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Home Loan

Factors affecting your Eligibility for a Home Loan

For a hassle free loan process, ensure you are up to the mark on each of these parameters

Monthly Income

The higher your income, the higher the loan amount eligibility and greater your chances of acquiring your dream home.



Starting early has its benefits. Applying at age 30-35 years makes you eligible for a higher loan amount, as compared to applying when you are 40-50 years old.


Property Value

Quality adds to credibility. Choosing a good property in an approved society, colony or area is viewed more favourably by banks.


Credit History

Your Credit History can open or close the gate to your dream home. Always maintain a good CIBIL score.


Employment Status

As a Salaried person, you must have a minimum of 3 years work experience, to become eligible for a home loan.


Professional/Business Status

As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability.


Relationship with Lender

A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates.


Your Employer Category

Working at a well-regarded company not only adds to your reputation, but also your loan eligibility. A Fortune 500 Company on your visiting card really helps!

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List of Banks and NBFCs Offering Home Loans in India
State Bank of India
state bank of indiaInterest Rate: 8.55% onwards
HDFCInterest Rate: 8.65% onwards
iciciInterest Rate: 8.80% onwards
PNB Housing Finance LtdpnbInterest Rate: 9.10% onwardsAxis BankaxisInterest Rate: 8.90% onwardsDHFL
dhflInterest Rate: 9.75% onwards
IDFC First Bank
idfc first bankInterest Rate: 9.15% onwards
LIC Housing Finance
lic housing logoInterest Rate: 8.80% onwards
Kotak Mahindra Bank
kotak mahindra bank logoInterest Rate: 8.90% onwards
Bajaj Finserv Ltd.
bajaj finserv logoInterest Rate: 8.80% onwards
Karnataka Bank
karnataka bank logoInterest Rate: 8.90% onwards
Standard Chartered Bank
scb logoInterest Rate: 9.41% onwards
Indiabulls Housing Finance
indiabulls logoInterest Rate: 8.80% onwards
DBS Bank
dbs logoInterest Rate: 8.85% onwards
YES Bank
Yes bank logoInterest Rate: 9.85% onwards
India Infoline
iifl logoInterest Rate: 9.50% onwards
Aditya Birla Housing Finance Ltd.
aditya birla logoInterest Rate: 9.00% onwards
Fullerton India Home Finance Co. Ltd.
fullerton india logoInterest Rate: 11% onwards
India Shelter Finance Corporation Ltd.
India shelter logoInterest Rate: 10.00% onwards
Piramal Capital & Housing Finance
piramalInterest Rate: 9.00% onwards
citibank logoInterest Rate: 9.80% onwards

Note: The figures given in the table are indicative and are subject to change at the banks’ or NBFCs’ discretion without prior information.

Top Banks Offering Lowest Home Loan Interest Rates Sep 2019

Here is the list of top banks offering lowest housing loan interest rates in India. You can compare and apply online for the best home loan.

Banks/NBFCsInterest Rate (p.a)Processing Fee

0.35 % of loan amount and maximum 10,000 +GST



For ICICI Group Employees – 8.65%

0.50% of loan amount + GST
Bank of Baroda8.45%-9.45%Upto 0.50% of the loan amount or Max ₹7,500 + GST
Axis Bank8.90%-9.15%Up to 1.00% of the Loan amount subject to minimum of ₹10,000 + GST
Citibank9.00%-9.85%Up to 0.40% of the loan amount + GST
HDFC Ltd8.35%-8.95%Up to 0.50% of the loan amount or ₹3,000 whichever is higher + GST
Bajaj Finserv8.85%-11.15%NA


Limited Period Offer Rates (Applicable Till September 30, 2019)

Loan upto ₹50 Lakh – 8.40%

Loan Above ₹50 Lakh to ₹5 Crore – 8.50% 

Loan Above 5 Crore – Rate to be decided by the corporate office on a case to case basis

Upto ₹1 crore: – 0.25 paise + GST or ₹10000 + GST which ever is less
More than ₹1 crore – ₹25000 + GST
Piramal Housing Finance9% onwards0.10% – 0.25% of the loan amount + GST
Kotak Bank8.90% onwards

Zero processing fee for online application and Upto 1.25% of Loan amount for offline applications

Punjab National Bank8.65%-8.75%Zero processing fee for loans disbursed till 31.03.2019
PNB HFL9.25%-12%₹10,000 + GST
DHFL9.10%-10.55%Salaried: ₹Upto ₹20,000 + GST 
Self-employed Non-Professional: Up to 1.50% of the loan amount + GST
Indiabulls Housing Finance8.80%-11.05%Up to ₹5,000 or 0.50% of the loan amount + GST
Bank of India8.80%-8.85%Zero processing fee for loans disbursed till 31.03.2019 
IDBI Bank8.75%-9.10%Up to ₹5,000 + GST
For inward BT irrespective of the amount & PMAY proposals – Nil
Tata Capital8.90%-9.35%0.50% of the loan amount + GST

Note – Please note that there are different types of charges which a borrower has to pay as an upfront fee. These charges are not negotiable and processing/application fee is one of them. So, do check all these details before applying for the loan.

Grabbing the lowest rate deal to ensure a greater reduction of the home loan EMI you need to pay every month to the lender.

How to Get Best Home Loan Rates in India

It has never been easier to get a housing loan, as today you can do online loan comparison based on interest rates, other loan terms and conditions of all banks before choosing the right loan offer.

Home loans are available at almost all top banks/NBFCs so choosing one might be a little time-taking. Wishfin helps you in selecting one suitable lender based on your requirement. Here are the reasons to choose New Home One :

  1. Online Marketplace – New Home One is an online marketplace for loans with unbiased suggestions.
  2. 19 Million Satisfied Customers – More than 19 million customers have fulfilled their wishes through New Home One .
  3. Instant Quotes from Top Lenders – You get instant quotes from top banks and NBFCs.
  4. Expert Advice – You get expert advice from experienced Wish Experts.
  5. Transparent Process – Experts are there to answer any query related to your home loan application.
  6. End to End Service – You get 100% assistance for the loan application ensuring no delays.
  7. Free CIBIL Score and Report – New Home One gives you free CIBIL score and CIBIL report with your home loan application.

Wish Experts guide you in the process of selecting a home loan with lowest interest rate as per your eligibility. The process is much simpler as compared to visiting different lenders offline.

Steps to follow to apply for a home loan

You have to provide the below-given details in the form given at the top of this page:

  1. Enter desired loan amount
  2. Select employment status and mention monthly income
  3. Full name, city name, date of birth, contact number and email ID
  4. Accept terms and conditions
  5. Click on ‘Get Quotes’

After the submission of the form, another form appears where you have to mention property details such as property value, applicant’s gender, residence address, PAN number, and then click on ‘Get Quotes’. After completion of this form, you get the list of banks where you are eligible for a home loan.

Wishfin has partnered with WhatsApp to enable consumers to apply for a home loan on WhatsApp. This is the first ever facility where a consumer can apply for a loan on WhatsApp just like chatting with your friends. You only have to answer a few basic questions related and the chatbot will show list of options. The process is simple and instant which makes it convenient and mass-friendly.

The offline process for a home loan is very simple. You just need to visit the nearest branch of your desired housing finance company or bank and check the requirements. You have to follow the below steps:

  1. Visit your selected lender’s nearest branch
  2. Check the required documents with the executive
  3. Fill up the form properly
  4. Submit the form, documents and processing fee cheque

Fees & Charges on Home Loan

The list of charges that you need to pay for a home loan are as follows:

  • Application fee
  • Processing fee
  • Administrative fee
  • Technical evaluation fee
  • Legal fee
  • Franking fee on sale agreement
  • Franking fee on loan agreement
  • Notary fee
  • Intimation of registration fee
  • Indemnity cost
  • Adjustment fee
  • Fire insurance fee
  • Document fee

What is the eligibility criteria for Home Loans?

Home loan eligibility is based on income, age, credit score, property value and location, etc. The table reflects general eligibility criteria at all banks/NBFCs.

AgeShould be between 21-60 yearsMust be between 21-65 years
IncomeMinimum income of ₹1,80,000 p.a.Minimum income of ₹1,80,000 p.a.
Current Experience2-3 years of current job stability3 years of current business stability
CIBIL Score720 or above720 or above

You can also check your home loan eligibility to know the maximum loan amount you are eligible to plan your purchase accordingly. Other than your income, age and professional stability, your property location and CIBIL score are very important. Lenders demand CIBIL score of 720 or above with property in an authorized location. However, if you have a genuine reason for your credit score is lower than 720, some NBFCs can consider your application for the approval but a higher rate of interest. 

How much loan amount can you get based on your salary?

Lenders calculate the maximum loan amount eligibility based on your salary. Only 50% of your net take home salary is considered for calculating the eligibility which means you can get higher loan amount if your salary is high. Another factor considered while calculating the maximum loan amount is your existing loan EMI. If a home loan applicant is already paying an EMI, the EMI is deducted from this 50% of the salary and the remaining amount would decide your maximum loan amount eligibility.

Lenders calculate Fixed Obligations to Income Ratio (FOIR) on the basis of your existing EMIs and net monthly income. The percentage of FOIR should be 75% or less. For instance, if your in-hand salary per month is ₹1,00,000 and you are currently paying a car loan EMI of ₹6000 and personal loan EMI of ₹10,000 and you want to know how much loan amount you can get for a home loan, your FOIR would be: 

Your disposable income for new loan is: ₹50,000 – ₹6,000 – ₹10,000 = ₹34,000

FOIR = Sum of existing obligations/Net take home salary*100

         = ((₹6000 + ₹10,000)/ ₹1,00,000) * 100

         = (₹16,000/ ₹1,00,000)*100

         = 16%

So, lenders will approve the loan amount for the monthly installment of ₹34,000 or less even for the longest tenure. Other factors such as your credit score help you fetch better deal from the lender.   

What are the documents required for a home loan?

The documents required to apply for a housing loan are a bit different for salaried and self-employed applicants. Below are the documents you have to submit along with loan application form:

Please note that income proof is the most important document to get a home loan approval. If you do not get your salary in a bank account, you can not apply for a home loan. Only a limited NBFCs will consider your application for approval at a higher rate of interest. Recently, Union Cabinet declared 10 per cent reservation for economically weaker upper castes recently and now ministry might bring in another surprise for the middle class people of India. The finance ministry might increase the savings limit under Section 80C of the Income Tax Act, providing tax benefits to pensioners and lowering of interest rates on housing loans. 

  • Filled home loan application form
  • Identity Proof- Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
  • Address Proof – Passport/Aadhaar Card /Utility Bill
  • Residence Ownership Proof – Property Documents/Maintenance Bill/Electricity Bill
  • Income Proof – Latest 3 months Salary Slips and Form 16
  • Job Continuity Proof – Current Employment Certificate /Current Job Appointment letter (if more than 2 years)/Experience Certificate (including your previous job certificate or appointment and relieving letter)
  • Bank Statements – Latest 1 year statement where your salary is getting credited
  • Property Documents – Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If applicable)
  • Advance Processing Cheque
  • Investment Proof – Fixed Deposit/Shares/Fixed Assets, etc.
  • Passport size photograph/s
  • Filled home loan application form
  • Identity Proof – Aadhaar Card/ Passport /PAN Card/ Voter ID Card /Driving License
  • Address Proof – Passport/Aadhaar Card /Utility Bill
  • Residence Ownership Proof – Property Documents/Maintenance Bill/Electricity Bill
  • Income Proof – Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
  • Business Existence Proof – 3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license
  • Bank Statement – Latest 1 year bank statement both current and savings.
  • Property Documents – Copy of agreement executed / Sale deed, Share certificate, Latest maintenance bill, list of documents & sanction letter given by existing banker (If applicable)
  • Advance processing cheque
  • Investment Proof – Fixed Deposit/Shares/Fixed Assets, etc.
  • Passport size photograph/s

You need to submit the following documents

  • Title Deed
  • Sale Deed
  • Approved Building plans
  • Completion Certificate (For Newly constructed property)
  • Commencement Certificate (For Under-construction property)
  • Conversion Certificate( If agricultural land is converted to non-agricultural)
  • Encumbrance Certificate
  • Latest Tax Receipts
  • Occupancy Certificate

What are the Documents Needed to Buy a Property?

You need to submit the following documents

  • Title Deed
  • Sale Deed
  • Approved Building plans
  • Completion Certificate (For Newly constructed property)
  • Commencement Certificate (For Under-construction property)
  • Conversion Certificate( If agricultural land is converted to non-agricultural)
  • Encumbrance Certificate
  • Latest Tax Receipts
  • Occupancy Certificate