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Do you know how a large amount more living in a rented house cost than paying home loan EMIs? Now that government has given you the opportunity to save your money through PMAY - CLSS, why would you choose to live in a rented home? A home buy through loan not even gives you a shelter of your personal but also helps in saving tax. You can check compare the difference among monthly EMI and rent for the tenure of 20 years to see what we the reality.
What are the eligibility criteria for Home Loan?
Home loan eligibility means the criteria set by the bank to come to a decision whether you can get the loan or not. The table shows the criteria in common for a home loan at all banks.
|
Parameters |
Salaried |
Self-employed |
|
Age |
Age should be between 21-60 years |
Age must be between 21-65 years |
|
Income |
Minimum income of ₹1,80,000 p.a. |
Minimum income of ₹1,80,000 p.a. |
|
Current Experience |
2-3 years of current job stability |
3 years of current business stability |
You can also check your home loan eligibility to know the highest loan amount you are eligible for so that you can plan your funding accordingly. Also, other than your income, age and professional strength, your property position and CIBIL score are very important. Lenders, in general, prefer CIBIL score of 650 or above and an approved location before approving your loan.
What documents required for a home loan?
Below is the list of documents you are required to have to apply and get approval for housing loans is here:
|
Documents |
Salaried |
Self-Employed |
|
Identity Proof |
Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License |
Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License |
|
Address Proof |
Passport/Aadhaar Card /Utility Bill/Rent Agreement |
Passport/Aadhaar Card /Utility Bill/Rent Agreement |
|
Passport Size Photograph |
2 passport Size Photographs |
2 passport Size Photographs |
|
Income Proof |
Latest 3 months Salary Slips and Form 16. |
Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, GST Returns etc., |
|
Bank Statement |
Latest 6 months statement where your salary is getting credited |
Latest 1 year bank statement both current and savings. |
|
Property Documents |
Complete chain of property papers. (No property is required for pre-approval only) |
Complete chain of property papers. (No property is required for pre-approval only) |
|
Advance Processing Cheque |
Login fee cheque as per Bank |
Login fee cheque as per Bank |
How to Apply for Home Loan Online at Loan Markeet?
The procedure of applying is simple as the team here makes sure that you get the best deal. The expert advice is helpful in receiving lowest interest rates as per your eligibility. Some of the top Banks & NBFC's for home loans are SBI, HDFC, DHFL, ICICI Bank, Indiabulls, LIC among others. So, to get approved by any of these top Banks, make sure you have all the documents.
Top Banks & NBFC's Offering Home Loans in India 2018
Here is the list of top banks offering lowest housing loan interest rates in India. You can choose the lender on the basis of the rate, processing fees, loan amount and approval criteria. Compare and apply online for best home loans.
|
Banks |
MaximumTenure(in years) |
Interest Rate (p.a) |
Processing Fee |
|
HDFC Ltd |
30 |
8.70%-9.15% |
₹10,000 + GST |
|
Citibank |
25 |
8.50%-9.20% |
Up to 0.40% of the loan amount + GST |
|
Standard Chartered Bank |
20 |
8.51%-8.60% |
₹10,000 + GST |
|
Axis Bank |
30 |
8.50%-8.85% |
Salaried: Up to ₹1 Crore – ₹10,000 + GST |
|
Bajaj Finserv |
20 |
8.50%-10% |
1% of the loan amount + GST |
|
SBI |
30 |
8.50%-9.00% |
0.35% + GST (Max 10,000 + GST |
|
ICICI Bank |
30 |
8.55%-9.05% |
0.50% - 1.00% of the loan amount or ₹ 1500/- |
|
LIC HFL |
30 |
8.50%-8.90% |
Up to ₹1 Crore - ₹5,000 + GST |
|
Kotak Bank |
20 |
8.60%-8.70% |
Salaried: ₹10,000 + GST |
|
PNB HFL |
30 |
8.85%-11.75% |
₹10,000 + GST |
|
DHFL |
30 |
9.05%-9.95% |
Salaried: ₹5000 + GST – Upto ₹30 Lakh |
|
Indiabulls Housing Finance |
30 |
8.70%-10.80% |
Loan Amount Up to ₹30 lakhs - ₹75,000+ GST |
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