Nationalized Banks
Private Banks
NBFC
Top Nationalized Banks For Home Loan
Punjab & Sind Bank Home Loan
Interest Rate – 7.55% – 10.25%
Loan Amount – ₹5L – ₹5Cr
EMI Per Lakh – ₹2,006 – ₹2,137
Processing Fees – Up to 1% of loan amount.
Pre-Payment Charges – NIL
Bank of Baroda Home Loan
Interest Rate – 9.15% – 10.5%
Loan Amount – ₹10L – ₹10Cr
EMI Per Lakh – ₹2,083 – ₹2,149
Processing Fees – Up to 1% of loan amount.
Pre-Payment Charges – NIL
State Bank of India Home Loan
Interest Rate – 7.5% – 10.7%
Loan Amount – ₹5L – ₹40Cr
EMI Per Lakh – ₹2,004 – ₹2,159
Processing Fees – Up to 1% of the loan amount.
Pre-Payment Charges – NIL
Indian bank Home Loan
Interest Rate – 9.45% – 9.65%
Loan Amount – ₹5L – ₹75L
EMI Per Lakh – ₹2,098 – ₹2,108
Processing Fees – Up to 1% of loan amount.
Pre-Payment Charges – IB Pension Loan Scheme – Up to Rs 25,000- NIL Above Rs 25,000- Rs 250.
Bank of Maharashtra Home Loan
Interest Rate – 7.35% – 10.15%
Loan Amount – ₹10L – ₹2Cr
EMI Per Lakh – ₹1,997 – ₹2,132
Processing Fees – Up to 1% of loan amount.
Pre-Payment Charges – Documentation Charges – 0.20% of the loan amount + GST.
Union Bank of India Home Loan
Interest Rate – 11.4% – 12.65%
Loan Amount – ₹5L – ₹2Cr
EMI Per Lakh – ₹2,194 – ₹2,257
Processing Fees – Up to 1% of the loan amount.
Pre-Payment Charges – Up to 5.5% depending upon scheme and tenure.
Punjab National Bank Home Loan
Interest Rate – 8.5% – 10.8%
Loan Amount – ₹1L – ₹5Cr
EMI Per Lakh – ₹2,052 – ₹2,164
Processing Fees – Up to 1% of loan amount.
Pre-Payment Charges – NIL
Top Private Banks For Home Loan
IDFC FIRST Bank Home Loan
Interest Rate – 8.85% – 10.5%
Loan Amount – ₹1L – ₹10Cr
EMI Per Lakh – ₹2,069 – ₹2,149
Processing Fees – Up to 3.5% of the loan amount.
Pre-Payment Charges – Foreclosure charges 5% of the loan amount.
Axis Bank Home Loan
Interest Rate – 8.75% – 14%
Loan Amount – ₹1L – ₹5Cr
EMI Per Lakh – ₹2,064 – ₹2,327
Processing Fees – Up to 1% of the loan amount or ₹10,000 (whichever is higher) + GST (as applicable).
Pre-Payment Charges – 0 – 2%
Kotak Bank Home Loan
Interest Rate – 8.65% – 12%
Loan Amount – ₹10L – ₹10Cr
EMI Per Lakh – ₹2,059 – ₹2,224
Processing Fees – Up to 2% of loan amount
Pre-Payment Charges – 0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST
Deutsche Bank Home Loan
Interest Rate – 8.75% – 10%
Loan Amount – ₹5L – ₹25Cr
EMI Per Lakh – ₹2,064 – ₹2,125
Processing Fees – Upto 1% of the loan amount.
Pre-Payment Charges – NIL
IndusInd Bank Home Loan
Interest Rate – 8.5% – 10.57%
Loan Amount – Up to ₹75L
EMI Per Lakh – ₹2,052 – ₹2,153
Processing Fees – Upto 1% of the loan amount.
Pre-Payment Charges – NIL
Reliance Capital Home Loan
Interest Rate – 9.75% – 15%
Loan Amount – ₹7.5L – ₹3Cr
EMI Per Lakh – ₹2,112 – ₹2,379
Processing Fees -Upto 5% of the loan amount.
Pre-Payment Charges – —
ICICI Bank Home Loan
Interest Rate – 8.75% – 11.2%
Loan Amount – ₹3L – ₹5Cr
EMI Per Lakh – ₹2,064 – ₹2,184
Processing Fees – Up to 2% of loan amount.
Pre-Payment Charges – NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest.
- 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest.
- 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual.
- 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers.
HDFC Bank Home Loan
Interest Rate – 8.45% – 9.7%
Loan Amount – ₹1L – ₹10Cr
EMI Per Lakh – ₹2,049 – ₹2,110
Processing Fees – Upto 1.50 % of the Loan amount or upto Rs. 5000/- whichever is higher+ applicable taxes.
Pre-Payment Charges –
- 4% of the outstanding principal (loan tenure between 13 – 24 months).
- 3% of the outstanding principal (loan tenure between 25 – 36 months).
- 2% of the outstanding principal (loan tenure if over 36 months).
Top NBFCs For Home Loan
Godrej Housing Finance Home Loan
Interest Rate – 8.55% – 11%
Loan Amount – ₹5L – ₹10Cr
EMI Per Lakh – ₹2,054 – ₹2,174
Processing Fees – Up to 3% of loan amount.
Pre-Payment Charges – —–
Bajaj Finserv Home Loan
Interest Rate – 7.49% – 17%
Loan Amount – ₹1L – ₹15Cr
EMI Per Lakh – ₹2,003 – ₹2,485
Processing Fees – Up to 4% of the loan amount + GST and other applicable statutory levies.
Pre-Payment Charges – NIL
Muthoot Finance Limited Home Loan
Interest Rate – 11% – 19%
Loan Amount – ₹3L – ₹50L
EMI Per Lakh – ₹2,174 – ₹2,594
Processing Fees – Up to 2% of the loan amount.
Pre-Payment Charges – NIL
L&T Finance Home Loan
Interest Rate – 8.6% – 17%
Loan Amount – ₹20L – ₹10Cr
EMI Per Lakh – ₹2,056 – ₹2,485
Processing Fees – Up to 3% of sanctioned amount + applicable taxes.
Pre-Payment Charges – —–
Hero FinCorp Home Loan
Interest Rate – 11% – 17%
Loan Amount – ₹10L – ₹5Cr
EMI Per Lakh – ₹2,174 – ₹2,485
Processing Fees – Upto 2.5% of the loan amount + applicable taxes.
Pre-Payment Charges – —–
Capital First Ltd. Home Loan
Loan Amount – ₹5L – ₹25Cr
Interest Rate – 9% – 11.5%
EMI Per Lakh – ₹2,076 – ₹2,199
Processing Fees – Rs. 2000 (For loan amount up to Rs. 10 lakh
Pre-Payment Charges -NIL
Tata Capital Housing Finance Limited Home Loan
Interest Rate – 7.99% – 15.9%
Loan Amount – ₹5L – ₹7.5Cr
EMI Per Lakh – ₹2,027 – ₹2,426
Processing Fees – Up to 3% of the loan amount + GST.
Pre-Payment Charges – 2% for payment of more than 25% of the outstanding principal balance.
Home Loan Guide
Home Loan FAQ’s
Q1. Is home loan insurance mandatory?
No, home loan insurance is not legally mandatory. However, many lenders recommend it to protect the borrower’s family from repayment burden in case of unforeseen events.
Q2. How to check home loan eligibility?
You can check your eligibility through online calculators provided by banks or NBFCs. Factors like your income, credit score, age, employment status, and existing debts are considered.
Q3. Can a home loan be transferred to another person?
Yes, it is possible through a process called home loan balance transfer or by selling the property with lender approval. Both parties must meet the lender’s eligibility requirements.
Q4. Is property insurance mandatory for a home loan?
While not legally mandatory, many lenders require it to safeguard the property against risks like fire, natural disasters, or theft.
Q5. How to repay a home loan faster?
Make higher EMIs, part-prepay the loan whenever possible, opt for a shorter tenure, and avoid unnecessary balance transfers unless interest savings are significant.
Q6. How much CIBIL score is required for a home loan?
A CIBIL score of 750 or above is generally preferred by lenders for quick approval and better interest rates.
Q7. How to reduce home loan tenure?
Increase your EMI amount, make regular prepayments, or refinance the loan to a lower tenure with a better interest rate.
Q8. How to apply for a home loan subsidy?
Check if you qualify under the Pradhan Mantri Awas Yojana (PMAY) scheme. Apply through your bank with income proof, property documents, and other required details.
Q9. How much salary is required for a home loan?
There is no fixed amount; it depends on the loan size and tenure. As a rule, your EMI should not exceed 40–50% of your monthly income.
Q10. Who is the lender in a home loan?
The lender is the bank, housing finance company, or NBFC providing the loan amount to the borrower.
Q11. What is NOI in a home loan?
NOI stands for Net Operating Income, which helps assess your repayment capacity by deducting expenses from your total income.
Q12. What is a top-up loan on a home loan?
A top-up loan is an additional loan amount provided by the lender over your existing home loan, often at lower interest rates.
Q13. Is a co-applicant mandatory for a home loan?
No, but having a co-applicant (like a spouse) can increase loan eligibility and improve approval chances.
Q14. What is LTV in a home loan?
LTV stands for Loan-to-Value ratio, which is the percentage of the property’s value that a lender will finance.
Q15. Which bank gives a 90 per cent home loan in India?
Several banks offer up to 90% financing, usually for loans under ₹30 lakh, as per RBI guidelines.
Q16. Can I pay home loan EMI through a credit card?
Most lenders do not allow this directly. However, you may pay via credit card on some platforms, but processing fees apply.
Q17. Can I get a home loan for a bank auction property?
Yes, but only from select lenders and after thorough legal verification of the property’s title.
Q18. Can I take a home loan on my father’s property?
Yes, if you are a co-owner or if the property is transferred to your name with proper documentation.
Q19. Which bank gives home loans in the gram panchayat?
Some regional rural banks and select public sector banks offer home loans for properties in gram panchayat areas, subject to land title verification.
Q20. Can home loans be restructured?
Yes, in special situations like financial hardship, subject to RBI guidelines and lender approval.
Q21. Can home loans be cancelled after sanction?
Yes, but cancellation charges may apply if the loan is already processed or disbursed.
Q22. What is a ₹2.67 lakh subsidy on a home loan?
This refers to the subsidy amount under PMAY for eligible borrowers in the Economically Weaker Section (EWS) and Low Income Group (LIG) categories.
Q23. How is the loan amount decided?
Most lenders provide up to 85% of the property’s cost. The rest (margin money) must be arranged by the buyer. Eligibility depends on age, income, dependents, liabilities, and repayment capacity.
Q24. How long does it take for a home loan to be disbursed?
Typically, 3–15 days after completing documentation, legal checks, and margin money payment.
Q25. What is meant by daily, monthly, and yearly reducing in home loan interest?
- Annual Reducing: Principal reduces once a year, keeping interest higher for longer.
- Monthly Reducing: Principal decreases every month as you pay EMIs.
- Daily Reducing: Principal reduces right after each EMI payment, making it the cheapest option.
Q26. What is a floating rate of interest?
A floating rate changes with market lending rates, meaning your EMI may go up or down.
Q27. What is a fixed rate of interest?
A fixed rate remains constant throughout the loan tenure, giving predictable EMIs.
REALETUS 