Home Loans India


Home Loans can be availed for purchasing a ready built house/flat, constructing a home, re-financing existing loans, renovating your home, buying a residential plot or more.  For these various purposes there are various loans offered by various banks :-

Types of home loans

  • Home Loans - This loans helps you buy a new home
  • Home Construction Loan - Construction of existing home or building a house in a new plot.
  • Home Extension Loan - Expanding or extending an existing home. For eg: addition of an extra room, bathroom etc.
  • Home Improvement Loans - For repair works and renovations for a home you have already occupied.
  • Home Conversion Loan - For those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required.
  • Bridge Loans - To help the customer to bridge the gap between the new plot purchased and old sold.
  • Land Purchase Loans - For purchase of land for either construction or investment purposes
  • Stamp-duty Loans - For loans to pay the stamp duty amount that needs to be paid on the purchase of a property.


Banks offering home loans in India

  • HDFC Bank
  • ICICI Bank
  • LIC Housing Finance
  • State Bank of India
  • IDBI Housing Finance
  • Axis Bank
  • Standared Chartered
  • Kotak Mahindra Bank
  • ABN Amro bank


Types of Interest Rates Home Loans

Annual reducing:
The principal amount of the home loan for which you pay interest reduces only end of the year.

Monthly reducing:
In monthly reducing  the principal amount , for which interest is paid, reduces every month as you pay your EMI.

Daily Reducing:
The principal for which interest is paid, reduces from the day you pay your EMI. EMI in the daily reducing system is less than the monthly reducing system.

Fixed Rate of Interest -
The rate of interest is fixed if it does not change for the EMI remains the same and it does not fluctuate on basis of the ups and downs in the market. The plus point is that even if the home loan rates are low, you have to pay the fixed amount.

Floating rate
The rate of interest keeps fluctualting depending on the market. The interest in India is calculated on monthly reducing or yearly reducing balance.


EMI (Equated Monthly Installment)
EMI is the montly amount you have to pay the bank for your home loan, for the said period until the full amount is paid. This amount has both the interest as well as the principal.

EMI is calculated - l x r [(1+r)n /(1+r)n-1 ] x 1/12  where l = loan, r = rate of interest and n = term of loan


Eligibility of Home Loan

Indian citizens as well as NRI's can apply for home loans. The few must criteria followed by mostly all banks are that the person should be above 21 years of age. The loan maturity term should be below 65 years. The person should be self employed or salaried.


Other costs accompanying the home loan

  • Processing Charge: It is the fee taken by the loan lender. It could either be a fixed amount or a particular percent of the loan.
  • Pre-payment Penalties: When a loan is paid back before the end of the said time, a penalty is charged on the repayment.
  • Commitment Fees - In case the loan is not taken within the time by the person availing the loan a fee is charged called the commitment fee.
  • Registration fees







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Types of home loans

  • Home Loans - This loans helps you buy a new home
  • Home Construction Loan - Construction of existing home or building a house in a new plot.
  • Home Extension Loan - Expanding or extending an existing home. For eg: addition of an extra room, bathroom etc.
  • Home Improvement Loans - For repair works and renovations for a home you have already occupied.
  • Home Conversion Loan - For those who have financed the present home with a home loan and wish to purchase and move to another home for which some extra funds are required.
  • Bridge Loans - To help the customer to bridge the gap between the new plot purchased and old sold.
  • Land Purchase Loans - For purchase of land for either construction or investment purposes
  • Stamp-duty Loans - For loans to pay the stamp duty amount that needs to be paid on the purchase of a property.


Banks offering home loans in India

  • HDFC Bank
  • ICICI Bank
  • LIC Housing Finance
  • State Bank of India
  • IDBI Housing Finance
  • Axis Bank
  • Standared Chartered
  • Kotak Mahindra Bank
  • ABN Amro bank


Types of Interest Rates Home Loans

Annual reducing:
The principal amount of the home loan for which you pay interest reduces only end of the year.

Monthly reducing:
In monthly reducing  the principal amount , for which interest is paid, reduces every month as you pay your EMI.

Daily Reducing:
The principal for which interest is paid, reduces from the day you pay your EMI. EMI in the daily reducing system is less than the monthly reducing system.

Fixed Rate of Interest -
The rate of interest is fixed if it does not change for the EMI remains the same and it does not fluctuate on basis of the ups and downs in the market. The plus point is that even if the home loan rates are low, you have to pay the fixed amount.

Floating rate
The rate of interest keeps fluctualting depending on the market. The interest in India is calculated on monthly reducing or yearly reducing balance.


EMI (Equated Monthly Installment)
EMI is the montly amount you have to pay the bank for your home loan, for the said period until the full amount is paid. This amount has both the interest as well as the principal.

EMI is calculated - l x r [(1+r)n /(1+r)n-1 ] x 1/12  where l = loan, r = rate of interest and n = term of loan


Eligibility of Home Loan

Indian citizens as well as NRI's can apply for home loans. The few must criteria followed by mostly all banks are that the person should be above 21 years of age. The loan maturity term should be below 65 years. The person should be self employed or salaried.


Other costs accompanying the home loan

  • Processing Charge: It is the fee taken by the loan lender. It could either be a fixed amount or a particular percent of the loan.
  • Pre-payment Penalties: When a loan is paid back before the end of the said time, a penalty is charged on the repayment.
  • Commitment Fees - In case the loan is not taken within the time by the person availing the loan a fee is charged called the commitment fee.
  • Registration fees







Banks offering home loans in India

  • HDFC Bank
  • ICICI Bank
  • LIC Housing Finance
  • State Bank of India
  • IDBI Housing Finance
  • Axis Bank
  • Standared Chartered
  • Kotak Mahindra Bank
  • ABN Amro bank


Types of Interest Rates Home Loans

Annual reducing:
The principal amount of the home loan for which you pay interest reduces only end of the year.

Monthly reducing:
In monthly reducing  the principal amount , for which interest is paid, reduces every month as you pay your EMI.

Daily Reducing:
The principal for which interest is paid, reduces from the day you pay your EMI. EMI in the daily reducing system is less than the monthly reducing system.

Fixed Rate of Interest -
The rate of interest is fixed if it does not change for the EMI remains the same and it does not fluctuate on basis of the ups and downs in the market. The plus point is that even if the home loan rates are low, you have to pay the fixed amount.

Floating rate
The rate of interest keeps fluctualting depending on the market. The interest in India is calculated on monthly reducing or yearly reducing balance.


EMI (Equated Monthly Installment)
EMI is the montly amount you have to pay the bank for your home loan, for the said period until the full amount is paid. This amount has both the interest as well as the principal.

EMI is calculated - l x r [(1+r)n /(1+r)n-1 ] x 1/12  where l = loan, r = rate of interest and n = term of loan


Eligibility of Home Loan

Indian citizens as well as NRI's can apply for home loans. The few must criteria followed by mostly all banks are that the person should be above 21 years of age. The loan maturity term should be below 65 years. The person should be self employed or salaried.


Other costs accompanying the home loan

  • Processing Charge: It is the fee taken by the loan lender. It could either be a fixed amount or a particular percent of the loan.
  • Pre-payment Penalties: When a loan is paid back before the end of the said time, a penalty is charged on the repayment.
  • Commitment Fees - In case the loan is not taken within the time by the person availing the loan a fee is charged called the commitment fee.
  • Registration fees







 



What are the fees and charges applicable and when should it be paid ?
Who can be the co-applicants?
Is there flexibility in the repayment terms?

Know more


FAQs on Home Loans
Tools - EMI Calculator