Apply for a Home Loan

Please Choose the best suitable Home loan as per your income and get amazing facilities with these loans.

Axis Bank Home Loan

INTEREST RATE

8.90% onwards

PROCESS FEE

Upto 1.00% Min Rs. 5,000 Max Rs. 10,000

TENURE

Max 30 years

Bajaj Finserv Home Loan

INTEREST RATE

8.60% onwards

PROCESS FEE

Up to 0.80% (Salaried), Upto 1.20% (Self Employed)

TENURE

Max 30 years

ICICI Bank Home Loan

INTEREST RATE

9.10% onwards

PROCESS FEE

Upto 1.00% Min Rs. 5,000 Max Rs. 10,000

TENURE

Max 30 years

SBI Home Loan

INTEREST RATE

8.75 onwards

PROCESS FEE

0.50% of loan amount Min Rs. 10,000 Max Rs. 10,000

TENURE

Max 30 years

BankBazaar Home Loan

INTEREST RATE

8.90% onwards

PROCESS FEE

Upto 1.00% Min Rs. 5,000 Max Rs. 10,000

TENURE

Max 30 years

Indiabulls Home Loan

INTEREST RATE

8.60% onwards

PROCESS FEE

Up to 0.80% (Salaried), Upto 1.20% (Self Employed)

TENURE

Max 30 years

PNB Home Loan

INTEREST RATE

9.10% onwards

PROCESS FEE

Upto 1.00% Min Rs. 5,000 Max Rs. 10,000

TENURE

Max 30 years

HDFC Home Loan

INTEREST RATE

8.75 onwards

PROCESS FEE

0.50% of loan amount Min Rs. 10,000 Max Rs. 10,000

TENURE

Max 30 years

HOME LOAN

A home loan is an amount of money an individual borrows from any bank or a money lending company at a given rate of interest to be paid back with an easy monthly instalment (EMI) every month. YES BANK’s home Loan help you realize your dreams without having to worry about financial constraints. We offer flexible loan tenures at competitive home loan interest rates, which enable you to meet your financial requirements. YES BANK provides home Loan for all customers, including those from low income groups and high net worth individuals.

If you wish to determine the amount of home loan, use our home loan calculator. The home loan eligibility and home loan amount you can receive varies on several factors including:

  • Repayment capacity
  • Age
  • Income of loan seeker
  • Number of depends
  • Individuals can avail a home loan not only for the purchase of a new home but also for home improvement or reconstruction. Use our home loan calculator to determine your amount.
  • Home Loan can be offered to salaried individuals, professionals or businessmen or self-employed individuals and NRI’s. Our home loan calculator will help you determine your eligibility.

STEPS TO APPLY FOR HOME LOAN

The steps to complete the home loan process are as follows:

Step 1: Fill The Loan Application Form & Attach The Documents

Step 2: Pay The Processing Fee

Step 3: Discussion With The Bank

Step 4: Valuation Of The Documents

Step 5: The Sanction/Approval Process

Step 6: Processing The Offer Letter

Step 7: Processing The Property Papers Followed By A Legal Check

Step 8: Processing A Technical Check & The Site Estimation

Step 9: The Final Loan Deal, Signing The Agreement, & Disbursal

ADVANTAGE OF HOME LOAN

Sense of accomplishment:Buying a home is one of the biggest financial investments you may make in your lifetime; and that’s not just because of the sentimental value. The sum that most of us sink into our home does make it the largest component of our investment portfolio

Capital Appreciation:For each one of us who has seen property prices boom over the last five years, the prospect of mouth-watering capital appreciation is the biggest argument for buying a home. Construction costs alone, which account for more than 70 per cent of the flat’s cost, have risen at 15 per cent annually in the past decade. Rents too seem to keep up with inflation; making a home one of the few investments can shield you from inflation for the long term.

Low interest rate:Buying a home is a long-term decision of over a 10-year period; the interest rates may go through several up and down cycles. Therefore, you can be sure that you will benefit from falling rates at some point in the cycle.

Tax Benefit: Interest paid:As per Section 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 1.5 lakh towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property. (The deduction stands reduced to Rs. 30,000 in case of loans taken prior to March 01, 1999).

Tax Benefit: Principal Repayment:As per the newly introduced Sections 80C read with section 80CCE of the Income Tax Act, 1961 the principal repayment up to Rs. 1 lakh on your home loan will be allowed as a deduction from the gross total income subject to fulfillment of prescribed conditions.

 

 

ELIGIBILITY TO APPLY FOR HOME LOAN

 

Age of the Applicant 18 to 70 years
Eligible Salary Rs. 25,000 per month and above
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
Maximum EMI as percent of income 65%
Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

PRADHAN MANTRI AAWAS YOJANA

The PMAY is an initiative launched by the government to provide home Loan to help provide affordable housing to the economically weaker sector (EWS) in India. The mission intends to provide more than two crore homes by 2022. Initially the project aims to provide affordable housing in selected towns and cities, while also ensuring these homes are eco-friendly.

The PMAY has been designed to be implemented in three phases:

  • Phase 1 of the programme is expected to run for two years and will cover about 10 cities. The cities will be prioritised according to the housing requirements and the urbanisation ratio for advancing home Loan.

  • Phase 2 will cover housing development in 200 cities and will be implemented two years post the implementation of first phase.

  • By March 2022, and after the completion of the third phase, the housing ministry hopes to provide housing facilities for every Indian.

KEYS TO REMEMBER

  • Research for the banks offering the cheapest home loans.
  • Read the bank’s eligibility criteria carefully before entering the procedure to take home loan.
  • Keep all the ID proofs, address proofs, employment proofs, and other details handy.
  • Do not fake any of the documents, as this will only call for serious troubles.
  • During the face-to-face meeting with the bank representative, ensure to carry the original documents.
  • Just because the applicant is eligible for a home loan, it doesn’t mean he/she can borrow a higher sum.
  • The interest rates are negotiable. So, always use this opportunity for the best.
  • There is a separate fee for processing the loan, reality check, site estimation, and other administrative works.
  • Do not skip any stage during the valuation and verification process.
  • Read every loan document carefully before signing.
  • Once the loan is sanctioned, the original property papers are handed over to the bank and remain with them until the loan is completely repaid.
  • It usually takes about two weeks to complete the process of home loan, provided that the documents submitted by the applicant are valid. 

 

WHICH INTEREST RATE IS BATTER FOR HOME LOAN

 There are two types of home loan interest rates you can choose from – fixed or floating interest rates.

Fixed rate home loans enable you to plan your repayment more easily. Your EMIs remain constant throughout the tenor.

The rate of interest on a floating home loan can decrease as floating rates vary with market conditions. Hence, your EMIs become more affordable. However, the rates can also increase along with the EMIs.

One of the advantages of floating rate home loans is zero charges on foreclosure or part-prepayment.