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Home » If Anyone Already Has an Existing Home Loan, Can He Still Get a Personal Loan?

If Anyone Already Has an Existing Home Loan, Can He Still Get a Personal Loan?

Borrowers can take two loans from the same bank, depending on their ability. Banks generally lend money to borrowers if they think the borrowers can repay the loans. Banks additionally check the borrowers’ credit scores. 

Therefore, even if you already have a home loan, you can still apply for a personal loan. Before approving the loan, the bank will review your files. Banks will do this to determine whether you can make the monthly installments. Your monthly income and the amount you plan to pay off debt will be compared. 

For a personal loan, you might alternatively approach a different bank. Just be careful to check out the EMIs you will be required to pay using an online personal loan calculator. It will enable you to determine your capacity for repayment and keep you out of a debt trap in the future.

Top Home Loan Offers in 2024

Lender R.O.I Processing Fees Loan Amount CIBIL Score
HDFC Bank Home Loan 8.45% – 10% (Reducing Per Annum) 0.5% – 1% ₹5 Lacs – No Limit 650
Kotak Bank Home Loan 8.75% – 10% (Reducing Per Annum) N/A ₹20 Lacs – No Limit 700
Bank of India Home Loan 8.5% – 10.75% (Reducing Per Annum) 0.25% – Rs.10000 ₹10 Lacs – No Limit 675
Canara Bank Home Loan 9.25% – 13.8% (Reducing Per Annum) N/A ₹10 Lacs – No Limit 675
Aavas Housing Home Loan 9.9% – 18% (Reducing Per Annum) 1% – 1.5% ₹25 Lacs – ₹5 Cr 650
Bajaj Housing Finance Home Loan 8.45% – 10% (Reducing Per Annum) 0.2% – 0.5% ₹5 Lacs – ₹75 Cr 650
PNB Housing Home Loan 8.75% – 14% (Reducing Per Annum) 0.25% – Rs.10000 ₹5 Lacs – ₹20 Cr 625
Shri Ram Housing Finance Home Loan 11.5% – 13% (Reducing Per Annum) 1% – 1.25% ₹10 Lacs – ₹1 Cr 650
We Rize Home Loan 10% – 18% (Reducing Per Annum) 0.5% – 1% ₹5 Lacs – ₹75 Lacs 650
Mahindra Finance Home Loan 9% – 15% (Reducing Per Annum) 1% – 3% ₹3 Lacs – ₹75 Lacs 650
Capri Global Bank Home Loan 9.5% – 15% (Reducing Per Annum) 1.25% – 1.5% ₹10 Lacs – ₹1.5 Cr 650
Tata Capital Home Loan 8.6% – 11% (Reducing Per Annum) 0.2% – 0.5% ₹30 Lacs – ₹7 Cr 750
Aditya Birla Home Loan 8.9% – 11% (Reducing Per Annum) 0.5% – 1% ₹25 Lacs – ₹25 Cr 675
Piramal Finance Home Loan 10.5% – 14% (Reducing Per Annum) 1% – 1.5% ₹30 Lacs – ₹5 Cr 650
Satin Housing Home Loan 11% – 18% (Reducing Per Annum) 2.5% – 3% ₹5 Lacs – ₹1 Cr 700
Indiabulls Finance Home Loan 9.4% – 10% (Reducing Per Annum) 0.5% – 1% ₹20 Lacs – ₹5 Cr 675
Federal Bank Home Loan 8.5% – 10% (Reducing Per Annum) 0.5% – Rs.13000 ₹50 Lacs – ₹20 Cr 675
IDFC Bank Home Loan 8.85% – 9.25% (Reducing Per Annum) 1% – 1.5% ₹10 Lacs – ₹5 Cr 680
ICICI Bank Home Loan 8.6% – 10% (Reducing Per Annum) 0.25% – 0.5% ₹50 Lacs – No Limit 700
Axis Bank (Asha Home Loan) 9.9% – 14% (Reducing Per Annum) 0.5% – 1% ₹5 Lacs – ₹1 Cr 700
Yes Bank Home Loan 9.4% – 10.5% (Reducing Per Annum) 0.25% – 1% ₹50 Lacs – ₹10 Cr 700
Yes Bank Home Loan (Small Segment) 9.9% – 11% (Reducing Per Annum) 1% – 1.25% ₹5 Lacs – ₹1 Cr 680
Standard Chartered Home Loan 8.5% – 10% (Reducing Per Annum) 0.5% – 1% ₹25 Lacs – ₹25 Cr 700
Jana Small Finance Bank Home Loan 10.5% – 13.5% (Reducing Per Annum) 1% – 1.5% ₹5 Lacs – ₹3 Cr 650
DCB Bank Home Loan 9.75% – 14% (Reducing Per Annum) 0.5% – 1% ₹30 Lacs – ₹3 Cr 650
SBI Bank Home Loan 8.5% – 10.4% (Reducing Per Annum) N/A ₹10 Lacs – No Limit 650
Bank of Maharashtra Home Loan 8.5% – 9.65% (Reducing Per Annum) N/A ₹10 Lacs – No Limit 675
Indian Bank Home Loan 8.5% – 10.4% (Reducing Per Annum) N/A ₹10 Lacs – No Limit 675
Union Bank of India Home Loan 8.5% – 10.8% (Reducing Per Annum) N/A ₹10 Lacs – No Limit 675
Central Bank of India Home Loan 8.5% – 10.4% (Reducing Per Annum) N/A ₹10 Lacs – No Limit 700
Bajaj Finserv Home Loan 8.5% – 10% (Reducing Per Annum) 0.2% – 0.5% ₹20 Lacs – ₹15 Cr 700
L & T Finance Services Home Loan 8.5% – 9.5% (Reducing Per Annum) 0.25% – Rs.10000 ₹30 Lacs – ₹3 Cr 650
Vistaar Finance Home Loan 13% – 21% (Reducing Per Annum) 2% – 2.5% ₹5 Lacs – ₹50 Lacs 650
IIFL Bank Home Loan 8.9% – 14% (Reducing Per Annum) 1% – 1.25% ₹5 Lacs – ₹50 Lacs 650
Aadhar Housing Finance Home Loan 10.5% – 14.75% (Reducing Per Annum) 1% – 1.5% ₹5 Lacs – ₹70 Lacs 600
Axis Finance Home Loan 9.5% – 11% (Reducing Per Annum) 0.5% – 1% ₹30 Lacs – ₹10 Cr 650

 

A salaried individual’s eligibility for a loan is dependent on several variables. The following criteria are frequently taken into account by banks and other credit organizations when determining your eligibility for a loan:

  • Your Take-Home Pay 

Verify your income after any required deductions. Banks will constantly review your debts and net revenue. You shouldn’t have more debt than 40% of your income. If your debt-to-income ratio is higher than 40%, there’s a good possibility that the loan request will be denied.

Banks will thus review your financial standing.  If you have taken out a housing loan make sure you are paying off your current debts. Then you are able to lead a comfortable life. Taking out a personal loan will be simple if your earnings are high enough.

  • Credit History and Credit Score 

Financial institutions always use credit scores to determine a borrower’s credibility. Accordingly, before asking for a loan, check your credit score to ensure that it won’t be denied. If your credit score is satisfactory enough, try to strengthen it by paying your bills on time. If your credit history isn’t so great, it can also affect the acceptance of your application for a personal loan.

You won’t be able to obtain low-interest personal loans elsewhere.

  • Double-Check the Eligibility Requirements 

The majority of banks and other lending organizations always have their own set of requirements for qualifying. To be approved for the loan, you must meet those conditions. Only employed people between the ages of 21 and 65 are eligible for personal loans from the majority of institutions. The banks also take into account your monthly income. Your eligibility for a loan will depend on both your current age and your financial standing. Your chances of getting a loan are higher the younger you are.

Top Personal Loan Lenders in 2024

 

Lender R.O.I Processing Fees Loan Amount CIBIL Score Type of Interest
Paysense Personal Loan 18% – 22% (Reducing Per Annum) 2% – 5% ₹50,000 – ₹10,00,000 700 Reducing
Werize Personal Loan 15% – 22% (Flat Per Annum) 3% – 5% ₹30,000 – ₹5,00,000 650 Flat
Money View Personal Loan 17% – 36% (Reducing Per Annum) 1% – 5% ₹5,000 – ₹5,00,000 650 Reducing
IDFC Bank Personal Loan 10.49% – 22% (Reducing Per Annum) 1% – 4% ₹1,00,000 – ₹40,00,000 700 Reducing
Incred Personal Loan 16% – 33% (Reducing Per Annum) 1% – 5% ₹50,000 – ₹10,00,000 650 Reducing
Aditya Birla Personal Loan 12% – 28% (Reducing Per Annum) 1% – 4% ₹1,00,000 – ₹50,00,000 Reducing
Finnable Personal Loan 16.95% – 30% (Reducing Per Annum) 1% – 5% ₹50,000 – ₹10,00,000 700 Reducing
Hero Fincorp Personal Loan 9.5% – 16% (Flat Per Annum) 1% – 5% ₹50,000 – ₹10,00,000 700 Flat
Muthoot Finance Personal Loan 14% – 22% (Reducing Per Annum) 1% – 3% ₹1,00,000 – ₹7,50,000 685 Reducing
Upward Fintech Personal Loan 18% – 32% (Reducing Per Annum) 2% – 5% ₹25,000 – ₹5,00,000 650 Reducing
Cashe Personal Loan 1.5% – 3% (Fixed Monthly) 1.5% – 2% ₹10,000 – ₹4,00,000 550 Fixed
Finzy Personal Loan 10.99% – 18.99% (Reducing Per Annum) 1% – 3% ₹1,00,000 – ₹10,00,000 Reducing
Fibe (formerly EarlySalary) Personal Loan 15% – 30% (Reducing Per Annum) 1% – 2% ₹8,000 – ₹2,00,000 550 Reducing
Faircent Personal Loan 25% – 30% (Reducing Per Annum) 7% – 9% ₹50,000 – ₹10,00,000 700 Reducing
Stashfin Personal Loan 2.45% – 4% (Fixed Monthly) 2% ₹5,000 – ₹5,00,000 725 Fixed
Tata Capital Personal Loan 10.5% – 14.25% (Reducing Per Annum) 0.75% – 2% ₹75,000 – ₹25,00,000 720 Reducing
Standard Chartered Bank Personal Loan 11.49% – 20% (Reducing Per Annum) 1% – 3% ₹1,00,000 – ₹1,00,00,000 740 Reducing
Bajaj Finserv Personal Loan (Prime) 13.5% – 15% (Reducing Per Annum) 0.5% – 1.5% ₹1,00,000 – ₹35,00,000 Reducing
Axis Bank Personal Loan 11.15% – 16.25% (Reducing Per Annum) 1% – 4% ₹1,00,000 – ₹40,00,000 690 Reducing
ICICI Bank Personal Loan 10.5% – 15% (Reducing Per Annum) 0.5% – 1.5% ₹1,00,000 – ₹1,00,00,000 700 Reducing
Fullerton Personal Loan 14% – 32% (Reducing Per Annum) 1% – 3% ₹1,00,000 – ₹25,00,000 705 Reducing
HDFC Bank Personal Loan 10.25% – 16% (Reducing Per Annum) 0.5% – 1.5% ₹1,00,000 – ₹1,00,00,000 700 Reducing
Shubh Life Personal Loan 28% – 44% (Reducing Per Annum) 1% – 3% ₹5,000 – ₹2,00,000 650 Reducing
Loan Tap Personal Loan 11% – 24% (Reducing Per Annum) 1% – 2% ₹50,000 – ₹7,00,000 Reducing

 

  • Employment Status

Getting a personal loan depends heavily on your employment status. Because you must be able to pay back the borrowed amount to the bank. Most banks require you to provide proof of employment along with your application, such as your last three months’ pay slips. 

You might also be required to provide a letter from your present employer detailing that you were recruited full-time and the date that you began working there. Finally, you must have worked for your present employer for a minimum of two years.

  • Recent Outstanding Debts  

Each of the open and active credit accounts, which includes credit cards, and loans, including a housing loan, are included in your obligations. Keep in mind that if you are currently having trouble repaying your home loan, you shouldn’t attempt to take out a personal loan. Proceed without hesitation if you have the monetary resources to pay back two different loans. Check twice to see if you can pay back two different loans at the same time without experiencing hardship. Alternatively, before you decide to take on another financial obligation, wait for an increase in salary, a higher salary, or better-paying employment. 

  • What a Personal Loan Is For  

Nowhere and never will any lender inquire as to why you are asking for a personal loan. Thus, you shouldn’t be excessively anxious about this part. Almost everything can be funded with the loan amount. These may include a wedding, getaways, home improvement projects, further education, or urgent medical expenses.

Bottom Line

It might not be a wise decision to take on more debt when you are already in a long-term obligation.  You can take out this loan in the form of a home loan. But read properly and apply if you think you can repay both loans without any problems. You can reach out to the different online lenders. Inform them of your needs, and they will assist you in getting personal loans with cheap interest rates.

 

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