To make your home loan journey a smooth sail, in this article we will help you to know eligibility criteria, rates of interest, process, necessary documents, EMI comparison and transfer for lowest rates.
Sample Home Loan Eligibility - Employment Status - Salaried | Annual Income - ₹ 5 Lacs | Property Value - ₹ 75 Lacs | Tenure - 20 Yrs
|Bank Name||Interest Rate|
|State Bank Of India (SBI)||7.55% - 8.05%|
|ICICI Bank||7.60% - 8.30%|
|HDFC Ltd||7.55% - 8.55%|
|LIC Housing||7.55% - 8.75%|
|Bank of Baroda||7.45% - 8.80%|
|AXIS Bank||7.60% - 8.05%|
|PNB Housing Finance||6.99% - 9.65%|
|IDBI||7.50% - 10.65%|
|Union Bank of India||7.40% - 8.90%|
|Bank of India||6.90% - 7.10%|
|HSBC Bank||7.30% - 7.75%|
|Indian Bank||7.40% - 8.15%|
|Federal Bank||8.55% - 8.70%|
|Allahabad Bank||7.40% - 8.15%|
|Vijaya Bank||7.25% - 8.25%|
|Canara Bank||7.30% - 9.25%|
|Dena Bank||8.15% - 8.65%|
|Syndicate Bank||7.30% - 9.25%|
|PNB Home Loan||7.20% - 8.55%|
|India Shelter Housing Finance||11.99%-18.00 %|
|GIC Housing Finance||7.74%|
|Shubham Housing Development Finance Company||10.90%|
Your monthly income will determine the chances of returning the loan and timely payments of EMIs. If you are salaried person, your monthly income and if you are self-employed, in that case your annual profit would decide your home loan maximum eligibility.
It is one of the most important factors that you should always consider before taking a home loan. Generally, it refers to the number of years for which you want to opt for loan. Longer the tenure, higher will be the interest paid and lower will be the amount of EMI and vice-a-versa.
The credit history of an individual plays a really crucial role in deciding the amount of the loan. This report is generated by the credit card companies regarding the outstanding credit history of an individual. On the basis of this information the individual is given a credit score.
|Name||Loan Amount||Minimum Salary Requrements||Tenure|
|SBI Home loan||It will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.||Not Available||Maximum 30 years or up to the age of 70 years of the borrower whichever is early.|
|ICICI Bank Home Loan||It depends on the repayment capability and is restricted to a maximum of 80% of the property value.||Not Available||Maximum 20 years|
|HDFC Ltd Home Loan||Max amount up to 80% of the value of the property and also depend on the repayment capacity of the individual||Not Available||20 years for loans under fixed rate and 30years under adjustable rate home loan products|
|Axis Bank Home Loan||Minimum ₹ 3lacs||Not Available||Max. tenure is 25 yea₹ for salaried custome₹ And 20 yea₹ for self-employed custome₹.|
|Axis Bank-Empower home loan scheme –a home loan for self- employed individuals||Minimum ₹ 10 lacs Maximum ₹ 100lacs in tier 1 & tier 2 cities and ₹ 50 lacs in other cities||Not Available||15 years and age of the borrower should not exceed 65 yea₹ of age at the time of maturity.|
|Bank of Baroda||Maximum loan amount ₹ 100 lacs, maximum finance upto 75-85% of the project cost. The loan eligibility is as follows Gross monthly income ₹ 20,000-36 times of the gross monthly salary More than ₹ 20,000-to ₹ 1 lac-48 times of the gross monthly salary More than ₹ 1lac-84% of the gross monthly income||Not Available||Max tenure is 25 year|
|Citibank Home loan||Min ₹ 5 lacs and Max. up to ₹ 10 crores||Not Available||Max tenure up to 25 years.|
|HSBC Bank||Min. ₹ 2 lacs and max ₹ 10 crore||Not Available||For salaried customers its 25 years and for others 20 years|
|LIC Housing Finance||Min. ₹ 1 lac and max. ₹ 150 lacs. Generally the loan is extended upto 85% of the property value.||Not Available||Max. 25 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 70 yrs of age whichever is earlier|
SBI, HDFC, Axis Bank, Bank of Baroda, Bank of India, Union Bank, DHFL, LIC Housing, SBP, Canara Bank, Allahabad Bank, ICICI Bank, Yes Bank, Citibank, PNB, uco bank, Indiabulls & others.
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