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User reviews
  • I am extremely happy the customer support, responsiveness, speed of processing and utmost the availability of the sales representative. Mr. Sunil Nare ensured that he was always available to take my calls, guide me with right documentation and ensure that everything is in order.
    08:11 PM - Apr 20, 2015

    , mumbai
    0.5 5.0/5 "Blown Away!"
  • I have taken a home loan from LIC Housing limited. LIC is flexible and they try to understand the requirements of customers. They try to understand the oriental profile of customers and they are not demanding. They are flexible to give loans and they requested only for limited documents. It would be nice if they try to implement the rates of interest based on the RBI rules.
    04:53 PM - Apr 20, 2015

    , pune
    0.5 4.0/5 "Great!"
  • I actually settled the home loan by pre closing. Processing charge was there but for first five EMI they collected five thousand rupees of EMI bouncing charge. Actually ECS mandate was not sent on time from their end but I had enough balance on my account. When I was going to settle the loan amount the employees of Axis bank were not much pleasing. Infact I raised query to close the loan on 18th but they dragged to next month of 10th and for this 18 to 10 I paid interest with ECS bouncing charge.
    10:32 AM - Apr 20, 2015

    , faridabad
    0.5 2.0/5 "Expected more"
  • The process was really smooth and got everything as per the expectation from Axis bank. The representative who interacted with was amazing as he was cooperative. Axis is one of the banks offering less rate of interest for home loan and there were no hidden charges. Satisfied about the insurance along with the home loan as they offered as optional but really I liked to take that.
    04:51 PM - Apr 18, 2015

    , secunderabad
    0.5 5.0/5 "Blown Away!"
  • Axis bank was cooperative during the home loan process and it was amazing experience. The builder received the loan amount in the next day of documentation and overall it took only couple of days. Rate of interest 10.15% is floating starts from first year. EMI date is comfortable to make premium. Axis bank can reduce the rate of interest.
    02:50 PM - Apr 18, 2015

    , mumbai
    0.5 5.0/5 "Blown Away!"
  • I am holding a IDBI housing loan it is a good one. However I am a bit disappointed with my interest rate. As when the RBI reduced the rate they were not reducing it. When I checked with them they say that this will not impact this rate, it will impact some other rate. Interest rate offered by them is good when compared with others.
    07:05 PM - Apr 20, 2015

    , bangalore
    0.5 4.0/5 "Great!"
  • I had taken a home loan from IDBI Bank. The customer service executives have been supportive and it was a speedy process as my loan got sanctioned within 2 days. The executive were really supportive as they had taken care of the registration process by visiting the court and they were very punctual in the time and they handed over to me all the documents to me in a fast and good manner. I would still not recommend the bank as the interest rates are very higher as it is a long term loan.
    02:45 PM - Apr 20, 2015

    , kolkata
    0.5 5.0/5 "Blown Away!"
  • Union bank of India is of less branch in cities and in my place it is very small branch where only three of them are working and they are looking of everything. Overall it took a month time to get the sanction letter. As Union Bank being a public sector bank, they are not great in customer service. However I got the disbursement on time and rate of interest is satisfactory. For home loan customers can choose public sector banks like Union Bank of India.
    10:31 AM - Apr 20, 2015

    , faridabad
    0.5 4.0/5 "Great!"
  • I took a Housing Loan from India bull finance The customer support was good in terms of their services. And I am very mush satisfied with the interest rate offered it was 10.25%. I was updated with all the information and they are better compared to ICICI.
    04:09 PM - Apr 18, 2015

    , mumbai
    0.5 4.0/5 "Great!"
  • No proper response from the executive of Axis bank during the home loan process and every time I have to visit them. The executive made me to visit him for several times to complete paper works, which made me to feel unhappy. Almost I was waiting for five months to get things done and to receive the amount. No issues with Axis bank but the issue is with the executive so satisifed with bank.
    01:09 PM - Apr 18, 2015

    , bangalore
    0.5 3.0/5 "Satisfactory"
  • Very Fast processing time. While taking loan ask for queries & only then they will clarify you. Otherwise they will not tell you or clarify your doubts. So always ask questions & get clarification. This bank is always preferred as very low ROI & that too on daily reduction rate.
    05:56 PM - Apr 20, 2015

    , pune
    0.5 5.0/5 "Blown Away!"
  • Lic hfl is bad in market, they are charging high rates for existing customers and looting money like anything. service also very poor and staff attitude is careless with customers. I am customer of this LIC and not at all happy with their service.
    12:26 PM - Apr 20, 2015

    , pune
    0.5 0.5/5 "Unacceptable"
  • I am very satisfied with the services provided by PNB regarding home loan. No hidden charges like other Pvt banks. easy to get instalment for construction. Customer care and Officer / Executives are very co-operative and assist to make your dream into reality
    11:13 PM - Apr 19, 2015

    , mohali
    0.5 5.0/5 "Blown Away!"
  • Punjab and Sind Bank housing loan process was really good. The amount was deducted from my salary every month. They used to provide us all the information about this loan. The loan was closed successfully. I have even received the deeds of the property and interest rate offered by them was very less. I have made over payment however they did not charge me for that.
    04:04 PM - Apr 18, 2015

    , new delhi
    0.5 5.0/5 "Blown Away!"
  • Many banks were not ready to offer home loan for the amount of 10lakhs but DHFL met my requirement and sanctioned what I did inquire to them. Home loan process was wonderful where I did not spend a lot of time to avail the amount. Nominal in interest rate. Also one of my friends is working in DHFL and he assisted well.
    12:38 PM - Apr 18, 2015

    , navi mumbai
    0.5 5.0/5 "Blown Away!"
  • I have applied for loan 6 months back. They have raised so many queries for builder, for me. We have clarified to them on time but no communication received from bank. After 4 months bank deducted the 10000 for processing of loan without intimation to me. Later i was frustated & applied loan to SBI, they have processed my loan with in 20 Days & all the formalities closed.
    05:16 PM - Apr 20, 2015

    , pune
    0.5 0.5/5 "Unacceptable"
  • Federal bank is very good in customer service and I am happy with the interest rate they offered on home loan. Even in Saturday and Sunday they called me for paper works and for filling the application. I thought that home loan process would take more than a month to two months but Federal bank sanctioned in time of 20 days. I feel very happy about Federal bank and more than satisfied.
    11:37 AM - Apr 20, 2015

    , hyderabad
    0.5 5.0/5 "Blown Away!"
  • Rate of interest is of 10% where it is less than other banks and charges are minimal for home loan in Union bank of India. Excellent customer support as it was smooth to deal with the executives. They introduced insurance as optional but really I was interested to take that thus opted along with the loan.
    06:25 PM - Apr 18, 2015

    , bhubaneshwar
    0.5 5.0/5 "Blown Away!"
  • Axis bank has delivered that what they promised during the initial stage. When I started with them there was some hiccups but later it's been resolved and got the amount. Axis bank was the only bank ready to consider the constructed area where they are not ready to include corridor, car parking and etc., however everything was fixed eventually. As of above said reasons there was a bit delay of 20 days in availing home loan.
    03:48 PM - Apr 18, 2015

    , hyderabad
    0.5 4.0/5 "Great!"
  • I did a check with other banks about the home loan where I found DHFL to be high in processing charge. There was no much difference where a little difference which was never bee told to me upfront. So far did not receive the loan kit and inquired it with the executive where he informed that would take a month to receive. I can refer very well the DHFL because rate of interest is good and the process is speedy than others.
    11:55 AM - Apr 18, 2015

    , bangalore
    0.5 4.0/5 "Great!"
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Fees & Charges

Promised Interest Rate

Customer Service

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 21 Apr 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

  • Home Loans for Maharashtra
    Government employees.

    The Maharashtra Government announced that it would be providing home loans to all its employees amounting between Rs 20 lakhs to Rs 50 lakhs, keeping in mind the skyrocketing housing prices in the urban areas. The bank said that the loan amount will be determined based on the grade of the staff with an eligibility criteria attached. Government employees should have completed five years of service along with the same number of years left to qualify for the home loan.


    If both the spouses are Government employees, then the home loan will be given only to one of them with the new property being bought in the name of the individual opting for the house loan. The sixth pay commission has broken down the cities in Maharashtra into two categories, ‘X’ and ‘Y’ depending on existing property rates. For individuals residing in ‘X’ cities, the home loan amount would be Rs 50 lakhs, in ‘Y’ cities it would be Rs 30 lakhs and for the remaining areas it would be around Rs 20 lakhs.

    16th March 2015

  • RBI’s Repo Rate Cut Likely to
    Make Home Loans Cheaper

    The Reserve Bank of India cut repo rate by 25 basis points bringing the policy repo rate to 7.5% from 7.75%. This second rate cut in the last two months is expected to make home loans cheaper. This move comes days after the release of Union Budget wherein the government had planned to collaborate with the RBI to target inflation. The RBI rate cut is likely to give a boost to the economy while also bringing down the loan EMIs. This cut in the policy key rates will lead to a reduction in lending rates by banks and also drive the banks to drop interest rates on home and car loans. RBI quoted its pledge to exercise fiscal responsibility and be pre-emptive in its policy for monetary accommodation as the main reasons for the rate cut.


    With the rate cut leading to lower EMIs, this might well be the right time to apply for a home loan if it is on your agenda. Check out various home loan options on BankBazaar.com to plan your finances accordingly.

    6th March 2015

  • Plot Loans Offer Lower
    Loan-to-Value

    Plot loans offer lower ‘loan-to-value’ than home loans which means that the interest paid out will be higher. Loan-to-value offered by home loans is 80-85 per cent of property price but plot loans offer only 60 per cent of the property price the rate of interest charged on a plot loan is usually at par with the rates applicable to a home loan. In case of plot loans, a customer is not eligible to claim income tax deduction for principal repayment or for payment of interest.

    There are many restrictions and conditions placed on plot loans by the bank. Banks such as HDFC restrict the loan amount based on the location of the plot especially if it is located in the outskirts of the city. Also, plot loans are not available for purchasing land for agricultural purposes. It can be used only for buying a plot for residential use, investment purposes and so on. Banks normally have other restrictive clauses that require the borrower to finish construction within a stipulated period of time.

    20th February 2015

  • One Stop Shop for Home Loans –
    CREDAI Home Loan Mela Feb 2015

    Those who’ve done it will be well aware that searching for the right home loan is a time consuming process. Keeping that in mind, the Confederation of Real Estate Developers’ Association of India, better known as CREDAI, has taken a unique initiative to simplify that task for Chennai residents by organizing a Home Loan Mela this February. The event, which will take place between February 13th to February 15th at Vijay Mahal in Pondi Bazaar, is being organized to help bring customers a step closer to building their dream house. The Home Loan Mela will feature some of the country’s leading banks like ICICI, SBI, Axis Bank, HDFC, Punjab National Bank, Karur Vyasya Bank, Oriental Bank of Commerce, Sundaram BNP PARIBAS, India Bulls, LIC Housing Corporation and more. Customers can benefit not only from the wide range of choices available for home loans but also gather valuable information pertaining to home loans under one roof at the Home Loan Mela this February.

    12th February 2015

  • 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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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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