If you are planning to construct your own house or invest in real estate, you may feel that you require some financial assistance to leverage your purchasing power. Today Indian banks are providing home loans at 8.40% p.a. onwards, and they are for a longer tenure of up to 30 years maturity and loan amounts of up to 90% of the property cost. We will take you through the real estate loan products of these top five banks, each designed to cater to the needs of a wider customer base.
Interest Rates:
| Name of lender | Up to INR 30 lakh | Above INR 30 lakh & up to INR 75 lakh | Above INR 75 lakh |
| HDFC | 8.50 onwards | 8.50 onwards | 8.50 onwards |
| SBI | 8.40-10.15 | 8.40-10.05 | 8.40-10.05 |
| ICICI | 9.00-9.80 | 9 up.00-9.95 | 9.00-10.05 |
| Kotak | 8.75 onwards | 8.75 onwards | 8.75 onwards |
| Axis Bank | 8.50 onwards | 8.50 onwards | 8.50 onwards |
HDFC Bank Home Loan
Their unique home loans have interest rates ranging from 8.50 to 9.15% interest rate per annum while standard home loans come with interest rates that can vary from 8.75 to 9.40%. They offer a range of housing and non-housing loans, including schemes for agriculture, horticulture, dairy farming, investment banking, and real estate in both rural as well as urban areas. To qualify for the loans, at least one applicant must be employed whether they are salaried or non-salaried.Home Loan choices of HDFC bank are as follows:HDFC Home loan
Currently, home loans are being offered at rates ranging from 8.50 to 9.40% depending on the type of the loan, special or standard. Through online, you can apply for a home loan in just three simple steps.Plot loans
This loan is a part of their land loan options designed to assist individual borrowers in purchasing land for their future homes, turning their dream home into a reality.Rural housing loans
The rural housing loan offers easy documentation and customized repayment plans, making it convenient for customers in rural areas. These loans are specially designed for agriculturists, planters, horticulturists, dairy farmers, and fish farmers to purchase an under-construction /new / existing residential property in rural and urban areas. These loans can also be used in the construction of your home on a freehold/leasehold residential plot, renovation and enhancement of homes and home extension in rural and urban areas.House renovation loans
This house loan can be approved in just four straightforward steps online. The key features of house renovation loans are they can be availed to enhance your home in many ways such as tiling and flooring, internal and external plaster, painting, etc. These loans are offered to both new and existing customers at interest rates that are the same as the home loan rates with simple repayment options.Home extension loans
This loan facility is aimed at householders who wish to extend or add space to their home such as additional room, etc. You also benefit by adding a co-applicant as there is a higher loan eligibility with an earning co-applicant.Top Up loans
The existing home loan users of HDFC can utilize this loan facility after twelve months of final disbursement of their existing home loan and upon possession/ completion of the existing financed property or based on a 12-month track record of the Top Up Loan being refinanced from another institution, subject to possession/completion of the property. The Top Up loans can be issued by a home loan customer for a variety of personal and professional needs other than speculative purposes.Home loan Balance Transfer
With this loan facility, you may transfer your outstanding home loan availed from another bank/ Financial Institution to HDFC bank and get an additional Top Up Loan of up to Rs 100 lacs.
SBI Bank Home Loan
SBI is India’s largest mortgage lender, which has helped over 30 lakh families to achieve the dream of owing a home.SBI home loans finance up to 90% of the total property cost at 8.40% p.a. onwards for a tenure up to 30 years. Their wide product range offers special home loan products to non-salaried individuals, army and defence personnel of the nation, governement employees and individuals living in hilly/tribal areas. Special benefits of taking SBI home loans are interest rate concessions to women borrowers, overdraft facility, balance transfer facility, step up loans, etc.The various types of SBI home loans are:SBI Regular Home Loan
This is a regular home loan which includes options for purchase of ready built property, purchase of under construction property, purchase of pre-owned homes, construction of a house, extension of house and repair/renovation.SBI Home Loan Balance Transfer
Under this scheme, any home loan borrower can transfer their existing loan balance to the State Bank of India at lower interest rate. There is a special interest concession for women borrowers under this category.NRI Home Loan
SBI NRI Home Loan allows many NRIs (Non-Resident Indians) to avail the home loans when investing in properties. They also offer women borrowers special concessions on interest rates with a repayment of up to 30 years.Flexipay Home Loan
SBI Flexipay Home loan provides eligibility for a higher loan amount exclusively for salaried borrowers. This loan facility allows customers to pay only interest during the moratorium (pre-EMI) period, and thereafter, pay moderated EMIs. These EMIs will gradually increase in the future years. This option is specially designed to support young earners in buying or constructing their own homes.Privilege Home Loan
SBI launched the Privilege Home Loan product, especially for government employees, individuals who are employees of Central or State Government which includes Public Sector Banks (PSBs) or Public Sector Undertakings (PSUs), and other individuals with a pensionable service.Shaurya Home Loan
This loan scheme is dedicated to the Army and Defence Personnel of the nation. This special home loan scheme is exclusively provided to defence employees. The SBI Shaurya Home loans will have lower interest rates and other added benefits which will only be provided to the defence employee applicants. Apart from reduced interest rates on the home loan, the defence employees will also have the ease of repayment options and may get a longer repayment period of the loaned amount.Pre-approved Home Loan
With this home loan program, borrowers can get their loan approved before selecting the property. This enables them to negotiate with the builder/seller of the property with confidence. The most important parameter to consider is the income of the applicant which the bank will use to assess the eligibility of the individual for a Pre-approved Home Loan.Realty home loan
This loan service allows customers to buy a plot of land and build a house in it within five years from the date of the loan sanction.Home Top Up Loan
SBI Home Top Up Loan allows their customers to borrow an additional amount over and above their home loan amount. Such loans have much lower interest rates than usual personal loans.YONO Insta Home Top Up Loan
This is an exclusive Home Top-Up Loan is a facility made available to SBI’s pre-selected Home Loan customers over YONO Mobile App. These selected customers of SBI Home Loan can avail instant Home Top Up Loan through a completely digital process on the bank’s YONO Mobile App.Home loan to non-salaried differential offerings
Here’s some fantastic news for all non-salaried individuals that SBI is offering a loan product designed for Non-Salaried Individuals giving the best possible Home Loan value to customers. This home loans are for the purpose of construction/acquisition of residential houses/flats, takeover of Home Loans from other Banks/HFCs and repair/renovation of existing houses/flats.SBI Tribal Plus
This is a special scheme of loan extended to the tribal groups living in tribal/hilly areas. This loan can be used for the purpose of purchase or construction of a new house / flat (without mortgage of land), purchase of an existing (old) house / flat which is not more than 10 years old, and repair /renovation/extension of an existing house or flat. This scheme is available at all the SBI branches in these areas.
ICICI Bank Home Loan
ICICI’s home loan programs feature attractive interest rates, digital sanction of loans and quick disbursement of loans. This bank offers home loans starting at 8.90% p.a. onwards for tenures up to 30 years and for loan amounts of up to Rs. 10 crore. Lets look at some of its popular home loan products:ICICI Housing Loan
This housing loan is essentially a financing option where funds are provided to an individual or entity for the purchase, construction, extension, or renovation of a residential property.Instant Home Loan
It is a pre-approved home loan exclusively for customers who already have an account with ICICI Bank.Express Home Loans
This is a loan scheme offered on fast track basis to facilitate borrowers with quick processing through digital application, processing and online sanction of the loan.Extraa Home Loan
In this loan scheme, you have the option to increase the repayment period to 67 years of age of the applicant to enhance the home loan amount by 20%. The enhanced loan amount and repayment tenure are backed by a Mortgage Guarantee.Pre-approved (Instant) Balance Transfer
This instant Home Loan product is designed for those who already have a relationship with ICICI Bank. The approval of the loan facility is provided based on the existing customer’s income, credit history, etc. The customer can apply for a Pre-approved (Instant) Home Loan through the bank’s app, iMobile Pay. If one is able to view the pre-approved offer in iMobile Pay, then one can generate sanctions instantly with minimal documentation.Balance Transfer and Top Up
The Balance Transfer facility will allow the transfer of existing home loans from other banks/NBFCs to ICICI Bank at lower interest rates. The provision of Top Up on existing home loans is purely for the purpose of meeting the customer’s additional loan requirements for professional or personal reasons.Pratham Home Loans
This loan option is offered to both salaried and self-employed employees, provided the salaried borrowers have a minimum monthly salary of ₹10,000 per month and self-employed borrowers have been in business for at least 5 years. The loan facility ranges between ₹5 Lakh and ₹50 Lakh with these loans made available for Home Loan (HL), Home Improvement Loan, Non-Residential Premises (NRP) Loan, and Balance Transfer of HL / NRP.Land Loan
With this loan scheme, you can easily finance the purchase of your land at attractive interest rates with a tenure of up to 20 years. The customers can also get Construction Loans on land property.NRI Home Loan
This loan can be availed for the purchase/construction of homes by NRIs in India.Insta Home Loan Overdraft
This is an expedited pre-approved digital home loan overdraft facility with instant access to funds for covering the personal expenses like education, home renovation, debt consolidation, other emergencies, etc.Insta Top Up Loan
All the eligible applicants can get additional loan facility instantly through a simple three-step online process to fulfill their personal and business financial needs.
Kotak Mahindra Bank Home Loans
Kotak Mahindra Bank is another rising bank in the industry that offers home loans at 8.75% p.a. Onwards for tenures up to 30 years and for loan amounts of up to INR 10 crores. Their different types of home loan products are listed below:Kotak Housing Loan
The loan is suitable for those borrowers who want to buy/construct/renovate a house.Home Loan Balance Transfer
This scheme is for the purpose of transferring the existing home loans from other banking and financial institutions to Kotak Mahindra Bank at lower interest rates.Home Improvement Loan
This special loan offering is to help individuals renovate or make any such improvements in an existing house or property.NRI Home Loan
To meet the housing finance needs of NRIs, Kotak Bank has this customized loan service available.NRI Home Improvement Loan
Those NRIs who need funding to facilitate their expenses related to home renovation or improvement can certainly apply for this loan.
Axis Bank Home Loans
Axis Bank offers loans with interest rates starting from 8.50% onwards and is well-known for their cost-effective and flexible home loans designed that help borrowers get closer to their dream homes. Here is the wide range of loan products available at Axis Bank:Axis Bank Home Loan
The Axis Bank Home Loan can be availed by Resident Indian and NRI salaried and self-employed customers to buy or construct real estate properties. It comes with a host of benefits such as smaller EMIs where borrowers can space out their payment over a longer tenure, attractive interest rates, an easy application process, doorstep service, etc. These loans can be accessed by customers at attractive fixed and floating interest rates with loan amount up to INR 5 crores for a maximum tenure of 30 years.Shubh Aarambh Home Loan
This is a quick and easy loan disbursement facility provided by Axis Bank that requires borrowers to apply for a home loan with minimum documentation. With Shubh Aarambh Home Loan, the borrowers can take advantage of interest interest subsidy on qualifying under the Pradhan Mantri Awas Yojana Scheme. On top of that, if the borrowers of the loan maintain a clean track record, they can be rewarded with 12 EMI waivers.Fast Forward Home Loan
As the name suggests, this is a quick and instant way to access, process, and approve your home loan online with minimum documentation. With Fast Forward Home Loan, you can take advantage of combined income to avail maximum loan amount for your dream home. They also provide borrowers with EMI waivers for 12 EMIs for loans serviced beyond 10 years along with a host of benefits such as quick and transparent processing, doorstep service, etc.Asha Home Loan
This loan product offers a loan amount up to INR 35 Lakhs at an affordable interest rate. Based on your banking pattern and with a good credit history, you can avail a host of benefits such as funding for up to 90% of property value, 12 EMIs waived off, longer tenures and a customised loan based on your banking pattern.Top-Up Home Loan
This loan feature can be availed by an Axis Bank home loan customer for an extra finance of up to Rs. 50 Lakhs against the mortgage of your property with their Top-Up Loan. Such Top-Up Loan amount can be used for multiple purposes such as the construction of residential/commercial property, personal requirements or business purposes.Super Saver Home Loan
This loan product is a unique financing solution that helps to save on the total interest payable on your home loan with the bank. Any surplus funds at your disposal can be deposited in the account, allowing borrowers to effectively save on interest while still being able to use it whenever needed.Quick Pay Home Loan
This is a special way to pay off more of your loan’s principal amount early on. This means your monthly payments get smaller each month and this way you can save a lot on interest.
