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)

ICICI Bank Home Loan

6.90% - 8.05%(Floating Rate)

Kotak Mahindra Bank Home Loan

6.75% - 8.45%(Floating Rate)

IDFC Home Loan

8.00% – 14.00% (Floating Rate)

LIC HFL Home Loan

6.90% p.a. onwards (Floating Rate)

Bajaj Finserv

7.25% - 10.25% onwards (Floating Rate)

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:

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

DocumentSalaried IndividualsSelf-Employed Individuals/Professionals
Identity ProofAadhar Card/ PAN Card/ Voter ID card Aadhar Card/ PAN Card/ Voter ID card
Residence ProofAadhar Card/Ration card copy/ Electricity bill/Passport copy/ Voter ID Card Aadhar Card/Ration card copy/ Electricity bill/Passport copy/ Voter ID Card
Signature ProofPan card copyPan card copy
Date for birth proofAadhar Card/ PAN Card/ Voter ID cardAadhar Card/ PAN Card/ Voter ID card
Proof of office address Employee ID CardElectricity bill/ telephone bill
Proof of Business  NAGST Certificate/UDYAM Certificate/Shop & establishment Act (as applicable in your state)
Financial Documents for processing
  • Salary slips latest 6 months
  • Form No-16/TDS certificate for latest 2 financial year
  • Income Tax return of last 2 years (some of the banks may only require either Form 16 or Income tax return to process your loan).
  • Bank statement of last 12 months of your salary account.
  • Sanction letter and Repayment track of all the running loans.
  • Copy of property documents
  • Latest 3 years audited report- including Balance sheet, Profit & Loss account, list of creditors and debtors, all the schedules of balance sheet, form 3cb and 3cd etc.
  • Latest 3 years Income Tax Return
  • Latest 3 years’ computation of income
  • Latest 6 to 12 months’ bank statement of all your current and saving accounts
  • Sanction letter of all the running loan with repayment tracks
  • Closure letter of all the loans closed during last 12 months
  • Please note the below mentioned point if you own a private limited company or a partnership firm:
  • If you own a partnership firm, your loan financer will require the documents of your firm as well as your personal documents
  • If you own a private limited company, your home loan financer will require the documents of your company as well as your personal documents.
  • In addition to the above, your home loan financer may ask you for some additional documents as required based on your business profile and the loan application process.
 

Home Loan Fees & Charges

  1. 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.
  2. 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.
  3. 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.
  4. 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.  
  5. 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.
  6. 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.
  7. 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. 
  8. 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.
  9. 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.
  10. 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.
  11. 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.