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Latest Updates on Home Loan Offers
Indian Govt. to Launch a Home Loan Subsidy Scheme Soon, Plans to Spend Rs.60,000 Crore
The Indian Central Government has approved a plan to offer subsidized home loans to eligible borrowers over the next five years. A budget of Rs. 60,000 crores has been allocated for the forthcoming months to implement this initiative.
This scheme was initially introduced by Prime Minister Narendra Modi during his Independence Day address, albeit without specific details. Sources have revealed that the scheme is in the final stages of development, pending approval from the Federal Cabinet.
In his announcement, PM Narendra Modi mentioned, "In the near future, we will introduce a new scheme that will provide assistance to families living in urban areas in rented accommodations, slums, chawls, and unauthorized colonies."
A government official has confirmed that the program will be particularly advantageous for approximately 2.5 million low-income households seeking home loans. Below are the scheme's key features.
|
Particulars |
Details |
|
Home Loan Amount |
Below Rs.50 Lakh |
|
Home Loan Tenure |
20 Years |
|
Annual Interest Subsidy |
3% to 6.5% on Up to 9 Lakh of Loan Amount |
Lenders of home loans have not yet received their lending objectives. They do, however, anticipate meeting with government representatives to talk about the same matters shortly.
Home Loan Offers
In the current real estate market, soaring property prices often make it challenging for individuals to acquire their dream homes while managing their other financial needs. Home loans come to the rescue by offering to finance up to 80 percent of the total property cost.
Banks and various financial institutions extend a range of home loan options with differing loan amounts, interest rates, repayment tenures, and application procedures to cater to the diverse needs of borrowers. We simplify the process by helping you compare these home loan offerings, allowing you to identify the one that aligns best with your financial preferences.
This article presents a selection of prominent home loan options that you can explore for your application, along with a list of additional benefits we offer, in addition to those provided by your chosen bank. These supplementary advantages comprise the potential for higher loan amounts, the elimination of brokerage fees, simplified documentation requirements, cashback offers, and more.
Top Banks with Best Home Loan Offers
Find below the best home loan offers with their features and benefits and home loan interest rates.
1. State Bank of India Home Loan
State Bank of India presents a range of enticing home loan offers featuring competitive interest rates. The bank streamlines the application procedure, requiring minimal documentation. Individuals boasting robust credit scores and a sound financial track record can secure more favorable home loan interest rates compared to other applicants.
SBI Home Loan Interest Rates
|
Types of SBI Home Loans |
SBI Home Loan Interest Rates |
|
Regular Home Loan |
8.05% to 8.95% |
|
P-LAP Home Loan |
9.80% to 10.20% |
|
Tribal Plus Home Loan |
8.15% to 8.65% |
Features & Benefits
- Loan repayment tenure of 30 years
- Age criteria for SBI home loans range from 18 to 70 years, depending upon the type of borrower.
- Processing fee of 0.35 per cent of the home loan amount, a minimum of Rs.2,000 (excluding GST), and a maximum of Rs.10,000 (excluding GST). Up to a 50 per cent waiver in the basic processing fee is applicable for some selective borrowers.
- Higher home loan eligibility is available for some selective borrowers, depending upon their financial history.
- Interest concession for women applicants
- Overdraft facility available
2. Bank of Baroda Home Loan
Bank of Baroda introduces a selection of outstanding home loan offers characterized by flexible tenures and reduced EMI commitments. The bank extends attractive home loan interest rates that simplify the loan repayment process, allowing borrowers to effectively balance their financial responsibilities.
Bank of Baroda Home Loan Interest Rates
|
Types of Bank of Baroda Home Loans |
Bank of Baroda Home Loan Interest Rates |
|
Non-Staff Members |
7.95% to 9.30% |
|
For Staff Members (Public scheme) |
7.95% |
Features & Benefits
- Maximum loan repayment tenure of 30 years.
- Age criteria for Bank of Baroda home loans range from 21 to 70 years. In the case of a co-applicant the minimum age to apply for a home loan is 18 years.
- Higher home loan eligibilityis available for some selective borrowers, depending upon their financial history.
- Free Credit Card
- Free Accidental Insurance
- Interest amount is charged on the daily reducing balance
- Moratorium period up to 36 months
- No pre-closure charges
3. ICICI Bank Home Loan
The ICICI Bank, headquartered in Vadodara, provides an extensive array of home loan options complemented by several supplementary advantages. These perks comprise the availability of larger loan amounts, reduced home loan interest rates, affordable EMIs, and a host of other attractive features. Explore further to gain a comprehensive understanding of ICICI's home loan offerings.
ICICI Bank Home Loan Interest Rates
|
Types of ICICI Bank Home Loan Borrowers |
ICICI Bank Home Loan Slab |
ICICI Bank Home Loan Interest Rates |
|
Salaried |
Up to Rs.35 Lakh |
RR + 2.70% (8.10%) - RR + 3.45% (8.85%) |
|
Rs.35 Lakh to Rs.75 Lakh |
RR + 2.70% (8.10%) - RR + 3.45% (8.85%) |
|
|
Above Rs.75 Lakh |
RR + 2.70% (8.10%) - RR + 3.55% (8.95%) |
|
|
Self-Employed |
Up to Rs.35 Lakh |
RR + 2.80% (8.20%) - RR + 3.60% (9.00%) |
|
Rs.35 Lakh to Rs.75 Lakh |
RR + 2.80% (8.20%) - RR + 3.60% (9.00%) |
|
|
Above Rs.75 Lakh |
RR + 2.80% (8.20%) - RR + 3.70% (9.10%) |
Features & Benefits
- Maximum loan repayment tenure of 30 years.
- Age criteria for Bank of Baroda home loans range from 21 to 70 years. In the case of a co-applicant the minimum age to apply for a home loan is 18 years.
- Higher home loan eligibilityis available for some selective borrowers, depending upon their financial history.
- Free Credit Card
- Free Accidental Insurance
- Interest amount is charged on the daily reducing balance
- Moratorium period up to 36 months
- No pre-closure charges
4. Punjab National Bank Home Loan
Established in 1894, Punjab National Bank stands as one of India's oldest banks. It proudly offers a diverse range of cost-effective home loan packages characterized by competitive interest rates. The bank boasts a substantial customer base, exceeding 80 million individuals.
PNB Home Loan Interest Rates
|
Types of Punjab National Bank Home Loans |
Punjab National Bank Home Loan Interest Rates |
|
Salaried |
7.40% |
|
Self-Employed |
7.45% |
Features & Benefits
- Maximum loan repayment tenure is 30 years
- Processing fee of 0.35 per cent on the total home loan amount, capped at a minimum of Rs.2,500 and a maximum Rs.15,000
- Higher home loan amount
- Attractive Interest Rates
- A temporary waiver on processing fee
5. HDFC Bank Home Loan
HDFC, a prominent housing finance services provider in India, is renowned for tailoring banking solutions to meet the unique requirements of its clientele. With its headquarters located in Mumbai, the bank operates an extensive network of over 6,300 branches across the nation. Exploring the diverse range of HDFC home loan options presents the opportunity to secure favorable home loan interest rates.
HDFC Bank Home Loan Interest Rates
|
Types of HDFC Bank Home Loan Borrowers |
HDFC Bank Home Loan Slab |
HDFC Bank Home Loan Interest Rates |
|
Women |
Up to Rs.30 Lakh |
8.10% to 8.60% |
|
Rs.30.01 Lakh to Rs.75 Lakh |
8.35% to 8.85% |
|
|
Above Rs.75 Lakh |
8.45% to 8.95% |
|
|
Others |
Up to Rs.30 Lakh |
8.15% to 8.65% |
|
Rs.30.01 Lakh to Rs.75 Lakh |
8.40% to 8.90% |
|
|
Above Rs.75 Lakh |
8.50% to 9.00% |
Features & Benefits
- Maximum loan repayment tenure is 30 years
- Age criteria for HDFC home loans range from 21 to 65 years.
- Higher home loan eligibility is available for some selective borrowers, depending upon their financial history
- Potential buyers with a good credit score can get lower home loan interest rates
- Minimum monthly income requirement for a salaried individual is Rs.10,000, and for self-employed is Rs.2 LPA
- Lower interest rates for borrowers with good credit score
- Fulltime assistance
- Digital home loan sanction facility
- Customised repayment options
6. Union Bank of India Home Loan
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Union Bank, known for its cost-effective home loan offerings, is a well-regarded banking institution with its headquarters situated in Mumbai. The bank boasts an extensive network, featuring over 9,300 branches and 11,800 ATMs. The process of applying for a Union Bank home loan is made hassle-free through their online portal, requiring the submission of essential documents.
Union Bank of India Home Loan Interest Rates
|
Types of Union Bank of India Home Loans |
Union Bank of India Home Loan Interest Rates |
|
Salaried |
6.40% to 7.05% |
|
Self-Employed |
6.45% to 6.80% |
Features & Benefits
- Maximum loan repayment tenure is 30 years for construction purposes
- Maximum loan repayment tenure is 15 years for renovation purposes
- Age criteria for Union Bank home loans range from 18 to 75 years.
- Higher home loan eligibility is available for some selective borrowers, depending upon their financial history
- Processing fee of 0.50 per cent on the total home loan amount, capped at a maximum Rs.15,000, excluding GST
- Multiple EMI repayment methods
- Lower interest rates for borrowers with good credit score
- Moratorium period of up to 36 months for construction purposes
- Moratorium period of up to 12 months for renovation purposes
- Fulltime assistance
- Digital home loan sanction facility
7. LIC Housing Finance Home Loan
LIC Housing Finance, a subsidiary of LIC, stands out for its excellent home loan offers tailored to suit both salaried and self-employed individuals. The company has successfully approved over 3 lakh home loans. The institution offers competitive home loan interest rates, which are influenced by several factors, including your credit score, repayment track record, and your association with your existing bank.
LIC Housing Finance Home Loan Interest Rates
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|
Types of LIC Housing Finance Home Loans |
LIC Housing Finance Home Loan Interest Rates |
|
Salaried |
6.65% to 7.80% |
|
Self-Employed |
6.65% to 8.00% |
Features & Benefits
- Maximum loan repayment tenure is 30 years
- Higher home loan eligibility is available for some selective borrowers, depending upon their financial history
- Multiple EMI repayment methods
- Lower interest rates for borrowers with good credit score
- Simple documentation
- Fulltime assistance
- Digital home loan sanction facility
How to Apply for a Home Loan Offer of Your Choice
Find below a few simple steps to apply for a home loan offer based on your preferences.
Step 1: First, you need to check your home loan eligibility depending upon various factors such as your loan repayment capacity, your credit score, and the required home loan amount.
Step 2: Visit the official website of your chosen bank and check the home loan interest rates. A good credit score can help you get a higher home loan amount at a lower home loan interest rate. You can also get in touch with the help and support team of the bank to check the offered interest rates.
Step 3: Fill out the home loan application form available on your chosen bank’s website. Attach the required documents with the application form before submitting it.
Step 4: Bank officials will check your home loan eligibility based on the provided documents and disburse the loan amount into your bank account if the application gets approved.
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Ans 1. You can simply get our home loan package and have a relationship manager assigned to find the best home loan offers with great ease.
Ans 2. You can get benefits like no brokerage, cashback, relationship manager, etc., in addition to getting the best home loan offers through our MB home loan package.
Ans 3. If we are unable to find suitable home loan offers based on your needs, we will refund the security deposit after six months starting from the package subscription date.
Ans 4. A good credit score shows that you are a responsible borrower and pay all your dues on time. This helps banks trust you as a borrower, which is why they offer a lower home loan interest rate.
Ans 5. SBI Home Loan: SBI provides financing for up to 90% of a property's cost starting at 8.40% p.a. for terms up to 30 years.
Ans 6. As per the standard rule, banks offer home loans up to 60 times of your salary. Say you earn Rs. 20000 then you will be eligible to get a home loan of Rs. 12,00,000.
Ans 7. Enter your full name, mobile number, and employment type. Now select the type of loan you wish to apply for. Generate and submit your OTP to verify your phone number. Upon OTP verification, enter additional details like your monthly income, required loan amount, and if you have identified the property.
Ans 8. Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years. Age Limit for Salaried Individuals: 21 to 65 years . Age Limit for Self-Employed Individuals: 21 to 65 years.
Ans 9. You can apply online for a Kotak Home Loan via our website, Mobile Banking App, or by simply walking into your nearest Kotak Mahindra Bank branch. Via our online process, you can enjoy ease and convenience of a quick loan processing and get your Home Loan sanction letter within 10 minutes.