Home Loan

When it comes to buying a home, most people in India turn to home loans to fulfill their dreams of homeownership. With the real estate market booming and the availability of various financing options, choosing the right home loan has become increasingly crucial. Whether you’re a first-time homebuyer or looking to refinance your existing mortgage, finding the best home loan in India requires careful consideration of interest rates, loan tenure, eligibility criteria, and other factors. Here we will explore some of the top home loan options available in India, helping you navigate through the sea of choices to make an informed decision that aligns with your financial goals.

Best Home Loans in India

Aditya Birla Capital

Aditya Birla Capital home loans provide individuals with the necessary funds to purchase their dream homes. With competitive interest rates, flexible repayment options, and a hassle-free application process, Aditya Birla Capital ensures that customers can experience a seamless borrowing experience. Whether you’re a salaried individual or a self-employed professional, Aditya Birla Capital home loans cater to diverse needs, offering loan amounts that suit various budgets. With their customer-centric approach and commitment to transparency, Aditya Birla Capital stands out as a reliable option for individuals seeking a trusted home loan provider in India.

Interest rate:
9.05% onwards p.a.

Age:
Minimum age – 21 years
Maximum age – Salaried 60 years, Self employed 70 years

Loan amount:
₹ 5,00,000 to 75 to 90 per cent of the property cost.

Key Features:

• Competitive interest rates based on loan amount and tenure.
• Doorstep services for quick and transparent loan processing.
• Loan tenure up to 30 years.
• No prepayment charges for floating rate home loans given to individuals.
• Option to transfer the balance amount.

Axis Bank

As one of India’s leading private sector banks, Axis Bank offers competitive interest rates, flexible repayment options, and convenient loan processing. With Axis Bank home loan, borrowers can avail substantial loan amounts, depending on their income and creditworthiness. The bank also provides additional benefits such as balance transfer facilities, doorstep service, and attractive schemes to suit the diverse needs of customers. Whether it’s buying a new house, renovating an existing property, or transferring an existing home loan, Axis Bank offers reliable and customer-centric solutions for individuals seeking financial support in fulfilling their housing aspirations.

Interest rate:
Floating Rate: Repo Rate + 2.50% to Repo Rate + 2.90% (9.00% – 9.40% p.a.)
Fixed Rate: All Loan Amounts (14% p.a.)

Age:
21 years to 65 years

Loan amount:
Minimum – Rs. 3 lakhs

Key Features:

• Borrowers can enjoy smaller EMIs, which make it easier to manage monthly repayments.
• There are no prepayment charges, allowing individuals to pay off their loan earlier without any extra fees.
• Axis Bank offers both floating and fixed interest rates, giving borrowers the flexibility to choose an option that suits their financial preferences.
• Individuals can avail home loans from Axis Bank starting from as low as Rs. 3 lakhs, making it accessible for a wide range of housing needs in India.

ICICI Bank

ICICI Bank home loans are designed to help individuals fulfill their dream of owning a home. With competitive interest rates and flexible repayment options, ICICI Bank provides convenient and affordable solutions for purchasing or constructing residential properties. The bank offers a streamlined application process, quick loan approvals, and personalized customer service to ensure a smooth and hassle-free experience for borrowers. Whether you are a salaried individual or a self-employed professional, ICICI Bank home loans cater to various needs and budgets, making homeownership more accessible and achievable for many.

Interest rate:
9.00%

Age:
21 years to 70 years

Loan amount:
Upto Rs. 5 crores

Key Features:

• Women can apply for a home loan along with non-working female partners and enjoy lower interest rates.
• Getting a home loan from ICICI Bank is convenient and straightforward.
• The bank provides a free doorstep service, saving you time and effort.
• You can benefit from low Equated Monthly Installments (EMIs) by opting for a higher tenure, making repayment more manageable.

Union Bank of India

Union Bank of India offers a comprehensive and flexible home loan scheme with competitive interest rates, attractive loan amounts, and flexible repayment options to suit the diverse needs of its customers. Union Bank of India also provides personalized guidance and support throughout the loan application process, ensuring a hassle-free experience for homebuyers. Whether it’s buying a new home or constructing one, Union Bank’s Home Loan is designed to make the journey towards homeownership easier and more affordable.

Interest rate:
9.00%

Age:
18 years to 75 years

Loan amount:
30 lakhs to 2 crores

Key Features:

• Home loans with fixed and floating rates are available.
• Attractive schemes for first-time homebuyers.
• Option to transfer an existing home loan to Union Bank for better terms.
• Special offers and benefits for eligible customers.

State Bank Of India

SBI understands the diverse needs of its customers and provides tailored solutions for purchasing a new house, constructing a home, or renovating an existing property. It offers assistance in transferring existing home loans from other financial institutions, making it easier for customers to benefit from better terms and conditions. With its trusted reputation and customer-centric approach, SBI Home Loan provides a reliable pathway to turn homeownership dreams into reality.

Interest rate:
8.50%

Age:
18 years to 70 years

Loan amount:
30 lakhs to 2 crores

Key Features:

• The property is carefully inspected to ensure its quality and condition.
• They have clear and easy-to-understand charges, so you know exactly what you’re paying for.
• Interest is calculated on a daily basis, which means you save more money in the long run as your loan balance decreases.

HDFC Bank

With competitive interest rates, flexible repayment options, and hassle-free application processes, HDFC Bank aims to make home ownership more accessible and affordable for customers. Whether it’s buying a new property, renovating an existing one, or transferring an existing home loan to HDFC Bank, their comprehensive range of home loan solutions caters to diverse needs. HDFC Bank’s commitment to customer satisfaction and their expertise in the housing finance sector have made HDFC Bank Home Loan a trusted choice among prospective homebuyers in India.

Interest rate:
8.40% to 9.00%

Age:
18 years to 70 years

Loan amount:
Upto 75 Lakhs
Loans above ₹75 lacs – 75% of the property cost

Key Features:

• The entire home loan application and approval process can be completed online, saving you time and effort.
• Offers flexible repayment plans tailored to your financial situation, making it easier for you to manage your loan.
• With a vast network of branches across India, you can avail and service your home loan conveniently, no matter where you are located.

Kotak Mahindra Bank

Kotak Mahindra Bank Home loan offers a reliable and convenient financing solution for individuals aspiring to own their dream homes. With attractive interest rates and flexible repayment options, Kotak Mahindra Bank ensures that customers can easily fulfill their housing aspirations. Whether it’s purchasing a new property or renovating an existing one, the bank provides competitive loan amounts based on the customer’s eligibility. Additionally, Kotak Mahindra Bank Home loan offers quick and hassle-free processing, making it an ideal choice for individuals seeking financial assistance to realize their homeownership goals.

Interest rate:
Salaried – 8.75% to 9.35%
Self-employed – 8.80% to 9.60%

Age:
Salaried – 18 to 60 years.
Self-employed persons – 18 to 65 years.

Loan amount:
50,000 to 25 lakhs

Key Features:

• If you have an unpredictable income, using an overdraft option can be a great way to pay back your home loan.
• Borrowers can take out money from their loan account using an overdraft.
• Having the overdraft option is especially helpful for people who don’t have a steady income.

Canara Bank

Canara Bank Home Loan is a popular financing option offered by Canara Bank, one of the leading public sector banks in India. With its extensive network and customer-centric approach, it offers competitive interest rates, flexible repayment options, and attractive loan amounts to suit the diverse needs of borrowers. Whether it’s purchasing a new house or constructing one, renovating an existing property, or buying a plot of land, Canara Bank provides tailored solutions to cater to different housing requirements. With a simplified application process and quick loan approval, Canara Bank Home Loan strives to make the home buying experience hassle-free and accessible to all.

Interest rate:
9.25%

Age:
21 to 60 years

Loan amount:
up to 10 crores

Key Features:

• This bank has been around for over 100 years and is known to be reliable.
• You could repay your loan up to the age of 75.
• Convenient online application process.
• Option for balance transfer.

LIC Housing Finance

LIC Housing Finance is a well-known name in the housing finance sector. It is a subsidiary of Life Insurance Corporation of India (LIC) and offers a range of home loan products and services. With competitive interest rates and flexible repayment options, LIC Housing Finance provides financial assistance to individuals and families in realizing their dream of owning a home. It offers attractive loan tenure options and provides guidance throughout the documentation and paperwork process.

Interest rate:
9.70% to 11.55%

Age:
21 to 70 years

Loan amount:
1 lakh onward

Key Features:

• It is a subsidiary of Life Insurance Corporation of India (LIC), which is a renowned insurance company.
• It has a wide network of branches across India, making it easily accessible to customers.
• This bank offers lower and floating interest rates.
• If you choose this bank, you do not need to pay for prepayment.

PNB Housing Finance

PNB Housing Finance is a leading housing finance company in India that provides a range of financial services related to home loans and mortgages. This home loan can cover up to 90%* of the total cost of your property. It comes with fantastic advantages such as low-interest rates, minimal paperwork, a long time to repay the loan, fast approval, and excellent customer service. PNB Housing has more than 30 years of experience and the trust of its customers. They offer affordable Housing Loans that suit your budget. Whether you want to buy a new home, construct one from scratch, or renovate an existing property, you can easily apply for a Home Loan online.

Interest rate:
for salaried – 8.75%* per annum
for self-employed individuals – 8.80%*.

Age:
21 to 70 years

Loan amount:
up to 35 lakhs

Key Features:

• Longer-term loans from PNB Housing let you pay smaller monthly installments (EMIs) so you can focus on other goals.
• Provides 30-year housing loans until the age of 70.
• Ease the burden of downpayment by offering financing up to 90% of the house value, leaving you to arrange only the remaining 10%.
• Offers personalized doorstep services, online customer portal, and customized eligibility programs to ensure a hassle-free loan experience.
• If you take a loan to build a house, PNB Housing allows you to request an increase in the loan amount if the building cost goes up.

When it comes to finding the best home loan in India, it’s crucial to consider various factors. While each individual’s financial situation and requirements may differ, the top contenders in the home loan market, including banks, non-banking financial companies (NBFCs), and housing finance companies, offer a range of options to suit different needs. By thoroughly researching and comparing the available offerings, you can make an informed decision and secure a loan that not only fulfills your dream of owning a home but also ensures financial stability and peace of mind in the long run. Remember, a well-chosen home loan can be a stepping stone towards a brighter future and a place to call your own.