Get a House with BRK Fintech Personal Loan
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Compare Bank Interest Rates & Processing Fees
Home loan interest rates depend on an applicant’s credit score, loan amount, LTV ratio, monthly income, job stability, and employer profile.
BankInterest rateLoan AmountEMI Per LakhProcessing feesPre-payment chargs
7.45% - 11.25%₹10L - ₹10Cr₹2,001 - ₹2,198Up to 1% of
the loan amount
NIL
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7.25% - 8.45%₹1L - ₹40Cr₹1952 - ₹2,049Up to 1% of
the loan amount
-
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7.45% - 11%₹5L - ₹2Cr₹2,001 - ₹2,155Up to 1% of
the loan amount
Up to 5.5% depending upon scheme
and tenure completed
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7.4% - 10.4%₹5L - ₹75L₹1,969 - ₹2,144Up to 1% of
the loan amount
IB Pension Loan Scheme
Up to Rs 25,00- more
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7.2% - 10.95%₹1L - ₹5Cr₹1,969 - ₹2,172Up to 1% of
the loan amount
NIL
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7.15% - 10%₹10L - ₹5Cr₹1,987 - ₹2,125Up to 1% of
the loan amount
NIL
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7.01% - 12.65%₹5L - ₹7.5Cr₹1,995- ₹2,257Up to 1% of
the loan amount
• On the floating rate of interest by the
individual borrower.
• No Charges
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7.01% - 9.65%₹10L - ₹2Cr₹1,985- ₹2,108Up to 1% of
the loan amount + GST
• Documentation Charges - 0.20%
of the loan amount+ GST
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Home Loan Eligibility Criteria
Banks and finance companies have pre-determined home loan eligibility criteria to verify and provide maximum ease to loan borrowers. Apart from the eligibility criteria, banks look at the applicant’s credit history to establish creditworthiness and repayment patterns.

Applicant must be between 21 to 65 years

Salaried or self employed

Annual income

Collateral security

Assets, financial stability and occupational continuity

Residence status (Indian or NRI)

Required Home Loan Documents
To avail of a home loan with utmost ease, you need to prepare the below depicted documents:
Documents for Identity Proof
PAN and Aadhar CardVoter ID Card
Applicant’s PassportDriving Licence
Documents for Address Proof
Utility bills (electricity or telephone bill)Salary slips of last 6 months and Form 16
Identity proof that contain address, like Aadhaar CardBank account statements
Income proof and employment proof
Other Documents
Passport-size photographs of the applicantFor self-employed, business continuity proof will be required (5 years)`
Key Features and Benefits of a Home Loan
To avail of a home loan with utmost ease, you need to prepare the below depicted documents:
1. Own Your Home Sooner
Homes in India often cost several times an individual’s annual income, making it difficult to buy one with savings alone. A home loan lets you move into your dream home without waiting years to save the full amount. It also prevents you from tying up all your savings, allowing you to continue working towards other financial goals.
2. Flexible and Longer Repayment Periods
Home loans usually offer repayment terms of up to 30 years, unlike personal loans. This longer period spreads out your payments, reducing monthly EMIs and making it easier to manage your finances.
3. Lower Interest Rates
Home loans generally have lower interest rates compared to personal loans, starting from around 8.25% per annum. Lower rates reduce the overall cost of the loan. Some banks even provide small concessions, such as a 0.05% lower rate for women borrowers.
4. Tax Benefits
Home loan borrowers can claim tax deductions under the Income Tax Act. You can get up to Rs. 1.5 lakh on principal repayments (Section 80C) and up to Rs. 2 lakh on interest payments (Section 24b) each financial year. These benefits are not available if you opt for the new tax regime.
5. No Prepayment Charges
Most banks and housing finance companies do not charge prepayment or foreclosure fees for floating-rate home loans. Even some fixed-rate loans waive these charges if prepayment is made from your own funds.
6. Interest-Only Home Loans
Some lenders offer interest-only loans where you pay just the interest in the initial years, switching to regular EMIs later. This is useful for those currently renting, planning to buy an under-construction property, or expecting an income increase soon.
Is Balance Transfer a Good Idea for Your Home Loan?
A home loan balance transfer can be a smart financial move in certain situations. Here’s why you might consider it:
1. Lower Interest Rates
If your credit profile has improved since you first took the loan, you may now qualify for lower interest rates. Transferring your loan to a lender offering better rates can reduce your EMIs and the total interest paid over the loan tenure.
2. Longer Loan Tenure
Some lenders allow you to extend your loan tenure beyond the remaining term of your current loan. This can lower your monthly EMIs, though it may increase the total interest paid over the entire loan period.
3. Top-Up Loan Facility
Balance transfer applicants may become eligible for a top-up loan, which can be used for personal or professional purposes without restrictions. This is especially useful if your current lender either doesn’t offer a top-up loan or charges a higher interest rate on it.
4. Additional Benefits
Switching lenders may also come with perks like zero processing fees, EMI waivers, or better customer service, improving your overall loan experience.
Important Considerations
Balance transfers may not be ideal if you are in the later stages of your home loan or if the net savings after deducting processing and foreclosure fees are minimal. Always calculate the total cost-benefit before deciding to transfer your home loan.