Top 5 Bank for Home Loan

March 20, 2023

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Indian borrowers can opt from a wide range of Home loan products available to raise funds for real estate acquisition. The loan recipient must meticulously research the wide range of products available to get the best possible deal in the market. Or you can refer to this piece to thoroughly understand the best banks for Home loans in India. So that you can find the keys to your dream home without compromising your wallet.

Top 5 Banks for Home Loans in India

Lending Institution  Interest Rate Processing Fee Bank Total Branches in India
CitiBank 6.50% per annum Rs 10,000 45 +
HSBC Bank 8.35% per annum 1% of the Loan Amount 50 +
Bank of Maharashtra 8.35% per annum Rs 10,000 2280
Axis Bank 8.60% per annum Rs 10,000 4,758
Punjab And Sind Bank 8.60% per annum Full Waiver 1600+

Citibank Home Loan

The Citibank Home loan is one of the most popular loan products offered in the Indian banking market due to their competitive interest rates and easy documentation and quick dispersal. The scheme offers the following features and benefits.

  • Avail loan amount of up to Rs 10 Crores.
  • Offers a variety of repayment options spanning up to 25 years.
  • Interest rates on home loan commences from 6.50% per annum.
  • Availability of credit facilities on home loans.
  • Interested is computed on the remaining balance.
  • Applicants are not required to produce any guarantor or co-signer on the Home loan.

Citibank – Application Process

A borrower can apply for a home loan from Citibank by implementing the following steps:

  • Visit the following link: https://www.online.citibank.co.in/loans/home-loans/apply
  • Provide relevant information in all the fields such as name, mobile number, e-mail ID, city of residence, annual income, estimated market value and loan amount required.
  • Also select whether the property has been identified or not.
  • Click on the ‘Submit’ button.

HSBC Bank Home Loan

The HSBC Bank is one of the most renowned financial institutions in the country. HSBC Bank home loan offers its borrowers the following benefits and features to ease the repayment process, making it one of India’s best banks for home loans.

  • One can avail of the loan amount from Rs 3 Lakhs to Rs 400,000,000.
  • Maximum tenure a salaried or self-employed individual can obtain from the HSBC Bank is 25 years and 20 years, respectively.
  • The borrower does not have to pay any prepayment charges on floating interest rates.
  • One can also avail of up to 150% at a similar rate.

HSBC Bank – Application Process

An established financial institution, HSBC Bank offers a wide range of online and offline channels where applicants can apply for a home loan. One can apply online for a quote on the home loan terms and conditions or visit the nearest HSBC Bank branch to get a clear picture of the loan process.

Bank of Maharashtra

The Bank of Maharashtra is regarded as one of India’s best banks for home loans. The bank of Maharashtra offers the following features and benefits to borrowers.

  • Maharashtra Home Loan offers a loan amount that ranges from a few lakhs to crores depending on the individual’s creditworthiness and repayment capacity.
  • The tenure of the loan can range from 5 to 30 years.
  • The interest rate offered on Maharashtra Home Loan may vary depending on factors like credit score, loan amount, and the repayment period.
  • The loan is secured by the property being purchased, which serves as collateral for the loan.
  • Individuals can claim tax benefits on the principal amount and the interest paid on the Maharashtra Home Loan under Section 80C and Section 24B of the Income Tax Act, respectively.
  • Maharashtra Home Loan offers flexible repayment options, allowing individuals to choose the tenure that suits their financial situation.
  • Maharashtra Home Loan offers a high loan amount, which can help individuals purchase their dream homes without any financial constraints.
  • Maharashtra Home Loan offers quick disbursal of the loan amount, allowing individuals to quickly fulfil their dream of owning a home.

Bank of Maharashtra – Application Process

Applicants can apply for a home loan from the Bank of Maharashtra through online and offline channels established by the bank. The bank offers an OTP login for its existing account holders and first-time customers. One can also visit the nearest bank branch to apply for a home loan.

Axis Bank Home Loan

The Axis Bank home loan allows customers to raise funds to obtain property in India. The institution is easily ranked one of the country’s best banks for a home loan as it offers customers the following benefits and features.

  • Axis Bank offers various schemes for applicants per their eligibility and budgetary goals.
  • This financial institution offers competitive interest rates to borrowers as per their financial viability and creditworthiness.
  • One can avail of LTV of up to 90% on home loans.
  • The bank also offers EMI waivers to ease the home loan repayment process.

Axis Bank Home Loan – Application Process

Axis Bank has designed a straightforward process for borrowers that ensures a quick loan amount disbursal. One can apply from the diverse online, and offline channels established by the bank and conclude the application process with the bank.

Punjab And Sind Bank

Punjab and Sind Bank funds citizens in India and abroad to acquire property. A borrower can also use the loan amount for the home’s construction, renovation and extension. Punjab and Sind bank home loans offer the following benefits and features to the borrowers:

  • The bank offers lower interest rates to borrowers based in rural areas to cater to the region’s housing needs.
  • One can opt for the flexible repayment options offered by financial institutions to ease the repayment process.
  • The bank also ensures a straightforward application process for quick loan disbursal.

Punjab And Sind Bank – Application Process

The Punjab And Sind Bank have established a straightforward application process for its applicants, which can be concluded online and offline.

Home Loan – Documents Required

When applying for a home loan in India, the following documents are typically required:

  • Application form: This is the form that the lender provides to the borrower to fill out and submit.
  • Identity proof: Any government-issued ID card such as Aadhaar, PAN card, Passport, or Driving License can be submitted as identity proof.
  • Address proof: Any government-issued address proof such as Aadhaar Card, Voter ID, Passport, or Driving License can be submitted as address proof.
  • Income proof: Lenders generally require the borrower to submit income proof to assess their purchased property may include salary slips, income tax returns, bank statements, and Form 16.
  • Property documents: Documents related to the property to be purchased, such as the sale agreement, title deed, and NOC from the builder or society, must be submitted.
  • Employment proof: If the borrower is self-employed, they may be required to submit documents related to their business, such as a business registration certificate, GST returns, and profit and loss statements.
  • Bank statement: Lenders may ask for the borrower’s bank statements for the past six months to verify their financial stability.
  • Passport-size photographs: A few passport-size photographs of the borrower may also be required.

It is important to note that different lenders may require different documents, and borrowers should check with their lenders to ensure they have all the necessary documents before applying for a home loan.

Home Loans – Eligibility Criteria

To be eligible for a home loan scheme in India, one needs to meet certain criteria set by the lending institution. The eligibility criteria may vary from one lender to another, but here are some common requirements.

  • Age: The applicant must be at least 21 years old and not older than 60-65 years at the time of loan maturity.
  • Income: The applicant must have a regular and stable source of income to repay the loan. The minimum income requirement varies from lender to lender but is generally around Rs. 25,000-30,000 monthly.
  • Employment status: The applicant must be either salaried or self-employed with a minimum work experience of 2-3 years in the current profession.
  • Credit score: A good credit score is essential to qualify for a home loan. Generally, a credit score of 750 or above is considered good.
  • Property value: The loan amount sanctioned will depend on the value of the property being purchased. The property should be legally approved and free from any disputes.
  • Down payment: The applicant must make a down payment towards the property, which is generally 10-20% of the total cost of the property.
Tushar Gautam is a content writer inclined to enlighten his readers about the world of finance through Urban Money.

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