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8 Best Home Loan Schemes 2024

Updated on April 22, 2024 , 17149 views

We are living in times where buying a home is one of the most expensive dreams, but at the same time many lenders are Offering loans to fulfil this dream. You can opt for a Home Loan scheme, and repay the loan amount monthly. Banks in India offer different Types of home loans with many benefits like low interest rates, easy EMI options, etc.

Home Loan Scheme & Offers

1. SBI Bridge Home Loan- Best for Short Term

SBI Bridge home loan gives you attractive interest rates starting from 9.90% p.a. The processing fees of 0.35% of the loan amount is charged on the home loan. The loan tenure is up to 2 years.

There is no repayment penalty and hidden charges in this scheme.

Particulars	Rates
Interest Rate	9.90% p.a
Processing Fees	0.35%
Loan Tenure	2 years
Repayment Penalty	NA

2. ICICI Bank Extra Home Loan- Best for Long Term

ICICI Bank offers the lowest interest rate starting from 9% p.a. and the processing fees of the loan are up to 1% of the total loan amount. The loan tenure of the loan is up to 30 years, which comes with zero prepayment charges.

ICICI Bank gives an option to transfer your balance.

Particulars	Rates
Interest Rates	9% p.a
Processing Fees	1%
Loan Tenure	Up to 30 years
Prepayment Charges	Zero

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3. Canara Bank Housing Loan - Best Interest Rate for Women

Canara Bank offers a low-interest rate for women starting from 8.05% p.a. The maximum repayment tenure of the loan is 30 years. The processing fees charged on the housing loan is 0.50% of the total loan amount.

The loan can be used to purchase or construct a Flat with zero prepayment charges.

Particulars	Rates
Interest Rates	8.05% p.a
Repayment Tenure	30 years
Processing Fees	0.50%
Prepayment charges	Zero

4. Axis Bank Home Loan- Best Interest Rate for Salaried Employees

The Axis bank home loan provides a loan with the interest rate from 8.55% p.a. The bank sanctions the loan up to Rs. 5 crores and has the maximum repayment tenure of 30 years.

The processing fees of the loan amount is up to 1% and there is no prepayment/ foreclosure charges.

Particulars	Rates
Interest Rates	8.55% p.a
Loan amount	Up to 5 crores
Repayment Tenure	30 years
Processing fees	Up to 1%
Prepayment/foreclosure charges	Zero

5. SBI Home Loan- Joint Home Loan

The SBI Joint home loan provides a low-interest starting from 7.35% p.a. The maximum loan tenure is about 30 years and it charges a processing fee of 0.40% of the loan amount. There are no hidden charges in this home loan.

Women borrowers will get an interest concession on this loan.

Particulars	Rates
Interest Rates	7.35% p.a
Loan Tenure	30 years
Processing fee	0.40%
Hidden charges	Zero

6. HDFC Reach Home Loan- Best for Self-employed Professionals

HDFC home loan offers attractive interest rates starting from 9% p.a. The bank has flexible repayment tenures of up to 30 years and has a processing fee of 2% of the loan amount. An individual with a minimum Income of Rs 2 lakh p.a can get the loan easily with minimal documentation.

You can add a woman as a co-owner for the lower interest rates.

Particulars	Rates
Interest Rates	9% p.a
Processing Fees	2%
Repayment Tenure	Up to 30 years
Minimum Income	2 lakhs

7. Axis Bank NRI Home Loan

Axis Bank NRI home loan comes with an interest rate of 8.55% p.a. There is a flexible loan tenure of up to 25 years and has minimal documentation and quick disbursal.

The loan has a minimal processing fee with zero foreclosure charges.

Particulars	Rates
Interest Rates	8.55% p.a
Loan Tenure	Up to 25 years
Foreclosure charges	Zero

8. DHFL Home Renovation Loan

DHFL home renovation loan offers an interest rate starting from 9.50% p.a. The maximum loan tenure of the home renovation loan is 10 years. The processing fees of Rs. 2500 is charged on the loan amount. The loan amount will be given up to 90% of the Market value or 100 % of the estimated cost of the improvement.

DHFL Home Renovation Loan is available for both salaried and self-employed individuals.

Particulars	Rates
Interest Rates	9.50% p.a
Loan Tenure	10 years
Processing Fees	Rs. 2500

Home Loan Eligibility

While applying for a home loan, you must meet the eligibility criteria to avail it.

The basic requirement for a home loan are as follows:

Eligibility Criteria	Requirement
Age	Minimum- 18 and Maximum- 70
Resident Type	Indian, NRI, Person of Indian Origin
Employment	Salaried, Self-employed
Net Annual Income	Rs. 5-6 lakh depending on the type of employment
Credit Score	750 or more
Residence	A permanent residence, A rented residence where an individual has resided for at least 2 years before applying for a loan

Documentation Required for Processing Home Loan

To apply for a home loan there are some common documents, which are necessary to avail a home loan. The list of the documents are as follows:

Identity Proof: Passport / Voter ID / PAN/ Driving License
Residence Address Proof: License / Rent Agreement / Utility Bill
Residence Ownership Proof: Sale Deed or rental agreement
Income Proof: salary slip, bank statement
Job Proof: Appointment letter and validation letter from HR
bank statement: Past 6 months’ document
Property Documents: Sale deed, Katha, transfer of ownership.
Advance Processing Cheque: A cancelled cheque for the validation of a bank account.

Documents Required for Salaried Individual

Address Proof: Registered Rent Agreement / Utility Bill (up to 3 months old), Passport
Identity Proof: Passport / Voter ID / PAN/ Driving License
Income Proof: 3-month payslips, Form 16, Copy of income tax PAN
Bank Statement: 6 months bank statement to check any EMI paid for outstanding debit.

Documents required for Self-employed

Identity Proof: Passport / Voter ID / PAN/ Driving License .
Address Proof: Registered Rent Agreement / Utility Bill.
Office Address Proof: Property Documents, Utility Bill.
Office Ownership Proof: Property papers, Utility Bill, Maintenance Bill.
Business Proof: 3 years old Saral Copy, the Company Registration License.
Income Proof: Latest 3 years Income Tax Returns including calculation of Income, Profit & Loss Account, Audit Report, Balance Sheet, etc.
Bank Statement: Past 1-year bank statement.
1 passport size colour photograph.

Documents Required for Senior Citizens

1 passport size colour photograph
Identity Proof: Passport / Voter ID / PAN/ Driving License
Address Proof: Registered Rent Agreement / Utility Bill
Age Proof: PAN Card or Passport
Income Proof: Pension Returns Or Bank Statement

Documents Required for NRIs

Identity Proof: PAN, Passport, Driving License
Residence Proof: Electricity bill, Water bill, Gas bill,
Other Documents: Attested copy applicant visa, Employer ID, Proof of residence overseas

Income Proof for NRI

For Self-employed Applicant

Proof of income if the applicant is self-employed or businessman
Business address proof
A balance sheet of profit and loss account certified by CA
Bank statement of an individual as well as business and company’s overseas account for the last 6 months

For Salaried Applicant

Valid work permit
Employment contract attested by employer/embassy
Salary slip of last 3 months
Copy of the identity card with the latest salary slip
Copy of an individual’s Tax Return of the last assessment year

An Alternative of the Home Loan- Invest in SIP!

Well, home loan comes with higher interest rates and long tenure. The best way to accomplish your dream home is by Investing in SIP (Systematic Investment plan). With the help of a sip calculator, you can get a precise figure for your dream home from which you can invest a fixed amount in SIP.

SIP is only the easiest and hassle-free way to achieve your Financial goals. Try now!

Speed-up your Savings to Buy Dream House

If you are planning to fulfil a certain goal, then a SIP calculator will help you to calculate the amount you need to invest.

SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.

Know Your SIP Returns

Total investment amount is ₹300,000
expected amount after 5 Years is ₹447,579.
Net Profit of ₹147,579 Invest Now

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.