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    Different Types of Home Loans

    Demetrius UllrichBy Updated:No Comments6 Mins Read

    With the rising prices of Real Estate in India, Home Loan India is the only way out to fulfill the dream of a new house. A Home Loan is a specified amount of money borrowed from Banks or Financial Institutions to buy a new home. The factors that are to be considered while availing of Indiabulls Home Loan are Interest Rates, Loan Amount, Loan Tenure, Monthly EMIs on House Loans, and Credit Score. 

    To meet the needs of the borrowers in a better way, there are different types of home loan offered by lenders in India. Below mentioned are some of the popular Home Loan options:

    1. Basic Home Loan
    • Eligibility Criteria
    Particulars Salaried Professionals Self-Employed Individuals
    Age 18 – 65 years 18 – 65 years
    Employment Min. 2 years of experience Min. 5 years of experience
    Credit Score 750 or above 750 or above
    • Documents Required
    • Age Proof – Birth certificate, Class 10 marks sheet, etc.
    • Address Proof – Copy of passport, Voter ID, Utility bills, etc.
    • Income Proof- Salary slips and ITR details
    • Identification Proof – PAN card, Passport, Voter ID, etc.
    • Existing Loan Documents (if any)
    • Documents of Property to be Purchased
    • Interest Rates of Leading Banks 
    Banks Interest Rate
    SBI Home Loan 6.70% onwards
    HDFC Home Loan 6.95% onwards
    ICICI 30-Year Home Loan 6.70% onwards
    Axis Home Loan 6.90% onwards

    Home Loan Interest Rates of Top Public Sector Banks

    Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh & Up to Rs. 75 Lakh Above Rs. 75 Lakh
    Bank of Baroda 8.60% – 10.65% 8.60% – 10.65% 8.60% – 10.90%
    Punjab National Bank 8.65% – 9.60% 8.60% – 9.50% 8.60% – 9.50%
    Punjab & Sind Bank 8.85% – 9.95% 8.85% – 9.95% 8.85% – 9.95%
    State Bank of India 9.15% – 10.15% 9.15% – 10.05% 9.15% – 10.05%
    Union Bank of India 8.50% – 10.75% 8.50% – 10.95% 8.50% – 10.95%
    Bank of India 8.65% – 10.75% 8.65% – 10.75% 8.65% – 10.75%
    UCO Bank 8.45% – 10.30% 8.45% – 10.30% 8.45% – 10.30%
    Bank of Maharashtra 8.60% – 10.65% 8.60% – 11.20% 8.60% – 11.20%
    Canara Bank 8.55% – 11.25% 8.55% – 11.25% 8.55% – 11.25%
    Indian Overseas Bank 8.85% onwards 8.85% onwards 8.85% onwards

    Home Loan Interest Rates of Top Private Sector Banks

    Name of Lender Up to Rs. 30 Lakh Above Rs. 30 Lakh & Up to Rs. 75 Lakh Above Rs. 75 Lakh
    Kotak Mahindra Bank 8.85% onwards 8.85% onwards 8.85% onwards
    ICICI Bank 9.00% – 9.80% 9.00% – 9.95% 9.00% – 10.05%
    Axis Bank 8.75% – 12.70% 8.75% – 12.70% 8.75%- 9.15%
    Karur Vysya Bank 9.23% – 12.13% 9.23% – 12.13% 9.23% – 12.13%
    South Indian Bank 9.85% – 12.60% 9.85% – 12.60% 9.85% – 12.60%
    Karnataka Bank 8.75% – 10.43% 8.75% – 10.43% 8.75% – 10.43%
    Federal Bank 10.15% – 10.20% 10.20% – 10.25% 10.25% – 10.30%
    Dhanlaxmi Bank 9.35% – 10.50% 9.35% – 10.50% 9.35% – 10.50%
    Tamilnad Mercantile Bank 9.35% – 9.85% 9.35% – 9.85% 9.35% – 9.85%
    Bandhan Bank 9.15% – 15.00% 9.15% – 13.32% 9.15% – 13.32%
    RBL Bank 9.15% – 11.55% 9.10% – 11.30% 9.10% – 11.30%
    1. Home Construction Loan
    • Eligibility Criteria
    Particulars Salaried Professionals Self-Employed Individuals
    Age 18 – 65 years 18 – 65 years
    Employment Min. 1 year of experience with current employer Available for professionals and non-professionals
    Credit Score 700 or above 700 or above
    • Documents Required
    • Age Proof – Birth certificate, Class 10 marks sheet, etc.
    • Address Proof – Copy of passport, Utility bills, Voter ID, etc.
    • Income Proof – Salary slips and ITR details
    • Identification Proof – Passport, PAN card, Voter ID, etc.
    • Existing Loan Documents (if any)
    • Property Documents
    • Interest Rates of Leading Banks 
    Banks Interest Rate
    SBI Realty Home Loan 7.50% onwards
    HDFC Home Loan 6.95% onwards
    Canara Site Loan 6.90% onwards
    DHFL Home Construction Loan 8.75% onwards
    1. Home Improvement Loan
    • Eligibility Criteria
    Age 18 – 65 years
    Employment Salaried, Self-employed Professionals and Non-Professionals
    • Documents Required
    • Age Proof (Birth certificate, Class 10 marks sheet, etc.)
    • Address Proof (Copy of passport, Utility bills, Voter ID, etc.)
    • Income Proof (Salary slips and ITR details)
    • Property Title Deeds (Original)
    • Estimated Renovation Quotation
    • Interest Rates of Leading Banks
    Banks Interest Rate
    PNB Housing Finance Ltd. 9.25% onwards
    HDFC Bank 6.95% onwards
    Canara Bank 6.90% onwards
    Bank of Baroda 6.75% onwards
    1. Home Extension Loan
    • Eligibility Criteria
    Age 18 – 65 years
    Employment Salaried, Self-employed Professionals and Non-Professionals
    • Documents Required
    • Age Proof (Birth certificate, Class 10 marks sheet, etc.)
    • Address Proof (Copy of passport, Utility bills, Voter ID, etc.)
    • Income Proof (Salary slips and ITR)
    • Existing Loan Documents (if any)
    • Property/Home Extension-Related Documents
    • Interest Rates of Leading Banks
    Banks Interest Rate
    HDFC Home Extension Loan 6.95% onwards
    DHFL Home Extension Loan 8.75% onwards
    Tata Capital Home Extension Loan 6.90% onwards
    1. Land Purchase Loans
    • Eligibility Criteria
    Age 18 – 65 years
    Employment Salaried, Self-employed Professionals and Non-Professionals
    • Documents Required
    • Age Proof – Birth certificate, Class 10 marks sheet, etc.
    • Address Proof – Copy of passport, Utility bills, Voter ID, etc.
    • Income Proof – Salary slips and ITR
    • Existing Loan Documents (if any)
    • Property-related Documents
    • Interest Rates of Leading Banks
    Banks Interest Rate
    HDFC Bank 7.05% onwards
    PNB Housing Finance Ltd. 7.55% onwards
    Bajaj Finserv 6.95% onwards
    DHFL 8.75% onwards
    1. NRI Home Loans
    • Eligibility Criteria
    Age 18 – 60 years
    Employment Salaried Individuals or Self-Employed with at least 2 years of work experience in the present company
    • Documents Required
    • Passport and work visa copy
    • Proof of valid work permit
    • Copy of employment contract
    • Current overseas residential proof
    • Salary slips for the past three months
    • Salary account statement for the past six months
    • General power of attorney
    • Last year ITR except for NRIs in Middle East nations and Merchant Navy Employees
    • Property papers
    • Interest Rates
    Banks Interest Rate
    PNB Housing Finance Ltd. 7.55% onwards
    1. Home Loan Balance Transfer
    • Eligibility Criteria
    Age 18 – 65 years
    Employment Salaried and Self-employed Individuals with a clear past record of timely repayments with the previous lender
    • Documents Required
    • Age Proof – Birth certificate, Class 10 marks sheet, etc.
    • Address Proof – Copy of passport, Utility bills, Voter ID, etc.
    • Income Proof – Salary slips and ITR details
    • Bank statement showing repayment of ongoing loan
    • Property-related Documents
    • Loan statement and list of property documents in possession of the existing lender
    • Interest Rates of Leading Banks
    Banks Interest Rate
    SBI Home Loan Balance Transfer 6.70% onwards
    HDFC Home Loan Balance Transfer 6.95% onwards
    ICICI Home Loan Balance Transfer 6.70% onwards
    Bajaj Finserv Balance Transfer 6.95% onwards
    1. Bridge Loans
    • Eligibility Criteria
    Age 18 – 70 years
    Eligible customers All property owners and co-applicants
    • Documents Required
    • Age Proof – Birth certificate, Class 10 marks sheet, etc.
    • Address Proof – Copy of passport, Utility bills, Voter ID, etc.
    • Income Proof – Salary slips and ITR
    • Bank statement showing repayment of ongoing loan
    • Property-related Documents
    • Interest Rates
    Banks Interest Rate
    SBI Bridge Loan 1st year: 9.50%
    2nd year: 10.50%

    Purpose of Home Loan

    Just like Yes Bank Home Loan, home loans offered by other banks also has some purposes that are as mentioned below: 

    • Construction of a new house
    • Purchase of a ready or resale flat
    • For takeover of house loans from other banks/ institutions
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