Home Loan
Compare Home Loan Offers from Top Banks of India and Apply Online
Bank Name
Interest Rate
Processing Fee
Loan Amount/Tenure
Axis Bank Home Loan
7.00% p.a. onwards(Fixed /Floating Rates)
- 0.50% +Applicable Taxes (min.₹ 10,000) (Processing Fee)
- Loan Amount- ₹ 20 Lakh to ₹10 Cr
- Tenure- 3 to 30 Years
ICICI Bank Home Loan
6.90% - 8.05%(Floating Rate)
- 0% - 0.50% + Applicable Taxes One-time fee (Processing Fee)
- Loan Amount- ₹ 20 Lakh to ₹ 10 Cr
- Tenure- 3 to 30 Years
Kotak Mahindra Bank Home Loan
6.75% - 8.45%(Floating Rate)
- 0% - 0.50% + Applicable Taxes One-time fee (Processing Fee)
- Loan Amount- ₹ 20 Lakh to ₹ 10 Cr
- Tenure- 3 to 30 Years
IDFC Home Loan
8.00% – 14.00% (Floating Rate)
- 0% - 0.50% + Applicable Taxes One-time fee (Processing Fee)
- Loan Amount- ₹ 15 Lakh to ₹ 7 Cr
- Tenure- 5 to 30 Years
- ₹ 5,000 + Applicable Tax (Processing Fee)
LIC HFL Home Loan
6.90% p.a. onwards (Floating Rate)
- Up to ₹1 Cr - 0.25% of Loan Amount, subject to maximum ₹10,000/- (Plus GST), Above ₹1 Cr and up to ₹5 Crs - 0.25% of Loan Amount, subject to maximum ₹25,000/- (Plus GST) (Processing Fee)
- ₹ 10L -₹ 5Crs Loan Amount
- 5-30 Years Tenure Range
Bajaj Finserv
7.25% - 10.25% onwards (Floating Rate)
- 1% + Applicable Tax (Processing Fee)
- ₹ 10L -₹ 5Crs Loan Amount
- 5-25 Years Tenure Range
Buying a home is a dream for every person and involves a lot of financial planning. Our affordable and flexible home loans are customized to take you closer to your dream home. PaisaTap makes it effortless for those who want to realize this dream.
We at PaisaTap offer you Home Loan solution and information to either purchase or construct or a new home or renovate an existing one.
Types of Home Loans in India
Banks in India provide different types of housing loan options for different purposes. Here’s a list of the notable types of home loans in India, based on a study of products offered by some of the top banks:
Types of Home Loans in India
Banks in India provide different types of housing loan options for different purposes. Here’s a list of the notable types of home loans in India, based on a study of products offered by some of the top banks:
- A ready or an under construction apartment
- A ready or an under-construction Independent Property Bungalow etc.
- A ready or an under construction row house
Home Purchase Loans:
Home purchase loans are specifically given to borrowers looking to purchase a house or flat.
Home Loan for Construction:
This loan is offered to customers who are looking to construct their own house on an existing piece of Land/Plot. Home Construction loan can be funded by a housing finance company for construction of a bungalow, row house etc. This type of home loan is also called Self Construction Home Loan.
Home Loan Top Up:
This type of home loan is provided by banks to borrowers who have already take a home loan and refinance on same property which may be used for extension of your residential property, home renovation, furnishing your house or other personal use.
Home Loan Transfer:
This type of home loan helps you to pay off an existing home loan by availing another home loan from a different mortgage lender (Banks/NBFC). Most people choose this option to avail better interest rates.
Plot Loans:
Plot loans are loans offered to customers looking to purchase a piece of land or plot for the purpose of constructing a house on it.
Home Extension/Renovation Loans:
Home loans for extension or renovation of home are offered to borrowers who wish to renovate/extend their existing house/property.
Documents Required For Home Loan
| Document | Salaried Individuals | Self-Employed |
|---|---|---|
| Identity Proof | Aadhar Card/ PAN Card/ Voter ID card | Aadhar Card/ PAN Card/ Voter ID card |
| Residence Proof | Aadhar Card/Ration card copy/ Electricity bill/Passport copy/ Voter ID Card | Aadhar Card/Ration card copy/ Electricity bill/Passport copy/ Voter ID Card |
| Signature Proof | Pan card copy | Pan card copy |
| Date for birth proof | Aadhar Card/ PAN Card/ Voter ID card | Aadhar Card/ PAN Card/ Voter ID card |
| Proof of office address | Employee ID Card | Electricity bill/ telephone bill |
| Proof of Business | NA | GST Certificate/UDYAM Certificate/Shop & establishment Act (as applicable in your state) |
| Financial Documents for processing |
|
|
Home Loan Fees & Charges
- Application/Login Fee: For conducting verification, a lender requires some preliminary expense which is termed as application fee. Application fee could be charged by lenders which is between Rs. 1000 – Rs. 10000+(Applicable Taxes) approximately.
- Processing Fee: It basically covers the cost of Sanction/credit appraisal and ranges between 0.10% – 1.00%+(Applicable Taxes) of the loan amount. Processing fee depends on the applicant’s loan type, income and profile.
- Technical Valuation Charges: Valuation charges are levied for the assessment of the property. In case of home loan; two valuations are performed for high-value properties and on the basis of lower value out of the two, loan is sanctioned.
- Administrative Fee: Fee charged after the loan gets sanctioned is termed as administrative fee. Whereas, fee before the sanction of loan is known as processing fee. It varies from lender to lender that which fee to charge from the borrower.
- Balance Transfer Charges: If in case the borrower wants to change his/her lender to opt for cheaper interest rates. He/she is supposed to pay the Home Loan Balance Transfer fee to the current bank in order to avail the feature.
- Pre-payment Charges: Prepayment charges are levied by the banking institutions and financial institutions and NBFCs (Non-Banking Financial Companies). Wherein a borrower pre-pays outstanding loan amount in full or in part. Pre-payment fee is to be charged not on home loans with floating rates but on fixed rate home loans.
- Legal Fee: For the scrutiny of the legal documents that include agreement of sale or purchase. Banks and NBFCs charge legal fee for the same.
- Franking Fee: Around 0.1% to 0.2% of the loan amount in form of stamp duty is charged on the property agreement with the builder/seller. However, If the stamp duty charges is applicable in States.
- CERSAI Charges: (CERSAI) Central Registry of Secularization Asset Reconstruction and Security Interest is a central online security interest registry of India. The main purpose of CERSAI is to check and keep a track of frauds in lending against equitable mortgages. Frauds include taking multiple loans on the same asset or property. Therefore, to check the frauds additional charges are there for the same.
- Recovery Charges: If any borrower fails to repay the EMI (Equated Monthly Instalment) for a month. Then the lender needs to undertake certain procedures in order to recover the cost. So, lenders charge an additional recovery fee from the borrower.
- Documentation Fee: Nominal fee of Rs. 500 – Rs. 2000 is charged for getting the loan agreement signed and getting the ECS (Electronic Clearance Service) mandate activated.
