Compare Home Loan by Different Banks

Through a Home Loan, one can purchase or construct a new house/ apartment; a Home Improvement loan is offered to those who wish to renovate their houses; a Home Extension loan is for consumers planning to add extra space to their house such as a new room or a new wing; a Loan against Property is offered for a individuals seeking loan against an already existing property; a Land Purchase Loan is provided to consumers buying land as an investment, maybe to build a house later on and a Balance transfer loan is basically a home loan to pay off an existing home loan as this enables you to avail a loan with a lower interest rate. The interest rates for Home Loans can be fixed or floating, or partly fixed and or partly floating, suiting the needs of the borrower. We at RupayaBazaar.com provide you all information regarding home loan. Thus, we recommend our viewers COMPARE BEFORE APPLY FOR HOME LOAN .

Bank Name  Interest Rate Range (%)  Lowest EMI Per Rs. One Lakh Tenure Maximum (Years)  Processing Fee  Age (Min - Max) For More Detail & Apply
 8.55 - 9.05  Rs. 871   20 Upto 0.61% 21 - 65 More Detail
 8.65 - 9.70
Rs. 780   30 Upto 0.50% 21 - 65 More Detail
 8.35 - 8.70
Rs. 758   30 Upto 1.00% 21 - 65 More Detail
 8.35 - 9.35  Rs. 758   30 Upto 0.50% 21 - 65 More Detail
 8.35 - 8.50
Rs. 758   30 Upto 0.25% 21 - 65 More Detail
 8.70 - 9.20
Rs. 783   30 Upto 0.50% 21 - 65 More Detail
 8.35 - 9.05  Rs. 758   30 Upto 0.50% 21 - 55 More Detail
 8.60 - 9.35  Rs. 812   25 - 23 - 65 More Detail
 8.75 - 9.00
Rs. 787   30 Upto 0.50% 18 - 65 More Detail
 8.55 - 8.65  Rs. 809   25 Upto 0.50% 21 - 65 More Detail
 8.35 - 10.00
Rs. 758   30 Upto 0.50% 21 - 65 More Detail
 8.95 - 9.20
Rs. 801   30 Upto 0.50% 21 - 65 More Detail
 8.35 - 9.80
Rs. 758   30 Upto 0.50% 24 - 65 More Detail
 8.35 - 8.85  Rs. 758   30 Upto 1.00% 21 - 65 More Detail
 8.35 - 9.50
Rs. 758   30 Upto 0.50% 22 - 70 More Detail
 8.35 - 12.25  Rs. 758   30 Upto 0.50% 21 - 65 More Detail
 8.75 - 9.85  Rs. 884   20 Upto 0.23% 18 - 60 More Detail
 8.55 - 8.80
Rs. 772   30 Upto 0.53% 21 - 60 More Detail
 9.00 - 9.85  Rs. 839   25 - 21 - 65 More Detail
 8.40 - 8.60
Rs. 862   20 - 21 - 65 More Detail
 8.50 - 8.90
Rs. 769   30 Upto 0.50% 21 - 65 More Detail
 8.35 - 9.55  Rs. 758   30 Upto 0.50% 21 - 65 More Detail
 8.50 - 10.75  Rs. 769   30 Upto 1.00% 21 - 70 More Detail
 8.35 - 11.90
Rs. 758   30 Upto 0.35% 18 - 70 More Detail
 8.75 - 8.75  Rs. 787   30 Upto 0.13% 21 - 65 More Detail
8.30 - 8.35 Rs. 755 30 Upto 0.50% 21 - 65 More Detail
8.50 - 11.70 Rs. 769 30 Upto 0.50% 21 - 65 More Detail

FAQ on Home Loan

Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the loan. The bank or financial institution will hold the title or deed to the property till the loan has been paid back with the interest due for it.
You can generally seek a first time home loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to seek specific clarifications on the above-mentioned issues from your commercial bank.
Through a Home Loan, one can purchase or construct a new house/ apartment; a Home Improvement loan is offered to those who wish to renovate their houses; a Home Extension loan is for consumers planning to add extra space to their house such as a new room or a new wing; a Loan against Property is offered for a individuals seeking loan against an already existing property; a Land Purchase Loan is provided to consumers buying land as an investment, maybe to build a house later on and a Balance transfer loan is basically a home loan to pay off an existing home loan as this enables you to avail a loan with a lower interest rate.
Your bank will assess your repayment capacity while deciding the home loan eligibility. Repayment capacity is based on your monthly disposable / surplus income, (which in turn is based on factors such as total monthly income / surplus less monthly expenses) and other factors like spouse's income, assets, liabilities, stability of income etc. The main concern of the bank is to make sure that you comfortably repay the loan on time and ensure end use. The higher the monthly disposable income, higher will be the amount you will be eligible for loan. Typically a bank assumes that about 55-60 % of your monthly disposable / surplus income is available for repayment of loan. However, some banks calculate the income available for EMI payments based on an individual’s gross income and not on his disposable income. The amount of the loan depends on the tenure of the loan and the rate of interest also as these variables determine your monthly outgo / outflow which in turn depends on your disposable income. Banks generally fix an upper age limit for home loan applicants.
You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest. Repayment by way of EMI starts from the month following the month in which you take full disbursement.
The amount that can be financed typically depends on the status of the borrower (resident/non-resident), type of home loan (renovation, property purchase, property extension) and the financial institute. It is generally offered for up to 80-85% of the cost of the property.
Banks generally offer either of the following loan options: Floating Rate Home Loans and Fixed Rate Home Loans. For a Fixed Rate Loan, the rate of interest is fixed either for the entire tenure of the loan or a certain part of the tenure of the loan. In case of a pure fixed loan, the EMI due to the bank remains constant. If a bank offers a Loan which is fixed only for a certain period of the tenure of the loan, please try to elicit information from the bank whether the rates may be raised after the period (reset clause). You may try to negotiate a lock-in that should include the rate that you have agreed upon initially and the period the lock-in lasts. Hence, the EMI of a fixed rate loan is known in advance. This is the cash outflow that can be planned for at the outset of the loan. If the inflation and the interest rate in the economy move up over the years, a fixed EMI is attractively stagnant and is easier to plan for. However, if you have fixed EMI, any reduction in interest rates in the market, will not benefit you.
For a Home Loan, the basic registration charges, transfer charges and stamp duty costs are added to the cost of the home. Some other charges include: Processing charge or booking fee – paid to the lender when you apply for the loan. It could be fixed or a percentage of the loan amount Pre-payment penalty – if the loan is repaid before the agreed duration, some lenders may charge a penalty, up to 2% of the amount pre-paid. Miscellaneous costs – there could be a documentation or legal fee, also known as “application fee”
The longer the tenure of the loan, the lesser will be your monthly EMI outflow. Shorter tenures mean greater EMI burden, but your loan is repaid faster. If you have a short-term cash flow mismatch, your bank may increase the tenure of the loan, and your EMI burden comes down. But longer tenures mean payment of larger interest towards the loan and make it more expensive.
Sometimes loan is disbursed in installments, depending on the stages of completion of the housing project. Pending final disbursement, you may be required to pay interest only on the portion of the loan disbursed. This interest called pre-EMI interest. Pre-EMI interest is payable every month from the date of each disbursement up to the date of commencement of EMI. However, many banks offer a special facility whereby customers can choose the installments they wish to pay for under construction properties till the time the property is ready for possession. Anything paid over and above the interest by the customer goes towards Principal repayment. The customer benefits by starting EMI payment earlier and hence repays the loan faster. Please check with your banker whether this facility is available before availing of the loan.
There are certain tax benefits available on your Home Loan. Please check with your accountant to know of these benefits.