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Fincash » Home Loan » Top Home Loan Schemes

8 Best Home Loan Schemes 2024

Updated on June 9, 2024 , 17244 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.

top home loan scheme

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

   
My Monthly Investment:
Investment Tenure:
Years
Expected Annual 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.
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