Tag Archives: Top housing loan banks

Best Home Loan Interest Rates in India – February 2015

Looking for best & lowest interest rates on housing loans in INDIA. So check major banks with us and choose best bank according to yourself after comparing Interest Rates, fees & charges, processing fees etc.
Have a look at Major Banks of Home Loan Industry:

SBI | HDFC Ltd | Axis Bank | Bank of Baroda | ICICI Bank

SBI Home Loan:

 

 

THE MOST PREFERRED HOME LOAN PROVIDER” voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

SBI Home Loans Unique Advantage

  • Low interest rates.
  • Low processing charges. No hidden costs or administrative charges.
  • No prepayment penalties.
  • Over 13,700 branches nationwide

Eligibility: 

  • Minimum age: 18 years as on the date of sanction
  • Maximum age: 70 years.

The processing fee structure (including service tax) is as under :

Loan Amount Processing Fee
Upto Rs. 25 Lacs 0.25% of loan amount, minimum Rs. 1,000/
Above Rs. 25 Lacs and upto Rs. 75 Lacs Rs. 6,500/
Above Rs. 75 Lacs Rs. 10,000/

In case of Take Over  of Home Loans,  processing fee is Rs 1,000/- per account, irrespective of loan amount  and it is valid upto 30.09.2013.

in case of Take Over of Home Loan with Top-Up loan , the Processing fee will be 0.25 % of the consolidated loan amount taken over subject to Minimum of Rs 1,000/- and Maximum Rs 10,000/-

Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early.

Home Loan Interest Rate are floating only

Loan Amount Effective Rate
Upto Rs. 30.00 lacs 10.10% (For Women), 10.15% (For Others)
Above Rs. 30.00 lacs 10.10% (For Women), 10.15% (For Others)
No fixed rate option in any limit bracket.

HDFC Ltd Home Loan:

HDFC Ltd is arm of HDFC Bank which handles only housing loan business of the bank in India. HDFC Ltd is the second largest bank in this field.

HDFC Ltd recently updated there interest rates by .25% now new interest rates starts from 10.40%.

Advantages of HDFC home loans:

  1. Instant loan approval
  2. Wide range of products & schemes
  3. Loan from any office for purchase of home anywhere in India
  4. Loan approval even before a property is selected
  5. Flexible loan repayment options like Step Up Repayment Facility, Flexible Loan installments Plan, Tranche Based EMI,
  6. Free & safe document storage

Features

  1. Maximum loan – 80% of the property value
  2. Maximum Term – 30 years for floating & 20 years in fixed rate of interest schemes.
  3. Applicant and Co- Applicant to the loan
  4. Adjustable Rate Home Loan

Interest Rates of HDFC Ltd Home loans-

Loan Slabs Applicable Variable rates %
( Monthly Rest Basis )
Upto and including Rs 30 lacs 10.15%
Over Rs. 75 lacs 10.50%

Eligibility
The product is available to salaried and self-employed customers for loan applications subject to first disbursement on or before July 31st, 2013.

Fees: 0.5% of the loan amount applied plus applicable service taxes and cess.

Axis Bank Home Loans:

 

Axis Bank offers affordable and flexible housing loans that can turn your dream of owning a home into reality. Whether you are self-employed or salaried, want a floating or fixed rate, Axis Bank will offer a loan that is just right for you.

Features of Axis Bank Home Loans

  1. Attractive housing finance rates
  2. Flexible rates
  3. Balance transfer facility
  4. Nil prepayment charges*
  5. Quick and transparent processing

Applicants should be above 24 years of age at the time of loan commencement and up to the age of 60 or superannuation, whichever is earlier at the time of loan maturity.

Limits on Home Loan - Minimum – Rs 3 lac

Interest Rates on Axis Bank Home Loans:

Type Loan amount (Rs.) Effective Rate Of Interest
Floating Rate Less than Rs. 75 Lac 10.25% p.a.
Loans Above Rs. 75 lac 10.50% p.a.

Bank of Baroda Home Loan:

Bank offers following benefits with home loan availed by you:

  • Free Personal Accident Insurance is available for stipulated tenure.
  • Free Credit Card (BOBCARD – complementary for first year)
  • Concession of 0.25% in rate of interest for Car Loans.
  • Concession of 0.50% in rate of interest for Loan for consumer durables.

In case of Salaried:

 Monthly Income Modified Criteria
Up to Rs. 20,000/- 36 times of monthly income
More than Rs.20,000/- & up to Rs. 1 lac 48 times of monthly income
More than Rs. 1 lac 54 times of monthly income
  • No Fees will be charged on part prepayment / full prepayment of the loan amount.
  • The loan can be repaid in a maximum period of 30 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 70 years in case of others.
Floating Rate option (for fresh sanctions and for existing accounts w.e.f. 01.06.2013)
Repayment Period Up to Rs. 30 Lacs Above Rs. 30 Lacs and below Rs. 75 Lacs 75 Lacs and above
Upto 5 years Base Rate i.e. 10.25% Base Rate i.e. 10.25% Base Rate i.e. 10.25%
Over 5 years & up to 15 years Base Rate i.e. 10.25% Base Rate i.e. 10.25% Base Rate i.e. 10.25%
Over 15 years & up to 30 yrs Base Rate i.e. 10.25% Base Rate i.e. 10.25% Base Rate i.e. 10.25%

ICICI Bank Home Loans:

Building your own home is special. As one of the leading home loan providers, ICICI Bank Home Loans is here to help you lay the foundation for your dream home.

Advantages & benefits of ICICI Home loans:

  • Sanction approval without having selected a property.
  • Flexible repayment options
  • Simplified documentation
  • Free Personal Accident Insurance
  • Insurance options for your home loan at attractive premium

Home Loan Amount - The home loan amount depends on your repayment capability and is restricted to maximum of 80% (90% in certain scenarios) of the value of property as applicable.

Tenure - Maximum tenure of your home loan can be 20 years. However, in case of salaried customers it is capped at retirement age.

Home Loan Interest Rates
ICICI Bank floating rate:
Category Effective Rate of Interest
HL <= Rs. 30 lakh 10.10% (For Female),10.15% (For Others)
HL above Rs. 75 lakh 10.50% – 11.25%

Documents Required for Home loans in INDIA:

If you are an existing customer, you can now enjoy the benefit of reduced documentation for Home Loan.

Documents Salaried Self Employed Professional Self Employed Non Professional
Application form with photograph duly signed
Identity, residence and age proof
Last 6 months bank statements
Last 3 months Salary-slips
Processing fee cheque
Form 16 / Income Tax Returns
Proof of business existence
Business profile
Education qualification certificate and proof of business existence
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account