Your dream house may come at a price, but that doesn’t mean it’s out of your reach. With a home loan, you can march towards the home you’ve always wanted to build.
A home loan is a secured loan you can take to buy a residential property or construct a house. It can also be used to renovate, expand, or upgrade your existing house. When you take a home loan, your property serves as collateral.
This means the lender holds the deed of the house until you repay the entire loan amount, including the principal and the interest. Navigating the terms and conditions of a home loan – especially if you’re a first-time borrower – can be tricky.
But with Finbros Capital Advisory by your side, you don’t have to fret about a thing. We help you find the best home loan providers in India with our 360-degree support from start to end. Starting from home loan eligibility check up until disbursal, we guide you throughout your borrowing journey. Our expert home loan advisors offer unmatched insight into the market, helping you inch closer to your dreams. Choose Finbros Capital Advisory to compare lenders and find the lowest home loan interest rates in India, high loan amounts, and the most favourable loan terms.
You can avail of different types of home loan products based on your needs. Here are some of the most popular uses of loans.
Use a loan to purchase a new house – be it a ready-to-move-in flat or a property under construction. Own the house you’ve always dreamt of living in with your loved ones. Lenders will finance most of the property's market value as a loan, and you need to pay the rest as down payment.
A home extension/expansion loan is ideal for financing a renovation plan if you already own a house. Add a new bedroom or another story to your house without dipping into your savings. The loan will cover all the expenses involved in upgrading your house.
A top-up on a home loan is an easy way to raise money when you already have a property mortgaged with the lender. You can borrow a certain amount over and above your existing home loan. What’s more, you can use the loan amount for your personal use at competitive interest rates.
A Home Loan can be availed of by anyone, whether you are a salaried employee, government employee, or a working professional. All you have to do is fulfill basic eligibility conditions laid out by banks and NBFCs. While personal loan eligibility conditions can differ across banks and NBFCs, here are some standard criteria you must be:
Use our Home Loan eligibility calculator to ascertain your loan eligibility and apply for a loan.
Connect with us and explain your needs. We curate a bunch of loan products most suitable for your profile
Next, we help you compare several home loan products so you can choose the best one.
Once you've picked a lender, we help you with the application process. You need to apply for the loan online and submit all necessary paperwork.
Once you submit your application, the lender takes some time to process it and verify your documentation.
Finally, you receive the loan amount in your account.
| Bank Name | Minimum Rate Of Interest(%) | Loan Amount | Loan Tenure | Minimum Processing Fees | Apply Now |
|---|---|---|---|---|---|
| GIC HFL | 8.10% | Rs. 10 LAKHS - 10CR | 5 years - 25 years | Rs. 2,500/- | Apply Now |
| Standard Chartered Bank | 8.40% | Rs. 10 LAKHS - 25CR | 5 years - 25 years | 1.00% | Apply Now |
| IDFC First Bank | 8.45% | Rs. 10 LAKHS - 25CR | 5 years - 25 years | 0.30% | Apply Now |
| Aditya Birla | 8.50% | Rs. 10 LAKHS - 10CR | 5 years - 25 years | 1.00% | Apply Now |
| Punjab National Bank | 8.55% | Rs. 10 LAKHS - 10CR | 5 years - 25 years | 0.35 (Max Rs. 15,000) | Apply Now |
| Axis Bank | 8.60% | Rs. 10 LAKHS - 25CR | 5 years - 25 years | Rs.10,000/- | Apply Now |
| HDFC LTD | 8.60% | Rs. 10 LAKHS - 25CR | 5 years - 25 years | 0.50% or Rs.3000 | Apply Now |
| Kotak Mahindra Bank | 8.65% | Rs. 10 LAKHS - 10CR | 5 years - 25 years | 0.50% | Apply Now |
| IDBI Bank | 8.75% | Rs. 10 LAKHS - 25CR | 5 years - 25 years | 0.50% | Apply Now |
| LIC Housing Finance | 8.90 % | Rs. 10 LAKHS - 10CR | 5 years - 25 years | Rs. 10,000 - Rs. 15,000 | Apply Now |
| Tata Capital | 8.95% | Rs. 10 LAKHS - 25CR | 5 years - 25 years | 0.50% | Apply Now |
Disclaimer: The loan amount, loan tenure, processing fees, loan interest rate & other credit factors may vary from case to case & are subject to change according to the lender & government policies. (This DISCLAIMER can be used for all the loan products)
Besides the home loan interest rate, you also need to pay a processing fee to your lender. This is a charge lenders levy to cover the cost of verifying your documentation and processing your loan application. Typically, this fee is 1-2% of the total loan amount. You also need to pay a GST of 18% on the applicable fee. At Finbros Capital Advisory, we help you find lenders charging the lowest processing fee on home loans.
Before you apply for a home loan, you need to make sure you can repay the EMIs conveniently. While manual calculations seem easy, they are not always reliable. Use Finbros Capital Advisory's home loan calculator online to get accurate estimations in seconds. Simply input a few details into the online home loan EMI calculator - loan amount, interest rate, and the loan tenure - to understand your monthly repayment obligations.
Different financial institutions use their own set of eligibility criteria. Check home loan eligibility online of your chosen lender before you make a decision. These are some common eligibility criteria laid out by banks and NBFCs that you must fulfill:
Be a salaried or a working professional or self-employed Be a Resident Indian, Non-Resident Indian (NRI), or a Person of Indian Origin (PIO) Aged between 21 and 65 years Having a minimum work or business experience of 1 year Having a minimum monthly income of Rs. 20,000
While different financial institutions use different criteria, the most commonly used factors are:
1. Age
2. Net Annual Income
3. Type of employment
4. Resident type [Indian Citizen, Person of Indian Origin (PIO), Non-Resident Indian (NRI)]
5. Number of co-applicants
6. Credit score
7. Co-applicants' income
8. Other ongoing loans (if any)
A CIBIL score of 600 or above is essential to qualify and apply for home loan online. However, if you have a score of 750 or above, you can get a competitive interest rate and better terms on the loan. So, try to boost your score before applying.
Technically, you will have to wait until marriage to apply for one. This is because only immediate family members and spouses are allowed to take a joint loan.
Most financial institutions extend a home loan to applicants with a monthly income of Rs. 25,000 and above. They must also not have fixed obligations exceeding 50% of the salary. However, the criteria may vary for different lenders.
In most cases, financial institutions will ask you to pay at least 20% of the property's market value as down payment. The rest of the 80% is financed by them.
No, home loans don't cover the registration charges. They also don't cover the stamp duty charges and transfer charges.
A pre-approved home loan is typically valid for three months. You have to finalize a property in this period or the lender will forfeit the offer. In that case, you'll have to pay a nominal fee to get the application appraised.
Interest rate is one of the most critical factors to consider when applying for a home loan. Our network of banks and NBFCs offer two types of interest rate on home loans.
Floating rates of interest: Floating interest rates, or variable interest rates, are linked to the Repo Rate. As a result, they tend to change when the market lending rate changes. Your home loan EMI may increase or decrease according to the fluctuations in the interest rate.
Fixed rates of interest: Fixed interest rates, as the name suggests, remain constant throughout the duration of your loan. Since they do not change, your home loan EMI amount remains the same for the entire tenure.
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