Get a home loan online to fulfil your dreams of owning a house. FinMarket helps you choose the best lender with attractive interest rates as low as 6.75% onwards, flexible repayment options, minimal documentation, and quick processing. FinMarket saves you time and helps to find the best loan with the best interest rate! Apply Now.
Applying for a home loan through FinMarket brings multiple benefits:
A home loan refers to a broad category of loans offered by lenders, which not only includes funding the purchase of a new or used property, but also a variety of other purposes based on changing customer demands. The home loan, therefore, classified into subtypes:
Home Purchase Loan: Home purchase loan is the type of loan taken for the purchase of a home. With its growing popularity, this is the most common type of home loan that borrowers opt to apply.
Home Loan for Construction: Home loan for construction suggested to customers who are looking to build their own homes on an existing piece of land.
Top-Up Home Loan: As the name implies, this is the type of loan given to borrowers over and above their outstanding home loan amount in order to help them meet additional/unforeseen expenses related to the purchase/construction of a house.
Home Construction Loan: This loan used to fund the construction of a new house. This type of loan can be availed only by those borrowers who already own land/a plot and plan to start construction on it.
Home Improvement Loan: For those who wish to renovate their homes or undertake repairs, this type of loan is most suitable. It covers the expenditure related to home improvement. This loan is quickly gaining popularity because the rates of interest on this loan are very similar to those of home purchase loans.
Home Extension Loan: The home extension loan is very similar to a home improvement loan. It caters to borrowers who wish to extend their living space by adding another room, garage, kitchen, or bathroom.
Home Loan Balance Transfer: This loan option allows borrowers to transfer their existing home loan from one bank to another to take advantage of lower interest rates. Along with the home loan balance transfer, you can also get top-up loans to help achieve your other financial goals.
| Criteria | Salaried | Self-Employed |
|---|---|---|
| Age | 24 years to 60 years | 24 years to 65 years |
| Net Monthly Income | Rs.25,000 | Rs.36,000 |
| Loan Tenure | Up to 30 years | Up to 20 years |
| Work experience/ Business continuity | Minimum of 2 years of total work experience, and at least 6 months in the current company. |
Minimum of 3 years of ITRs. |
| Loan Amount | Minimum 20 lakhs to maximum 10 Crores. | Minimum 20 lakhs to maximum 10 Crores. |
| CIBIL Score | Above 650 | Above 650 |
The list of documents required for applying for a home loan online are as follows, provide the documents to our representative and check your housing loan eligibility.
| Banks/NBFC Names |
Interest rates | Processing Fees |
|---|---|---|
| HDFC Bank | 6.95% onwards | Up to 0.50% |
| ICICI Bank | 6.95% onwards | Up to 0.50% |
| Axis Bank | 7.75% onwards | Up to 0.50% |
| Bank of Baroda | 6.85% onwards | Up to 0.50% |
| PNB | 8.85% onwards | Up to 0.25% |
| SBI | 6.75% onwards | Rs.25,000 |
| Standard Chartered | 8.86% onwards | Up to 1.00% |
| Bajaj Finserv | 7.5% onwards | Up to 0.80% |
| Tata Capital | 8.50% onwards | Up to 2.00% |
| Fullerton India | 8.99% onwards | Up to 2% |
NOTE: The above-stated interest rates are subject to change from time.
A: Yes, both principal and interest payments have tax benefits per section 24(1). Refer to your tax accountant for details.
A: A maximum of 6 borrowers can apply for a home loan jointly. However, these co-applicants have to be immediate family members such as parents, siblings, or spouse.
Find answers to all your queries ranging from application procedure to eligibility criteria, interest rates, and documents required.
No, you do not have to visit the bank to apply for a Home loan. You can simply visit our website www.finmaket.in and apply online. Once you fill the form you will receive a call from our loan specialists to get further information about your requirements and check your eligibility criteria. If all the requirements are fulfilled we will provide you with the loan.
Yes, you may repay the loan anytime. Some banks charge prepayment penalties that are outlined in the loan agreements. We help you sort all of this out while choosing a loan.
Home loan EMI calculators are now a common online feature on the websites of most lenders. However, to manually derive the EMI, you need to apply the principal amount, tenure, and rate of interest in the traditional mathematical formula used for calculating EMI, which is as follows.
EMI = [P x R x (1+R) ^N] / [(1+R) ^N-1]
Here, P stands for the Principal Amount, R for the Rate of Interest per month (which is, Interest rate per annum/ (12x100), and N refers to the number of monthly instalments.
Yes, you can decide the tenure of your loan based on your requirements. However, before deciding the tenure, you should carefully consider factors such as your age and income because they significantly influence your capacity to repay the loan.
This would depend on whether your income can take the weight of another EMI. Typically, if you have a smaller loan for which the monthly payment is not very high, and in addition to it you can afford the EMI of a home loan, lenders may still approve your loan. However, if your liabilities are high, and if your income cannot support another loan, chances are that your application will be rejected.
Yes, NRIs are eligible for a home loan in India. A number of leading lenders offer tailor-made home loan schemes for NRIs with exclusive interest rates and certain special terms and conditions.
An NRI applicant should have a valid Indian passport and should be a person of Indian origin. Besides this, they should be employed, with a minimum job experience of 2 years.
Our loan specialists are here to help you, please feel free to contact our customer representative at 1800 572 2132. If you have a more pressing matter to discuss, feel free to visit our branches.
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