+91-8039982051   

Home Loan

Home loan is a sum of money borrowed at a certain rate of interest from a financial institution or bank to buy a house. This money can be used to buy/construct/renovate/extend your house. Home loan can be repaid with the EMI every month given until the chosen time period. The property is mortgaged to the lending institution as a security till you make complete repayment of the loan. Home loans are secured against property. This simply means in case of failed repayment, your bank or lending company can use it for settling debt. Your home loan eligibility depends on your monthly income, property value, credit history, property location, income proof and more. When considered altogether, these factors decide the maximum loan amount.

Factors impacting your Home Loan Eligibility

Before you apply for a Home Loan, ensure you stand clear on below mentioned parameters.

Home Loan - Apply Online for Instant Home Loan Approval – Eprime Loans

Monthly Income

The more you earn, the higher will be your home loan eligibility. High monthly income is a gateway to your dream home.

Home Loan - Apply Online for Instant Home Loan Approval – Eprime Loans

Age

If you apply for a home loan at age 30-35 years, you become eligible for a higher loan amount. Unlike applying when you are already above 40 years.

Home Loan - Apply Online for Instant Home Loan Approval – Eprime Loans

Property Value

If you are planning to buy your dream home in approved society, colony or area, then your case will be viewed more favorably by banks. After all quality matters!

Home Loan - Apply Online for Instant Home Loan Approval – Eprime Loans

Credit History

Maintaining a good CIBIL score and credit history goes a long way in getting you home loan approval instantly.

Home Loan - Apply Online for Instant Home Loan Approval – Eprime Loans

Employment Status

If you are a salaried person, it’s mandatory for you to have minimum 3 yrs work experience to become eligible for a home loan.

Home Loan - Apply Online for Instant Home Loan Approval – Eprime Loans

Professional/Business Status

If you are seeking home loan for self-employed or a businessman, you are supposed to submit business status record, bank statements and professional details relating to your profession.

Features & Benefits of Home Loan

  • Home loan Interest rates offered by some banks start from 8.60% per annum.
  • Women borrowers enjoy special rates with subsidy.
  • Home loan comes with Fixed EMI for the fixed time period.
  • Facility of Interest subsidy is available under PMAY CLSS scheme.
  • Home loan borrowers can enjoy tax exemptions of up to Rs. 1.5 lakhs and Rs. 2 lakhs on principal and interest respectively. This tax exemption can be availed throughout the loan period regardless of the use be it for home renovation/extension or reconstruction.
  • Home loan comes with the top-up loan facility for the above purposes.
  • Balance transfer facility is also available for home loan applicants.
  • Home loan is available for maximum 30 years.
  • Home loan Processing Fee remains 0.35% of the loan amount plus GST onwards.
  • You can show substitute income documents including ITR or annual turnover for availing home loan.
  • Additional income plays huge role in loan eligibility.
  • Tax benefit available for Co-borrowers if they are property co-owners as well.

Types of Home Loans

Let’s take a look at the kind of home loans offered by banks/NBFCs in India.

 Home Purchase Loan

Home Purchase Loan

Home Extension Loan

Home Extension Loan

Land/Plot  Purchase  Loan

Land/Plot Purchase Loan

Home Construction Loan

Home Construction Loan

Home Improvement/Renovation Loan

Home Improvement/ Renovation Loan

Home Conversion Loan

Home Conversion Loan

Why Choose Eprimeloans?

There are plenty of home loan lending institutions including Public and Pvt. sector banks/ NBFCs. choosing one might be very confusing and time taking process. Eprimeloans can help you find the best home loan deal by selecting one suitable lender depending on your requirement. Read out more reasons to love Emprimeloans below:

Online Marketplace partnering with top banks

Eprimeloans is an online marketplace that has partnered with top lending institutions offering variety of loans so you get choose best loan with the help of our unbiased suggestions.

Instant Quotes available from Top Banks

We provide you instant quotes from leading banks and NBFCs.

Pro Advice

Our experts will help you guide from start to finish in finding out the best suitable offers for you.

Transparent Loan handling Process

Eprimeloans Experts are ready to extend their helping hand anytime you want and sort out your queries related to home loan.

End to End Service

Your loan application will be processed with 100% assistance ensuring no delays.

Get CIBIL Score and Report for free

How about getting free CIBIL score and CIBIL report? Emprimeloans provides you with both.

Lowest Home Loan Interest Rates offered by Different Banks for 2020

Here comes the list of top Indian banks offering lowest home loan interest rates in India. Compare and apply for a home loan best suits to you.

Banks/NBFCs Interest Rate (p.a) Processing Fee ( in )
SBI 7.90% - 8.55% 0.40 % of loan amount, subject to a minimum of 10,000 plus GST and maxim 20 lakhs
ICICI Bank 8.45% - 9.20% 0.50% of loan amount + GST 25 lakhs. For Self - employed - Up to 15 lakhs
Bank of Baroda 8.45% - 9.45% Upto 0.50% of the loan amount or Max 7,500 + GST 30 Lakhs
Axis Bank 8.90% - 9.15% Up to 1.00% of the Loan amount subject to minimum of 10,000 + GST 40 lakhs
Citibank 9.00% - 9.85% Up to 0.40% of the loan amount + GST 25 lakhs
HDFC Ltd 8.35% - 8.95% Up to 0.50% of the loan amount or 3,000 whichever is higher + GST 15 lakhs
Bajaj Finserv 8.85% - 11.15% NA 20 lakhs
LIC HFL 8.10% - 8.95% Upto 1 crore: - 0.25 paise + GST or 10000 + GST which ever is less More than 1 crore - 25000 + GST No processing fee on applications made between 1st - 31st Oct, 2019. Also, the disbursement must happen on or before 31st Dec, 2019, for the waiver to be applicable 30 lakhs
Piramal Housing Finance 9% onwards 0.10% - 0.25% of the loan amount + GST 30 lakhs
Kotak Bank 8.90% onwards Zero processing fee for online application and Upto 1.25% of Loan amount for offline applications 20 lakhs
Punjab National Bank 8.65% - 8.75% Zero processing fee for loans disbursed till 31.03.2019 15 lakhs
PNB HFL 9.25% - 12% 10,000 + GST 25 lakhs
DHFL 9.10% - 10.55% Salaried: Upto 20,000 + GST Self-employed Non-Professional: Up to 1.50% of the loan amount + GST 5 lakhs
Indiabulls Housing Finance 8.80% - 11.05% Up to 5,000 or 0.50% of the loan amount + GST 25 lakhs
Bank of India 8.80% - 8.85% Zero processing fee for loans disbursed till 31.03.2019 25 lakhs
IDBI Bank 8.75% - 9.10% Up to 5,000 + GST For inward BT irrespective of the amount & PMAY proposals – Nil 25 lakhs
Tata Capital 8.90% - 9.35% 0.50% of the loan amount + GST 25 lakhs

**Note – Before applying for a home loan, you must learn about the different types of charges which you need to pay as an upfront fee. Such charges are not negotiable for instance processing/application fee is one of them.**

How to Apply for a Home Loan Online?

Eprimeloans Experts are there to guide you in selecting a home loan at lowest interest rates. We will be there throughout your journey of getting a home loan processed. With us by your side, you don’t need to visit different lenders offline. By following below mentioned steps, you can easily apply for a home loan.

Steps to apply for a home loan

Furnish below mentioned details in the form given at the top of this page:

  • Start by entering the desired loan amount.
  • Select your current employment status and fill in your monthly income.
  • Fill your full name, date of birth, city, contact number and email ID.
  • Go ahead by accepting terms and conditions.
  • 5. Click on 'Get Quotes' to get quotes instantly.

**Once you submit this form, another form will appear wherein you are supposed to fill property details including your gender, property value, residential address, PAN number, and then you can click on 'Get Quotes'. Once you complete this form, you will be shown the list of banks in which you are eligible for a home loan.

How to Apply for a Home Loan Offline?

If you wish to apply for a home loan through offline process, then the process is very simple. Visit your nearest bank branch or your desired housing finance company and check the pre requisites relating to it. Then you have to follow the below steps:

  • Pay a visit to your selected lending institution’s nearest branch.
  • Learn about the home loan documents you are required to furnish with the executive
  • Fill up the home loan application form properly
  • Submit the home loan application form along with documents and processing fee cheque

Fees & Charges Relating to Home Loan

Here’s the list of charges or fee relating to home loan. Check below:

  • Home Loan Application fee
  • Processing fee
  • Technical evaluation fee
  • Administrative fee
  • Legal fee
  • Intimation of registration fee
  • Document fee
  • Notary fee
  • Indemnity cost
  • Fire insurance fee
  • Adjustment fee
Top