Top 10 Best Home Loan Providers of 2019

Home Loan

Buying your own house is a dream for many. But the sky-high price of real estates makes this dream a rare possibility for most of us. But don’t worry. Home Loan is your savior. With the help of a home loan, you can easily fulfill your dream of buying your own house. Home loan is a secured loan which needs collateral (the house you are buying) as a security to the lending institution. Also, you can use the home loan amount for renovating your house or constructing a new house. The home loan involves minimum documentation and easy approval process. With Equated Monthly Instalments (EMIs), you can easily repay your loan.

Here are some of the key features of the home loan-

  • Home loan is a secured loan which requires collateral as security.
  • Apart from buying the new house, you can take a home loan for – renovating your house, extending your existing home and so on.
  • Easy paperwork with competitive interest rates and flexible tenure.
  • Repayment period is maximum 20-25 years.
  • No hidden charges are required.

Interest Rates of top 10 Home Loan Providers

When applying for the home loan, the most important thing that you consider is the interest rates charged on it. So, here is the list of top 10 banks and NBFCs who are providing a home loan at attractive interest rates in 2019.

Banks/NBFCsRate of InterestProcessing Fees
State Bank of India Home Loan8.30%-8.50% (for women)
8.40%-8.75% (for others)
Rs. 2200-12000
HDFC Bank8.40%-8.60% (for women)
(for others)
Up to 0.5% of the home loan amount
LIC Housing Finance7.35%-7.75%Up to Rs. 1 crore- Rs. 5000
Above RS. 1 crore- Rs. 10000
ICICI Bank8.40%-9.40%0.5%-1% of the home loan amount
Axis Bank8.30%-10.30%Up to 1% of the home loan amount
DHFL8.90%-9.80% (for self-employed)
(for salaried)
Up to 1% of the home loan amount
Indiabulls8.30%-11.55%Up to 1% of the home loan amount
(for self-employed)
(for salaried)
Rs. 10000
Tata Capital   8.70%-9%0.2% of the home loan amount
PNB Housing Finance Ltd.8.40%-10.55%Up to 1% of the home loan amount

Eligibility Criteria to apply for Home Loan

Before sanctioning the home loan, every lending institutions checks the eligibility criteria of the customers. Below criteria are checked by the banking institutions.

CriteriaSalaried CustomerSelf-Employed Customer
AgeMin- 24 years
Max- 60 years
Min- 24 years
Max- 65 years
IncomeRs. 1,30,000 per annumRs. 1,60,000 per annum
Employment StabilityFull-time job of at least 2-3 years of experienceMinimum 45-46 years of experience with good turnover
Co-applicantOnly family membersOnly family members
CIBIL Score750 or above750 or above

Documents Required to apply for Home Loan

Following are the set of documents that you need to submit to apply for home loan.

  • ID proof- PAN card, AADHAAR card, Voter ID card.
  • Address proof- Any utility bill such as Electricity or Gas bill, Driving License, Passport.
  • Passport size photograph.
  • Appointment letter and job continuity proof for a salaried individual.
  • Income documents
    • For Salaried
      • Form 16
      • Last 3 months Salary slip
  • For Self-employed
    • Balance Sheet, Profit & Loss A/C of last 2 years.
    • Last 3 years Income Tax return
  • Property Documents
    • Allotment letter by the Housing Board/Society.
    • No objection certificate (NOC) from the concern Housing Board/Society.
    • Estimate of the cost of the house.

Benefits to apply for Home Loan

Before applying for a home loan, just have a look at the benefits of applying for home loan.

  • You need to submit minimum documents to apply for home loan.
  • To repay the home loan, you get a maximum of 20 to 25 years.
  • Interest charged for home loan is minimum of 8.30%, which is quite awesome.
  • You can get tax benefit on home loan under Section 24 of Income Tax Act, 1961.
  • Also, a home loan is applicable for tax deduction under Section 80C of Income Tax Act, 1961.

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