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Home » Best Home Loan Options in 2024: Eligibility, Interest Rates, and How to Apply

Best Home Loan Options in 2024: Eligibility, Interest Rates, and How to Apply

INTRODUCTION

 

Purchasing a house is a major achievement in people’s lives, so a home loan is usually taken. This guide will guide you to discussions on home loan basics, home loan eligibility, and how you can apply for it.

 

WHAT IS HOME LOAN

 

A home loan or a mortgage for short, is a loan taken by an individual from a financial institution to buy a house. The property being offered acts as security till the time the money borrowed is recovered together by the lender.

 

Types of Home Loans

 

  • Fixed-Rate Mortgage: The rate of interest is fixed and is not altered in the entire term of the loan.

 

  • Adjustable-Rate Mortgage (ARM): The interest rate fluctuates throughout the year depending on the market, or system.

 

  • Interest-Only Loans: They are of the following types: You only pay interest for a specified number of years and then you start repaying both the interest as well as the principal.

 

  • Government-Backed Loans: This means we are again left with FHA loans, VA loans, and USDA loans which are again government-insured, and these loans usually come with relaxed qualification requirements.

 

Application Process

 

  • Pre-Approval: It helps in applying for a pre-approval to determine the amount of loan one is eligible for.
  • House Hunting: In case you have limited cash, you have no option but to look for a property that you can afford.
  • Loan Application: Please attach your completed application form with the documents which are necessary for the application.
  • Loan Processing: The lender goes through the application that you make and checks on the details that you have provided.
  • Underwriting: In the third step, the lender determines the risk of the loan and his or her decision to approve the credit.
  • Closing: They are required to complete the documentation and sign the final papers as well as meet all the closing costs. The loan is then taken out and given out.

Options for Loans / Banks / NBFCs

 

Banks / Nbfc R.O.I Processing Fees Loan Amount Cibil Score Apply Now
Fullerton 10.5% – 16.5% (Reducing Per Annumn) 1% – 1.5% 10.00 Lacs – 75.00 Lacs 650
Hero Housing Home Loan 10% – 11% (Reducing Per Annumn) 0.5% – 1% 20.00 Lacs – 5.00 cr 650 https://referloan.in/loans/hero-housing-home-loan
India Shelter Home Loan 13% – 20% (Reducing Per Annumn) 1% – 2% 5.00 Lacs – 50.00 Lacs 500 https://referloan.in/loans/india-shelter-home-loan
Shubham Housing Finance Home Loan 10.5% – 14.75% (Reducing Per Annumn) 1.5% – 2% 5.00 Lacs – 50.00 Lacs 450 https://referloan.in/loans/shubham-housing-home-loan
DMI Housing Home Loan 11.5% – 14% (Reducing Per Annumn) 1% – 1.5% 5.00 Lacs – 75.00 Lacs 650 https://referloan.in/loans/dmi-home-loan
Vastu Housing Finance Home Loan 10% – 15% (Reducing Per Annumn) 1% – 2% 5.00 Lacs – 3.00 cr 650 https://referloan.in/loans/vastu-housing-finance-home-loan
PNB Housing Home Loan 8.75% – 14% (Reducing Per Annumn) 0.25% – Rs.10000% 5.00 Lacs – 20.00 cr 625 https://referloan.in/loans/pnb-hfl-loan-home-loan
Shri Ram Housing Finance Home Loan 11.5% – 13% (Reducing Per Annumn) 1% – 1.25% 10.00 Lacs – 1.00 cr 650 https://referloan.in/loans/shri-ram-housing-finance-home-loan
We Rize Home Loan 10% – 18% (Reducing Per Annumn) 0.5% – 1% 5.00 Lacs – 75.00 Lacs 650 https://referloan.in/loans/we-rize-home-loan
Mahindra Finance Home Loan 9% – 15% (Reducing Per Annumn) 1% – 3% 3.00 Lacs – 75.00 Lacs 650 https://referloan.in/loans/mahindra-finance-home-loan
Capri Global Bank Home Loan 9.5% – 15% (Reducing Per Annumn) 1.25% – 1.5% 10.00 Lacs – 1.50 cr 650 https://referloan.in/loans/capri-global-home-loan
Tata Capital Home Loan 8.6% – 11% (Reducing Per Annumn) 0.2% – 0.5% 30.00 Lacs – 7.00 cr 750 https://referloan.in/loans/tata-capital-home-loan
Aditya Birla Home Loan 8.9% – 11% (Reducing Per Annumn) 0.5% – 1% 25.00 Lacs – 25.00 cr 675 https://referloan.in/loans/aditya-birla-home-loan
Piramal Finance Home Loan 10.5% – 14% (Reducing Per Annumn) 1% – 1.5% 30.00 Lacs – 5.00 cr 650 https://referloan.in/loans/piramal-finance-home-loan
Satin Housing Home Loan 11% – 18% (Reducing Per Annumn) 2.5% – 3% 5.00 Lacs – 1.00 cr 700 https://referloan.in/loans/satin-housing-home-loan
Indiabulls Finance Home loan 9.4% – 10% (Reducing Per Annumn) 0.5% – 1% 20.00 Lacs – 5.00 cr 675 https://referloan.in/loans/indiabulls-finance-home-loan
Federal Bank Home Loan 8.5% – 10% (Reducing Per Annumn) 0.5% – Rs.13000% 50.00 Lacs – 20.00 cr 675 https://referloan.in/loans/federal-bank-home-loan
IDFC Bank Home Loan 8.85% – 9.25% (Reducing Per Annumn) 1% – 1.5% 10.00 Lacs – 5.00 cr 680 https://referloan.in/loans/idfc-bank-home-loan
ICICI Bank Home Loan 8.6% – 10% (Reducing Per Annumn) 0.25% – 0.5% 50.00 Lacs – No Limit 700 https://referloan.in/loans/icici-bank-home-loan
Axis Bank (Asha Home Loan) 9.9% – 14% (Reducing Per Annumn) 0.5% – 1% 5.00 Lacs – 1.00 cr 700 https://referloan.in/loans/axis-bank-asha-home-loan
Yes Bank Home Loan 9.4% – 10.5% (Reducing Per Annumn) 0.25% – 1% 50.00 Lacs – 10.00 cr 700 https://referloan.in/loans/yes-bank-home-loan
Yes Bank Home Loan (Small Segment) 9.9% – 11% (Reducing Per Annumn) 1% – 1.25% 5.00 Lacs – 1.00 cr 680 https://referloan.in/loans/yes-bank-home-loan-small-segment
Standard Chartered Home Loan 8.5% – 10% (Reducing Per Annumn) 0.5% – 1% 25.00 Lacs – 25.00 cr 700 https://referloan.in/loans/standard-chartered-home-loan
Jana Small Finance Bank 10.5% – 13.5% (Reducing Per Annumn) 1% – 1.5% 5.00 Lacs – 3.00 cr 650
DCB Bank Home Loan 9.75% – 14% (Reducing Per Annumn) 0.5% – 1% 30.00 Lacs – 3.00 cr 650 https://referloan.in/loans/dcb-bank-home-loan
SBI Bank Home Loan 8.5% – 10.4% (Reducing Per Annumn) N/A 10.00 Lacs – No Limit 650 https://referloan.in/loans/sbi-home-loan
Bank of Maharashtra Home Loan 8.5% – 9.65% (Reducing Per Annumn) N/A 10.00 Lacs – No Limit 675 https://referloan.in/loans/bank-of-maharashtra-home-loan
Indian Bank Home loans 8.5% – 10.4% (Reducing Per Annumn) N/A 10.00 Lacs – No Limit 675 https://referloan.in/loans/indian-bank-home-loan
Union Bank of India Home Loan 8.5% – 10.8% (Reducing Per Annumn) N/A 10.00 Lacs – No Limit 675 https://referloan.in/loans/ubi-home-loan
Central Bank of India Home Loan 8.5% – 10.4% (Reducing Per Annumn) N/A 10.00 Lacs – No Limit 700 https://referloan.in/loans/central-bank-home-loan
Bajaj Finserv Home Loan 8.5% – 10% (Reducing Per Annumn) 0.2% – 0.5% 20.00 Lacs – 15.00 cr 700 https://referloan.in/home-loans/bajaj-finserv
L & T Finance Services Bank Home Loan 8.5% – 9.5% (Reducing Per Annumn) 0.25% – Rs.10000% 30.00 Lacs – 3.00 cr 650 https://referloan.in/lnt-financials-services-home-loan
Vistaar Finance Home Loan 13% – 21% (Reducing Per Annumn) 2% – 2.5% 5.00 Lacs – 50.00 Lacs 650 https://referloan.in/loans/vistaar-finance-home-loan
IIFL Bank Home Loan 8.9% – 14% (Reducing Per Annumn) 1% – 1.25% 5.00 Lacs – 50.00 Lacs 650 https://referloan.in/loans/iifl-home-loan
Aadhar Housing Finance Home Loan 10.5% – 14.75% (Reducing Per Annumn) 1% – 1.5% 5.00 Lacs – 70.00 Lacs 600 https://referloan.in/loans/adhar-home-loan
Axis Finance Home Loan 9.5% – 11% (Reducing Per Annumn) 0.5% – 1% 30.00 Lacs – 10.00 cr 650 https://referloan.in/loans/axis-finance-home-loan
HDFC Bank Home Loans 8.45% – 10% (Reducing Per Annumn) 1% – 1.5% 5.00 Lacs – No Limit 650 https://referloan.in/loans/hdfc-bank-home-loan

 

General Eligibility and Document Required for This Type of Loan 

 

 Eligibility 

 

  •  Credit Score: Hence, a higher score makes one have a higher chance of being approved as well as being offered a better interest rate.
  • Income: This contains proof that one has a stable and sufficient source of income to enable him to meet his repayment obligations.
  • Debt-to-Income Ratio: A low relative debt level is preferred as it signifies the sound financial position of an organisation.
  • Down Payment: A larger down payment will decrease the loan amount and the interest rate also in most cases.

 

Documents Required:

  • Proof of Identity: PAN card, Aadhaar card.
  • Address Proof: any utility bill or rent agreement.
  • Business Proof: Registration certificate, the business license.
  • Bank Statements, Income Tax Returns, and Profit & Loss

 

How Referloan Can Help 

 

 ReferLoan is among the rapidly advancing businesses of the Indian nation. It serves all sorts of financial needs through banking and non-banking segments where it interconnects the clients as per the need.

 

This is how ReferLoan can help!

  • Minimal Documentation: Let’s goodbye to the paperwork blues. This is because, with ReferLoan, the procedure is less cumbersome since it involves less paperwork thus allowing one to concentrate on the house of your dreams and not papers.

 

  • Rapid Procedure: Purchasing a house is a process that should not be prolonged. ReferLoan provides simple loan services that will see applicants receive a quick approval and disbursement of the funds hence no hindances in the implementation of your ideas.

 

  • Instant Approval: To make the green light for a home loan available without the need for any time. Use automated and optimized systems and processes to make the assessment and approval fast enabling you to have light moments while Contractors integrate with ReferLoan’s efficient systems.

 

  • Determined Loan Tenure: Availability of money is an important aspect that ought to be well managed or rather be flexible. The interest rates offered by ReferLoan are also flexible as the firm allows its clients to select a loan tenure that they feel would best suit them.

 

  • Low-Interest Rates: You do not have to worry about shy financing for your projects are easy to access and at a reasonable price. ReferLoan also will offer reasonable interest rates, so that your home loan will never put a strain on your financial capability.

 

  • Wide Range of Lenders: You gain access to a variety of lenders through the help of ReferLoan.The various money lending companies are a way by which people can access the best mortgage deals that often come in the form of a mortgage preferred by most people.

 

  • No Collateral Required: Take the benefits of applying for and obtaining a home loan where the need for collateral is not mandatory. That is why with ReferLoan, you don’t have to worry about pledging your valuable assets to secure your desired loans. *

 

  • Flexible EMIs: To add to it, you can always enable yourself to manage your finances conveniently. The Repayment term and Loan EMI at ReferLoan are flexible to help borrowers set their repayment period according to their financial capacity.

 

Frequently Questions 

  • What is a home loan?

 A home loan is a financial instrument that enables an individual to borrow money to finance the purchase of a house or its construction. The loan is usually repaid through equal installments within a specified time.

  • What is the required document for a home loan?

Requirements from an applicant may include age, income, employment history, credit score, value of the house, etc and these may differ from one company to the other.

  • What is the limit of that amount I can take with a home loan?

The loan amount that can be availed as per the requirement can be the income, credit score, repayment ability, and other conditions that prevail with the lender. As a rule, up to 80-90 % of a property’s value is provided by lenders.

  • What is the rate of interest on a home loan?

Interest rates on home loans are different depending on the institution of the bank and its relations to the market. Depending on their status they can be fixed or floating. There is a possibility of an increase in the rate of interest charged by the banker in the case of a floating rate but the same rate is applicable throughout the loan in the case of the fixed rate.

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