Compare Home Loans

Home Loan - Obtain home loans of up to Rs. 10 crore with interest rates starting at 8.40% per annum, processing fees as low as 0.5%, and repayment periods of up to 30 years via CredBharat.

Make the most of extended loan tenures and diverse repayment alternatives when you apply for home loans of up to Rs. 10 crores. Our interest rates commence at 8.40% per annum. CredBharat simplifies the process with straightforward documentation, swift processing, and exceptional customer service, ensuring a response time of just 30 – 45 minutes. With various types of home loans available, you have the flexibility to select from a wide array of features including interest rates, repayment tenures, and loan amounts.

Best Home Loan Plans and Deals

1. Kotak Mahindra Bank - Ideal for Competitive Interest Rates

2. Canara Bank Housing Loan - Optimal Interest Rates for Women

3. Axis Bank Home Loan - Ideal Interest Rates for Salaried Professionals

4. HDFC Reach Home Loans for Self-Employed Professionals

5. SBI Privilege Home Loan for Government Employees

6. HDFC Home Loans for Property Acquisition

7. PNB HFL Plot Loan - Premier Home Loan for Plot and Construction

8. HDFC Home Loans for Existing Customers - Prime Home Loan for Existing Customers

9. SBI Realty Home Loan - Premier Loan for Land Acquisition

10. HDFC Home Loans Balance Transfer - Prime Home Loan Transfer

11. SBI Smart Home Top-Up Loan - Premier Top-Up Home Financing

12. Union Awas Home Loan - Ideal Choice for Low Credit Scores

Eligibility Criteria for Home Loan

Eligibility Criteria Requirement
Age Minimum Age: 18 years and Maximum Age: 70 years
Resident Type The applicant must be (anyone):
  • Resident Indian
  • Non-Resident India (NRI)
  • Person of Indian Origin (PIO)
Employment The applicant can be (anyone):
  • Salaried
  • Self-employed
Net Annual Income At least Rs.5-6 lakh depending on the type of employment
Residence The applicant must have (anyone):
  • A permanent residence
  • A rented residence where they have resided for at least a year before to applying for a loan
Credit score A good credit score of at least 750 or more obtained from a recognised credit bureau

Documents Needed for a Home Loan Application

Identity Proof (any one) Residence Proof (any one) Other Documents
Driving License Copy of Electricity Bill/Water Bill/Telephone Bill Employer Identity Card
PAN Copy of valid Passport/Aadhaar Card/Driving License Duly filled loan application form affixed with 3 passport size photographs
Voter ID   Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport   Bank account statements for all the bank accounts owned by the applicant for the last six months

Documents for Income Verification

For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
Income Tax Returns for the last 3 years Salary Slips for the last three months
Certificate of Qualification (for Doctors/CA and other professionals) Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years  
Business License Details  
Business address proof  
TDS Certificate  

Required Documents for All Non-Resident Indian (NRI) Applicants

Identity Proof (any one) Residence Proof (any one) Other Documents
PAN Telephone bill Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport Electricity bill Proof of residence indicating the applicant’s current overseas address
Driver’s License Water bill Employer Identity Card
Voter ID Card Piped Gas bill If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
  Valid Passport PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
  Driving License The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
  Aadhaar Card The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

Income Proof Documents for NRIs

For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
Proof of income if the applicant/co-applicant is a self-employed professional/businessman. Valid work permit
Business address proof Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years Salary slips for the last 3 months
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries. Bank statements indicating salary credit for the last 6 months
Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months. Copy of the Identity Card issued by the current employer along with the latest salary slip (original).
- Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

Property Documents

Home Loan Fees & Charges

Depending on the type of home loan you are applying for, you may encounter the following charges:

Considerations Before Applying for a Home Loan

Use our Home Loan EMI Calculator

Utilize our EMI calculator to determine your monthly repayment obligations. Simply enter your loan amount, tenure, interest rate, and processing fee to access your EMI and loan amortization particulars.

Present Home Loan Interest Rates

Interest rates are the fees imposed by a lender for borrowing a specific sum over a defined period. They directly influence your EMI. These rates may vary from one lender to another.

Examine Home Loan Processing Charges

This fee is imposed by banks to process your loan request. It is non-refundable and is applied prior to loan disbursement. The charge is determined either as a percentage of the loan amount or as a fixed sum.

Assess Home Loan Qualification

Every bank establishes distinct criteria to assess your eligibility for a home loan. These criteria encompass factors such as age, income, employment status, workplace, the builder from whom you are purchasing the property, and more.

Verify Home Loan Document Requirements

To secure approval for your home loan, you will need to furnish essential documents, including proof of identity and address, income records such as income tax returns and payslips, bank statements, and evidence of the property purchase.

Pradhan Mantri Awas Yojana (PMAY)

Pradhan Mantri Awas Yojana (PMAY) is an initiative by the Government of India that offers a 6.5% interest subsidy on housing loans for eligible beneficiaries.

Types of Home Loans in India

In India, banks offer a variety of housing finance options to cater to different needs. Here are the main types of housing loans available in India, based on an analysis of products offered by top banks:

Home Loan Application Declined

Do's Don't
Ensure that you have researched the loan you want to apply for Do not blindly sign the documents before you read every term and condition on it
Read the fine print before taking the loan Do not forget to compare interest rates offered by different loan providers
Look out for any charges applicable on prepayments and foreclosure Do not default on your monthly payments
Make sure you pay the equated monthly instalments (EMIs) on time Do not apply for a loan just for the sake of it
Ensure that you have a good credit score before you apply Do not sign the home loan agreement before reading the clauses
Apply for a loan amount you are eligible for Do not request for a change in tenure unless you have considered all the aspects
Submit all the necessary documents Do not submit an incomplete or mismatched loan application
Ensure that you have stable employment Do not have too many ongoing loans

What to Do If Your Home Loan Application Faces Rejection?

If your initial home loan application has been declined by the lender, you can certainly explore the option of reapplying for a home loan. Nevertheless, it's important to consider several key factors before doing so.

By addressing these factors and taking appropriate actions, you can improve your chances of securing a home loan successfully even after an initial rejection.

What are the Various Types of Home Loans Available?

Compare Home Loans FAQ's

A home loan, also known as a mortgage, is a secured loan offered by financial institutions to facilitate the purchase of residential properties. This loan can be used to acquire ready-to-move-in houses, apartments, or properties under construction. Both banks and Non-Banking Financial Companies (NBFCs) provide home loans.
To determine the best bank for your home loan, it's advisable to compare loan offers from various banks and lenders. Factors to consider include interest rates, Loan-to-Value (LTV) ratio, processing fees, and loan tenure. Utilize a home loan EMI calculator to compute your monthly installments based on these factors. Keep an eye out for special offers and reduced interest rates that lenders may introduce. Assess your specific requirements before applying to identify the bank that best suits your needs.
Typically, it takes around 3 to 4 weeks to have a home loan sanctioned. However, several factors can influence this timeline. To start, you'll need pre-approval from the lender before loan sanction. While pre-approval indicates your eligibility, it doesn't guarantee immediate disbursal. Delays can occur if there are issues with property or income-related document submissions.
Lenders evaluate various factors when assessing your eligibility for a home loan, including your age, annual income, employment stability, residential status, number of co-applicants, credit score, existing loans, and more.
Fixed-rate home loans have a consistent interest rate throughout the loan tenure. In contrast, floating-rate home loans have variable interest rates that can change periodically based on RBI key policy rates. Floating-rate loans may lead to fluctuating Equated Monthly Installments (EMIs) due to rate changes.
Yes, you can make partial or full prepayments of your outstanding home loan amount before the loan tenure ends. Floating-rate loans typically do not incur prepayment fees, but fixed-rate home loans may have a penalty of up to 2% of the loan amount if prepaid through refinance.
Yes, you can claim tax benefits on both the interest and principal components of your home loan repayments. Under Section 80C of the Income Tax Act, you can receive deductions of up to Rs. 1.50 lakh on the principal amount annually. Section 24 of the IT Act provides benefits of up to Rs. 2 lakh annually on the interest paid for a home loan.
A co-applicant can be an immediate family member, such as your spouse, parents, or major children. All co-owners of the property must also be co-applicants. However, co-applicants do not necessarily have to be co-owners of the property.
Pre-EMI refers to the interest payments made on the partially disbursed loan amount until the entire loan amount is provided. After the final disbursement, regular EMIs comprising both principal and interest components will apply.
The Marginal Cost of Funds-based Lending Rate (MCLR) is the benchmark interest rate set by lenders. It determines the minimum lending rate below which banks cannot offer loans to customers.
Yes, you can switch from a fixed to a floating interest rate on your home loan during the repayment period. Keep in mind that the lender may charge a conversion fee for this change.
The loan repayment period commences after the lender disburses the entire home loan amount. However, you may need to pay monthly interest, called pre-EMI, on the partially disbursed loan. This occurs in most cases until the final disbursement.
Yes, it is possible to have two home loans simultaneously if your lender approves your ability to manage two Equated Monthly Instalments (EMIs) concurrently. However, tax benefits for the second property may differ, and you will need to classify the property as self-occupied or let-out.
No, lenders typically do not provide 100% financing for property purchases. They establish a margin, which is the percentage of the property cost covered by the lending institution. For instance, with a 10% margin, the bank covers 90% of the property value, requiring you to make a down payment for the remaining 10%.
Having other loans, such as a personal loan, can impact your home loan eligibility. Lenders consider your monthly repayments to ensure they are not overly affected by ongoing loans. If your loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.
A personal loan is suitable for various personal needs, but it may not provide the substantial amount required for buying a house. Home loans are the preferred choice for purchasing property due to their higher loan amounts. Home loans also offer top-up loans for additional expenses like furnishing your home.
No, it is not permissible to avail two home loans for the same property, as this would be considered fraudulent. Regulatory bodies like the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) prevent fraudulent practices, including obtaining two loans for the same asset or property.
A joint home loan allows you to include a co-applicant, such as your spouse, parents, or immediate family member, in your loan application. Adding a co-applicant can increase your eligibility as the lender considers their income and credit score. All co-owners of the property must also be co-applicants, although co-applicants do not necessarily have to be co-owners.

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