Comparison of different parameters with different banks.
Buying a home through a home loan, though it is common, but not a simple issue to let the things go as they come. All it needs is getting correct information, hitting the correct lender, getting the exact amount what we need, depending on a reliable source before handing over the signed cheques.
Before I take you to a tour about different lenders’ information, I want to jot down the most important points to be noted before I handover the PDCs to the home loan lender which play an important role through out the tenure.
However big your house may be, or in whatever prime location your house is, the top lender or even the new lender in the market doesn’t care if your CIBIL score is less than 750. Yes, your application is rejected. The best performing loan agents also cannot help you if you carry a bad credit history along with you.
Repayment tenure is similar with every lender which is 30 years maximum and of course it depends on your age though.
Calculation method depends on the type of lender. Banks use MCLR and NBFCs use RPLR. Over that rate, the lenders add their spread or substract the their spread rate.
Spread rate varies from lender to lender which is the cause for the slight variation in the interest rates.
Choose home loan overdraft facility lender if you want no risk investment for your idled money. Provided if you are fine with the slight rise in the interest rate for the home loan overdraft product.
The Loan to value (LTV) ratio is the major decision making point as it decides loan amount and your pocket amount. The more the loan amount the lesser the sanctioned amount. Say 90% of loan amount is sanctioned if loan amount is 30 lakhs and 80% of loan amount for 30 to 75 lakhs and 75% of loan amount if the loan amount is more than 75 lakhs. But there are lenders, mostly all the NBFCs,who include registration fees too in the property value amount and then calculate the ratio of loan amount which enables the borrower to get more loan amount.
Insurance for your home loan is made mandatory by all the lenders. Check with the lender for the insurance plans, insurance partner and if premium included in the loan amount. Actually, you need not run through all the websites as Loanyantra experts can assist you about all the lenders in one call.
Offers with processing fees, legal charges are a part of promotional activities by the lenders. Call Loanyantra to know seasonal offers going on exactly the time you apply for loan. Also calculate whether you really benefit from that offer.
The average time taken for your loan process depends on how many times you follow up with the lenders by missing your office and attending the bank. Loanyantra’s experts can give you an estimate of how many days it will take depending on the property you choose. The needed can be served by our executives keeping them on top in the priority list.
Salary account benefits are available if you go for loan with the same salary account. Like HDFC offers salary account overdraft upto 1 lakh and ICICI Bank offers home loan overdraft to customers holding salary account. Let Loanyantra know your salary account bank name too which makes your decision easy with the information you get from experts.
Home Loan Factors Comparison by Loanyantra
Here I go with the details about each top home loan lender in India. Your requirement lets you choose the right one.
Bank or NBFC
ROI
Method
LTV
Processing Fees
Home Loan Advantage Product
Tenure
Piramal Housing
8.40%
RPLR-15.5%
90%
3% +Taxes
No
30 Yrs
SBI
8.70%
MCLR-8.5%
90%
0.35% or 2,000-10,000/-
Yes at 8.75%
30 Yrs
ICICI
8.85%
MCLR-8.5%
90%
0.50 -1.00% + taxes
Yes for salary account holders
30 Yrs
HDFC
8.70%
MCLR-8.5%
90%
0.5% or 11,500
No
30 Yrs
BOB
8.55%
MCLR-8.5%
90%
0
Yes
30 Yrs
LIC
9.20%
Call us
85%
NIL
No
30 Yrs
Axis Bank
8.70%
MCLR-8.5%
90%
1.00% or 10,000
Yes at 9.10%
30 Yrs
Super Saver Scheme – 20 Yrs
Indiabulls
8.75%
IMLR
90%
0.50 to 1.00% or 10,000/-
No
30 years
HSBC
8.70%
APR
80%
1% Or 10,000/-
Yes at 8.96%
25 Yrs
DHFL
8.70%
RPLR-18.82%
90%
2,500
No
30 Yrs
IDBI
8.85%
MCLR
80%
Nil
Yes
30 Yrs
PNB
8.75%
MCLR
80%
0.35% or 2,000 to 15,000/-
Yes at 8.95%
30 Yrs
PNB Housing Finance
8.90%
Sole Discretion
90%
0.5% (min. ₹5,900)
One time fee
30 Yrs
Loanyantra is always a great source of help for a hassle-free process. Manage your loan process by sitting wherever you are through Loanyantra.
