DHFL Home Loan

DHFL Home Loan

When it comes to home loan then you have many options for the same. DHFL is a prominent name when it comes to home loan and allied services. In fact, it has myriads of home loan products catering to the variegated demands of the customer. DHFL is known to offer the best interest rates, longer repayment period and easy home loan application and approval.

Key features of DHFL Home Loan:

  • DHFL offers loan amount up to 80% of the property’s market value.
  • The loan tenure offered by DHFL varies from 1 year- 30 years. The term cannot extend beyond 60 years for salaried personnel and 65 years for self-employed individuals.
  • DHFL offers home loan for buying the new property, construction of a house.
  • One can avail DHFL home loan at RPLR or Retail Prime Lending Rate. It changes at a regular interval of time. This change is dependent on various factors and conditions of the market.
  • DFHL gives the borrower an opportunity to increase the loan amount by adding a co-applicant.

Documentation for DHFL Home Loan-

In order to get a home loan approved form DHFL, it is important that the prospective borrower must submit the documents as asked by the bank.

 

Salaried Professionals Self-Employed NRIs
Duly Filled Application form with passport size photograph Duly Filled Application form with passport size photograph Duly Filled Application form with passport size photograph
Identity proof- Like Adhaar Card, Passport , Driving License Identity proof- Like Adhaar Card, Passport , Driving License Identity proof- Like Adhaar Card, Passport , Driving License, Labour Contract Copy, Work Permit.
Address proof- Like Passport, Adhaar Card, Ration Card, Utility Bills like electricity bill, telephone bills Address proof- Like Passport, Adhaar Card, Ration Card, Utility Bills like electricity bill, telephone bills Address proof- Like Passport, Adhaar Card, Ration Card, Utility Bills like electricity bill, telephone bills.
1 Year Form 16 and ITR. Bank statement of last 6 months showcasing salary credited. Form 16 and ITR along with Profit and Loss account. Bank statement of last 6 months. Balance sheet certified by CA NRIs need to submit salary certificate, last three months salary slip and Last 6 months’ copy of NRO/ NRE bank statement. Appointment letter stating date of joining, designation.

Property Documents

DHFL would ask you to submit the following property documents for approval of home loan:

  1.    NOC from the builder
  2.    Stamp duty receipt
  3.    Allotment letter from builder
  4.    All documents related to builder
  5.    Development Agreement
  6.    Partnership Deed
  7.    Sale Deed

DHFL Home Loan Brief Overview :

Particulars Details
Processing Fee Rs. 5000 onwards plus GST
Loan Tenure Maximum upto 30 years
Cheque Bounce Charges Rs.500 per instance + GST
Cheque Swap Charges Rs. 250 per instance + GST
Prepayment charges No charge if you have floating interest rate and up to 2 % if you have loan with fixed interest rate plus taxes
Loan Amount Maximum Rs. 5 crores

 

DHFL Home Loan
DHFL Home Loan Interest Rates Now. Know more from Loanyantra

Eligibility criteria for DHFL Home Loan

  • The age of the borrower should be between 21 years to 60 years
  • DHFL requires the borrower should have minimum work experience of 2 years
  • If the self-employed individual is applying for a home loan from DHFL then they need to have business stability of at least 5 years.

DHFL Home Loans Types

Apart from conventional home loan offered by DHFL, it also offers other types of loan which can cater to the variegated loan requirements of the individual. These are as follows:

  • DHFL Plot Loan / Land Loan- Well, it might not be necessary that you would want to buy a pre-constructed house. Sometimes you may wish to buy land and build the house of your dream as per your requirement. DHFL makes this easy for you with the help of its land loan or plot loan. The maximum loan tenure for this loan is 20 years and it grants loan up to 75% of the total property values.
  • DHFL Home Construction Loan- Execute you dream of building the house of your dream with DHFL Home Construction loan. It comes at flexible interest rates and the tenure for the same is up to 30 years. With every home construction loan, the borrower becomes eligible for tax redemption as per Section 24(b) and Section 80 C.

DHFL Home Loan Balance Transfer – 

  • This is one the best offers that DHFL has to offer, if you have been repaying a home loan to a certain bank and want to shift to DHFL, then you can do so with the help of DHFL home loan balance transfer. Home loan transfer reduces the burden of EMI and loan tenure. With DHFL, you also get an additional benefit of a top-up loan cover.  The customer can easily transfer 100% of the principal outstanding amount including interest and other charges.
  • Home Extension Loans- Who doesn’t want to have a good looking home. As the family grows and your lifestyle changes, there is a need for a home extension as well. Now, you can easily fulfil this dream by evaluating Home extension loans by DHFL. With this loan, you can construct a new floor, add a room, add an extra bedroom, a balcony and terrace etc. This loan comes with flexible tenure, lower EMIs and Home loan tax benefits.
  • DHFL Home Renovation Loans- Are you tired of the boring look of the house and want to renovate it. Then apply for the DHFL home renovation loan. This loan amount can be used for painting, plumbing, and other maintenance work related to the house.
  • DHFL Plot and Construction Loans-  If you are willing to buy property and then start with the construction of your house, the DHFL offers you the scheme of Plot and construction loan. The best part about this loan is that you can use this amount to buy a plot or land and then start with the construction.  This loan is available to salary, self-employed individuals and NRIs.
  • DHFL NRI Home Loans- If you are an NRI and want to invest in property in India, then DHFL can help you with its NRI home loan. This loan has been developed for NRIs who wish to buy property in India. NRIs from UK, UAE, USA and other countries can apply for a home loan from DHFL. They need to submit certain documents specified by the company for quick approval of the loan.
  • Pradhan Mantri Awas Yojana (PMAY – CLSS)- To support the government of India’s initiative to provide a home to every individual in the nation, DHFL also offers loan under this scheme. This affordable housing project by the government aims at providing a pucca home to all. This scheme has been specially developed for the EWS or Economically Weaker Section of the society.

Those who fall in the category of EWS or Lower Income Group or LIG get the credit linked subsidy on the loan amount of Rs. 6 lakh at the interest rate of 6.5% per annum for a 20 Year tenure.

For the Middle-Income Group 1, the credit liked subsalt is available for loan amount up to Rs. 9 lakhs. It is available at an interest rate of 4% for a period of 20 years.

For those who are in Middle Income Group 2, the credit linked subsidy is applicable to a loan amount of Rs. 12 lakhs at the interest rate of 3% for a period of 20 years.

Following are the key criteria for your home loan eligibility:

  • This loan is available for the first time home buyers and they should be the end user as well
  • The applicant must have not availed any other subsidy under PMAY from central and the state government
  • The applicant must not own any property under their name at present and along with any of the family members.
  • The property should be present in the urban area as per 2011 consensus.

Tax Benefits- One of the primary reason people apply for home loan is that they get tax redemption. If you are applying for a home loan from DHFL, then you get a tax benefit as per Income Tax Act.

The two sections that define about this are :

Section 24(1) B- As per this section, the housing loan expected is upto Rs. 1.5 lacs

Section 80c – As per this section of Income Tax Act, the borrower can get the tax benefit on principal repayment on loan up to Rs. 1 lac.

Why Loanyantra?

Loanyantra is a one-stop solution where the borrower can find all the details about various home loan providers. They can easily do the comparison of all of them and based on this they can choose the right financial institutions. Our services do not end with just comparisons, rather we also help you in completing the paperwork for loan application so that you can get through the entire loan application process hassle-free. To explore more on how we can help you contact us today.

 

Indiabulls Housing Finance

Indiabulls is a popular name when it comes to choosing a housing finance company. In the legacy of more than a decade, the company has established itself as a trustworthy company that renders different schemes and policies, that helps people meet their financial needs. What makes Indiabulls different from other banking and financial institutions, is that it offers the highest LTV or Loans to Value ratio in the Indian market. It means that if you are taking a loan of Rs. 30 lacs, the Indiabulls offers loan amount up to 90% of the market value of the property. For loan amount above 30 lac up to 75 lacs, it offers LTV to a maximum of 80% of the property value. It also includes the land cost.

Key features of Indiabulls Housing Finance Loan-

  • The most important feature of Indiabulls housing finance is that it offers the highest LTV ratio in the market as compared to other banking and financial institutions.
  • Attractive interest rates are yet another feature that differentiates Indiabulls from others.
  • The prospective borrowers can apply for the housing loan individually or may have a co-applicant. The co-applicant can be spouse, parents, siblings or son or daughter.
  • It offers floating interest rates. It doesn’t apply on the loan disbursal amount. Any change in the interest rate will impact only the interest part of the EMI.
  • Indiabulls housing finance offers e-home loans making the loan application hassle-free.

Benefits of Home Loan from Indiabulls:

  • E-home loan facility makes it easy for borrowers to apply for a loan
  • Quick loan processing and approval
  • Flexible repayment
  • Indiabulls offers long and short tenure loans
  • Highest LTV rate

Brief overview of Indiabulls Housing Finance-

Rate of Interest It starts from 8.80%
Loan amount The minimum home loan amount offered by Indiabulls is Rs. 35 lacs
Loan Tenure Up to 30 years
Cheque Bounce Penalty Rs. 500 per instance
Cheque swap charges Rs. 500 per instance
Prepayment Charges Nil
Processing fee Up to .05%

What is the different purpose for which housing loan from Indiabulls can be used?

The borrowers who are looking for housing loan from Indiabulls can use this amount for different purposes, they are enlisted below:

  • Purchasing a new home, flat or independent houses.
  • Construction of a new house on the land owned by the borrower
  • Purchasing a new plot for construction.
  • Home extension or renovation.

Documentation for housing loan from Indiabulls:

The loan application and approval process of Indiabulls is simple but it requires the browser to submit the documents that can substantiate his/her credibility to repay the loan. Indiabulls offers housing loans for both the India residents and NRIs residing in Dubai, the UK and the US. Listed below is the complete set of documents that one needs to submit to get a housing loan.

Mandatory documents that one needs to submit:

  • Passport size photograph of the applicant
  • Filled and signed application form
  • Address proof like Adhaar card, Driving License, PAN card, Passport, Voter ID, Utility bills of last three months- this can be electricity bill or telephone bills.
  • Processing fee cheque
  • NOC from the builder or the housing society(original copy)

Tabular Representation for different categories of loan applicant:

Salaried Individuals Self-employed Individuals BSF Merchant Navy professionals and NRIs
In addition to the above mentioned documents the salaried individuals need to submit:

Form 16 of last 2 years

If they don’t get Form 16, they can submit Form 26AS or ITR of last 2 years.

Salary certificate

Last six month bank statement.

In case of variable salary, the salary slip of last 6 months is required.

In addition to the above mentioned documents, the self-employed individuals need to submit:

Last 2 years ITR

P/L of last 2 years

Balance sheet of last 2 years

Business registration certificate under Shops and Establishments Act or Factories Act or Gumasta License

Education certificates

Along with the application form, the BSF personnel needs to submit service certificate.

Last 3 months salary slips

Form 16 of last 2 years

To get the benefit, the BSF personnel needs to submit the service certificate

If they are on rent then they need to submit rent agreement with utility bills of last three months.

Salary slips of last 6 months

Continuous Discharge Certificate

Passport

Contract copy of last 3 years

Form 16 of last 2 years

Bank statement of 1 year for NRE or NRO account.

 

The NRIs need to submit Form P60/P45

Recent Employment contract along with Consumer Credit Check report.

 

Different types of Home loan products offered by Indiabulls:

Indiabulls Housing Finance Loan– This loan scheme is for the salaried, self-employed, BSF, merchant navy and NRIs. You can use this loan for buying a home or building your own home. The loan comes with attractive interest rates and tax benefits which makes it one of the most popular choices amongst those who are looking for a home loan.

Rural Home Loans- Indiabulls offers home loan to the residents of rural and semi-urban areas. They can use this loan scheme to buy a home in rural areas. The rural home loans from Indiabulls comes at an affordable and attractive interest rate.

Plot loans from Indiabulls- well, if you don’t wish to buy an apartment and are willing to construct your own house, then Indiabulls has plot loans for such needs. This lucrative interest rate makes it easy for individuals to build the home of their dream by availing plot loans.

Home Extension Loans- This is yet another popular loan schemes offered by Indiabulls. Home extension loan lets you use the loan amount to construct a new home, or if you are planning to add another floor to your house.

Home Improvement Loans– Your house is a reflection of your lifestyle and if you want to catch the eyes then it is important that your house should look different. To fulfil this dream of yours apply for the Home Improvement Loans from Indiabulls that helps you renovate your house, from painting to repairing to maintenance, you can use the Indiabulls home improvement loans for the same. It can also be used for home renovation.

Tax Benefits-

Availing housing loan from Indiabulls will not only fulfil your dream of buying a home or building your dream house but at the same time, it also gives you tax benefits. The Income-tax authorities offer certain benefits to the people who take home loan from specified financial institutions and Indiabulls is one of them.

Here is how you get benefitted from housing loan:

  1.    Section 24- As per this section of the Income Tax Act, an interest that the borrower pays on the capital borrowed for construction, repair or acquisition of property gets a rebate. The maximum amount which is eligible for deduction is Rs. 2,00,000 if the property is self-occupied. In case of the rented out property there is no limit of the amount of deduction.
  2.    Section 80C– As per this section of the Income Tax Act, the maximum deduction amount is Rs.1.5 lacs. This amount is under rebate on income or repayment of principal amount of home loan during the financial year.

Why choose Indiabulls Housing Finance from Loanyantra?

If you are searching for a good housing finance company then Indiabulls is a good choice. Loanyantra offers you a good platform to scout through a number of banking and financial services that provide a home loan. Our customer service will guide you through the entire process of loan application and approval. You can compare the interest rates and other benefits offered by banks in one go and finalize the one which can be in your best interest.

Why should you consider Loanyantra as a trustworthy platform?

    • One-stop solution- Loanyantra offers one stop solution where you can access all the information in one click.
    • Unbiased Reports– Loanyantra is a third-party platform where the information is not sponsored by any particular bank or financial. All the information on our website is unbiased and we present you critically analysed reports which will be in the best interest of the borrower.
    • SPOC- Loanyantra offers you a dedicated officer that will help you with the loan application. They will work in coordination with you until the loan gets processed.
    • Quick and time-saving- Time is money and Loanyantra completely comprehends this. We offer quick services and help you complete the paperwork so that you get your loan approved in time.

If you are searching for the right loan provider and are confused who to finalize, then Loanyantra will help you choose the right bank or financial institutions. To explore more about our services and how can we help you contact us today.

 

Inshort about HDFC Home Loan

HDFC housing loan – Check your eligibility now or Calculate your EMI to decide at the fastest.

Key Points to note about HDFC home loan-

If you are applying for home loan from HDFC Bank then you must make a note of the following points :

  • If you add a co-applicant the you enhance your eligibility for a higher loan amount.
  • Adding a woman co-applicant will help you get better interest rate.

Details About HDFC Housing Loan:

Rate of Interest 8.80%-9.05%
Loan Tenure 1-30 years
Processing Fee Up to .50% of the loan amount
Guarantor Requirement Not Required
Pre-closure charges Nil
Maximum Loan Amount It varies from applicant to applicant and other factors decided by the bank.

When it comes to choosing the best option for the home loan, then one factor that instantly lures the borrowers is the interest rates offered by banks. Well, you have a number of banking and financial institutions offering the home loan. However, the right choice would be the one which offers attractive interest rates, expansive set of features, longer loan tenure, nil prepayment charges and great customer support is something that one eyes at. HDFC Bank is one of the leading banks in India that offers myriads of financial products and is known for its housing loan schemes.

Where can you use HDFC Housing Loan?

The bank offers housing loan under the following conditions:

  1.    Buying a new home
  2.    Buying a resale home
  3.    Construction of a new house
  4.    Property purchase
  5.    Transfer of home loan from one bank onto HDFC

Who can apply for home loan from HDFC Bank:

The following people can apply for home loan from HDFC bank, provided they meet the eligibility criteria specified by the bank:

  • Salaried and self-employed individuals can apply for HDFC housing loan
  • Every proposed owner of the property is considered as a co-applicant. But, all co-applicant cannot be co-owners.
  • The bank offers NRI home loan to non-resident Indians on a condition that the applicant must produce the proof the same.
  • The bank offers HDFC rural home loan to the farmers, agriculturists, dairy farmers etc.

Features and benefits of HDFC home loan

There are a series of benefits offered by HDFC bank that makes it a popular choice amongst the home loan seekers.

  • It offers comprehensive loan schemes for buying property, plot, or purchase of the resale property. You can also use the housing loan for construction of the house.
  • One of the distinctive features of HDFC housing loan is that it offers competitive interest rates when compared to other banks.
  • People-friendly policies and customer support makes HDFC bank a popular choice.
  • There are no hidden charges or last-minute costs that come up while you apply for a home loan from HDFC bank.
  • Innovative products like home extension loan and home improvement loans.
  • Door-step service with legal assistance.
  • Special offers for NRIs, defence professionals, farmers etc.
  • You can apply for home loan individually or have a co-applicant

Eligibility Criteria Specified by HDFC Bank-

  • The age of the applicant should be between 18- 65 years
  • Anyone who is salaried or self-employed can apply for home loan for HDFC bank but they must complete all the paperwork.
  • Any resident Indian can apply for home loan
  • HDC bank provides home loan to NRIs as well

Documentation-

Prospective borrowers  must submit the following documents for their housing loan processing :

  • Identity Proof- Adhaar Card, Driving License, Passport, Voter ID or PAN card will work well
  • Address Proof- Utility bills like electricity bill, phone bill, Adhaar card, Voter ID, Passport.
  • Proof of Income- The salaried individuals need to submit last six-month bank statement showcasing their credited salary.
  • Additionally, the salaried individuals need to submit employment contract, appointment letter.
  • The Self-employed individuals need to submit their recent ITR and P/L account attested by a CA.
  • The bank may also ask you to submit the buyer agreement or allotment letter.

Bird’s Eye View of the documents required for HDFC Home Loan under different categories:

 

Farmers or Agriculturalists Salaried Professionals Self-Employed
Application form with photographs Application form with photographs Application form with photographs
ID Proof and Address Proof ID Proof and Address Proof ID Proof and Address Proof
Last 6 Months bank statement Last 6 Months bank statement Last 6 Months bank statement
Processing Fee Cheque Processing Fee Cheque Processing Fee Cheque
A copy of title documents showcasing Land Holding Latest Salary Slip Proof of Business and Education certificates
Statement of last 2 years showing the loans availed (in case the borrower had applied) Form 16 ITR, Last 3 years P/L account, Balance Sheet

HDFC Home Loan Tax Benefit-

If you have bought or constructed a house afresh using a housing loan,  these are the tax deduction for home loan that you can avail of:

Section 80C

You can avail of deduction on the principal of the home loan repayment up to a cumulative limit (including provident fund, insurance premium etc.) of Rs.1.50 lakh per financial year.

Section 24

The interest that you pay on your home loan can fetch you a deduction of income up to
  • a) Rs.2 lakh in case the house is self-occupied
  • b) Without any limit if the house is rented out.

In case of a joint home loan, these tax deductions available on home loans can be enjoyed by the co-applicants separately, provided they are co-owners of the property and each of them is contributing to the home loan repayment. The actual amount of tax benefit enjoyed by each co-applicant is in proportion to their contribution in repayment of principal and interest, subject to the limits mentioned above.

Different types of Home Loan provided by HDFC Bank-

HDFC is known to cater to the variegated financial needs of the people by offering them different financial products like home loan, car loan etc. When it comes to a home loan, then HDFC bank has bifurcated its home loan products in the following categories:

  • Home Loan for Salaried and self-employed individuals- This is their primary home loan product for the salaried and self-employed professionals.
  • HDFC NRI Home Loan- This loan product has been specially developed for the Non-Resident Indians who are willing to invest in property in India.
  • HDFC Pre-Approved Home Loan– This loan is for those who are looking to negotiate with the sellers.
  • HDFC Home Improvement Loan – or popularly known as HIL is for those who are willing to make structural improvement in their house like painting, construction etc.
  • HDFC Home Loan Transfer-It is for those who want to shift their current home loan to HDFC for a better interest rate.
  • Home Extension Loan- If you are willing to add an extra room to your house or do any kind of modification, then HDFC offers you Home Extension Loan for the same. You might get confused between Home Extension Loan and Home Improvement loan, but an important point that differentiates the two is that the home extensions involves an increase in the total area of the house.
  • HDFC Home Loan for Agriculturalists- This home loan is for farmers, planters, horticulturists etc. who want to buy or build a home in villages. The bank doesn’t ask them to mortgage their land to get a home loan. The farmers also don’t need the Income Tax Returns to apply for a home loan from HDFC bank.
  • HDFC Rural Housing Finance-This loan is for the private sector and government employees for buying properties in rural residential.

Extra Charges While you are with HDFC Home Loan –

HDFC Bank doesn’t charges any hidden amount, but you must know the other charges that you might need to pay –

Type of Charges Amount
Late Payment Up to 24% per annum
Bounce Cheque charges Rs. 500
PDC Swapping Charges Rs.200
Cheque Swapping Charges Rs. 500
Per statement charge in case of issuance of duplicate statement NIL
Photocopy of Documents Rs.500
Increase or Decrease in Loan Term Up to Rs. 500 plus taxes

Why choose HDFC Home Loan via Loanyantra?

Well trusting a third party website for finalizing your loan provider can be a tough task for you, but at LoanYantra we make it simple. Our portal gives you an access to the whole new world of home loan providers. It’s a place where you can compare the interest rates, loan tenure, calculate EMI and also get to know which loan provider is the best for you. Here is what makes us stand out from the others:

  • A simple platform with a multitude of benefits– With just one click you can easily create the loan rates provided by different banks across the nation.
  • Unbiased Reports– We are a third party platform and hence all the data provided by us is not influenced by any of the banks or financial institutions. Be assured that you will get the correct and right information which will be in the best interest of the customer.
  • Easy to apply– Loanyantra wants to become a channel that can simplify your task of finding right lender and applying for the same. We help you with the complete procedure of home loan application and approval.
  • Time-Saving- Time is money and if you don’t want to waste time searching for the right bank, then you must long on loanyantra.com. We provide you with complete information and our team will help you complete all the paperwork in time so that you don’t waste your time running around.
  • No hidden charges– We don’t believe in bringing the cat out of the hat at the last moment. There are no hidden cost or charges that will leave you perplexed.

If you find this interesting and want to apply for home loan, then Loanyantra is the right platform for you. Our unbiased approach has made us carve a discernable niche for ourselves in the market. Moreover, we make sure that none of our customers face the hassle of running around and hence we also help you with door service. Connect with us today for easy home loan approval.

 

SBI Home Loan Products

State Bank of India Home Loan Products

State Bank of India is one of the most popular choices when it comes to getting the home loan. It offers myriads of home loan products to cater to the various segments of customers. The bank offers affordable home loans at attractive interest rates starting from 8.35% per annum. The bank also offers home loan for Pradhan Mantri Awas Yojna scheme where the customer can avail subsidy up to Rs. 2.67 lakh.

Why you should choose SBI as your Home loan partner?

Well, SBI is one of the most trusted names when it comes to financial products. The bank offers a gamut of choices to cater to the variegated needs of the client. It also offers a number of benefits like lucrative interest rates, lower or nil processing fees, customer-centric approach that makes it one of the most popular choices when it comes to home loan. Here are the key features of SBI home loans:

  • Attractive interest rates
  • Lower or nil processing fees
  • No hidden charges
  • Easy repayment period
  • No pre-closure charges
  • The bank has its presence in all the cities
  • SBI calculates interest rates on the daily reducing basis which lowers the overall interest paid.

Eligibility criteria-

Home loans or any other type of loan demand that the individual should match the eligibility criteria so that the bank approves the loan. If you want to apply for the home loan from SBI, you need to match the following eligibility criteria:

  • The age of the individual should be between 18 years and 70 years
  • The annual income should be at least Rs.1.2 lakh per annum Salaried
  • Good CIBIL score and credit report

Documentation for home loan approval from SBI:

To get the loan approved, you must submit the following documents with the bank:

  • Filled and signed application form
  • 3 passport size photograph
  • ID proof like Adhaar card, passport, Driving License, Pan Card
  • Address Proof like Ration Card, Adhaar Card, Utility bills or as demanded by the bank
  • Last six month’s bank statement
  • Proof of property
  • ITR
  • Form 16 and the self-employed individuals, needs to submit the ITR of last two years, last two years’ income computation which must be certified by a CA.

CIBIL Score- CIBIL score represents the likelihood of the borrower to repay the loan. It reflects the creditworthiness of the applicant. All the banks take into consideration the credit score before approving the loan. It is always advisable that one must maintain a good credit score to get the loan approved. For SBI Bank, one needs to have a credit rating between 650-750.

SBI Home Loan Overview –

Interest Rate Starting from 8.30 % for women up to 8.60% and for others it is 8.35% up to 8.65%
Processing fees .30 % of the loan amount which can be a minimum of Rs. 2000 to maximum of Rs. 10,000/-
Loan Tenure Up to 30 years
Pre-closure charges No pre-closure charges

Home Loan Products Offered by State Bank of India:

SBI NRI Home Loan-  This home loan has been developed for NRIs who want to have home in India or want to make an investment here.

  • Minimum Loan Amount – Rs. 3 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – All the Non-resident Indians can apply for this loan.
  • Pre-closure Charges – Nil
  • Processing fess- 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – Floating 10.15%

SBI Flexipay Home Loan– This loan is perfect for salaried individuals who want to be eligible for higher home loan amount. The borrower can pay interest during moratorium period or pre-EMI period and then pay moderated EMIs.

  • Minimum Loan Amount – 20 lacs
  • Maximum Loan Amount – No upper limit
  • Eligibility – Salaried Individuals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/-
  • Interest Rate – 8.45-8.55  % p.a.

SBI Shaurya Home Loan- This home loan has been developed for defence personnel. This is a special home loan for defence employees. SBI Sharuya home loan comes at a lower interest rate and additional benefits. The defence personally also get an extended home loan repayment period.

  • Minimum Loan Amount – Rs. 10 lac
  • Eligibility – All the defence professionals
  • Processing Fees – 0.35% of the loan amount which can be a minimum of Rs. 2,000/- and maximum of Rs. 10,000/ and no processing fees for central and state government employees
  • Interest Rate –  8.75% for women employee & 8.80% for General or Male Borrowers.

SBI Privilege Home Loan- This home loan is exclusively for government employees. The central and state government employees can apply for this loan. The loan amount is decided based on the borrower’s salary, repaying capacity, assets, age etc.

  • Minimum Loan Amount – 10 lacs
  • Maximum Loan Amount – Up to 50 crores
  • Eligibility – All the resident Indians are eligible to avail SBI Privilege home loan
  • Processing Fees- .30% of the loan amount plus tax. Zero processing fees for all central and state government employees.
  • Interest Rate – Starting from 8.30 %

SBI Pre-Approved Home Loan– or PAL grants home loan limits to the customer before finalizing the property. SBI Pre-Approved home loan has a non-refundable processing fee and will be taken at the time of sanction. The income of the borrower decides the loan eligibility.

  • Eligibility – Depends on the annual income of the applicant
  • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
  • Min Loan Amount – 10 Lacs
  • Max Loan Amount – No upper limit
  • Pre-closure Charges – Nil
  • Interest Rate – Floating 10.15%

Pradhan Mantri Awas Yojana by State Bank of India-

Keeping abreast with the Government of India initiative to provide the home to everyone by 2022, SBI has come forward with its home loan for PMAY or Pradhan Mantri Awas Yojna. The bank offers lower interest rates and easy repayment options so that one can fulfil their dream of buying home.

All the loan amount which is less than 30 lac fall under this scheme. The male borrowers can get a home loan at the interest rate of 8.40% and can avail a reduction on approximately 20 basis points, for female borrowers, the reduction is of around 25 basis points.

The best part about PMAY scheme is the lower interest rate and no processing fees. Furthermore, the individual who is eligible for this scheme will get a subsidy of 3%, 4% or 6.5% based on their economic condition.

FAQs

  1. Is a self-employed individual eligible to apply for SBI Privilege Home loan?

No, only state and central government employees can apply for SBI Privilege Home Loan.

  1. Is there any benefit for women borrowers?

Yes, the women borrowers get the benefit interest rate.

  1. What is the maximum age limit for SBI Privilege Home Loan?

The maximum age limit is up to 75 years.

  1. Is there any processing fees charged by SBI on the home loan?

Yes, the bank charges a processing fee of .30% plus taxes on the loan amount. But, the central and state government employees don’t need to pay this fees.

  1. Does SBI home loan require a guarantor?

Yes, most of the SBI loan require a guarantor.

  1. What is the maximum repayment period?

SBI grants the maximum repayment period of 30 years.

  1. Does SBI Bank allow balance transfer?

Yes, you can transfer your existing home loan to SBI.

  1. What tax benefit does SBI Home Loan offer?

Availing home loan gives you the tax benefit under Section 80C of the Income Tax Act, 1961.

Why choose Loanyantra as your helping partner?

Today, you may find a number of online portals rendering home loan services and help. But, if you are looking for a platform where you can get all the help related to home loan, its processing and approval then Loanyantra is the right place for. Started with an intent to provide one-stop banking solutions to the customer, LoanYantra brings all the bank details, loan services on your screen and everything at the click of a button. Irrespective of the kind of help you want regarding home loan, we help you find the best options and help you complete the modus-operandi so that your loan gets approved faster and easier. For more information on how we can help you, contact us today.

 

Axis Bank Home Loan Products and Interest Rates

Axis Bank Home Loan Products

It’s a known fact that home loans have made buying home a simplified task. Banks and Financial institutions offer myriads of home loan products that have made the dream of buying home come true. Axis Bank is one the popular choices when it comes to availing home loan. The Axis bank offers its customers an array of banking solutions and Axis Bank home loan is one of them. In fact, Axis bank offers different types of home loans. Based upon your requirement, you can choose the one that you want.

axis bank home loan interest rates
Axis bank home loan interest rates of different products

Why should you choose Axis Bank as your home loan provider?

When it comes to choosing a bank for home loan, there are various factors that one must take into consideration like the interest rate offered by the bank, the loan application and approval process, whether there are any pre-payment closure charges, how much time does it take for loan processing, does the bank offers the balance transfer facility and much more. Taking all these parameters into consideration, Axis Bank emerges as a popular choice.

Here are notable features of Axis Bank:

  • It offers affordable interest rates
  • Axis bank offers 8 different home loan products to match the varied needs of the customers
  • Fast and easy loan processing
  • The bank offers flexibility of home loan tenure
  • Balance transfer facility
  • No prepayment charges in case the customer wishes to pay the loan amount in advance
  • Axis Bank offers doorstep services to its customers

Axis Bank Home Loan Details:

Axis Bank is a renowned bank that offers the home loan as one of the banking solutions to its customers. Home loan by Axis Bank is easy to access and avail. The bank offers home loan to salaried individuals who are employed with Government or working in the organization of repute. It also offers home loan to professionals like architects, doctors, dentists, cost accountants etc. Self-employed individuals can also take home loan from Axis Bank.

Axis bank home loan eligibility

Taking the home loan from Axis Bank would require to fulfil certain eligibility criteria. The bank has defined certain parameter which the individual must match if they want to take the home loan.

Here is the table showcasing the eligibility criteria for Axis Bank home loan :

Eligibility Criteria Axis Bank Home Loan
Age 24 – 60 years
Salaried professional work experience 2 years with their current organization
Self Employed- business stability 5 years
Loan Amount Eligibility Rs. 15 lac to Rs. 5 Crore
Maximum loan as percent of property value Up to 85%
Maximum EMI as percent of income Up to 65%

Documentation required for Axis bank home loan

Applicants are required to submit the following documents to the bank at the time of applying for a home loan then you must submit all the documents that help the bank analyse your credibility as a borrower and whether you can repay the loan or not. Here is the detailed overview on the various documents that the applicant needs to submit along with the home loan application form:

  • Identity Proof- You can submit either passport, Adhaar card, Driving Licence, Pan Card, Voter ID.
  • Address Proof- Axis bank accepts the following as your address proof, ration card, Adhaar card, Passport, voter ID, Utility bills like electricity bill, gas connection, telephone bill.
  • Proof of Income- The Salaried individuals needs to submit the salary statement of the last 3 months, Form 16. In case of self-employed individuals, one needs to submit the ITR of last two years, last two years’ income computation certified by a CA.
  • Axis Bank would also ask you to submit the last 6 months’ bank statement
  • The bank doesn’t require a guarantor.
  • CIBIL Score- One of the key factors that influence your home loan approval from the bank is your credit score or CIBIL score. It is a measure of your financial health and how good you have been in repaying the loans. Based on this score the bank approves your loan. Well, the credit score may vary from bank to bank but its advisable to maintain a good credit score to ensure that there is no hassle while home loan application processing. Axis Bank demands the CIBIL score between 650-750.

AXIS Bank Interest Rate-

Axis Bank offers home loan at floating and fixed interest rate to both the salaried individuals and self-employed. Here is the tabular representation of the same :

For Salaried Individuals :

Interest Rate Type Loan Amount Rate of Interest
Floating Loan Amount up to Rs. 30 lac 8.80 %
Loan Amount up to Rs. 75 lac 8.95 %
Loan Amount more than 75 lac 9 %
Fixed Any Loan Amount 12 %

Self-Employed Individuals:

Interest Rate Type Loan Amount Rate of Interest
Floating Loan Amount up to Rs. 30 lac 8.85 %
Loan Amount up to Rs. 75 lac 9 %
Loan Amount more than 75 lac 9.05 %
Fixed Any Loan Amount 12 %

What are the different fees charged by Axis Bank in case of the home loan :

  • Processing Fees- the bank charges up to 1 % of the loan amount on a minimum of Rs. 10,000
  • Cheque return charges- Rs. 500
  • Switching fees from floating to fixed – 1% on the outstanding principal with a minimum of 10,000/-
  • Switching Fees (Fixed Rate to Floating Rate) –   2% on the outstanding principal amount.

How does Axis Bank calculate home loan?

The FOIR or Fixed Obligation to Income Ratio is an important parameter which the Axis Bank uses to determine home loan eligibility.  The bank takes into account all the fixed obligations like current EMIs, rent etc. and based on it, the bank calculates your eligibility.

Axis Bank has kept the minimum FOIR:0.65.

Different Types of Axis Bank Home Loan and Its Interest Rates and Key Features:

 

Axis Bank Home Loan Product Name Description Key Features Purpose
Axis Bank Home Loan This is a popular home loan product offered by the bank to those who are looking to buy home. Minimum and Maximum Loan Amount- Rs. 3 lac- Rs. 10 crore

Loan Tenure- 30 years

Buying home
Fast Forward Home Loan The Fast Forward Home loan offers special waiver to the borrower. Under this scheme 12 EMIs are waived off at no extra cost but only when you have paid the EMIs regularly.6 months are waived off when you complete 10 years and another 6 months after completion of 15 years from the time the loan amount was disbursed. Minimum Loan Amount- 3 lac

Loan Tenure – 30 years

You can avail this loan to buy home which is under construction or resale house or plot or for self-construction.
Shubh Aarambh Home Loan Planning to buy a new home, you can opt for Shubh Aarambh Home Loan which also gives you a 12 months waiver if you have made the payment of EMIs on time Minimum and Maximum Loan Amount-  Rs. 1 lac- Rs. 30 lac

Loan Tenure- 30 years

You can avail this loan to buy home which is under construction or resale house or plot or for self-construction
Asha Home Loan The Asha Home Loan by Axis bank will make your dream of buying home come true at the interest rate of 9.75% Minimum and Maximum Loan Amount-  Rs. 1 lac- Rs. 28 lac

Loan Tenure- 30 years

Buy ready-made home, property under construction, self-constructed house or buy a plot using the Asha Home Loan by Axis Bank
Axis Bank Super Saver Home Loan As the name suggests the Super Saver Home Loan by Axis Bank allows you to save on the interest by depositing the surplus to their Super Saver Account. It helps in reducing the outstanding principal amount. Minimum and Maximum Loan Amount-  Rs. 50 lac- Depends on the combined income

Loan Tenure- 20 years incase the loan is fully disbursed and 22 years for partially disbursed case

You can avail this loan to buy a home which is under construction or resale house or plot or for self-construction
Axis Bank’s Empower Home Loan Axis Bank makes buying home easy with Empower Home Loan available at an attractive interest rate of 9.25%. It also reduces the 3 home loan rate reduction. Minimum and Maximum Loan Amount-  Rs. 10 lac- Rs. 1.50 crore

Loan Tenure- 15 years

You can avail this loan to buy home which is under construction or resale house or plot or for self-construction
Pradhan Mantri Awas Yojna or PMAY In order to promote the Government of India’s dream to provide house to every individual in the nation, Axis Bank offers home loan to the economically weaker section under the PMAY scheme. The loan comes at an attractive interest and hassle-free loan application and approval. For the Economically Weaker Section and Lower Income Group the bank offers loan up to Rs. 6 lac at interest rate of 6.50% for the maximum tenure of 20 years. Buying homes or constructing new homes
Top-Up Home Loan This is an additional finance facility for home loan borrowers Maximum Loan – Rs. 50 lac

Interest rate- Up to 30% of original sanction amount of home loan

Loan tenure- Same as outstanding home loan amount

AXIS BANK HOME LOAN FAQs:

Does Axis Bank levy the prepayment charges on floating and fixed interest rate?

No, the prepayment charges are levied only on fixed interest rate.

Can the home loan be used for renovation and extension of home?

Yes, you can use the home loan for repair, renovation, improvement and extension of the home.

What is the late EMI payment charges levied by Axis Bank ?

The charges of the EMI late payment fees which are 2% per month on the outstanding monthly EMI.

ASHA HOME LOAN FAQs-

What is Asha Home Loan?

It is a loan for customers who are buying the home for the first time. It is tailored the home loan for the first time buyers and comes at an attractive interest rate.

Asha Home Loan can be used for which purpose?

You can avail this home loan for buying a ready-made home, property under construction, self-constructed house or buy a plot using the Asha Home Loan by Axis Bank.

Can I get Asha Home Loan under fixed interest rate?

No, the Asha Home Loan is available only under fixed interest rate.

What is the maximum home loan amount under Asha Home Loan?

Asha Home Loan grants the maximum loan up to Rs. 28 lac if the property is located in the area with the population more than 10 lac and Rs. 20 lac if the property is located in an area where the population is up to Rs. 10 lac.

Is there any processing fees that the borrower needs to pay while applying for Asha Home Loan?

Yes, the applicant needs to pay the processing fees of 1% on the outstanding principal amount with a minimum of Rs. 10,000 plus the GST.

EMPOWER HOME LOAN FAQs

Can anyone apply for the empower home loan?

Salaried individuals cannot apply for empowering home loan. It is only for resident self-employed people.

What all-purpose can be solved using the Empower Home Loan?

With Empower Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Empower Home Loan under fixed interest rate?

No, the Empower Home Loan is available only under the floating rate of interest.

Can an NRI avail the Empower Home Loan?

No, only the self-employed resident of India can avail the Empower Home Loan.

FAST FORWARD HOME LOAN FAQs

What all-purpose can be solved using the Fast Forward Home Loan?

With Empower Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Fast Forward Home Loan under fixed interest rate?

No, it is available only under the floating rate of interest.

Can the Fast Forward Home Loan be clubbed with a subvention scheme or any other scheme offered by the builder?

No, you cannot club the subvention scheme with the Fast Forward Home Loan.

Can I make part prepayment under the Fast Forward Home Loan?

Yes, you can do the same. But first, your loan must be live with us for a minimum of 120 months from the time loan was disbursed.

In case I want to increase my EMIs under the Fast Forward Home loan, can I do so?

Yes, you can do the same but, it will disqualify the loan from the EMI waiver benefit offered under this scheme.

SHUBH ARAMBH HOME LOAN FAQs

What all-purposes can be solved using the Shubh Arambh  Home Loan?

With Empower Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Fast Forward Home Loan under fixed interest rate?

No, it is available only under the floating rate of interest.

I have completed 48 months from the date of the first-month disbursement. Now only 4 EMIs are left, will I get the benefit of this scheme?

If the residual EMIs is less than 4 then the residual tenure will be waived off but no other dues should be pending.

SUPER SAVER HOME LOAN FAQs

What is the interest rate offered by Super Saver Home Loan?

This home loan is available at 10.25%.

What all-purpose can be solved using the Super Saver Home Loan?

With Super Saver Home Loan you can buy a ready-made home, property under construction, self-constructed house or buy a plot, you can also use this loan for home improvement and extension.

Can I avail Super Saver Home Loan under fixed interest rate?

No, it is available only under the floating rate of interest.

Is there any processing fees that the borrower needs to pay while applying for Super Saver Home Loan?

Yes, the applicant needs to pay the processing fees of 1% on the outstanding principal amount with a minimum of Rs. 10,000 plus the GST.

Why choose Loanyantra as your helping partner?

If you are looking for a platform which can help you in deciding the right place for applying for home loan, then Loanyantra will offer all the necessary help. Our portal gives you an access to all the information related to banks and financial institutions offering the home loan. Whether its home loan interest rate, eligibility check, paperwork, calculation of EMI or anything related to the home loan, you can get access to all this on Loanyantra. Moreover, you can easily compare the home loan rates of different banks and interest rates. There are no extra fees that we charge, we also believe in rendering hassle-free home loan processing. Moreover, with us, you don’t have to worry about your information security. Loanyantra believes in providing complete security of data, we do not share your information with the third party. Also, we are the one-stop solution for everything related to home loan and home loan assistance. For more information, contact us today and let us help you buy your dream home.

 

Top Banks in India who have Loan for Pensioners Product

Loan for Pensioners

The age of retirement sometimes binds you, but thanks to the financial assistance offered by the banks and NBFCs, the pensioners and retired professionals who can now apply for the pension loan. This loan amount can be used to meet the needs of emergencies and can be used in case of the financial crisis.

The pensioners’ loan allows the senior citizens to take the loan against their pensions, FDs, Kisan Vikas Patras, National Saving Certificates, LIC and RBI Relief Bonds etc. The maximum age limit for pensioners which the banks allow is 70 -75 years of age.

Most of the banks are reluctant to provide the loan to the pensioners, but there are certain leading banks like Punjab National Bank, State Bank of India, United Bank, Dena Bank, Bank of Baroda, etc. that provide the loan to the pensioners at an attractive interest rate.

The maximum loan amount may vary from bank to bank, and the interest rates may also change, but the fact of the matter is that with the help of this loan, the pensioners can now meet their emergent financial needs and other needs.

Top 5 Personal Loans for Pensioners in India

The banking and financial institutions in India offer myriads of benefits to the pensioners. There are various schemes offered by them which help the elderly people during and after their retirement. The need for financial emergencies can arise at any point in life, and the situation becomes even tougher if you have returned. If you don’t have any help around, what will you do? That’s the biggest question that bothers the elderly people but, the pension loan offered by the banks and NBFCs help this people. Although, the banks are reluctant to provide a loan to the pensions because of the higher risk are some banks which make the entire process easy and simple.

Here is the list of 5 banks offering personal loans for pensioners in India:

SBI Pension Loan

SBI Bank is one of the leading banks in India. The Bank offers various schemes and loans. SBI pension loan is for the pensioners and the elderly people. This loan is being provided to retired people of Central and State Government. Even the defence personnel can also avail this loan. Family pensioners can also apply for this loan.

Purpose: You may avail of the loan to meet any financial need or family obligation.

Processing Fees: The bank doesn’t charge the processing fees for the defence pensioners. The processing fees may amount up to 0.5% of the loan amount plus the taxes which can be a minimum of Rs. 500 plus tax. There are no other hidden charges.

Loan Limit: The minimum loan amount is Rs. 25,000, and the maximum loan amount may reach up to Rs. 14 lac. The loan amount different for defence professionals, family pensioners, and regular pensioners.

Interest Rate:  13.05% per annum.

Eligibility for SBI Pension Loan:

  1.    Retired Central and State Government employees
  2.    The age of pensioners should not be more than 76 years
  3.    The pensioner may be drawing pension through any SBI Branch
  4.    Government treasuries should disburse the retirement
  5.    The defence pensioners of the army, air force, navy, paramilitary, Assam Rifles, coast guards, and Rashtriya rifles
  6.    The maximum age limit for defence pensioners is 76 years
  7.    In case of family pensioners, the spouse who receives pensions after the death of the pensioner is eligible for the pension loan
  8.    The age of family pensioner should not be more than 76 years.

Central Bank of India Personal Loan to Pensioners

Central Bank of India is also a popular bank that offers pension loan to the pensioners. The bank offers attractive interest rates to the pensioners, and they also don’t charge any processing fees.

Purpose: The pensioners can avail pension loan from the bank and use it in case of emergency or to meet immediate financial needs.

Processing Fees: Central Bank of India doesn’t charge any processing fees from the pensioners

Loan Limit: Pensioners who are 75 years of age or below are eligible for the loan amount of 5 lac for 18 months and for those who are above the age of 75 can get a loan of maximum 2 lac for up to 12 months.

Interest Rate:  11.70% per annum.

Eligibility for Central Bank of India Pension Loan:

  1.    The pensioners must draw pension via Central Bank of India
  2.    Central Bank of India offers pension to the pensioners or family pensioners drawing pension from the bank.

Punjab National Bank Personal Loan to Pensioners

PNB or Punjab National Bank is one of the leading banks in India. The bank has a long history and is known to provide myriads of financial products to cater to the variegated needs of the customers. PNB also offers loan to the pensioners so that they can meet their needs in case of an emergency. The bank provides a lower interest rate which is also an attractive feature of PNB loan to the pensioners.

Purpose: The pensioners can use the pension loan to meet their financial obligation in case of emergency. The pensioners can also use this loan to meet their personal and medical expenses.

Processing Fees: PNB does not charge any processing fees. However, there is a documentation charge of Rs. 500 plus GST which the bank charges.

Loan Limit: The bank offers the minimum loan of Rs. 25,000, the maximum loan limit depends on the pension drawn and the age of the applicant which is mentioned below:

  1.    The pensioners up to the age of 70, PNB offers the maximum loan of Rs. 10 lac
  2.    The pensioners above the age of 70 can get a maximum loan of Rs. 7.5 lac
  3.    The pensioners above the age of 75 get the maximum loan of Rs. 5 lac

Repayment: Punjab National Bank offers the maximum repayment period of 60 EMIs, and for those who are above 75 years of age they can repay the loan in 24 EMIs. The bank takes into consideration the net monthly pension such that the EMI doesn’t exceed 50%.

Interest Rate: The interest rate offered on the PNB Personal Loan for Pensioners is 2.60% above the MCLR.

Eligibility for Punjab National Bank Pension Loan:

The pensioners drawing pension via PNB branch are eligible for the pension loan from Punjab National Bank.

Bank of Baroda Loan to Pensioners

Bank of Baroda is also one of the leading Banks in India that offers pension loan to the pensioners at an attractive interest rate. The pension loan amount depends on the age of the pensioners.

Purpose: Bank of Baroda’s pension loan can be used by the pensioners to meet their financial emergencies and other needs.

Processing Fees: Bank of Baroda doesn’t charge any processing fees from the pensioners and family pensioners of BOB, but others have to pay the fees of Rs. 1000.

Loan Limit: The regular pensioners who are below 70 years or 70 years of age can get a maximum loan of Rs. 8 lac. The pensioners above the age of 70 can get the loan of Rs. 5 lac.

In case of family pensioners who are below the age of 70 or 70 years, they can get a loan of Rs. 3 lac and the family pensioners above the age of 70 can get a loan of Rs. 1.5 lac.

The loan repayment duration can be between 3 years to 5 years.

Interest Rate: Base rate + 2.00% per annum.

Eligibility criteria for BOB Loan to Pensioners:

Bank of Baroda offers pension loan to those who draw pension via Bank of Baroda

Family pensioners of Bank of Baroda are also eligible for the pension loan

The age of the pensioners should not be more than 75 years

BOI Star Pensioner Loan Scheme

Purpose: Bank of India offers the personal loan to the pensioners in the form of the term loan, Demand Loan or Overdraft. The loan is granted to pensioners drawing pension through BOI or is retired employees of BOI.

Processing Fees: BOI charges no processing fees to the pensioners who are above the of 60. For others, the bank charges the processing fees of 2% of the loan amount. This is one-time fees. The pensioners also have to pat stamp paper and loan agreement charges.

Loan Limit: Bank of India offers pension loan under two categories :

Secured loan – This pension loan can be used by the pensioners to repay existing home loan, purchasing consumer durables like computer , laptops etc.

Unsecured loan- This loan amount can be used by the pensioners to meet medical expenses, education of self or spouse , marriage expenses.

The bank offers maximum loan between Rs. 3 lac to Rs. 5 lac. The family pensioners get the maximum loan of Rs. 1.5 lac.

Interest Rate: 2.00% + BSS (0.30%) over 1 Year MCLR

Repayment: Bank of India allows the maximum EMI of 36. Under exceptional circumstances, the bank allows maximum EMIs of 60.

BOI Star Pensioner Loan eligibility

  1.    Pensioners drawing pension via Bank of India branch
  2.    Family pensioners who draw the pension from the Bank of India branch
  3.    Retire professionals of Bank of India.

Documents Required for Pension loan:

Documents required for Pension Loans are:

  1.    ID Proof- The applicant needs to submit ID proof like Voter ID, DL, Adhar Card, etc.
  2.    Address Proof- Ration card, Adhar Card, Utility bills like electricity bill, telephone bill
  3.    Last six-month bank statement
  4.    Proof of retirement and the organization that the applicant had last worked
  5.    Pension slip

Dena Bank Loan to the Pensioners-

Purpose: Dena Bank offers pension loan to the pensioners so that they can meet their emergency financial requirement.

Processing Fees: The bank charges no processing fees from the pensioners.

Loan Limit: The pensioners can get the pension loan up to Rs 3 lac for a period of 36 months.

Interest Rate: 11.75%

Repayment: Dena Bank offers the repayment period of 36 months or 3 years to the pensioners.

Dena Bank Pension Loan eligibility-

The pensioners of State , Centra;  and Public Sector undertaking are eligible for pension loan from Dena Bank

The pension amount is at least 60% of the gross monthly pension after removing the EMI

Ex-staff member of Dena Bank

Documents Required for Pension loan Dena Bank:

Documents required for Pension Loans are:

  1.    ID Proof- The applicant needs to submit ID proof like Voter ID, DL, Adhar Card, etc.
  2.    Address Proof- Ration card, Adhar Card, Utility bills like electricity bill, telephone bill
  3.    Last six-month bank statement
  4.    Proof of retirement and the organization that the applicant had last worked
  5.    Pension slip

Home Loan to the Pensioners

The banks and NBFCs have become agile. They now offer home loan to the retired professionals and pensioners so that they can fulfil their dream. This home loan can be used for renovating, reconstructing or buying a new home. However, there are certain limitations to the same. The banks are a bit reluctant to provide a home loan to pensioners who are more than 75 years of age and some bank restrict the age limit to 70 years. Below is the tabular representation of the home loan providers to the pensioners along with maximum loan amount and repayment period.

 

Loan Provider Maximum Loan Amount Repayment Period
State Bank of India 1) 7,50,000 – 14,00,000

2) 2,50,000 – 5,00,000 (family pensioner)

Before the pensioner reaches the age of 75
United Bank of India Rs. 2 lac Before the pensioner reaches the age of 70
LIC Housing Finance NA Before the pensioner reaches the age of 70
Bank of Baroda Rs. 5 lac – Rs. 8 lac 77-78 years of age
Punjab National Bank Rs. 5 lac – Rs. 10 lac 60 EMIs for those who are below 75 years of age and for those who are above the age of 75, the bank allows 24 EMIs
Dena Bank Rs. 1.5 lac- Rs. 3 lac Before the pensioner reaches the age of 73
South Indian Bank Rs. 25 lac 15 year or till the pensioner reaches the age of 75
Bank of India Rs. 5 lac 60 EMIs

Important Point to Note:

The pensioners are eligible to take the home loan only in the case they are repairing, constructing renovating the new or existing house. The only condition is that the property should be in the name of the applicant.

The minimum monthly pension should match the parameters specified by the bank. For example, Bank of India has the specified the minimum salary of Rs. 5000.

The bank usually approves the loan to pensioners who are less than 75 years of age, but banks like United Bank of India doesn’t give a loan to those who are above the age of 70.

Our Role: Loanyantra is a one-stop destination for various types of loan. Whether you are working or retired or pensioners and are seeking for the right way to avail loan with minimum hassle then, you must connect with Loanyantra. On our portal, you can find all the information related to personal loan, home loan, etc. We also help you with the complete paperwork related to loan application and approval. Not only we help you find the right bank for your need but also bring the banking services at your doorstep so that you just concentrate on your dream and we can help you achieve the same.

SBI Home Loan Process – Step by Step

Searching for the best home loan is as important as searching for a dream home. You might find the best home loan lender, but the process involves many steps. You have to be patient and careful while dealing with the process. Though applying online has become very easy, reaching the disbursal stage is no cake-walk. If you had chosen a nationalized bank, you have to be even more careful in following each and every step.

Here is the step by step procedure for your SBI home loan disbursal.

  • Collecting the Property related Documents
  • Legal Opinion
  • Property Valuation
  • E-stamping
  • Submitting the Application
  • Documentation
  • Disbursement

1.Collecting the Property Related Documents:  Firstly, go to the builder and get all  the property related legal documents. Get the Legal opinion and Share of agreement and Sanctioned Site plan from the builder.

Collect : Booking Receipt along with the copy of the cheque.

2.Legal Opinion: Go to an Advocate who is in the SBI Panel with the documents in step 1 to get it verified. For the advocate to give the final legal opinion he needs to see the Sales Agreement & Construction Agreement and he needs a photostat copy of it.

Normally if its a builder share following documents need to be collected from the builder :

a. Encumbrance certificate till current date (from some 35 years advocate may ask)

b. Tax Paid receipt till date. Lawyer might ask you for multiple documents, so the maximum delay is expected at this step. Once this step is done, half part is done.

Collect : Legal opinion

3. Property Valuation: Once the Legal valuation is done, go to a property Valuator who is in the SBI Panel with the sales agreement. He valuates the property and gives a letter.

Collect : Valuator statement

4. E-stamping: SBI mandatess the Sales agreement and Construction agreement to be estamped/Franked.  Regarding whats the value to which e-stamp, do concern the branch staff. Normally for a ongoing construction flat, there are 2 Agreements a)sales Agreement and b) Construction Agreement. E-stamping and franking are actually the same, e-stamping is the new technology where as franking is the old one where we stamp it, Franking can be done only at register office where as e-stamping can be done at post offices, Syndicate banks, Selected registrar offices, etc.

Note: Make sure you, your wife and builder sign on the e-stamp which you purchase.

Collect : e-stamp and franking on the sales agreement

5. Submitting the Application: Once you get the valuator statement and Legal opinion, go to the SBI with the filled in application forms along with the required documents for loan application. Also attach the legal opinion and the Valuatorstatement.

Note: Its always good to go for a interiors loan (max up to 3 lakhs) along with the home loan, which might save you the hidden chargeswhen combined. For the interiors loan you need to get a quote from an interior designer and get it valuator sanctioned.

Collect : Application form Valuator Statement

sbi-home-loan-process_loanyantra

6. Waiting period: Now its time for the waiting period. The waiting period may vary from person to person. Normally in the special home loan branch, it can be as fast as 3 days. Periodically call them to ensure that the process is going forward. Also make sure they inspect the property, because unless and until they inspect, you can’t reach the disbursal stage.

7. Documentation: Once the loan is sanctioned, you get a call from the bank for documentation. Carry all the original documents which you have submitted while applying for the loan.

Loan applicant along with guarantor needs to be present at the bank for the documentation. Builder is normally not required, if its a land lord share, then it is a must for him too to attend.

8. Disbursement: Once we get the Loan Sanction letter go to the builder and get the following documents 1. NOC from the builder stating he hasn’t mortgaged this property to any other bank 2. Tripartite agreement [This is required only if its a ongoing construction.3. Demand Note from the builder[how much money he needs for the particular construction stage]. Note: Please make sure whatever demand note they make is matching with the schedule of payment.

Collect : DD in favor of builders

9. If it is an under-construction property, for partial disbursements and for further payments you can just send a mail to the manager to please disburse the amount XXX and then ask the builder to send a boy to the SBI branch with the original demand note and they can collect the DD from the bank directly. You need not go to bank anymore.

10. Registration : Now its time for registration and the final payment to be made to the builder. You need a DD for Registartion Stamp duty in the name of Sub-registrar and a DD for Mortgage Stamp duty in the name of Sub-registrar

Conclusion. Send an SBI Postal mail form after registration saying you had submitted all the registered documents to SBI.

How Can Loanyantra Help You.

The above process needs a lot of care and patience. More than anything, it needs your valuable time, planning and energy. Once you register with loanyantra, you can relax and fulfill your loan disbursal process. Our relationship manager guides you in each and every step, also assisted home service for all your documents that need to be submitted in the bank. Also, loanyantra’s relationship manager is accessible to you to answer your questionnaire , anytime. All you need to do is just login, as it doesn’t cost you but it only helps you.

Interest Rate Subsidy on Housing Loans – Home Loans at Discounted Interest Rate

Interest Rate Subsidy on Housing Loans – Know Everything About Home Loans at a Discounted Interest Rate.

The year 2016 ended with the honorable Prime Minister Narendra Modi’s much awaited speech. The speech gave hopes to the poor, women and senior citizens. The housing policy schemes by the P.M., made easy for the poor to have a home of their own. The new policy of home loan interest rates subsidy to the needed, raised hopes in availing a home with the help of housing loan. That too for really lower interest rates.

So, here are more details about Pradhan Mantri Awas Yojana and Credit Linked Subsidy Scheme.

All about Pradhan Mantri Awas Yojana (PMAY)  

  1. This scheme is valid in urban India (towns, cities, metros) for urban poor of income below 6,00,000/ year and age between 21 years to 58 years.
  2. Women play vital role in this scheme. A family comprising of husband, wife and unmarried children. Beneficiary should not own a pucca house either in their name or in the name of any member of their family in any part of India to receive central assistance under the Mission Meeting income criteria defined under the scheme
  3. Credit Linked Subsidy is available for housing loans availed for new construction and addition of rooms, kitchen, toilet etc., to existing dwelling as incremental housing.  The carpet area* of house should be constructed or enhanced under this scheme should be upto 30 sq.meters for EWS(Economically Weaker Section) category and upto 60 square meters for LIG(Lower Income Group) category.
  4. For identification as EWS/LIG beneficiary under the scheme, an individual loan applicant should submit self-attested certificate/affidavit as proof of income.

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What is CLSS, Credit Linked Subsidy Scheme?

Any citizen of India can enroll for CLSS under the following conditions. The beneficiary, at his/her discretion, can build a house of larger area but interest subvention would be limited to first Rs. 6 lakh only.

This new policy of Credit Linked Subsidy Scheme (CLSS) is applicable for the Lower Income Group (LIG) of household income less than Rs.3,00,000 and the Economically Weaker Section (EWS) of household income less than Rs.6,00,000, not only for limited square feet.

So, now let us go into details of how the CLSS, Credit Linked Subsidy Scheme works.

Any eligible applicant who choose a carpet area within  60 sq.m(645 sqft) of a flat/house then the applicant gets an home loan interest rate upto INR 12,00,000/- availed from the bank.

And if any eligible applicant is applying for 2 bhk of 975 sqft super built up area which has 644sq.ft of carpet area, then the flat can cost Rs. 40,00,000. Now, the applicant can enjoy interest rate subsidy on housing loan for Rs. 12,00,000.

The possible subsidy ROI as per Honorable PM speech is 4% less than the current market home loan interest rate. The non subsidized interest rate follows the existing market interest rate, which is currently 8.5%.

Example for PMAY CLSS,  Indetail. 

If any qualified applicant having gross salary of Rs.50,000/- per month and age is 30 years, the person is eligible for 37.88 lakh for maximum tenure of 28 years tenure and 30 lakh for 15 years tenure(know more and calculate your eligibility  http://loanyantra.com/Home-Loan-Calculator.aspx ).

So, the applicant, out of Rs. 40,00,000 has to pay down payment of 20% of the market value, which is Rs. 8,00,000. For the rest of Rs. 32,00,000/-, the applicant can go for a home loan. Under Pradhan Mantri Awas Yojana (PMAY)  Credit Linked subsidy scheme(CLSS) Rs. 12,00,000 will be subsidy interest and other Rs. 20,00,000 (Rs. 32 lakhs – Rs. 12 lakhs ) go as a non subsidy which has existing market rate of interest.

Carpet Area*: Area enclosed within the walls, the actual area to lay the carpet. This area does not include the thickness of the inner walls.

NOTE : Under the Mission, beneficiaries can take advantage under one component only.

Housing and Urban Development Corporation(HUDCO)  and National Housing Bank(NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component. Ministry may notify other institutions as CNA in future.

How to Enroll and Apply for Credit Linked Subsidized Scheme (CLSS).

Banks have a separate application for this kind of loan. Follow the official link to  download the application. http://www.tn.gov.in/exwel/forms/app5.pdf

If an applicant can qualify under Pradhan Mantri Awas Yojana (PMAY) for Credit Linked subsidy scheme(CLSS), the applicant can apply through http://loanyantra.com partnered banks and get assured lower interest till you close the loan.

 

 

 

Myths About NBFCs / Banks Vs NBFCs

Why would you prefer going for a home loan only with a bank rather than with an NBFCs?

This question was pondering in my mind since the time I had met a cousin of mine. He was really worried to apply for a loan from an NBFC. I think, after the Sharada scam, the RBI is really strict and clear about the rules with regard to NBFCs. Earlier, the minimum net worth for NBFCs was retained at Rs.25 lakh. Now, since March 2017, all NBFCs are to attain a minimum net-owned funds of Rs. 2 Crore, to ensure the ability of the NBFCs to have good financial standing .

Also you can check the list of NBFCs involved in providing home loan, in the link provided in the official RBI website.

Myths about NBFCs

So, as discussed above, we find NBFCs too are safe to opt. With the emerging economy and population, India needs support financially. Banks could satisfy this need only to a minimum extent and to only a particular group. This made the need for other financial service providers (NBFCs) which are regulated by National Housing Bank.

A coin has both sides. Similarly, banks and NBFCs, have both pros and cons. One should think wise, customize and pick up the best fit. Let us discuss in detail about them.

Home Loan Borrowers – Who should opt for a bank?

  • Apart from the 80% loan amount, if you can meet the  20% down payment amount of the property, the stamp and registration amount. 
  • If you have enough time to wait till the sanction of the loan.
  • If your property has all the required legal documents.
  • If your chosen bank provides a lower interest rate when compared to an NBFC.

Home Loan Borrowers – Who should opt for an NBFC?

  • If you want 80%  loan on home value which includes the stamp and registration charges also.
  • If you are running out of time.
  • If you are satisfied with the interest rates.

Home Loan Borrowers – New customer Vs Existing Customer

Neither the banks nor NBFCs offer the same interest rate to the existing customers as they offer the new customers.

Existing customers can convert to the present interest rate by paying a minimal amount. Usually it is 0.5% – 1% of the outstanding loan amount.

Earlier were the days, where you find NBFCs interest rate in double-digit. With the awareness and competition on the shelf, NBFCs are slowly positioning themselves to become viable alternatives to traditional banks for procuring loans.

When Can You Go For A Home Loan Transfer

Home Loans have become the most popular tool to achieve one’s dream of buying a home. With so many banks and HFCs offering tailored home loan solutions, people are now more inclined towards home buying. Banks and HFCs have home loan eligibility calculator that will help you assess how much loan banks will give you and what will be your EMI. 

Home Loan Transfer 

Balance transfer, home loan refinancing are interchangeably used with Home Loan Transfer. It helps the borrower to avoid higher interest rates by transferring to another lender which offers lower interest rates. Borrowers usually prefer this option to reduce the burden of interest rate and EMI. The good news is that all the banks and many HFCs in India offer the facility of home loan transfer.

Do You Know!

Although Home Loan Transfer appears to be a lucrative scheme yet one needs to try cost-benefit analysis before opting for a balance transfer.

Firstly, to avail the option of Home Loan Transfer, you need to be in the good books of the bank, make sure that you pay your EMIs regularly.

Secondly, balance transfer decision depends on the difference between interest rate offered by the two banks (one from where you have taken the loan and second from the bank where you wish to transfer your home loan).

Last but not the least, the outstanding amount of the home loan and the tenure left is also an important factor to consider before going for a Home Loan Transfer. Because, it is not a good deal if unpaid loan amount and tenure both are low. Though there are no prepayment charges levied, but while transferring the loan, calculate for the processing fees. It is calculated on the outstanding loan amount, usually, the maximum is Rs. 8,000.

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Calculate Before You Go For A Home Loan Transfer

Always calculate. For example, if 50 lac is outstanding loan amount and calculate-homeloan-transfer_loanyantra-comyour bank charges interest rate of 12 % then you have to pay a total of Rs 58, 01,513 as interest and you choose home loan transfer option to another bank offering interest rate of 11.5% for a time period of 15 years then the interest that you have to pay comes to be 55, 13,708 which means you save 2.87 lac.

This is a substantial amount and even if your bank levies a processing fee for home loan transfer, your saving is on a higher side. So,you can go ahead with balance transfer option.  

An important note which banks consider before lending is your credit score. Always check your credit score before applying for a balance transfer. It is important that your credit health score is good and you have all your bills cleared. 

Banks usually charge 0.5% of the loan amount or flat fees of Rs. 5000-10,000 as processing fee for home loan transfer.

How does home loan balance transfer help you?

Advantages of balance transfer includes the following :

  • It lowers the monthly installment
  • You can save on your interest and use for an important reason.
  • Makes your home loan more affordable
  • Banks and HFCs also offer customized solution that will match your requirement
Home Loan Transfer Process
  • Submit a request form to your current bank. The application also asks for the name of the new bank where you will be transferring the loan.
  • After this, the bank will look into your application and will issue an NOC (No Objection Certificate) that mentions outstanding loan amount.
  • This NOC is then submitted to the new lender and the new bank will study your credit history.
  • CIBIL score should be 700 points to get a loan. Once bank approves your application, all the property documents and other documents like ID proof, ITR etc. are transferred to the new bank.
  • Voila!!! You now have your home loan at a better interest rate and you are ready to smile even bigger now.

Our Role: LoanYantra is an unbiased platform where we offer you the best options pertaining to a home loan. Our home loan transfer service will help you find the right financial institution which will lessen your burden of home loan repayment. Moreover, we have up-to-the-minute information related to lenders and interest rate changes in particular.

Not only availing home loan transfer through loanyantra will make the process easier, but also we will keep a track of your interest rate till you close the loan and help you reduce it whenever possible which helps in saving on the home loan.

Talk to us and let us know your requirement about home loan transfer to serve you better.