Home Loans

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User reviews
  • Nearly 5 years back, I had got the home loan from HDFC limited. The services are especially good. Best option is part payment option with 0% charges. Overall good experience with their customer service team as well.
    06:29 PM - Jan 24, 2015

    , vadodara
    0.5 4.0/5 "Great!"
  • I am having a home loan for 1 year now with Axis bank which is good. The rate of interest was 10.25% which is reasonable. The services was good. The customer support and the response was good and there is no issues as of now. They resolve all the queries on time. I applied for the loan on 27th Dec and on 12th Feb I got the loan which was an awesome response. The processing fees was Rs.9000 approximately which was high and can be reduced.
    03:11 PM - Jan 22, 2015

    , nasik
    0.5 5.0/5 "Blown Away!"
  • HDFC LTD housing loan is good , the only thing is response should be increased. I am happy with HDFC LTD as the rate of interest offered by them is a very good one. They have very good network. Loan process was very simple and it took a monthâ??s time to process the request.
    11:29 AM - Jan 22, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • I had a good experience with Bank of Maharashtra in terms of home loan. I was able to get the loan at a very easy basis and it was at a competitive rate, I had got the home loan. There is also a part payment option with 0% pre closure charges. Branch Manager was so helpful and was focused on customer needs.
    04:52 PM - Jan 24, 2015

    , mumbai
    0.5 5.0/5 "Blown Away!"
  • Services is good however for receiving provisional certificate for tax benefits, need to visit the State Bank of India branch and submit the application which is hectic process. Other than this, there was no issues in terms of my home loan.
    02:55 PM - Jan 22, 2015

    , pune
    0.5 4.0/5 "Great!"
  • Interest rate offered by TATA Capital for the housing loan is 9.75% . The main thing is, I had contacted TATA Capital because I know a person there who is working with TATA Capital. Processing fee charged by them is 7000 to 8000. It was done quickly hardly they took 3 to 4 business days after submitting all my documents. They gave me a feedback after 3 days post whic h they got in touch with the builder directly and they gave a cheque to the builder after collecting all the required documents from the builder.
    11:18 AM - Jan 22, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • There are no issues with ICICI in terms of home loan. Till yet, the options are good. As I had taken 10 years before, interest rate and charges are competitive. There are no excessive charges and overall happy with the services.
    12:21 PM - Jan 24, 2015

    , mumbai
    0.5 5.0/5 "Blown Away!"
  • As its a resale property, I did know about IDBI through the previous person who had taken home loan. Even the paper work was less as its a pre approved loan. Interest rate is very less at that point of time.
    01:55 PM - Jan 22, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • I have approached HDFC LTD for the housing loan . Everything was good and clear with HDFC LTD. I just enquired about HDFC LTD . Executives were in touch with me constantly. Rate of interest offered by them was ok . Tata capital charged me an interest rate of 9.75% and HDFC LTD charged me 10.15%. To be honest, I have taken a housing loan with Tata Capital that is why I have not taken a loan with HDFC LTD.
    11:16 AM - Jan 22, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • Hi, I had taken a HL from SBI and I am very satisfied with the service till now. Initially, they took more time for verification/title-clear, but later on I found that there verification is on of the most stringent. It means that any illegal land/property will not get loan approval. Even the customer service has improved a lot in past few years.
    11:22 AM - Jan 23, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • I was holding a housing loan with ICICI Bank and I am a disappointed by the service offered by them. It was taken for a period of 15 years, all of sudden with out my knowledge the tenure was increased to 45 years . I was shocked and I wrote about that to the Manager . However no response from them. Finally, I had to close my loan account after paying all my EMI â??S.
    12:26 PM - Jan 22, 2015

    , hyderabad
    0.5 1.0/5 "Really Bad"
  • DHFL housing loan is good. I had some other issues due to which I did not move further. I have cancelled my application . I am happy with the rate of interest and processing fee. Customer service offered by them was good . I had no issues with them. I will definitely approach them if I require it in the near future.
    06:36 PM - Jan 21, 2015

    , kolkata
    0.5 3.0/5 "Satisfactory"
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BankBazaar Home Loan is Rated as " Great!" by 2737 Users
 4.0 / 5.0   by 2737 users
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Fees & Charges

Promised Interest Rate

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Responsiveness

Home Loan BYTES FROM OUR KITCHEN

You're eligible for a Home Loan if you:

01
02
03
04
That's 21 years old, same time that everything besides milk becomes legal too

Are legally adult enough to handle it

Less than 65 years of age, because sanguine golden years are for playing golf

Have still got it

Salaried or self-employed - whatever puts food on your table

Get a regular pay check

There's a minimum amount for that regular pay check

Make more than a basic buck


Your eligibility depends on

01
02
03
So you'll have enough for life's other goodies

EMI limited to about 50%
of monthly income

So you have something to call your very own from the get go

Loan capped @ 75% - 85% on property value

So you don't bite off more than you can chew. Trust us, it's less painful this way

EMIs of other loans lower
your eligibility


Boost your eligibility by

01
02
03
Her income will bolster your eligibility and make good on your wedding vows of sharing, caring and avoiding doing the dishes.

Making your spouse a co-applicant

We've all learned that haste makes waste

Choose longer tenure loans of up to 20 - 30 years

They will always remain older, wiser and more credible than their offspring.

Alternatively add your parents as co-applicants


Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Processing fee cheque
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Home Loan Interest RatesUpdated on 25 Jan 2015

Home Loan Details
Interest Rate (Monthly reducing balance) 10% - 10.5%
Processing Fees 0.5% of Loan
Loan Tenure 1 year to 20-30 years
Partial pre-payment Charges Nil
Pre-closure Chargest Nil

Wondering What a Home Loan is? – An Overview:

Home or housing loans are advances made to borrowers who require funds to purchase houses/flats/land. They can also be availed of for construction, extension and renovation of houses. Lenders can be banking or non-banking financial institutions.

Features of Home Loan:

The salient features are outlined below:
  • They are secured advances.
  • Collateral is usually the property that is being funded. Existing property can also be put up as security.
  • Interest rates are flexible being either Fixed, Floating or a combination of fixed and floating.
  • Home loan interest rates are lower when compared to unsecured personal advances.
  • The advance can be used to fund property for residential or investment purposes.
  • Amounts offered are higher than under other types of loans; up to 85% of the property value.
  • Repayments are made in EMIs (Equated Monthly Instalments).
  • Pre-payments are allowed, to reduce liability.
  • They are long-term in nature; tenors usually vary between 5 - 30 years
  • Non-interest charges include processing fees, pre-payment charges, inspection fees, documentation fees etc.
  • Co-applicants/joint-applicants are allowed.
  • They qualify for tax benefits as per provisions of the IT Act, 1961 (subject to changes).

Home Loan Eligibility - Getting In On the Deal:

Every lender assesses a customer differently but, by and large, the basic criteria a borrower should satisfy to be eligible for a home loan are outlined below:
  • Age: The minimum age at the time of application should be 21 years. Repayments have to be completed before the age of 60 or 65.
  • Employment: Ability to service interest charges, as reflected in the borrower’s earning capacity, is important. Borrowers should:
    • Be salaried employees or self-employed persons (professional/non-professional)
    • Have been in employment/business for at least 3 years of which current employment should account for at least 1 year.
  • Income: A minimum income varying between Rs.5 - 7 lakhs would be required. This depends on the nature of employment i.e. salaried or self-employed.
  • Residence: At least one year of stay at the current residence is required to display stability.
  • Credit Rating: A good credit score is required (a score of 750-900 from CIBIL is considered good). Besides this, a healthy financial background is vital for approval and to determine the interest rate and loan amount.

Documents Required for Home Loan - For the file!

Documents to be submitted differ according to the eligibility requirements. The following, however, are commonly requested for:
  • The application form which has to be signed and affixed with the specified number and size of photographs.
  • Proof of identity, address, employment, income and tax paid as per KYC requirements. This usually includes:
    • Passport/Voter ID//Driving License/Ration Card/Utility Bills/Lease Agreements/Property Deeds/Salary Slips (3 most recent months)/Salary Certificate/Bank Statements (3-6 most recent months)/Audited financial statements/Form 16/ITR/Business deeds e.g. MOA, Partnership Agreement etc./Appointment Letter
  • Documentary evidence of the property to be funded.
  • Cheques for payment of fees charged to process the application.
In case of a joint application, the co-applicant will also be required to furnish similar paperwork.

Beat the Heat - Apply Online:

The trials and tribulations one has to go through in order to figure out where to get the best offer from can be truly taxing to the mind, body and spirit.
Performing the age-old task of going to each financier, finding out what offers are available, collating the information, calculating EMIs, submitting the required documents and following up on applications can take a toll on any potential borrower.
The best way to save on time, money and effort is to go online. Applying for home loans online is gaining popularity in India and fast becoming the mode of choice for many borrowers.

Why BankBazaar? Check it out!

BankBazaar is India’s leading portal for financial services where different home loan offers can be compared at one place and applied for without having to visit any lending institution.
Here’s what users can do:
  • Define loan parameters to receive free quotes, instantaneously, in an easy-to-understand manner.
  • Compare offers to identify the right lender to deal with.
  • Make real-time home loan comparisons to find the lowest rates in the market. At BankBazaar, interest rates are constantly monitored and updated to reflect the latest changes made by financiers.
  • Avail exclusive discounts and deals for huge savings through BankBazaar’s active collaboration with leading financial institutions.
  • Check eligibility online using BankBazaar’s home loan eligibility calculator and get immediate e-approvals.
  • Determine repayments using BankBazaar’s home loan EMI calculator which also provides amortization tables.
  • Browse user reviews to gain insights on service provided by various institutions.
  • Apply online for the chosen product directly through the site.
  • Receive end to end guidance from a dedicated customer care team for smoother processing leading to quick disbursal of money.
  • Get regular status updates.
Obtaining the right home loan is crucial to proper financial planning. It all begins with a successful search process that facilitates quick receipt of funds and guarantees peace of mind.

News About Home Loan

  • Getting Low Cost Housing Loans
    Just Got Easier

    As a welcome sign from RBI for banks to reduce rates, norms have been eased for applicants seeking home loans for low-cost housing. This means you can now easily get home loans with minimal conditions. RBI has also allowed banks to provide loans in return for long-term infrastructure bonds as security. However, this new rule and minimal conditions for home loan does not apply for home loans in case the long-term infrastructure bonds is in the name of other banks.


    In short, getting to the actual amount of home loan disbursed, one can expect a maximum amount of Rs 10 lakh. The loan repayment period is fixed based upon the time duration of the maturity of the bonds which is pledged as a surety for the low cost home loan. This new rule comes on the back of the RBI’s recent decision to allow money lending against long-term infrastructure bonds raised by the banks. Further, the loans against such bonds do not have to comply with the mandatory reserve requirements.

    1st December 2014


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YOUR SEARCH ENDS hERE
Compare multiple options and choose the one that best suits you

Compare the best home loan offers in town and locate the lowest rates!

Offers to Compare
Over 25 offers to compare!

This is our forte- helping you compare the finest deals. Additionally, we'll handpick offers that suit your profile and present the best rates from several banks, so you can make a thoroughly-informed decision.

Breaking Down Offers
Breaking down offers

We're obsessed with giving you a 365 degree view of offers. So, we'll break it down for you - EMIs, eligibility, maximum amount that can be borrowed, fees, hidden charges... no more getting fooled by the fine print!

Why Apply Online
Preferred over builder

There's a good reason by thousands of customers choose BankBazaar - we support you in many more ways than a builder would through the process - multiple options & timely handheld support.

Cheaper then Dealer
Why apply online?

You don't have to fight for parking space! Jokes apart, applying online will help you save time and money; plus, you'll be able to use the services of our super-friendly customer service team at anytime and get all your queries answered.

Comparing Best Loans
Done comparing! Now what?

We showcase the best loan offers and help you compare them... what next? Well, we'll aid you in applying to the bank of your choice and work with you right up to the delivery of the loan!

Still have a gazillion questions?
Still have a gazillion questions?

Think of BankBazaar as your loan-savvy buddy! Our customer support team is at your service to clear doubts on eligibility, offers, procedures and documentation, and help you apply. They'll even co-ordinate with the bank to get you your loan on time.

Connect to the Bank
We'll connect you to the bank

We know the bank guys really well! So, if you want to talk to a bank representative or get help on your loan application, we won't just connect you to them; we'll also do the follow-up on your behalf.

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