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View the available bank home loan rate of interest, tenure & processing fee

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Loan EMI

Total Interest Payable

Total Payment
(Principal + Interest)

Calculate Home Loan Eligibility

Submit loan requirements to check your Home Loan eligibility

Equated Monthly Installment (EMI):

0 INR

Total Interest Payable:

0 INR

Total of Payments (Principal + Interest):

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Home Loan FAQ's

Submit loan requirements to check your Home Loan eligibility

  • For purchase of Home: When home loan is availed for buying a residential home.
  • For Purchase of Plot/Land: When home loan is availed for buying a residential plot or land.
  • For Construction: When home loan is availed for construction in a residential Home in a parcel of land already owned.
  • Balance Transfer: This facility is availed when a loan applicant wants to change the lending bank for a better deal (most commonly a lower rate of interest)
  • Home Conversion Loan: This is a case where applicants already took a home loan but now intends to buy/move to a new home. To fund the new home purchase, existing loan is shifted to a new unit.
  • For Home Renovation/Extension: When Home loan is availed for home renovation, extension of room or floor, interiors, waterproofing, plumbing, fittings etc.
  • NRI Home Loan: This is a type home loan exclusively for Non-Resident Indias who want to construct or buy a home in India.

The Home loan process is very simple. Clarity on your exact need and awareness of required documentation helps in speeding up the process. Here are the steps

  • Fill up your home loan requirements (exclusive benefits when applying through home online)
  • Evaluation of requirements
  • Discussion with Bank
  • Verification of submitted documents
  • Loan approval Process
  • Loan Processing & Offer Letter
  • Legal Procedures
  • Loan Disbursal

Fixed interest rate​ implies that the lending rate is fixed for the term of your loan. Fixed interest loans help you to plan your finances better as the EMI and the tenor are predetermined.

Whereas under ​Floating Rate​, the increase and decrease in the rate of interest is temporary, as it varies as per the market trends.

The biggest benefit with floating rate home loans over fixed rate is that they predominantly are cheaper than fixed interest rates

Loan EMI FAQ's

EMI stands for equated monthly installment. It is a monthly payment made by a borrower to a lender at a specified date each calendar month. ​You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest.

Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, most banks charge early repayment penalties up to 2-3% of the principal amount outstanding.

Under the current laws, an applicant is entitled to an income tax rebate for interest repayment up to Rs. 1,50,000 /- per annum. Moreover, you can get added tax benefits under Section 80 C on repayment of principal amount up to Rs. 1,00,000 /- per annum.

Banks

Processing fee varies from bank to bank or NBFC. It usually ranges between ​₹5000 to ₹15000 depending on the home loan amount from which it is charged between 0.5-1%. The fee is charged to cover the costs incurred by the lender on the loan process. It is not deductible from the loan amount. As a result, the borrower needs to pay it separately

At present, all the top lenders such as SBI, HDFC, LIC, Axis Bank, Bank of Baroda, DHFL, ICICI Bank among others are offering low-interest rates on home loans. From April, 2023 onwards, the Home Loans rate offered from as low as 8.50%. All this makes this….the best time to apply for a home loan.

Home Loan Articles

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