Apply for Home Loan Online | Housing Loan up to Rs. 20 Crore*
Read 18 minutesLooking for a home loan to finance your new home? This comprehensive guide covers how to apply, eligibility criteria, types of home loans, and tips to secure an attractive interest rate to improve your approval chances. Introduction to Housing Loan A housing loan, also known as a home loan or house loan, enables individuals to purchase, construct, or renovate a residential property. These loans are typically secured, meaning the property being purchased serves as collateral. The loan amount, interest rate, and repayment terms are determined by the lender based on the borrower’s creditworthiness, income, and other factors. Today, many borrowers prefer to apply home loan online for convenience, quicker approvals, and easy comparisons. Home loan interest rates can vary significantly depending on the lender, the loan amount, and the loan tenure. Therefore, comparing home loan interest rates from different lenders is essential to find the most favorable terms. Understanding the loan tenure, which can range from 5 to 30 years, is also crucial as it affects the monthly instalment and the total interest paid over the life of the loan. By carefully considering these factors, borrowers can make informed decisions and choose the best housing loan to meet their needs. TOP BANKS OFFERING THE BEST HOME LOAN IN INDIA 2025 SBI HOME LOAN – Apply For Best Home Loan Lowest Interest Rates starting from 8.0% Interest on Daily Reducing Balance – pay less over time, save more on interest There are No Hidden Charges in the SBI home loan Prepayment is Allowed From just above ₹1 and from the first day of Loan disbursement No Prepayment or Foreclosure Penalty in SBI home loan Overdraft Facility (Maxgain) for better fund management Quick Approvals with simplified documentation, with seven working days Concession for Women Borrowers up to 0.05% Easy Online Application & EMI Calculator Tools Low Processing Fees Funding up to 90% of the agreement value and a Loan amount up to 15 cr Loan Tenure Up to 30 years or until the age of 70 years Online Prepayment with YONO, Google Play, PhonePe, and Paytm Moratorium period of up to 36 months BANK OF MAHARASHTRA HOME LOAN – Apply for Best Home Loan Balance Transfer Affordable EMIS – just starting from ₹727 per lakh Higher Loan Amounts – funding up to 90% Streamlined Disbursement Process – Fast process Zero Processing Fees – especially for Home Loan Balance Transfer No Hidden Charges – No surprises after loan disbursement No Prepayment Penalties Special Concession of 0.05% for women Flexible Tenure Options – up to 30 years No Charges on Prepayment, Pre-closure, or Part Payments Exclusive Rate Concessions Lowest Interest Rates – Just starting from 7.90% UNION BANK OF INDIA HOME LOAN – Lowest Home Loan interest rate Best Interest Rates in the Market – Lowest as 7.85% Longer Tenure Options – up to 30 years Exclusive Rate Concessions rate for women Nil Part Payment charges on floating rate home loan interest rates Nil foreclosure charges on home loan The minimum age is 18 years, and the maximum is up to 75 years. – Pay less EMIs Instant In-principle sanction approval can be obtained for a home loan in just a day. Fast Disbursal – with seven working days BANK OF BARODA – Apply for the Best Home Loan Overdraft interest rate Competitive interest rates starting from 7.90% Minimal processing fees – Zero Higher loan eligibility – Funding up to 90% Complimentary credit card Extended repayment tenures up to 30 years Convenient top-up loan options Home loan products tailored to customer needs Loan amount based on location and income Transparent terms with no hidden charges No penalty for prepayment Daily reducing balance for interest calculation Repayment tenure up to 30 years The moratorium period is up to 36 months BANK OF INDIA – Apply for Best Home Loan interest rate Longer Repayment Options: Up to 360 months of repayment flexibility. Grace Periods: Enjoy up to 36 months of a moratorium period. Affordable EMI Co-applicant Income Consideration: Increase your eligibility with a close relative’s income. Versatile Loan Options: We offer competitive interest rates for various housing needs, including plot purchases, renovations, and solar installations. Additional Financial Products: Including smart loans (OD facility), balance transfer with top-up options, and more. Comprehensive Coverage: Free accidental insurance up to Rs. 5 crores. Low interest rate Minimal documentation required No hidden fees No penalty for prepayment Complimentary accidental insurance coverage up to Rs. 5.00 cr HDFC BANK– Apply for Fast Home Loan Approval Home Loan Approval Made Simple: Get approved in four easy steps. Personalised Repayment Plans: Home loans designed to fit your unique needs. Simplified Documentation: Apply using only a few documents, which saves you time and effort. 24/7 Assistance: Contact us through Chat or WhatsApp for support anytime, anywhere. Online Loan Management: Log in to your account for convenient loan management. Buy your dream home immediately with a home loan instead of waiting years to save enough.. Tax Benefits: You can enjoy tax deductions on the principal under Section 80c and interest payments under Section 24 B. Lower interest rates make them more affordable. Customised Repayment Options: Lenders provide personalised repayment plans to accommodate your financial situation. Maximum funding for self-employed LIC HOME LOAN – Apply for the Lowest Home Loan interest rate for self-employed Online loan sanction facility – Fast Home Loan approval. Quick approvals and low EMI – Rate starting from 8.0%. Simple documentation process – Need minimum Documents . Maximum tenure: 30 years for salaried individuals and 25 years for self-employed. Zero prepayment charges applicable. Loans available for construction, purchase, renovation, or balance transfer. ICICI BANK HOME LOAN – Apply for the maximum home loan eligibility for self-employed business Eligibility enhancement up to 20% with designed home loan products. Loan amounts available up to ₹20 crore – Best for self employed individuals. Loan tenure options up to 20 years. ICICI Bank provides Home Loans online up to ₹5 crore*, catering to a variety of housing needs with considerable financing options. Experience a simplified documentation process that
SBI Housing Loan 2025: Best Interest Rates & Easy EMI Calculation
Read 11 minutesIf you’re considering an SBI home loan in 2025, you’re probably wondering about its interest rates, eligibility requirements, and special features. An applicant’s CIBIL score plays a crucial role in determining the interest rates for SBI Home Loans, with lenders generally favouring scores of 700 and above. In this guide, we’ll cover everything from current interest rates to how you can calculate your EMIs and the benefits of SBI home loan offers in 2025. Key Takeaways SBI offers competitive home loan interest rates between 8.0% and 8.95%, influenced by the external benchmark lending rate (EBLR) and borrower credit scores. SBI home loan eligibility is determined by age, income, property type, and credit score, with added concessions for women borrowers. SBI provides flexible features in its home loans, such as low processing fees, the option for prepayment without penalties, a maximum tenure of 30 years, and facilities like the MaxGain overdraft for better fund management. SBI offers both fixed and floating home loan interest rates, with specific terms for floating rates, such as no foreclosure fees for early loan closure. Introduction to Home Loans Home loans are a type of loan provided by financial institutions to individuals who wish to purchase, construct, or renovate a house. These loans are designed to help people achieve their dream of owning a home by providing the necessary financial support. The loan amount is determined based on the applicant’s credit score, monthly income, and repayment capacity, ensuring that borrowers can comfortably manage their repayments. State Bank of India (SBI) is one of the leading banks in India that offers a wide range of home loan schemes to its customers. SBI home loans cater to various needs, whether you are looking to purchase a new property, construct a house, or renovate an existing one. With competitive interest rates and flexible repayment options, SBI home loans are tailored to meet the diverse requirements of borrowers. Current SBI Housing Loan Interest Rates in 2025 Interest rates are a crucial aspect of home loans. The SBI home loan interest rate in 2025 is highly competitive, ranging from 8.0% to 8.95%. These rates vary based on the specific home loan scheme you choose, such as the Regular Home Loan scheme, which also falls within this range. The loan interest rate is tied to the external benchmark lending rate (EBLR) of 8.65%, aligning them with market trends for a fair deal. Additionally, the repo rate is calculated using the daily reducing balance method with monthly resets, leading to lower interest payments over time as your principal decreases. Interest rate changes are communicated to borrowers via: branch notice boards newspapers the Bank/RBI website account statements emails SMS notifications This transparency ensures that you are always aware of your financial commitments. Eligibility Criteria for SBI Home Loans 2025 To apply for an SBI home loan, applicants must meet specific eligibility criteria: The minimum age to apply is 18 years, with some schemes allowing applicants up to 75 years of age. The age limit for availing an SBI home loan is generally 70 years. A crucial factor is the applicant’s credit score; a CIBIL score of 700 or above is preferred by lenders. It is important to submit the necessary documents required for the application process, highlighting both offline and online methods for applying. SBI home loan eligibility 2025 is determined by various factors such as the applicant’s credit score, income, liabilities, and property details. For salaried individuals, the total EMIs, including the proposed home loan EMI, should not exceed 50-75% of the borrower’s monthly income. Job profile, employer’s profile, monthly income, repayment capacity, and property features are also considered. For self-employed applicants, the business must have been operational for at least three years, with profit in the last two years. A higher down payment can significantly improve the chances of loan approval as it lowers the lender’s risk. Finally, SBI considers the borrower’s repayment capacity, which is determined by their income and existing financial obligations. SBI Home Loan Features SBI home loans offer numerous features designed to enhance the borrowing experience: Low processing fees, ensuring that you don’t have to spend a fortune just to get your loan approved Funding up to 90% of the agreement value, making it easier for you to secure a substantial loan amount Loan tenure that can extend up to 30 years or until the age of 70 years, providing you with ample time to repay the loan comfortably Another notable feature is the option for prepayment and foreclosure without a prepayment penalty, allowing early loan repayment without extra costs. Moreover, SBI allows online prepayment through various platforms like Yono, Google Pay, Phonepe, and Paytm, making the process incredibly convenient. For those looking for better fund management, the overdraft facility (Maxgain) is an excellent option. This feature allows you to park extra funds temporarily, reducing your interest burden over time. Borrowers can also obtain a home loan interest certificate from their banking platforms. This can be done easily through online banking by logging into the bank’s portal and navigating to the loan section. Detailed instructions and support options are available to guide you through the process of accessing and downloading the certificate, which is crucial for keeping track of your interest payments. SBI Home Loan Options in 2025 SBI offers a variety of home loan options to suit different needs and preferences. Here are some of the popular schemes: SBI Regular Home Loan: This is the standard home loan scheme offered by SBI, suitable for purchasing a new property or constructing a house. It comes with competitive interest rates and flexible repayment options. SBI Flexipay Home Loan: This scheme allows borrowers to pay only interest during the moratorium period, making it easier to manage finances in the initial years. After the moratorium period, the principal repayment begins, providing a structured repayment plan. SBI Tribal Plus: Designed specifically for individuals residing in tribal areas, this scheme offers relaxed eligibility criteria and flexible repayment options to make home ownership
Types of Home Loans in India: A Comprehensive Guide to Choosing the Right One
Read 5 minutesBuying a home is a dream for many, and a home loan makes it possible for people to own a house without paying the entire amount upfront. Home loans provide financial support to home buyers, allowing them to repay the amount in easy monthly instalments. Banks and non-banking financial companies (NBFCs) offer various types of home loans, each designed for different needs such as buying a home, constructing one, renovating an existing house, or purchasing land. Choosing the right home loan type is essential to ensure that you get the best interest rate and loan terms that fit your budget. Whether you are looking for a home loan, understanding different types of home loans will help you make an informed decision. What Are Home Loans? A home loan is a financial product that allows individuals to borrow money from banks or NBFCs to purchase, construct, or renovate a house. The loan amount is repaid in monthly instalments (EMIs) over a fixed tenure. The lender charges interest on the borrowed sum, which can be either fixed or floating. Key Features of Home Loans: Loan tenure can range from 5 to 30 years. Interest rates can be fixed or floating. The property itself serves as collateral. Tax benefits are available on home loans under Section 80C and 24(b) of the Income Tax Act. Different Types of Home Loans Available in India Home Purchase Loan A home purchase loan is the most common type of loan taken to buy a new or resale property. This loan covers up to 90% of the property value, depending on eligibility and lender policies. Key Highlights: Suitable for first-time homebuyers. Requires a good credit score for better interest rates. Available from both banks and housing finance companies. Home Construction Loan If you own land and want to build a house, a home construction loan is the right option. The loan amount is disbursed in stages based on the progress of construction. Key Highlights: The loan is given in phases as construction progresses. Banks require a detailed construction plan. Loan tenure usually depends on the estimated completion time. Home Renovation Loan A home renovation loan helps homeowners upgrade or repair their existing property. Whether it is remodelling the kitchen or repainting the house, this loan provides funds for home improvement. Key Highlights: Lower interest rates than personal loans. Covers structural repairs, plumbing, painting, and more. Flexible repayment options. Home Extension Loan If you need to add extra rooms or expand your living space, a home extension loan is an excellent option. Key Highlights: Helps with adding floors or extra space to an existing home. Lower interest rates than personal loans. Easy eligibility criteria. Plot Purchase Loan A plot purchase loan is designed for those who want to buy land for residential construction in the future. Key Highlights: Covers up to 80% of the land value. Construction must begin within a stipulated time. Requires proper property documentation. Balance Transfer Home Loan A balance transfer home loan allows you to transfer your existing loan to another lender for lower interest rates or better loan terms. Key Highlights: Helps reduce the EMI burden. Saves money on interest payments. Can include additional top-up loan options. NRI Home Loans NRIs (Non-Resident Indians) looking to invest in Indian property can opt for an NRI home loan. Key Highlights: Available for buying, constructing, or renovating a home. Requires valid NRI documentation and income proof. Interest rates may be slightly higher than domestic home loans. Applicable for both new home purchases and home construction. Women applicants and joint ownership with female family members receive preference. The scheme is divided into urban (PMAY-U) and rural (PMAY-G) categories to cater to different housing needs. Pradhan Mantri Awas Yojana (PMAY) Subsidized Loans The PMAY scheme provides affordable housing finance with subsidies for eligible applicants. Key Highlights: Interest subsidies under CLSS (Credit Linked Subsidy Scheme). Available for Economically Weaker Sections (EWS) and Low-Income Groups (LIG). Helps in achieving the “Housing for All” mission. Encourages first-time homebuyers with financial assistance. Factors to Consider When Choosing a Home Loan Interest Rates: Choose between fixed and floating interest rates based on your financial stability and market conditions. Loan Tenure: A longer tenure reduces EMI but increases overall interest payments. A shorter tenure saves interest but raises EMI. Processing Fees: Some lenders charge higher processing fees, which can add to the total cost of the loan. Prepayment Charges: Check if there are penalties for early repayment, as some lenders impose charges for pre-closing the loan. Credit Score: A high credit score (750+) improves your chances of loan approval and helps secure lower interest rates. Down Payment: A higher down payment reduces the loan amount and interest burden. Lender’s Reputation: Choose a trusted lender with good customer service and transparency. Considering these factors will ensure you select the right home loan that aligns with your financial goals.” How to Apply for a Home Loan? Step-by-Step Process: Check Your Eligibility: Use online eligibility calculators. Compare Loan Offers: Look for the best interest rates. Gather Required Documents: ID proof Address proof Income proof (salary slips, ITR, bank statements) Property documents Submit Application: Apply online or at a bank branch. Loan Sanction & Disbursement: The lender verifies details and releases funds upon approval. Applying for a home loan in Delhi? Check online lenders for quick approval. Best Home Loan Providers in India Bank/NBFC Interest Rate (p.a.) Loan Tenure HDFC Bank 8.60% – 9.50% Up to 30 years SBI Home Loans 8.45% – 9.25% Up to 30 years Axis Bank 9.25% –10.05% Up to 30 years ICICI Bank 9.25% –10.05% Up to 30 years Looking for a home loan in Mumbai, Delhi, Banglore? Check the latest rates before applying. Factors to Consider When Choosing a Home Loan Interest Rates: Choose between fixed and floating interest rates based on your financial stability and market conditions. Loan Tenure: A longer tenure reduces EMI but increases overall interest payments. A shorter tenure saves interest but raises EMI. Processing Fees: Some lenders