
9.50% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Indian Bank
Indian Bank
9.55% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Vijaya Bank
Vijaya Bank
9.65% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
LIC Federal Bank Finance
Federal Bank
9.68% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Reliance Capital
Reliance Capital
9.75% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Shubham Housing Finance
Shubham Housing Finance
12% - 14% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Aditya Birla Finance
Aditya Birla Finance
12.5% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
SHRIRAM Housing Finance
SHRIRAM Housing Finance
15% 0.25% Min 10 Lac 1 - 30 Years Get QuoteEligible Documents
Home Loan Online OverviewOverview

Home Loan Online

Life is gracious if we have a house to live. You may not have much of luxury, but if you own a small house, it is an achievement.

To have this in life, banks and NBFCs have come up with a product called 'Home loan online'. They are willing to give to people who are in need and also who want to invest.


The plus points (Benefits) are


  • Low interest rate
  • Tax Benefit: Interest paid
  • Tax Benefit: Principal Repayment
  • Buying a home vs renting a house: It is always a win-win situation
To make you acquainted with other few points to understand the product, we have indicated the following which will definitely help you.

Purpose:

  • for purchase or for construction of new or old house or flats
  • for extension of existing house
  • The old house should not be more than 15 years old

Eligibility:

Take a glance at our Loan Eligibility Calculator for further actions.

  • Individuals or Group of Individuals or Members of Cooperative Society
  • Individuals with regular income: From business or agriculture or profession or trade or salary
  • Employed: 3 years confirmed service
  • Self employed: 3 years in the business
  • Not a defaulter and should not enjoy any other credit facility of same nature
  • Should own the house in his name or spouse
  • Applicant not more than 60 years

Amount:

  • Many banks: Up to Rs.50 lacs for resident individuals
  • HNI(High net worth Individuals) : Rs.2 crores
  • Loan is fixed based on age and repayment capability of applicants

Margin:

20 % of the valuation of the property or cost. Presently many schemes are running by the builders and reality estate players. These are called subvention schemes.

Security:

1st Mortgage of property financed. The land or property should be in the name of applicant or jointly with the spouse. The spouse can be the co-obligant. The property should have clear and marketable title of the property.

Disbursement:

Home loan interest rates vary on the basis of the loan amount, the credit history/score of the applicant as well as previous relationship of the borrower with the lender. Additionally, home loans are linked to the base rate prescribed by RBI, however, banks provide home loan online at a certain percentage above the base rate. Currently home loan interest rates start from 9.5% onwards.

  • In case of construction of house, it is based on stages of progress.
  • In case of flat, disbursement is on progress of construction.
  • In case of completed flat, the disbursement is done in one go.

Moratorium:

  • for construction of house: up to 18 months of Moratorium,
  • Purchase of house or flat: 3 months of moratorium

Prepayment Issues:

Many of the bank and NBFC are not charging this. If you have money pay it back to reduce the principal amt.

Moratorium:

  • Normally: 15-20 years
  • Some banks :25 years
  • In case of fixed rate of Interest: 10 years.

ROI (Rate of Interest):

  • Depends on loan and repayment period.
  • Depends on fixed or floating ROI
  • Depends on fixed or floating ROI
  • Mostly the ROI bank is from 8 to 11 at the present scenario.

Processing fee:

0.25% and some banks waive it.

Other products

Banks and NBFCs have different other products for HNI and NRI. Loans are also given for home Improvements, furnishing Homes as add on loans in different brand names.



If you have any queries write us at info@myfundbucket.com
Home Loan Online FAQFAQ's

Q. Is there a prepayment penalty for a home loan?

Ans. Yes most banks charge a pre-payment penalty of 2-3% on the outstanding home loan principal amount.


Q. Can I get a home loan with poor credit history?

Ans. In case you have poor credit history or score such as a credit score less than 750, it might be difficult for you to get a home loan by yourself. In such a situation it is advisable you get a co-borrower with good credit history from among family members such as your spouse or parents.


Q. What is the margin on a home loan?

Ans. Banks usually keep a 20% margin on home loans. Thus the loan amount typically accounts for 80% of the property costs, whereas, the rest 20% of the property has to be borne by the applicant.

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