Housing Finance

"Welcome to Swapnagruha.com, your partner in achieving your dream of home ownership with the best available interest rates. Our dedicated team will guide you through every step of the home loan process, ensuring affordability and financial stability. We've compiled key points to help you make informed decisions, from eligibility to EMIs and beyond. Let's work together to turn your dream home into a reality."
Check Home Loan Eligibility

Before applying for a home loan, use a Home Loan eligibility calculator to determine how much you are eligible to borrow based on your income, creditworthiness, and other factors. This step can help you set realistic expectations and choose a property that falls within your budget.

Prepare Required Documents

Gather all the necessary documents, including KYC (Know Your Customer) documents, income proof, property-related documents, and any other paperwork required by the lender. Having all your documents in order will expedite the loan application process and increase your chances of approval.

Thorough Research on Home Loan Options

Before applying for a home loan, it's crucial to do extensive research on the various home loan options available in the market. This includes understanding the types of loans, interest rates, and terms offered by different financial institutions. Take the time to compare and contrast the features of these loans to find the one that best suits your financial situation and long-term goals.

Calculate All Charges for Affordability

Calculate all the charges associated with the home loan, such as the interest rate, processing fee, and any other fees. It's essential to ensure that the total cost of the loan is affordable within your budget. Make sure that your monthly EMIs do not strain your cost of living and that you have a clear financial plan to meet these obligations.

Select an Appropriate Tenure

Carefully choose the loan repayment tenure. While longer tenures result in smaller EMIs, they can increase the total interest cost over the life of the loan. If your income and budget allow, opt for a shorter repayment tenure with higher EMIs to save on interest expenses.

Choose Suitable EMIs and Down Payment

When selecting your Equated Monthly Installments (EMIs), ensure that they are within your budget and do not exceed 45% of your total income. Making a larger down payment can also reduce your loan burden and help in lowering the EMI amount. This will contribute to better financial stability and ease of repayment.

Follow a Strict Budget

With a home loan EMI to repay every month for an extended period, it's essential to maintain a strict budget and spend cautiously. This will ensure that you can meet your financial obligations and continue to enjoy a comfortable standard of living.

Maintain a Good CIBIL Score

A good credit score is essential for loan approval. Make timely payments on your credit cards and other loans to maintain a high CIBIL score. A high credit score not only improves your chances of loan approval but also may lead to more favorable interest rates.

Understand Foreclosure Terms and Charges

Familiarize yourself with the terms and charges associated with loan foreclosure. Knowing these details will be useful if you plan to pay off your home loan ahead of schedule, helping you avoid any unexpected costs or penalties.

Review Home Loan Agreement Documentation

Before signing the home loan agreement, carefully review all the terms and conditions, including interest rates, prepayment policies, and other clauses. Ensure that you fully understand the contract to prevent any future misunderstandings or complications.

By following these steps, you can make a well-informed decision when applying for a home loan, ensuring that it aligns with your financial goals and doesn't cause unnecessary financial strain.

Top Banks

Home Loan Interest Rate (per annum)

Maximum Tenure

Processing Fee

HDFC Bank Home Loan

8.50% - 9.15%

30 years

Up to 50% (maximum Rs. 4,500) + taxes. Flat Rs. 1,500 for women.

PNB Housing Finance

8.50% - 11.25%

30 years

1% + taxes

Kotak Mahindra Bank Home Loan

8.70%

20 years

0.50% + GST & statutory dues

Larsen & Toubro Financial Home Loan

8.65% to 8.75%

30 years

Minimum 0.25% + taxes + Rs. 4,999 login fees

Bajaj Finserv Home Loan

8.50% - 15.00%

20 years

Up to 0.50% - 7.00%

Federal Bank Home Loan

8.80%

30 Years

0.50% (minimum Rs. 10,000 & maximum Rs. 45,000)

SBI Bank Home Loan

8.40% - 10.05%

30 years

Up to 0.50% + GST

ICICI Bank Home Loan

9.00% - 10.05%

30 years

Up to 0.50% or maximum Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore) + GST

Tata Capital Home Loan

8.70% onwards

30 years

0.50% onwards + GST.

Bank of Baroda Home Loan

8.40% - 10.60%

30 years

Up to 0.50% (minimum Rs. 8,500 & maximum Rs. 25,000)

Aditya Birla

8.75% to 14.50%

30 years

Up to 1%

Fullerton India

9.50% - 10.50%

30 years

Up to 3%

Ummeed Housing Finance

11.99% - 17.99%

15 years

Up to 3%

Shriram Housing Finance

9.50% onwards

25 years

Up to 0.50% (maximum Rs. 5,000) + taxes

DMI Housing Finance

11.00% - 15.50%

25 years

0.5% + GST

You get a maximum of 70%- 90% of the cost of the property as a home loan, depending on your eligibility, creditworthiness, property’s value, and other factors.

You can calculate home loan EMI by using Home Loan EMI Calculator below.

Home Loan EMI Calculator

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