Home Loan

A home gives you shelter and when you buy it through a housing loan, your savings remain untouched which can be ued to set up a new house. Just in case you are living in rented house, buying your first home via home loan will be a great choice as you can pay your EMI in the same amount as monthly rent. Also, you save tax up to ₹1.5 lakhs on your first housing loan. In short, a home loan saves your money. At vidhi financial services, you can choose among the top lenders on the basis of your income. You can also apply for a home loan via WhatsApp which is the most convenient choice a loan borrower can ever get. Read more to know the following:

  • Top Banks Offering Lowest Home Loan Interest Rates Sep 2018
  • Eligibility Criteria
  • Documents Checklist
  • Factors based on which the loan is approved
  • Home loan on WhatsApp

Why choose home loan?

A home loan is the cheapest loan with can be taken for up rhetorical essay examples to 30 years. You can buy a house with the money borrowed from a financial instituion and then repay it for the chosen time period. The maximum loan amount you can get varies from 75%-90% depending on the loan amount. You can compare different lenders on the basis of the interest rate, tenure and loan amount and then finalize. Look at the benefits of a home loan:

  1. Home loan is the cheapest loan with the starting rate of 8.50% per annum
  2. Women borrowers/coapplicants get special rates
  3. You can compare different EMIs and then decide
  4. You can also transfer the loan to other lender offering a lower rate
  5. You also get tax exemption on home loans

Types of Home Loans

The different types of housing loans offered by banks/NBFCs in India are as follows:

  • Home Purchase Loans
  • Land Purchase Loans/Plot Loans
  • Home Construction Loans
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  • Home Improvement Loans
  • Home Conversion Loans
  • Home Extension Loans

Why Choose Vidhifinancial?

Home loans are offered by almost all the top banks/NBFCs. So, choosing the best lender might be a little confusing. vidhi financial services helps in choosing a suitable option by giving unbiased suggestion based on your requirement. Here are the reasons to choose vidhi financial Services:

  1. 10 Million Satisfied Customers – More than 10 million customers have fulfilled their wishes through vidhi financial services, so can you.
  2. Instant Quotes from Top Lenders – You get instant quotes from top banks and NBFCs and choose one.
  3. Expert Advise– You get expert advise from the learned and experienced members of the team.
  4. Transparent Process – Experts are there to answer any query related to your home loan application.
  5. End to End Service – You get 100% assistance for the loan application ensuring no delays.
  6. Free CIBIL Score and Report – vidhi financial services gives you free CIBIL score and report with your home loan application.
HOME LOAN INTEREST RATES SEPTEMBER 2018
State Bank of India/SBI 8.65% – 9.20%
HDFC 8.70% – 9.40%
Bank of Baroda 8.55% – 9.55%
LIC Housing 8.60% – 8.95%
PNB Housing Finance 8.99% – 10.75%
ICICI Bank 8.85% – 9.10%
Axis Bank 8.50% – 8.75%
Citibank 8.85% – 9.65%
Indiabulls Housing Finance Limited 8.70% – 9.85%
Kotak Bank 8.65% – 8.75%
DHFL 9.05% – 9.95%
Reliance Home Finance 8.75% – 10.00%

Factors affecting your Eligibility for a Home Loan

For a hassle free loan process, ensure you are up to the mark on each of these parameters

Monthly Income

The higher your income, the higher the loan amount eligibility and greater your chances of acquiring your dream home.

Age

Starting early has its benefits. Applying at age 30-35 years makes you eligible for a higher loan amount, as compared to applying when you are 40-50 years old.

Property Value

Quality adds to credibility. Choosing a good property in an approved society, colony or area is viewed more favourably by banks.

Credit History

Your Credit History can open or close the gate to your dream home. Always maintain a good CIBIL score.

Employment Status

As a Salaried person, you must have a minimum of 3 years work experience, to become eligible for a home loan.

Professional/Business Status

As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability.

Relationship with Lender

A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates.

Your Employer Category

Working at a well-regarded company not only adds to your reputation, but also your loan eligibility. A Fortune 500 Company on your visiting card really helps!

Top Banks Offering Lowest Home Loan Rates 2018

Here is the list of top banks offering lowest housing loan interest rates in India. You can select the lender on the basis of the rate, processing fees, loan amount and approval criteria. Compare and apply online for best home loans.

Banks Interest Rate (p.a) Processing Fee
SBI 8.65%-9.20% Zero till December 31, 2018
ICICI Bank 8.85%-9.10% 0.50% – 1.00% of the loan amount or ₹ 1500/- (₹2000/- for Mumbai, Delhi & Bangalore), whichever is higher + GST & Surcharge
Bank of Baroda 8.55%-9.55% Upto 0.5% of the loan amount or Max ₹7,500+GST
Axis Bank 8.50%-8.85% Salaried: Up to ₹1 Crore – ₹10,000 + GST
Above ₹1 Crore to ₹2 Crores – ₹15,000 + GST
Above ₹2 Crores – ₹25,000 + GST
Self-employed: 0.50% Or ₹10,000 + GST, Whichever Is Higher
Citibank 8.85%-9.60% Up to 0.40% of the loan amount + GST
HDFC Ltd 8.70%-9.40% ₹10,000 + GST
Bajaj Finserv 8.50%-10% 1% of the loan amount + GST
LIC HFL 8.60%-8.95% Up to ₹1 Crore – ₹5,000 + GST
₹1 Crore & above – ₹10,000 + GST
Kotak Bank 8.65%-8.75% Salaried: ₹10,000 + GST

Self-employed: Upto 0.50% of the loan amount + GST

Punjab National Bank 8.65%-8.90% NIL
PNB HFL 8.99%-10.75% ₹10,000 + GST
Standard Chartered Bank 8.51%-8.60% ₹10,000 + GST
DHFL 9.05%-9.95% Salaried: ₹5000 + GST – Upto ₹30 Lakh
₹10,000 + GST – Above ₹30 lakhs and upto ₹75 Lakhs
₹15,000 + GST – Above ₹75 Lakhs
₹20,000 + GST – Above ₹75 lakhs and up to ₹1 Crore
Self-employed Non-Professional: Up to 1.5% of the loan amount + GST
Indiabulls Housing Finance 8.70%-9.45% Loan Amount Up to ₹30 lakhs – ₹5,000 or 0.50% of the loan amount (whichever is higher) + GST
Loan Amount above ₹30 lakhs = ₹15,000 + GST
Bank of India 8.70%-8.75% Up to 0.25% of the loan amount + GST
IDBI Bank 8.60%-8.90% Up to ₹30 Lakhs : ₹2500 + GST
₹30 Lakhs to ₹75 Lakhs : ₹3,500+ GST
₹75 Lakhs : ₹5,000 + GST
For Inward BT irrespective of the amount & PMAY proposals– Nil
Reliance Home Finance 8.75%-10% Up to 0.75% of the loan amount + GST