Home Loans

Owning a Home is a big dream in India. For making that dream into reality almost everyone need financial support like Loans from Banks and Financial Institutions. A home loan is a loan taken for buying or constructing a home or to make improvements to a residential property. The interest rates of Home Loans started from 8.35% to 14.00% by different Scheduled banks, Private sector banks and financial institutions. Major Banks like SBI, HDFC, ICICI, LIC Housing, PNB, Andhra Bank, Syndicate Bank, Indian Bank etc. SBI and ICICI bank has given a privilege to its women borrowers by providing 0.05% lesser Interest rate than the male borrowers.

Compare the Home Loan Interest rates offered by the different Banks and calculate your EMI based upon entering few particulars in the EMI calculator provided by stirasthi. This calculation will give guidance and make you understand and optimum utilization of your financial sources.

Kinds of home loans:

  • Home Buying Loan For purchasing a new home
  • Home Improvement Loan For Home repair and renovations
  • Home Construction Loan Construction of a new home
  • Home Extension Loan Expanding existing home
  • Land Purchase Loan Purchase of a land, home construction or investment
  • Balance Transfer Loan For clear off of existing home loan and avail lower rate Loan
  • Refinance Loan For Free off your Debts made while buying the present home
  • NRI Loans Exclusive for NRIs to build or buy a home in India

About Home Loans:

EMI Means:

EMI (Equated Monthly Installment) is an amount payable to the Bank every month, till the loan tenure, consists of Principle and interest.

Fixed rate of interest:

The rate of interest remains unchanged for the entire duration of the loan. This means you do not benefit, even if rates of interest drop in the market.

Floating rate of Interest:

The rate of interest that fluctuates according to the market lending rate. This means you stand the risk of paying more than you budgeted for in case the lending rate goes up

EMI Calculator:

Extra costs along with Home Loans:

Processing Charge:

A fee payable to the lender on applying for a loan. It is either a fixed amount not linked to the loan or may also be a percentage of the loan amount. The loan amount required cannot be less than the processing fee.

Pre-payment Penalties:

When a loan is paid back before the end of the agreed duration, a penalty is charged by some banks/companies, which is usually 2% of the amount being paid.

Miscellaneous Costs:

Some lenders may levy documentation or consultant charges.

Tax benefits of home loans:

You can avail home loan Tax benefits under section 24 of the Income Tax Act. By availing a home loan you can claim tax exemptions of up to Rs. 2,00,000/- for interest component of your EMI paid during the financial year. Interest paid up to a maximum of Rs 1, 50,000/- will be eligible for deduction from gross income on loan after completion of construction will be deductible from income from property.

If your spouse is a co-applicant with you in the home loan then both the applicants can double your tax benefits. The applicant and the co-applicants, both are separately eligible for both interest and principal tax benefits while computing tax under the above-mentioned sections of Income Tax Act.

Role of Credit score in getting home loan:

For availing Home Loan, credit score plays a critical role, which is a base of your credit worthiness. The credit score weighs on your past repayment track record. So, Credit score plays a big reference for the lender in sanctioning home loan. Credit Information Bureau of India Limited (CIBIL) is a most popular credit rating bureau in India. A CIBIL Score is three-digit number that ranges between 300 and 900. It is generally a minimum CIBIL score of 750 is considered a good credit score and more than 750 will be a successful credential of the borrower.

Home loan eligibility criteria:

Home loan eligibility criteria include the criterion the loan applicant needs to satisfy in order to be eligible for a home loan. Every lender has different home loan eligibility criteria but they judge the loan applicant's credibility based on some common criteria, such as age, income, work experience and credit history.

The criteria with respect to eligibility for a home loan tend to vary from one lender to another. Following are some key requirements to be taken into consideration:

Target Group: Any salaried, self-employed or professional individual of Indian nationality can apply for a home loan.

Age: The applicant’s age must be 21 years or above

Income Criteria: The applicant should have a regular source of income to satisfy regular EMI Payments. For Business People and self-employed individuals, profit earned by you determines the housing loan eligibility,

Employment Experience: The applicant's professional stability at work.

Credit History: Credit history of the Applicant decides sanction of a home loan. A clean credit history will help in quick loan approval. Check your eligibility in prior before you apply for a home loan, and overcome the lapses. You can check through stirasthi.com.

Home Loan Documents

The following documents are required by Banks/ financial institutions for getting Home loan:

Salaried individuals


If a flat is purchased from the builder

Home loans – Interest Rates offering by different Banks:

Bank Name Floating Interest Rate* EMI/Lakh* Processing Fee* Prepayment Charges*
Repco Home Finance Ltd. 8.75% 884

1% of loan amount + GST

Orange City Housing Ltd. 14% 1244

Upto 1% of loan amount + GST

National Trust Housing Finance Ltd 13.5% - 15.5% 1207 - 1354

2.50% of the amount Or Rs.5000/

Sundaram BNP Paribas Home Finance Ltd 9.80% - 11.05% 952 - 1036

.RsUpto 0.75% of loan amount + GST

Karnataka Bank 8.60% - 9.00% 874 - 900


India Infoline Housing Finance Ltd 8.50% 868

Upto 1% of loan amount + GST

Gruh Finance Limited 8.35% - 15.05% 858 - 1320

Upto 1% of loan amount + GST

GIC Housing Finance 10.25% 982

Rs.2500 + GST

DHFL Vyasa Housing Finance 9.75% - 10.25% 945 - 982

1% of the loan amount

Development Credit Bank 8.50% - 16.00% 868 - 1391

1.00 % of loan amount + GST

Dhanalakshmi Bank 9.70% - 10.00% 880 - 965

1.00% of loan amount + GST

Bank of Maharastra 8.75% - 8.95% 884 - 896

As per applicable

State Bank of Travancore 8.30% - 8.60% 855 - 874

0.35% of Loan Amount or Rs 10000 plus GST whichever is less, subject to minimum of Rs 2000 plus taxes

Punjab National Bank 8.65% - 8.70% 877 - 880

0.50% of loan + GST

Indian Bank 8.60% - 9.70% 874 - 945

0.230% on loan amount + GST or Max Rs.20470/-

Indian Overseas Bank 8.50% - 8.75% 868 - 884

0.50 % (max. Rs.25,000/-)

Oriental Bank of Commerce 8.65% - 8.75% 877 - 884

0.50% of the loan amount, subject to maximum of Rs.20000/- plus GST

PNB Housing Finance 9.10% 906

0.50% Or 10,000 + GST , whichever is higher.

Citibank 8.90% - 9.40% 893 - 926

Rs. 5000 (Application fee)

Syndicate Bank 9.75% 948


Vijaya Bank 8.50% 868

Upto Rs.4000 + GST

Dena Bank 8.50% - 8.65% 868 - 877


Kotak Bank 8.75% 884

Upto 1.25% of Loan amount

Canara Bank 8.65% - 8.85% 877 - 890

0.50% of loan amount + GST

UCO Bank 8.55% - 8.80% 871 - 887

Nil till 30.09.2018

Central Bank of India 8.50% 868

0.50% of the Loan Amount subject to maximum Rs.20,000/-

Federal Bank 8.95% - 9.20% 897 - 913

Upto Rs.7500 + GST

Standard Chartered 8.51% 868

Rs.10000 + GST

Deutsche Bank 10.50% 998

12000 + Service Tax

HSBC Bank 8.65% - 8.75% 877 - 884


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*Figures mentioned in the above table are subject to change without prior information. Stirasthi.com will not be responsible for any issues in this regard.

*The interest rates, EMI and Processing fee provided above are of key Banks and Financial Institutions, indicative and liable to change periodically. The final interest rate charged by the bank to the customer would be based on various other factors at the discretion of the lender. The variation in Home Loan Interest rates may occur on the basis of key factors such as applicant’s credit score, prior lender-borrower relationship and the loan amount applied for. The Applicant should check all the factors while availing home loan, which stirasthi.com never responsible in any manner.

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