Ownng a home is like reaching for the stars these days, isn't it? In India, the housing market's been quite the rollercoaster ride! According to CREDAI, average home prices shot up by 9% annually, hitting a hefty 10,226 rupees per square foot by the end of 2023. Talk about a hike, right? Whether you're eyeing a cozy nest or a grand palace, the demand's been soaring.
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We'll help you compare interest rates, offer some smart tips based on your financial game plan, and find you the sweetest deal in town.
| Bank | Interest Rate | Processing Fee | Max Tenure | Max Loan Amount |
|---|---|---|---|---|
|
Starting from 8.45% | 0.15% (Rs. 1,500 - Rs. 15,000) | Up to 30 years | Up to 90% of the property value |
|
Starting from 8.75% p.a | 0.5% or Rs.3,000 whichever is higher | 1-30 Years | 10 crore |
|
8.50% p.a onwards | 0.25% of loan amount (Min. Rs 5,000 to Max. Rs 50,000) | 5-30 Years | up to 15 crore |
|
8.50% p.a | 0.5% of the loan amount | 40 years | 15 crore |
|
8.55% p.a. onwards | 0.35% (Max Rs. 15,000) | Up to 30 years | 75%-80% of the property cost |
|
8.85% p.a. onwards | 0.50% of the loan amount | Up to 30 years | Depending on the applicant’s profile |
|
8.75% p.a. onwards | 0.50% (Rs. 2,500 - Rs.5,000) | Up to 30 years | Up to 90% of property value |
|
8.50% p.a. onwards | 1% | 1-30 Years | ₹ 20L -₹ 10Crs |
|
8.75% - 9.80% | 0.50%-2.00% or 3,000 whichever is higher | Up to 30 years | 5 crore |
|
8.50% onwards p.a | 0.35% onwards | 1-30 Years | 15 crore |
|
8.85% p.a Onwards | upto 3% of the loan amount | 30 years | 5 crore |
|
8.75% for salaried and 9.10% for self-employee | Up to 1% of the loan amount | 30 years | 5 crore |
|
8.70% p.a. onwards | Up to 1% of the loan amount | Up to 25 years | 10 crore |
By using the home loan EMI calculator, you can easily and simply calculate your loan EMI. For calculating the loan EMI, you have to put the loan amount, loan tenor, and rate of interest in the loan EMI calculator. By using the EMI calculator you can get several details about the home loan such as total interest payable, loan EMI per month, and total payments.
For calculating the loan EMI, you need to use the following mathematical formula. Such as:
P defines the principal amount, N defines the number of monthly installments you have to pay in your loan and the R defines the interest rate per month. By taking the home loan calculator, you can easily calculate the EMI of your home loan in advance that would need to spend every month. For calculating it, you have to go to the housing loan EMI calculator page of the website and put all the details for calculating it efficiently.
Through the house loan calculator, you can determine whether you able to fulfill the home loan EMI within the loan tenure or not. According to your specifications, you can either increase or decrease the loan EMI amount according to the loan amount you have taken.
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| Year | Principal(A) | Interest(B) | TOTAL PAYMENT(A + B) | BALANCE |
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If you want to apply for home loan, you need to apply online by visiting the official websites of banks. Be sure to check the interest rates, fees, and loan terms.
If you need any help to make a wise decision, feel free to reach out to this email- support@eazybankloan.com. Our financial expert will get in touch with you immediately.
The documents which are required for a home loan are completely depending on the occupation of the applicant and the loan criteria of the banks and financial institutions. The following points define the documents required for a home loan.
| PROPERTY DOCUMENT | IDENTIFY PROOF | ADDRESS PROOF | INCOME PROOF |
|---|---|---|---|
| Sales deed and stamped agreement of the sale. | Pan card | Permanent address documents with any identity proof | Salary slip of salaried employees |
| Detailed information about the construction cost. | Adhaar card | Property tax receipt | Last 3-month bank statement of salaried employees |
| Bank account statement made to the seller. | Passport | Electricity bill | Trade license, GST registration certificate, etc. of self-employed. |
| NOC collected from the housing society. | Driving license | Telephone bill | Balance sheet and profit & loss a/c statement of self-employed |
| Document Type | Description |
|---|---|
| Passport | Copy of the applicant's valid passport showing personal details, photograph, and signature. |
| Visa | Copy of the applicant's valid visa permitting residency in the country of residence. |
| Employment Contract | Copy of the employment contract or appointment letter, if applicable. |
| Overseas Address Proof | Copy of utility bills, rental agreement, or any official document showing the overseas address. |
| Indian Address Proof | Copy of Aadhaar card, voter ID, or any other document proving Indian address |
| Income | Salary slips, bank statements, or tax returns from the country of residence. |
| Power of Attorney (PoA) | If applying through a representative, a notarized PoA authorizing them to act on behalf of the applicant. |
| Photographs | Passport-sized photographs of the applicant. |
| PAN Card | Copy of PAN card issued by the Indian Income Tax Department. |
| Criteria | Details |
|---|---|
| Age | Applicants typically need to be between 21 and 65 years old. |
| Income | A stable income from employment or business is required, with a specific minimum salary of ₹25,000 per month. |
| Employment/Business Stability | A minimum employment or business stability of 2-3 years is preferred. |
| Credit Score | A credit score of 750 or above is generally considered good and can improve loan eligibility. |
| Loan Tenure | The maximum loan tenure offered typically ranges from 15 to 30 years, depending on the borrower's age and repayment capacity. |
| Property Value | The loan amount sanctioned is usually a percentage (e.g., 80%-90%) of the property's market value. |
| Nationality | Open to Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs). |
| Business Continuity | Minimum of 3 years of operation. |
| Existing Financial Obligations | Total EMIs should not exceed 35%-40% of the applicant's income. |
Interest remains constant throughout the loan tenure, providing stability in monthly payments.
Interest rates fluctuate based on market conditions, potentially leading to changes in monthly payments.
Specifically for individuals constructing a home on a plot of land they own.
For purchasing a new or resale residential property.
For renovating or repairing an existing home.
Specifically for purchasing a plot of land without any immediate construction plans.
Borrowed jointly by two or more individuals, typically family members.
Transferring an existing home loan to a new lender to benefit from better terms or lower interest rates.
Fill out the loan application form provided by the lender.
Submit necessary documents such as identity proof, address proof, income proof, property documents (if applicable), and any other documents required by the lender.
Pay the processing fee, if applicable
This may include verifying employment details, income documents, credit history, and property documents.
The lender conducts a based on factors such as credit score, income stability, existing debts, and repayment history based on that they give loan
The borrower receives a formal approval letter or loan offer detailing the loan amount, interest rate, tenure, and other terms and conditions.
Borrower signs loan agreement and related documents.
Lender transfers the sanctioned loan amount to the borrower's account or directly to the seller/builder.
The borrower should review the disbursal amount and ensure it matches the agreed-upon terms.
The borrower is required to start repaying the loan EMI as per the agreed-upon repayment schedule,
Once the loan is fully repaid, the lender issues a loan closure certificate or no dues certificate, indicating that the loan has been successfully closed.
| Charge | Description |
|---|---|
| Processing Fees | A one-time fee charged for processing the loan application, typically a percentage of the loan amount. |
| Prepayment Charges | Fees levied if the borrower repays the loan before the end of the tenure. |
| Late Payment Fees | Charges imposed for delayed or missed monthly installments. |
| Legal and Technical Charges | Expenses for legal verification of property documents and technical assessment of the property. |
| Document Verification Fees | Charges for verifying and processing the borrower's KYC documents. |
| Aspect | Renting a Home | Buying a Home |
|---|---|---|
| Initial Costs | Usually lower (security deposit, first rent) | Higher (down payment, closing costs, other fees) |
| Monthly Payments | Fixed rent, may increase over time | Monthly mortgage payments, may fluctuate with rates |
| Financial Benefit | No equity buildup | Build equity, property appreciation potential |
| Flexibility | Easier to move or change | Less flexibility, selling takes time and effort |
| Maintenance | Landlord responsible | Owner responsible for upkeep, repairs, renovations |
| Control | Limited control, need landlord approval | Full control over modifications, renovations |
| Tax Benefits | No tax benefits | Potential deductions for mortgage interest, taxes |
| Market Fluctuation | No impact | Property value changes affect investment |
| Stability | Subject to landlord decisions | Stable housing costs once mortgage is fixed |
| City | Flat Type | Sale Price Range (Approx.) | Rent Price Range (Approx.) |
|---|---|---|---|
| Mumbai | 1 BHK | ₹60 Lakhs+ | ₹13,000 - ₹50,000 |
| 2 BHK | ₹90 lakh - ₹4.00 crore | ₹35,000 - ₹1.00 lakh | |
| 3 BHK | ₹1.9 crore - ₹6.5 crore | ₹60,000 - ₹2.00 lakh | |
| 4 BHK | ₹3.00 crore - ₹13 crore | ₹1.00 lakh - ₹4 lakh | |
| Delhi | 1 BHK | ₹20 lakh - ₹50 lakh | ₹6,000 - ₹20,000 |
| 2 BHK | ₹27 lakh - ₹1.00 crore | ₹12,000 - ₹35,000 | |
| 3 BHK | ₹55 lakh - ₹4 crore | ₹20,000 - ₹90,000 | |
| 4 BHK | ₹1.0 crore - ₹12 crore | ₹40,000 - ₹2.5 lakh | |
| Bangalore | 1 BHK | ₹20 lakh - ₹75 lakh | ₹6,000 - ₹20,000 |
| 2 BHK | ₹42 lakh - ₹1.00 crore | ₹13,000 - ₹45,000 | |
| 3 BHK | ₹65 lakh - ₹2.5 crore | ₹25,000 - ₹85,000 | |
| 1 BHK | ₹1.80 crore - ₹6.5 crore | ₹50,000 - ₹2.0 lakh | |
| Hyderabad | 1 BHK | ₹14 lakh - ₹60 lakh | ₹6,000 - ₹20,000 |
| 2 BHK | ₹30 lakh - ₹1.2 crore | ₹12,000 - ₹35,000 | |
| 3 BHK | ₹50 lakh - ₹2 crore | ₹20,000 - ₹60,000 | |
| 4 BHK | ₹1 crore - ₹4 crore | ₹40,000 - ₹1.2 lakh |
When you are deciding to apply for a home loan, there are a lot of stakes you need to consider. Here are the dos and don'ts you have to consider during the home loan approval process.
| DO'S | DON'TS |
|---|---|
| In your loan application, including all your financial information. | During the application or approval process of the home loan, don't do any financial changes. |
| Use the money which you saved for the down payment of a loan | Don’t quit or change the jobs right before getting a loan. |
| Provide genuine documents to improve the chances of loan approval. | Avoid the unusual or large purchases before approving your loan. |
| Regularly follow-up with the loan lenders for immediate loan approval | Don't take any types of financial risks like changing to a new bank or making large deposits in the bank. |
| Step | Details |
|---|---|
| Utilize Section 80C for Principal Repayment | - Make principal repayments on home loan. |
| - Invest in tax-saving instruments like ELSS, PPF, NSC, or tax-saving FDs. | |
| - Claim deductions under Section 80C, up to ₹1.5 lakh per year. | |
| Leverage Section 24 for Interest Payment | - Pay interest on home loan. |
| - Claim deductions under Section 24: | |
| - Up to ₹2 lakh per year for a self-occupied property. | |
| - Entire interest amount for a let-out property. | |
| Optimize Loan Structure | - Increase loan amount to cover additional expenses like stamp duty. |
| - Consider joint ownership to boost tax benefits for both co-applicants. | |
| Maintain Proper Documentation | - Keep all loan-related documents safe for tax filing. |
| - Ensure timely payment of EMIs and interest. | |
| Plan Investments Wisely | - Invest in a mix of tax-saving instruments. |
| - Align investments with financial goals and risk tolerance. |
Verify Property Documents
Research Lenders
Verify Credentials
Avoid Unrealistic Offers
Understand Terms
Use Secure Channels
Protect Information
Before searching or selecting a home loan you might be missing important factors that will aid your decision making, we help you out by comparing and analyzing various lenders and give you a best option based on your financial stability, occupation, income, age, repayment capacity and many more.
You just need to drop an email at support@eazybankloan.com that’s it!
Home loans in India include options like Home Purchase Loan, Home Construction Loan, Home Improvement Loan, Home Extension Loan, Home Conversion Loan, and Land Purchase Loan.
Interest rates for home loans vary depending on the lender and market conditions. It's best to check with lenders for the latest rates but generally it starts from 8.35% p.a.
Down payment requirements typically range from 10% to 20% of the property's value, but it can vary based on lender policies and loan amount.
The maximum loan amount is usually up to 80%-90% of the property's value, subject to eligibility criteria and lender policies.
Eligibility criteria usually include factors like income, age, credit score, employment stability, and property value.
Required documents may include ID proof, address proof, income proof, property documents, bank statements, etc.
The approval process time can vary from a few days to a few weeks depending on the lender and documentation process.
Yes, additional fees such as processing fees, administrative fees, and legal fees may apply. It's important to inquire about these charges upfront.
It may be challenging, but some lenders offer options for individuals with lower credit scores, although terms may be less favorable.
Home loan tenures typically range from 5 to 30 years, and it may be possible to extend or reduce the tenure depending on the lender's policies.
Borrowers can choose between fixed and floating interest rates based on their preference for stable or fluctuating interest payments.
Yes, borrowers can avail tax benefits on both principal and interest repayments under Sections 80C and 24 of the Income Tax Act, respectively.
Yes, borrowers can opt for a home loan balance transfer to another lender offering better interest rates and terms, subject to eligibility criteria.
Some lenders may impose prepayment charges, but it's essential to check the loan agreement for details.
EMIs are calculated based on the loan amount, interest rate, and tenure using mathematical formulas. Borrowers can use online EMI calculators for an estimate.
Yes, some lenders offer special schemes or discounts for certain professions or categories like women borrowers or government employees.
While it may not be mandatory, lenders may recommend home insurance or mortgage protection insurance to cover risks like damage or loss of property and provide financial protection to borrowers and lenders.
Some lenders may offer options to modify the loan tenure or switch between fixed and floating interest rates, subject to terms and conditions.
If you sell the property before fully repaying the loan, the outstanding loan amount needs to be cleared from the proceeds of the sale. Any surplus funds can be retained by the borrower.
