×

Overview

about-page-img1

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.

Uses of Home Loan

You can avail of different types of home loan products based on your needs. Here are some of the most popular uses of loans.
New house purchase: 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.

New house purchase

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.

uses-of-personal-img6

House renovation or extension

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.

uses-of-personal-img6

Top-up on loan

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.

uses-of-personal-img6

Eligibility Criteria

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:

take-loan-icon1

Salaried or a working
professional

take-loan-icon2

Aged between
21 and 60 years

take-loan-icon3

Having a job and a minimum of
3 months experience

take-loan-icon4

Having a minimum of Rs. 25,000
net income per month.

Use our Home Loan eligibility calculator to ascertain your loan eligibility and apply for a loan.

Documentation Required

documentation-icon1

Photo Identity Proof

  • Voter ID
  • Aadhaar Card
  • Passport
  • PAN
  • Driving Licence
documentation-icon2

Proof of Residence or Address Proof

  • Aadhar Card
  • Driving Licence
  • Passport
  • Registered Rent agreement
  • Latest gas or electricity bill
  • Bank statement with current address
documentation-icon3

Income
Proof

  • Income Tax Returns for the last 3 years
  • Business Licence Details
  • Balance Sheet audited by a certified CA and Profit and Loss account for the last 3 years
  • Business address proof
  • 6 month bank statements of current and savings accounts
  • A copy of Form 16
  • 6 month bank statements of salary account
  • Last 3 months’ salary slip
documentation-icon4

Employment
Proof

documentation-icon5

Others

  • Allotment Letter
  • Sale Deed
  • No Objection Certificate or NOC
  • Allotment Letter from Society/Housing Board/Private builder
  • Stamped Agreement of Sale
  • Possession Certificate
  • Construction Cost Estimate
  • Bank Account Statement of Payment Made to Seller or Builder
  • Occupancy Certificate
  • Land Tax Receipt

Application Process

  • 1
  • Connect with us and explain your needs. We curate a bunch of loan products most suitable for your profile

  • 2
  • Next, we help you compare several home loan products so you can choose the best one.

  • 3
  • 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.

  • 4
  • Once you submit your application, the lender takes some time to process it and verify your documentation.

  • 5
  • Finally, you receive the loan amount in your account.

Home Loan Lowest Interest Rates

Bank Name Minimum Rate Of Interest(%) Loan Amount Loan Tenure Minimum Processing Fees Apply Now
LIC Housing Finance 6.70 % Rs. 10 LAKHS - 10CR 5 years - 25 years 0.10 % Apply Now
IDBI Bank 7.50% Rs. 10 LAKHS - 25CR 5 years - 25 years 0.50% Apply Now
Bajaj Finserv 7.70% Rs. 10 LAKHS - 25CR 5 years - 25 years 0.30 % Apply Now
Punjab National Bank 7.75% Rs. 10 LAKHS - 10CR 5 years - 25 years 0.35% Apply Now
GIC HFL 7.90% Rs. 10 LAKHS - 10CR 5 years - 25 years 1.50% Apply Now
Standard Chartered Bank 7.90% Rs. 10 LAKHS - 25CR 5 years - 25 years 1.00% Apply Now
Kotak Mahindra Bank 7.99% Rs. 10 LAKHS - 10CR 5 years - 25 years 0.50% Apply Now
Aavas Financiers 8.00% Rs. 10 LAKHS - 10CR 5 years - 25 years 1.00% Apply Now
Aditya Birla 8.00% Rs. 10 LAKHS - 10CR 5 years - 25 years 1.00% Apply Now
Axis Bank 8.10% Rs. 10 LAKHS - 25CR 5 years - 25 years 0.10% Apply Now
IIFL 8.20% Rs. 10 LAKHS - 10CR 5 years - 25 years 1.25% Apply Now
HSBC Bank 8.35% 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
State Bank of India 8.55% Rs. 10 LAKHS - 10CR 5 years - 25 years 0.30% Apply Now
HDFC LTD 8.60% Rs. 10 LAKHS - 25CR 5 years - 25 years 0.20% Apply Now
Tata Capital 8.60% Rs. 10 LAKHS - 25CR 5 years - 25 years 0.50% Apply Now
ICICI BANK LTD 8.65% Rs. 10 LAKHS - 10CR 5 years - 25 years 0.30% Apply Now
Indiabulls 8.70% Rs. 10 LAKHS - 10CR 5 years - 25 years 2.00% Apply Now
YES BANK 8.95% Rs. 10 LAKHS - 10CR 5 years - 25 years 1.00% 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)

Processing Fee

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.

loannew-img2

EMI Calculator

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.

Home Loan Balance Transfer

If you’ve been paying hefty home loan EMIs and want to reduce your financial burden, consider a home loan balance transfer. A home loan balance transfer, or home loan refinancing, is a method of transferring your outstanding home loan balance from your existing lender to a new one. Yes, there are several benefits of home loan balance transfer. This facility can help you enjoy lower interest rates and better repayment terms. You can also get a top-up loan during the home loan balance transfer process if you need some extra cash.
The eligibility criteria and the required document proofs for a balance transfer are the same as those required to apply for a home loan. Rely on Finbros Capital Advisory’s expert home loan advisors for end-to-end assistance during the process. To better understand your total savings from the balance transfer, use our home loan balance transfer calculator.
...

Documents required for a balance transfer

  • Identity proof – Passport, Aadhar Card, Driving License, etc.
  • Address proof – Aadhaar Card, Passport, Voter’s ID, etc.
  • Bank statements - Last 12 months’ statements for current and savings accounts
  • Income proof - Balance sheet and Profit/Loss Account audited by a registered CA for the last two years, last three years of ITRs - both company and individual
  • Property documents - Allotment Letter, Sale Deed, NOC, Allotment Letter from Society, Stamped Agreement of Sale, Possession Certificate, etc.

Overdraft

Eligibility

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:

documentation-icon4 Be a salaried or a working professional or self-employed
documentation-icon4 Be a Resident Indian, Non-Resident Indian (NRI), or a Person of Indian Origin (PIO)
documentation-icon4 Aged between 21 and 65 years
documentation-icon4 Having a minimum work or business experience of 1 year
documentation-icon4 Having a minimum monthly income of Rs. 20,000
Conduct a home loan eligibility check online to understand if you can apply for a loan with the lender of your choice.

FAQ's

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.