Housing Loan Interest Rates, EMIs, Schemes Available and Apply Online

Housing loans are one step solution for purchasing a new dream house. Banks provide housing loans for number of housing needs. Housing loans, interest rates of different banks and other details on housing loan are provided in the article below.

Updated: Aug 30,2019 17:10 IST

Vikram Sharma

An Introduction to Housing Loan

Apart from other financial sources, Housing Loans stand as a major choice when a person is planning on purchase of new house or land or any extension/renovation works related to ones house. Most of the banks across India and few NBFCs (Non Banking Financial Company) come forward to offer Housing Loans under different category. Key details of housing loan are listed in the below table for reference and certain details varies with different banks.
 

Interest rates

8.35% - 18%

Processing fees

Varies with bank

Loan tenure

Upto 30 years

Pre-payment charges

Varies with bank

Pre-closure charges

Varies with bank

What is the  Eligibility Criteria to Obtain Housing Loan?

There are number of banks who come forward with good offers and provide housing loans. But, they set certain eligibility on which they approve the housing loan applied. Eligibility to avail housing Loan is determined by the bank and differs for each bank. Here are some eligibility criteria that are most common in most of the banks. The eligibility is based on
  • Age of the Applicant
  • Income of the Applicant and Co-applicant
  • Family Details
  • Employment/Business
  • Qualification
  • Professional Experience
  • Past Loan Record
  • Details of Assets
  • Investments
The bank checks the above given criteria before approving housing loan and only eligible candidates are sanctioned with loan. Apart from all these, bank checks the CIBIL Score of an individual.

What are the Documents Required to Obtain Housing Loan?

If you are to apply for housing Loan you should be first aware that the paperworks play an important role. Before going on with the process make sure you hold all the necessary details that are required and to be submitted in the bank. The main documents required are listed below.
  • Photo ID
  • ID for Age Proof
  • Filled in Application along with the Applicant’s photograph and signature
  • Cheque for the Processing Fee
  • Bank Statement - Last 6 months
  • For Salaried Employees - (i) Pay Slip of Last 3 months; (ii) Form 16 or Income Tax Returns
  • For Self-Employed Applicant - Income Tax returns of last three years

How to Use Housing Loan EMI Calculator?

There are many housing loan EMI Calculators available on the internet. Many banks have set up the housing loan calculators on their respective websites. One can search the EMI calculators in the google website. Follow the given steps to know the estimate of the monthly EMI payment.
  • Visit google website and search for the housing loan EMI calculator.
  • Choose any of the websites for calculation.
  • In the spaces provided for loan amount, rate of interest, number of monthly installments, enter their values respectively.
  • Click “Calculate” to know the EMI.

What are the Different Types of Housing Loans?

Housing Loans are provided by different banks and financial institutions under different categories based on the need of the loan as well as the amount of the loan. Some people take housing loan to purchase a new flat whereas some seek for housing loans for construction of a new house or renovation. Likewise housing loans are obtained to purchase a plot. Loan amount and interest rates of housing loans vary slightly from bank to bank. Some of the types of housing loans are listed below.
  • Home Purchase Loan
  • Home Loan for Construction 
  • Plot Loans
  • Home Extension Loan
  • Home Renovation Loan
  • Home Conversion Loan
  • Balance Transfer Home Loan
  • NRI Home Loan
  • Stamp Duty Loans
  • Bridge Loans

HDFC Housing Loan 

HDFC is considered to be the top Housing Loans provider in the country. It has the quickest processing time, best interest rates and friendly customer-service which attracts customers. Also, HDFC provides lowest interest rates for women. HDFC provides various online services for loan customers where all details related to their home loan can be easily tracked and have a record of. HDFC housing loans are available at attractive interest rates and the flexibility in the types of home loans helps the customers to choose according to their financial requirement. More information on HDFC Home Loans, check this HDFC link.

Axis Bank Housing Loan Types

A detailed overview on different type of housing loans provided by Axis Bank is provided in the table below.
 

housing Loan Name

Loan Amount

Interest Rate

Maximum Tenure

Fast Forward housing Loan

Minumum: Rs. 30 Lac
Maximum: Depends on combined income

Floating

30 yrs

Shubh Aarambh housing Loans

Minumum: Rs. 1 Lac
Maximum: Up to Rs. 30 lacs

Floating

Up to 30 yrs

Asha housing Loan

Minumum: Rs. 1 Lac
Maximum: Up to Rs. 28 lacs

Floating and Fixed

30 yrs

Axis Bank housing Loan

Minumum: Rs. 3 Lac
Maximum: Depends on combined income

Floating and Fixed

30 yrs

Empower housing Loan

Minumum: Rs. 50 Lac
Maximum: Up to Rs. 150 lacs

Floating

15 yrs

Super Saver housing Loan

Minumum: Rs. 50 Lac
Maximum: Depending on the combined income

Floating

20 yrs - for full disbursed
22 yrs - partly disbursed

Top Up housing Loan

Maximum: Rs. 50 lacs

Up to 30% of original sanction amount of housing loan

Same as outstanding housing loan tenure

Pradhan Mantri Awas Yojna

Subsidy given on loan amount against each category

Floating and Fixed

Up to 20 years of loan

Click the link for more details on Axis bank housing loan.

ICICI Housing Loan 

ICICI Bank accounts are very broadly accessed by people and the people opt for  ICICI housing Loan as it has flexible interest rates. With easy documentation, one can avail the ICICI housing Loan.  ICICI housing Loan provides financial support to the people in acquiring an house for their own and increase their asset. ICICI Bank has branches all over the country providing easy accessibility for the customers. To fulfill their dream of owning a house, one can approach ICICI Bank as it provides pre approved housing loans. More details at ICICI Housing Loan.

Indiabulls Housing Loan 

Indiabulls housing Loan help to fulfill the aspirations and dreams of the customers in owning the houses. Indiabulls housing Loan is obtained through easier procedure and formalities. Indiabulls finance has their branches in many cities in India and also in Dubai and London for the convenience of their customers. Indiabulls housing Loan charges their customers at competitive rate of interest and provides various benefits. Indiabulls housing Loan can be applied either by visiting the branch or also through online mode which is designed for customer to access and apply easily even from other countries. Check link for Indiabulls Housing Loan.

DHFL housing Loan

DHFL or Dewan Housing Finance Corporation Limited is a housing finance company headquartered in Mumbai. Apart from banking sectors, DHFL is the top financing company that provides housing loan to lower and middle income groups in semi-urban and rural parts of India. DHFL housing Loans focus on providing affordable Housing Finance to fulfill the dream of millions to own a housing. DHFL housing Loans provides hassle free processing and easy documentation. Click DHFL Housing Loan for more details.

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