Types of Home Loans

If you thought Home Loans were just available as a standard offering, you’re clearly mistaken. Pratham Management Solution PVT. LTD. offers different types of Home Loans from banks. It would be wise to take a look at the options available to you rather than searching for information without any previous knowledge.

Home Improvement Loan

If you ever wanted to renovate your home with a new aesthetic look or just wanted to structurally enhance and strengthen it, this type of home loan is what you’re looking for. It is basically concerned with the costs to renovate or repair your existing home brazilian hair uk.

Home Purchase Loan

This type of loan is a simple home loan that allows you to purchase a new residential property.

Home Construction Loan

This type of loan is taken when the borrower wants to construct a new home on a given plot of land.

Home Loan Advantage

This type of home loan is linked to a current account thereby reducing your interest outflow depending on your idle balance in your bank accounts

Find the latest interest rates and compare home loans now.

Product Loan AMT Rate of Intrest P.F Salaried PF Self Employed
HSBC Home Loan 1 Cr + 10.20 – 10.50 % 10000 + ST 0.25% + ST
HSBC Loan Against Property (Balance Transfer) > 25 Lakh 11.75% 0.25% + ST
25 – 50 Lakh 11.40% 0.25% + ST
50 – 1.5 Cr 11.25% 0.25% + ST
SCB Home Loan (Balance Tranfer) 1 Cr + 10.25% 10000 + ST 0.25% + ST
Loan Against Property 12.00-12.50%
CITI Home Loan 1 Cr + 10.25% 10000 + ST 0.25% + ST
Loan Against Property 12.00- 12.50 % 1% + ST
Axis Home Loan 10.50% 10000 + ST 0.25% + ST
Loan Against Property 12.50 – 13.00 % 1% + ST
Deutsche Home Loan 1 Cr + 10.15 – 10.25% 0.1% + ST 0.2% + ST
Loan Against Property 1 Cr + 11.50 – 12.50 % 1% + ST 1% + ST
Reliance Home Loan 11.25% 1% + ST
Loan Against Property 13.00 – 13.50% 1% + ST
IndiaBulls Home Loan >25 Lakh 10.15% 5000 + ST 1 – 1.15%
< 25 – 75 Lakh 10.75% 5000 + ST 1 – 1.15%
< 75 Lakh 11% 15000 + ST 1 – 1.15%
IndiaBulls LoanAgainst Property 13% – 13.5 1 – 1.15%
PNB (Fixed) 10 Yrs (SAL) Home Loan >50 Lakh 10.75% 0.5% + ST 0.5% + ST
PNB (Fixed) 10 Yrs (SAL) Home Loan 11.00% 0.5% + ST 0.5% + ST
PNB (Fixed) 10 Yrs (SE) Home Loan 11.00-11.25% 1% + ST
PNB (Fixed) 10 Yrs (SE) Loan Against Property 13.25% 1% + ST
PNB (Fixed) 10 Yrs Commercial Purchase 12.75% 1% + ST
PNB (Fixed) Loan Against Property 12.50 – 13.00 % 1% + ST
Edelweiss Home Loan 10.50% 0.5% + ST 0.5% + ST
Loan Against Property 12.50 – 13.00 % 1% + ST
Religare Loan Against Property 13.50% 1% + ST
DCB LAP/OD 12.50 – 13.00 % 1% + ST
ICICI Home Loan 10.25% – 10.50% 0.5% + ST 0.5% + ST
Loan Against Property 12.50% 1% + ST
DHFL Home Loan 10.75% 1% + ST 1.5 % +ST
Loan Against Property 13.50% 1.5 % +ST
Kotak Loan Against Property 12.50 – 13.00 % 1% + ST
HDFC Home Loan 10.40% 10000 + ST 1% + ST
Loan Against Property 12.50 – 13.00 % 1% + ST

Home Loan Eligibility Criteria

Every bank has its own set of eligibility criteria so as to properly assess your repayment capacity. The Repayment capacity per say is based on your monthly disposable income or surplus income, (which is based on factors such as total monthly income / surplus less monthly expenses) and other contributing factors such as your spouse’s income, assets, liabilities, stability of income and so on.

The main concern from the bank’s perspective is to make sure that you can comfortably repay the loan on time. The higher your disposable monthly income, the higher the amount you will be eligible for. A bank typically assumes that about 55-60 % of your monthly disposable income is available for repayment of the loan. There are exceptions to this however where some banks calculate the income available for EMI payments based on an individual’s gross income and not on the disposable income.

As always, the loan amount depends on the loan tenure and the interest rate. Banks generally fix an upper age limit for home loan applicants.
Bank Home Loan Criteria

Bank Home Loan Criteria

Different banks have different eligibility criteria, however, we can broadly classify them into the following buckets:

Monthly Income

One of the most important considerations when a bank decides the maximum loan amount it can disburse, is your monthly income (if you are a salaried individual. if you are a self employed person, your yearly profit would identify your maximum loan amount)

The loan amount basically depends upon the net income of an individual and a bank usually provides home loans up to 60 times of an individuals net income. For e.g. if a person take home salary is Rs 30,000 he /she may be offered a home loan of around Rs 18 lacs. However, the finality of this decision is based on a few other criteria.

Other EMI

If you have any previous loans or EMIs pending, a bank will always consider the risk and the financial load you are taking on to decide to give you a home loan.

Available Income

The income that is left in your bank account after deductions of any EMIs is a very important consideration for giving out a home loan. The Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s that you are paying monthly.

Property Attributes

If you are a home owner already, you should know that banks provide upto 75% of your home property value as a loan amount. So for example, if your home or property is worth 50 Lakhs, you can get upto 75% of that amount as the loan amount, which in this case works upto 37.5 Lakhs. Here, based on your income and property value banks decide your exact home loan eligibility.

Banks also have certain norms for the property before granting a loan. These are with respect to the minimum area requirements for a flat which may be carpet area or built up area. The bank also considers the age of the property in case of an existing property, the location of the property and also the reputation of the builders constructing the property. Thorough analysis and inspection of the property to check whether the title is clear or not is an additional check in addition to things like ownership disputes and so on.

Credit History

The credit history of an individual plays an important role in deciding the amount of the loan. Credit history is basically the credit report of an individual based on credit information recorded by CIBIL through all your loan transactions. Based on your credit score, a bank or any other financial institution decides whether an individual is eligible for a loan or not. The credit history is generally affected by outstanding credit card payments and any unsecured loans.

Age

Age plays a crucial role in determining your eligibility for a home loan. One has be atleast 21 years of age to apply for a home loan. The minimum age requirement may be different for different lending institutions. The maximum age may vary from 58 to 65 years depending on the income source of the individual. Age also determines the tenure and EMI of the loan. For e.g. if an individual is 35 years of age and retires at 60 then his/her loan tenure will be 60-35=25 years and the EMI will be calculated accordingly. The longer the tenure the lower will be the EMI’s. However the longer the tenure, the costlier the loan is as one ends up paying more interest.

Co-applicant

In order to enhance the eligibility for having a loan one can have a co-applicant such as a spouse or close nominated relative or friend. As a result of this the total eligible income for having a home loan increases and thus as a result the loan eligibility becomes higher. However banks permit only certain relationships to become the co-applicant.

As mentioned earlier, every bank has its own set of Eligibiity Criteria. In case of NBFCs customers can expect higher eligibility.

 

Compare Home Loan Interest Rates

Home loan offerings differ from different bank providers. Personal loan interest rates vary depending on a number of factors such as:

Employment Type: Personal loan interest rates differ for salaried and non-salaried personnel, considering non salaried personnel can pose risky investment possibilities

Company Type: Companies are organised into Category A, B and C based on parameters like revenue, adherence to standards and so on

Salary: Your salary dictates how much your interest rate could be. Lower salaries usually warrant higher interest rates to mitigate the banks lending risk

Pratham Management Solution PVT. LTD.loans.com is the online portal of Pratham Management Solution PVT. LTD. Sales & Distribution, India’s largest loan distributor, and works with over 35 preferred banks like Axis Bank, Bajaj Finserve, Cholamandalam, Citibank, DCB, Deutsche Bank, DHFL, ECL Finance, EDELWEISS, First Blue, Fullerton, Capital First, HDB Financial Services, HDFC BANK LTD, HDFC LTD, HSBC, ICICI Bank Ltd, IndiaBulls Financial Services Pvt Ltd, Indiainfoline, Indusind Bank, ING Vysa Bank Ltd, Investment financial Services Pvt Ltd, Karvy Financial Services Pvt Ltd, Kotak Mahindra Bank Ltd, Magma Finance, Money line, Punjab and National Bank, Reliance, Religare, Standard Chartered Bank, Shriram City, Tata Capital, Electronica Finance Limited, Money Matters Finance Ltd to name a few.

Pratham Management Solution PVT. LTD.loans.com offers the best deals on unsecured loans, home loans, general purpose loans, business loans, working capital loans and much more. Pratham Management Solution PVT. LTD. Sales and distribution has been providing customers with financial solutions for over 20 years!

Compare Home Loan Interest Rates

Floating Interest rate Per lac EMI Processing Fee Prepayment Charges
SBI – State Bank Of India For Women – 10.10%, For Women: Rs.972 >Up to 25 lakhs: 0.25% of loan amount minimum Rs.1000/- Nil
For Others -10.15% For Others: Rs. 975 Rs. 25-75 lakhs: Rs.3,250/-
Rs. 75 Lakhs & above: 5,000/-
ICICI Bank For Women – 10.10% For Women: Rs.972 0.50% of loan amount upto Rs. 1 crore N.A
For Others -10.15% For Others: Rs. 975
HDFC Ltd 10.15% Rs.975 0.5% or maximum 10,000 + Service Tax (12.36%) No prepayment charges shall be payable for partial or full prepayments irrespective of the source
HSBC Bank For Salaried: 10.15% – 10.35% Salaried: Rs.974 – Rs.988 1% of the loan amount applied for, subject to a minimum of Rs 10000 plus service tax. This fee is payable on application and is not refundable Nil
For Self Employed: 10.25% – 10.45% Self Employed: Rs.981 – Rs.995
AXIS Bank 10.25% Rs.982 Upto 1% of the loan amount subject to minimum of Rs.10,000/- Nil
IDBI 10.25% Rs.982 0.50% of loan amount + applicable tax subject to maximum of Rs. 50,000/- + applicable tax If Balance Transfer then 2% Otherwise Nil
PNB Housing Finance 10.50% – 11.25% Rs.998 – Rs.1049 0.50% NIL
ING Vysya 10.75% – 11.25% Rs.1015 -Rs.1049 0.5% of the loan amount NIL
Standard Chartered 10.26% Rs.982 Rs.5500/- + Service tax NIL
Citibank Scheme I: 10.25%*(No Home Credit facility) Scheme I: Rs.982 (No Home Credit facility) For Salaried: 0.25% NIL
Scheme II: 10.50%*(Home Credit facility available) Scheme II: Rs.998 (Home Credit facility available) For Self Employed: 0.5%
Deutsche Bank 10.50% Rs.998 12000 + Service Tax Nil
DHFL For salaried: 10.50% For salaried: Rs. 998 For salaried: 1% NIL
For Self Employed: 10.75% For Self Employed: Rs. 1015 For Self Employed: 1.5%
India Bulls Upto Rs. 25 Lakhs: 10.15% Upto Rs. 30 Lakhs: Rs. 7500 + 12.36% NIL
Above Rs. 25 Lakhs: 11% Above Rs. 25 Lakhs: Rs. 1032 Above Rs. 30 Lakh: 0.5% of Loan Amount
Kotak Bank 10.25% Rs.982 0.25% – 0.5% 2% on Balance transfer else NIL
Punjab National Bank 10.25% Rs.982
First Blue Home Finance For Salaried/Self-Employed: 10.25% For Salaried: Rs. 982 Salaried (Up to 30 lakhs): Rs. 7300 Nil
For Salaried/Self Employed (Upto Rs 25 Lakhs): 10.75% For Self Employed: Rs. 1015 Rs. 30 – 75 lakhs: Rs. 11800
For Salaried/Self Employed (Above Rs 25 Lakhs): 11.25% Above Rs. 75 lakhs: Rs. 15,000 + Service Tax (12.36%)
Development Credit Bank 11.50% Rs.1066 1% of Loan Amount Nil
Tata capital Housing Finance ltd For Salaried: 10.25% – 10.9% For Salaried: Rs. 982 – 1025 0.5 to 1% Of Loan Amount N.A
For Self Employed: 10.75% – 11.50% For Self Employed: Rs. 1015 – 1066

Home Loan Banks, Service Providers and Companies

For offering home loans, Pratham Management Solution PVT. LTD. has tied up with 35+ partners which include banks, service providers and companies.

HDFC Bank

HDFC Bank Limited is an Indian financial services company based in Mumbai, Maharashtra that was incorporated in August 1994. HDFC Bank is the fifth largest bank in India by assets and the largest bank by market capitalization as of 1 November 2012.

ICICI Bank

ICICI Bank Limited is a multinational financial services company headquartered in Mumbai, India. It is the second largest bank in India by assets and third largest by market capitalisation

AXIS Bank

Axis Bank Limited is an Indian financial services corporation headquartered in Mumbai, Maharashtra. It had begun operations in 1994, after the Government of India allowed new private banks to be established.

IDBI Bank

IDBI Bank Limited is an Indian financial service company headquartered Mumbai, India. RBI categorised IDBI as an “other public sector bank”

Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company.

As India’s largest loan distributor (DSA), Pratham Management Solution PVT. LTD. has a large portfolio of partner banks and financial institutions including.

Other Partner home loan service providers and companies include:

  • Bajaj Finserve
  • Cholamandalam
  • Citibank
  • DCB (Development Credit Bank)
  • Deutsche Bank
  • DHFL
  • EDELWEISS
  • First Blue
  • Fulletron
  • HDB Financial Services
  • HDFC LTD
  • HSBC
  • IndiaBulls Financial Services Pvt Ltd
  • Indusind Bank
  • ING Vysa Bank Ltd
  • Karvy Financial Services Pvt Ltd
  • Kotak Mahindra Bank Ltd
  • Magma Finance
  • Punjab and National Bank (PNB)
  • Reliance Commercial Finance
  • Religare
  • Standard Chartered Bank
  • Shriram City
  • Tata Capital
  • State Bank of India
Here’s are some quick links for further details on Home Loans in India, Home Loan comparison

Home Loan Tips

Before you get into a home loan agreement, be sure to keep a checklist of things to clear out while signing on the necessary documents. Below are some of the things you can keep in mind to make sure you dont receive a sour deal.

Home loans are available from mainly two types of lenders–commercial banks and housing finance companies. Different lenders may quote you different rates of interest and other terms and conditions, so you should contact several lenders to make sure you’re getting the best value for money.

Find out how much of a down payment you are required to pay, and find out all the costs involved in the loan (including processing fees, administrative charges and prepayment charges levied by banks). Knowing just the amount of the EMI or the interest rate is not good enough. Similarly, ask for information on loan amount, loan term, and type of loan (fixed or floating) so that you can compare the information and take an informed decision.

The following are important things to know and remember.

  1. i) Rates

Ask your lender about its current home loan interest rates and whether the rate is fixed or floating. Remember that when interest rates in the economy go up so does the floating rates and hence the monthly re-payment.

If the rate quoted is a floating rate, ask how your rate and loan payment will vary, including the extent to which your loan payment will be reduced when rates go down by a certain percentage. Ask your lender to what index your floating home loan is referenced / linked and the periodicity of updation of that index. Also ask your bank whether the index is internal or external and how and where it is published.

Ask about the loan’s annual percentage rates (APR). The APR takes into account not only the interest rate but also fees and certain other charges that you may be required to pay, expressed as a yearly rate. Banks are obliged to reveal the APR if requested for by the customer.

  1. ii) Reset Clause

Check the reset clause, especially in the case of fixed interest rate loan as the rates will not be fixed throughout the tenure of the loan.

  1. iii) Spread/Mark up

Check if the margin in the case of the floating rate is fixed or variable. The rate of interest you have to pay will vary accordingly.

  1. iv) Fees

A home loan often requires payment of various fees, such as loan origination or processing charges, administrative charges, documentation, late payment, changing the loan tenure, switching to different loan package during the loan tenure, restructuring of loan, changing from fixed to floating interest rate loan and vice versa, legal fee, technical inspection fee, recurring annual service fee, document retrieval charges and pre-payment charges, if you want to prepay the loan. Every lender should be able to give you an estimate of its fees. Many of these fees are negotiable / can be waived also.

Ask what each fee includes. Sometimes several components are lumped into one fee. Ask for an explanation of any fee you do not understand. Also, remember that most of these fees are perhaps negotiable! Do negotiate with your bank before agreeing to a particular fee. See how the all inclusive rate compares with the all inclusive rates offered by other banks. While planning your finances, don’t forget to include the costs of stamp duty and registration.

  1. v) Down Payments / Margin

Some lenders require 20/30 percent of the home’s purchase price as a down payment from you. However, many lenders also offer loans that require less than 20/30 percent down payment, sometimes as little as 5 percent .Ask about the lender’s requirements for a down payment and also negotiate with him to reduce the down payments.

Once you know what each bank has to offer in terms of rates, fees and down payments, negotiate for the best deal. Ask the lender to write down all the costs associated with the loan. Then ask if the bank will waive or reduce one or more of its fees or agree to a lower rate. Do make sure that the bank is not agreeing to lower one fee while raising another or to lower the rate while raising the fees. Ask for clarification in case you do not understand any particular term. All banks are obliged to explain the most important terms and conditions of the home loan in detail.

Once you are satisfied with the terms you have negotiated, please do obtain a written offer letter from the lender and keep a copy with you. Read the offer letter carefully before signing.



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