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Factors affecting your eligibility for a home loan

What you need to qualify for a home loan



Monthly Income

The higher your income, the higher the loan amount eligibility


Age

The leser the age, the higher the eligibility. So start early!


Property Value

Property in a good locality by a reputed builder improves your chances of higher loan eligibility.




Credit History

It is hence important to maintain a good CIBIL score.


Employment Status

Either as a salaried or self employed person, your financial stability matters here.


Your Employer Category

Working with a reputed organisation always ups your credibity with the lending bank.

Best banks for home loans

The keys to your dream home is just a few steps away. We have consolidated a ready reference of the current home loan interest rates and other home loan charges for you.

BANK Maximum Tenure (in years) Interest Rate (p.a) Per Lac EMI (in ₹) Maximum Loan Amount Processing Fee Foreclosure Charges
State Bank of India (SBI) 30 Salaried Borrowers: 8.30%-8.50% (for women) and 8.40%-8.55% (for others) Non-Salaried Borrowers: 8.45%-8.60% (for women) and 8.50%-8.65% (for others) 758-780 Customized Nil Nil
ICICI Bank 30 8.35%-8.85% (for women) and 8.40%-8.85% (for others) 758-794 Customized 0.50% - 1.00% of the loan amount or ₹ 1500/- (₹2000/- for Mumbai, Delhi and Bangalore), whichever is higher + GST and Surcharge N.A
Bank of Baroda (BOB) 30 8.35%-9.35% 758-830 Customized Up to 0.50% of the loan amount + GST Nil
Axis Bank 30 8.35%-8.75% 758-787 Customized Upto 1% of the loan amount subject to a minimum of ₹10,000 + GST Nil
Citibank 25 8.6%-8.85% 812-829 Customized Up to 0.40% of the loan amount + GST Nil
HDFC Ltd 30 8.35%-9.05% 758-808 Customized Up to 0.50% of the loan amount or ₹3,000 + GST Nil
Bajaj Finance 20 8.35%-8.50% p.a. 858-868 Customized 1% of the loan amount + GST Nil
LIC Housing 30 8.35%-8.50% 758-769 Customized Nil Nil
Kotak Mahindra Bank 20 8.60%-8.65% 874-877 Customized Upto 0.50% of the loan amount + GST Nil
PNB 30 8.35%-8.45% 758-765 Customized Nil Nil
PNB HFL 30 8.50%-10.75% 769-933 Customized Up to 1% of the loan amount + GST A.A.
Tata Capital 30 8.75%-9.05% 787-808 Customized Depending on the loan amount Depending on the loan amount
DHFL 30 8.35% - 10% 758-878 Customized ₹5,000-20,000+document charges+GST Nil to 2%+applicable GST
Indiabulls Housing Finance 30 8.65%-11.75% 780-1009 Customized 0.5%-1% of the loan amount + GST Nil
Bank of India (BOI) 30 8.35% - 8.55% 758-772 Customized Up to 0.25% of the loan amount + GST Nil
IDBI Bank 25 8.35%-8.65% 795-815 Customized N.A. Nil

Note: Charges vary from bank to bank. These are only indicative and subject to periodic change.

Things to know before buying a house

1. Processing Fee: You can expect banks to charge you Loan Processing Fee at the time of processing your loan application :

Varies from lender to lender and may be upto 1% of the loan amount. The lower it is, the better it will be for the borrower. Remember! this home loan interest rate is negotiable with the lenders. Also note that GST Rate of 18% Applicable for All Financial Services Effective July 1, 2017.


2.Technical evaluation Fee:For high-value properties, two valuations are done, and the lower of the two is considered for sanctioning a loan. Some PSU lenders charge a fee for doing this evaluation.


3.Franking fee on sale agreement:: Some states levy a stamp duty payable on the property agreement with the builder/seller. This ranges from 0.1% of cost-Rs 20,000.


4.Franking fee on loan agreement:Some states, Maharashtra and Karnataka, for instance, levy a fee on the loan amount. 0.1-0.2% of loan


Your home loan eligibility depends on the following factors:


Criteria Salaried/Self-Employed
Age Starting from 21 years
Income Rs.20,000
Loan Amount Offered Above 5 Lacs
Tenure 5 years to 30 years

1. Fixed Interest Rate – In this case, the monthly EMI’s are fixed over the entire loan tenor. In other words, the interest rate doesn't change with changing market rate.
2. Variable Interest Rate – In this case,the rate of interest varies with the market conditions. It is considered to be cheaper than fixed interest rate.

Depending upon your need, there are various types of Home loans available in India. These are:
1. House Construction Loan - This kind of loan is give to applicants who want to construct a house on a plot owned or co-owned by them. some of the additional loan criterias must be fulfilled to avail this loan. These are:
a. The plot or land should have been bought within a year b. The borrower has to provide a close estimate of the cost of the construction of the house. c. If the cost of plot is not included in the loan amount, only the estimation for construction of house is taken into consideration.
2. House Purchase Loan- Is provided to buy a residential property.The interest rate on these loans is either fixed, floating or hybrid.
3. House Improvement Loan-This knod of loan is given to cover the cost of repair and renovation of the house. These costs may include repairs to existing house, painting of the walls, digging of a bore well, water-proofing, electrical wiring and so on.
4.NRI Home Loan-NRI-home loans are specialized home loans given to non res`ident Indians wishing to buy a property in India. Although the structure of this home loan is similar to the regular home loans, the documentation is more exhaustive.
5.House Extension/Expansion Loan-While most banks include this type of loan as part of their home-improvement loans, this is given to expand or extend the existing home of the loan applicant.
6.House Conversion Loan-Home conversion loans are available to existing home loan borrowers to help them move to a lower rate of interest or alter the interest spread on their current loan. Borrowers tend to opt for home conversion loans due to the fluctuating rates of interest prevalent in the market, which may affect their outstanding dues on home loans.
7.Bridged Loan-These loans are otherwise called as short term goals which are taken up by owners of a residential property. Bridge loans help people to bridge the time gap between an old house and a newly purchased plot. Such loans may be extended for not less than 2 years which will later require finance documents of the new house.
8.Stamp Duty LoanWhen a property is bought, it is necessary to pay the stamp duty as well, apart from the price of the house. A specific amount of registration fee must also be paid, if the property’s value comes to ten lakhs.
9.Land Purchase Loan- Land-purchase loans are given by banks or non-banking financial companies (NBFCs) to buy a plot or land on which the loan applicant wishes to construct a house. Generally banks lend up to 80-85% of the market value of the plot or land.


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Crefite's Home Loan EMI Calculator is quick and efficient. Just input your loan requirement, loan tenure and interest rate and you get to see your monthly loan instalment and loan ammortization schedule in seconds.Crefite's Home Loan EMI Calculator helps you to arrive at the EMI that suits your wallet and repaying capacity. Visit

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