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What is a Home Loan?

A home loan is offered by lenders to individuals to residential property. A significant portion of the cost of the property is covered by a home loan. Borrowers will have to make a down payment and the remaining amount can be cleared in Equated Monthly Installments (EMIs). The tenure of a home loan ranges between 5 years and 30 years.

Top Public Banks For Home Loan

YES Bank Home Loan

Interest Rate

9.4% - 10.25%

Loan Amount

₹10L - ₹10Cr

EMI Per Lakh

₹2095 - ₹2137

Processing Fees

Up to 2%

Pre Payment Charges

Prepayment Charges

  • Allowed if borrower has paid at least 12 EMIs.
  • 20% of principal outstanding (13-24 months of EMI repayment)

    • LIC Housing Finance Home Loan

    Interest Rate

    8.5%

    Loan Amount

    ₹1L - ₹15Cr

    EMI Per Lakh

    ₹2052 - ₹2052

    Processing Fees

    Flat Rs 3,000

    Pre Payment Charges

    • In case of fixed-rate home loan/applicants other than individuals - 2% on the principal repaid.
    • In the case of a floating home loan: prepayment charges are not applicable.

    ICICI Bank Home Loan

    Interest Rate

    8.85% - 9.1%

    Loan Amount

    ₹3L - ₹75L

    EMI Per Lakh

    ₹2069 - ₹2081

    Processing Fees

    The processing fee is 0.50% of the loan amount, plus applicable taxes

    Pre Payment Charges

    • NIL for ICICI Home Loans and ICICI Home Improvement Loans with a floating rate of interest.
    • 2% on the outstanding principal on full repayment for ICICI Bank Home Loan with a fixed rate of interest.
    • 2% on the outstanding principal on full repayment for Top Up Loan if the applicant or co-applicant is Non-Individual.
    • 4% on the outstanding amount of loan where the loan is given to Non Individual borrowers or with a fixed rate of interest to Individual borrowers.

    Axis Bank Home Loan

    Interest Rate

    8.7% - 13.3%

    Loan Amount

    ₹1L - ₹5Cr

    EMI Per Lakh

    ₹2061 - ₹2291

    Processing Fees

    0.50%(Min ₹10,000)one time fee

    Pre Payment Charges

    0 - 2%

    Federal Bank Home Loan

    Interest Rate

    8.8% - 10.25%

    Loan Amount

    ₹15L

    EMI Per Lakh

    ₹2066 - ₹2137

    Processing Fees

    Up to 3% of loan amount

    Pre Payment Charges

    • Floating Rate Scheme- NIL
    • Fixed Rate Scheme (including Byom Loans)- 3%

    HSBC Bank Home loan

    Interest Rate

    8.45%

    Loan Amount

    ₹3L - ₹30Cr

    EMI Per Lakh

    ₹2049 - ₹2049

    Processing Fees

    Up to 2% of the disbursed loan amount. Processing fee paid/deducted is non refundable

    Pre Payment Charges

    • 5% within 1 year of tenure,
    • 4% within 2 years,
    • 3% within 3 years,
    • 2 % after 3 years.

    CITI Bank Home Loan

    Interest Rate

    8%

    Loan Amount

    ₹2.1L - ₹10Cr

    EMI Per Lakh

    ₹2028 - ₹2028

    Processing Fees

    Up to 3% of the borrowed loan amount

    Pre Payment Charges

    Up to 4% of the outstanding principal plus interest for the ongoing month

    Deutsche Bank Home Loan

    Interest Rate

    8.75% - 9.15%

    Loan Amount

    ₹5L - ₹25Cr

    EMI Per Lakh

    ₹2064 - ₹2083

    Processing Fees

    --

    Pre Payment Charges

    --

    Housing Development Finance Corporation Home Loan

    Interest Rate

    8.5% - 9.4%

    Loan Amount

    ₹1L - ₹1Cr

    EMI Per Lakh

    ₹2052 - ₹2095

    Processing Fees

    Up to Rs 4,999

    Pre Payment Charges

    Pre-closure Charges Allowed if borrower has paid at least 12 EMIs.

    For salaried:

    • 4% of principal outstanding (13-24 months)
    • 3% of principal outstanding (25-36 months)
    • 2% of principal outstanding (After 36 months)Part-payment Fees Allowed if borrower has paid at least 12 EMIs.

    Kotak Bank Home Loan

    Interest Rate

    8.7% - 9.6%

    Loan Amount

    ₹10L - ₹10Cr

    EMI Per Lakh

    ₹2061 - ₹2105

    Processing Fees

    Up to 3% of loan amount

    Pre Payment Charges

    0-12 months: Lock-in period 1- 3 years: 4% + GST 3 years onwards: 2% + GST

    IDFC FIRST Bank Home Loan

    Interest Rate

    8.75% - 10.5%

    Loan Amount

    ₹1L - ₹10Cr

    EMI Per Lakh

    ₹2064 - ₹2149

    Processing Fees

    Up to 3.5% of the loan amount

    Pre Payment Charges

    Foreclosure charges 5% of the loan amount

    Karnataka Bank Home Loan

    Interest Rate

    8.5% - 10.62%

    Loan Amount

    ₹20L - ₹5Cr

    EMI Per Lakh

    ₹2064 - ₹2142

    Processing Fees

    --

    Pre Payment Charges

    --

    DCB Home Loan

    Interest Rate

    9.75% - 15%

    Loan Amount

    ₹5L - ₹10Cr

    EMI Per Lakh

    ₹2112 - ₹2379

    Processing Fees

    Upto 2% of the loan amount

    Pre Payment Charges

    --

    Reliance Capital Home Loan

    Interest Rate

    9.75% - 13%

    Loan Amount

    ₹7.5L

    EMI Per Lakh

    ₹2112 - ₹2275

    Processing Fees

    --

    Pre Payment Charges

    --

    HDFC Bank Home Loan

    Interest Rate

    8.7% - 9.7%

    Loan Amount

    ₹1L - ₹10Cr

    EMI Per Lakh

    ₹2044 - ₹2095

    Processing Fees

    ₹4,999 One time fee

    Pre Payment Charges

    • 4% of the outstanding principal (loan tenure between 13 - 24 months)
    • 3% of the outstanding principal (loan tenure between 25 - 36 months)
    • 2% of the outstanding principal (loan tenure if over 36 months)

    IndusInd Bank ltd Home Loan

    Interest Rate

    8.5% - 10.57%

    Loan Amount

    Up to ₹75L

    EMI Per Lakh

    ₹2052 - ₹2153

    Processing Fees

    --

    Pre Payment Charges

    --

    RBL Home Loan

    Interest Rate

    9.1% - 11.55%

    Loan Amount

    ₹1L - ₹10Cr

    EMI Per Lakh

    ₹2081 - ₹2202

    Processing Fees

    Up to 2% of loan amount

    Pre Payment Charges

    • Between 13 to 18 months: 5% of outstanding principal.
    • After 18 months: 3% of outstanding principal.
    • After 12 regular EMIs: NIL

    IDBI Bank Home Loan

    Interest Rate

    8.45% - 13.45%

    Loan Amount

    ₹10K - ₹50Cr

    EMI Per Lakh

    ₹2030 - ₹2298

    Processing Fees

    For Dropline OD: 1% of the limit subject to a maximum of Rs 10 lakh.

    Pre Payment Charges

    3% to 4% of the balance loan amount.

    HDFC Sales Home Loan

    Interest Rate

    7.55% - 8.05%

    Loan Amount

    ₹5L - ₹10Cr

    EMI Per Lakh

    ₹2006 - ₹2030

    Processing Fees

    --

    Pre Payment Charges

    --

    Punjab & Sind Bank Home Loan

    Interest Rate

    8.55% - 10%

    Loan Amount

    ₹5L - ₹5Cr

    EMI Per Lakh

    ₹2054 - ₹2125

    Processing Fees

    Up to 1.00% of loan amount

    Pre Payment Charges

    --

    State Bank of India Home Loan

    Interest Rate

    8.4% - 10.15%

    Loan Amount

    ₹5L - ₹40Cr

    EMI Per Lakh

    ₹2047 - ₹2132

    Processing Fees

    Up to 1.3%

    Pre Payment Charges

    --

    Bank of Maharashta Home Loan

    Interest Rate

    8.35% - 11.15%

    Loan Amount

    -

    EMI Per Lakh

    ₹2052 - ₹2052

    Processing Fees

    1% of loan amount

    Pre Payment Charges

    • Documentation Charges - 0.20% of the loan amount + GST

    Union Bank of India Home Loan

    Interest Rate

    8.35% - 10.9%

    Loan Amount

    Up to ₹50L

    EMI Per Lakh

    ₹2100 - ₹2369

    Processing Fees

    Up to 3% (plus applicable taxes) of the facility amount for sanctioned cases only

    Pre Payment Charges

    Up to 5.5% depending upon scheme and tenure completed

    Punjab National Bank Home Loan

    Interest Rate

    8.4% - 10.25%

    Loan Amount

    ₹1L - ₹5Cr

    EMI Per Lakh

    ₹2047 - ₹2137

    Processing Fees

    0.25% of Loan amount (Minimum – Rs. 1000/- Maximum Rs. 1500/-)

    Pre Payment Charges

    --

    Canara Bank Home Loan

    Interest Rate

    8.5% - 11.25%

    Loan Amount

    ₹10L - ₹50L

    EMI Per Lakh

    ₹2052 - ₹2187

    Processing Fees

    Up to 1% of loan amount

    Pre Payment Charges

    --

    Indian Bank Home Loan

    Interest Rate

    8.4% - 9.9%

    Loan Amount

    Up to ₹75L

    EMI Per Lakh

    ₹2047 - ₹2120

    Processing Fees

    --

    Pre Payment Charges

    • IB Pension Loan Scheme - Up to Rs 25,000- NIL
    • Above Rs 25,000- Rs 250
    • IB Clean Loan to Salaried - 1.00% on the loan amount

    Bank of India Home Loan

    Interest Rate

    8.4% - 10.85%

    Loan Amount

    Up to ₹5Cr

    EMI Per Lakh

    ₹2042 - ₹2042

    Processing Fees

    Up to 1% of loan amount + GST

    Pre Payment Charges

    • On the floating rate of interest by the individual borrower: No charges.
    • On the floating rate of interest by non-individual borrower being applicant or co-applicant: 2% of principal prepaid.
    • On the fixed rate of interest by the individual borrower: 3% of principal prepaid; if prepayment is my own source then no fee is applicable.
    • On the fixed rate of interest by non-individual borrower being applicant or co-applicant: 3% of principal prepaid.

    Bank of Baroda Home Loan

    Interest Rate

    8.4% - 10.6%

    Loan Amount

    ₹10L - ₹10Cr

    EMI Per Lakh

    ₹2047 - ₹2154

    Processing Fees

    NIL

    Pre Payment Charges

    --

    IndiaBulls Home Loan

    Interest Rate

    8.99% - 9.75%

    Loan Amount

    ₹10L - ₹5Cr

    EMI Per Lakh

    ₹2075 - ₹2112

    Processing Fees

    3% onwards

    Pre Payment Charges

    >6 months: 5%

    Poonawalla Fincorp Limited Home loan

    Interest Rate

    9% - 22%

    Loan Amount

    ₹1L - ₹1Cr

    EMI Per Lakh

    ₹2076 - ₹2762

    Processing Fees

    one-time nominal processing fee up to 3% plus applicable taxes.

    Pre Payment Charges

    • Pre-paying a Business Loan is a smart way to save on payment of additional interest, thereby keeping the overall costs low.
    • With Poonawalla Fincorp’s Business Loan, you can prepay at your convenience and are not required to pay any fee for the same.
    • This is because we levy zero prepayment charges on our Business Loan if paid from own sources.
    • This helps you maximize your savings and focus on your business.

    Hero Housing Finance Home Loan

    Interest Rate

    15%

    Loan Amount

    ₹1L - ₹3Cr

    EMI Per Lakh

    ₹2287 - ₹2287

    Processing Fees

    Initial Processing Fees- Up to Rs 5,000 Processing Fees including initial processing fee Up to 1% for cheque salaried Up to 3% for others

    Pre Payment Charges

    --

    Home First Finance Company Home Loan

    Interest Rate

    8% - 18%

    Loan Amount

    ₹20K - ₹75L

    EMI Per Lakh

    ₹2028 - ₹2539

    Processing Fees

    --

    Pre Payment Charges

    --

    Punjab National Bank Housing Finance Home Loan

    Interest Rate

    8.5% - 14.5%

    Loan Amount

    ₹1L - ₹5Cr

    EMI Per Lakh

    ₹2052 - ₹2187

    Processing Fees

    Up to 1% of the loan amount

    Pre Payment Charges

    --

    Hero FinCorp Home Loan

    Interest Rate

    13.22%

    Loan Amount

    ₹10L - ₹3Cr

    EMI Per Lakh

    ₹2287 - ₹2287

    Processing Fees

    2.5% of the loan amount + applicable taxes

    Pre Payment Charges

    --

    Capri Global Home Loan

    Interest Rate

    9% - 16.75%

    Loan Amount

    ₹5L - ₹50L

    EMI Per Lakh

    ₹2076 - ₹2472

    Processing Fees

    --

    Pre Payment Charges

    --

    L&T Finance Home Loan

    Interest Rate

    8.6%

    Loan Amount

    ₹2L - ₹20Cr

    EMI Per Lakh

    ₹2056 - ₹2056

    Processing Fees

    --

    Pre Payment Charges

    --

    Ujjivan Small Finance Bank Home Loan

    Interest Rate

    8.75% - 16.75%

    Loan Amount

    ₹2L - ₹75L

    EMI Per Lakh

    ₹2314 - ₹2526

    Processing Fees

    ₹ 3,350 + GST applicable (Non – refundable)

    Pre Payment Charges

    • Before completion of 12 EMIs: 2% of outstanding principal.
    • After completion of 12 EMIs: 1% of outstanding principal.

    Aadhar housing Finance Home Loan

    Interest Rate

    11.75% - 17%

    Loan Amount

    ₹1L - ₹1Cr

    EMI Per Lakh

    ₹2212 - ₹2485

    Processing Fees

    Up to Rs 3,500

    Pre Payment Charges

    • For home loan + LAP(at fixed rates): 2% of outstanding loan + applicable GST.
    • For home loan + LAP (at variable rates): NIL
    • For project loan: 2% of outstanding loan + applicable GST.

    Tata Capital Housing Finance Limited Home Loan

    Interest Rate

    8.7% - 12%

    Loan Amount

    ₹5L - ₹5Cr

    EMI Per Lakh

    ₹2061 - ₹2224

    Processing Fees

    Up to 2.75%of the loan amount

    Pre Payment Charges

    2% for payment of more than 25% of the outstanding principal balance.

    Vastu Housing Finance Home Loan

    Interest Rate

    12.5% - 19.5%

    Loan Amount

    Up to ₹50L

    EMI Per Lakh

    ₹2250 - ₹2622

    Processing Fees

    Up to 3% of the loan amount

    Pre Payment Charges

    --

    Muthoot Finance Ltd Home Loan

    Interest Rate

    11% - 19%

    Loan Amount

    ₹3L - ₹40L

    EMI Per Lakh

    ₹2174 - ₹2594

    Processing Fees

    Up to 2% of the loan amount

    Pre Payment Charges

    Nill

    IIFL Finance Home Loan

    Interest Rate

    8.5%

    Loan Amount

    ₹1L - ₹2Cr

    EMI Per Lakh

    ₹2052 - ₹2052

    Processing Fees

    Up to 2%-6% of loan amount

    Pre Payment Charges

    Nill

    Godrej Housing Finance Home Loan

    Interest Rate

    8.55%

    Loan Amount

    ₹5L - ₹2Cr

    EMI Per Lakh

    ₹2054 - ₹2054

    Processing Fees

    --

    Pre Payment Charges

    --

    Clix Capital Home Loan

    Interest Rate

    15% - 25%

    Loan Amount

    ₹2L - ₹2Cr

    EMI Per Lakh

    ₹2379 - ₹2935

    Processing Fees

    Up to 10% of loan sanctioned

    Pre Payment Charges

    • 5% of Principal foreclosed (post 6-month lock-in)

    Bajaj Finserv Home Loan

    Interest Rate

    8.45% - 15%

    Loan Amount

    ₹1L - ₹15Cr

    EMI Per Lakh

    ₹2049 - ₹2379

    Processing Fees

    Up to 0.50 % of the loan amount + GST and other applicable statutory levies

    Pre Payment Charges

    --

    DHFL Home Loan

    Interest Rate

    11%

    Loan Amount

    ₹1L - ₹7Cr

    EMI Per Lakh

    ₹2174 - ₹2174

    Processing Fees

    --

    Pre Payment Charges

    --

    Fullerton India Home Loan

    Interest Rate

    9.5% - 10.5%

    Loan Amount

    Up to ₹5Cr

    EMI Per Lakh

    ₹2100 - ₹2149

    Processing Fees

    6.00%

    Pre Payment Charges

    Pre-closure fee = 3% - 7% of principal outstanding (plus applicable tax)

    Edelweiss Financial Services Home Loan

    Interest Rate

    10.5% - 10.9%

    Loan Amount

    ₹5L - ₹5Cr

    EMI Per Lakh

    ₹2149 - ₹2169

    Processing Fees

    --

    Pre Payment Charges

    --

    Piramal Housing Finance Home Loan

    Interest Rate

    9.5%

    Loan Amount

    ₹5L - ₹2Cr

    EMI Per Lakh

    ₹2174 - ₹2174

    Processing Fees

    --

    Pre Payment Charges

    --

    Cholamandalam-finance Home Loan

    Interest Rate

    9% - 20%

    Loan Amount

    ₹5L - ₹50L

    EMI Per Lakh

    ₹2076 - ₹2649

    Processing Fees

    Rs 5,000 (including GST)

    Pre Payment Charges

    Nil

    Aditya Birla finance limited Home Loan

    Interest Rate

    9.1% - 14.75%

    Loan Amount

    ₹20L - ₹10Cr

    EMI Per Lakh

    ₹2081 - ₹2366

    Processing Fees

    Up to 3% of the loan amount

    Pre Payment Charges

      Pre-closure Charges -

    • Rs 1,000 + GST, If part pre-payment is equal to 20% of the total amount disbursed- NIL
    • If part pre-payment is greater than 20% of the total amount disbursed- 3% + GST
    • No prepayment allowed in the first 12 months from the date of disbursement

    Home Loan Categorization

    Home Loan By others

    Home Loan By amount

    Home Loan By city

    Home Loan By profession

    Home Loan By property

    Home Loan By cibil score

    Home Loan By salary

    Home Loan Calculator

    2500000 ₹
    ₹
    100000 ₹10000000 ₹
    8.5 %
    %
    5 %20 %
    20 Years
    Years
    1 Years30 Years

    Monthly EMI

    ₹21,696

    Total Interest

    ₹27,07,040

    Total Amount

    ₹52,07,040

    Fees & Charges

    Home loan processing fees may vary widely based on lenders and credit profiles of loan applicants. Here are the typical fees and charges:

    Particulars Charges
    Processing Fee 1% - 2% of loan amount
    Foreclosure/Prepayment Charges For floating rate: Nil For fixed rate: Around 2% - 4% on the principal outstanding
    Overdue Charges on EMI 2% per month of the unpaid EMI
    EMI Bounce Charges Around ₹ 400
    Legal Fee As per Actuals

    Note: These charges are indicative and may vary from bank to bank. Please check with your preferred lender for exact charges.

    Eligibility Criteria

    Home loan eligibility differs across lending institutions and home loan schemes. However, a common set of housing loan eligibility criteria is given below:

    Criterion Requirement
    Nationality Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
    Credit Score Preferably 750 and above
    Minimum Age 18 years with some lenders setting the minimum age of 21 years
    Maximum Age Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age
    Work Experience At least 2 years (for salaried)
    Business Continuity At least 3 years (for self-employed)
    Minimum Salary At least Rs. 25,000 per month (varies across lenders & locations)
    Loan Amount Up to 85% of property value

    Note: Apart from the above parameters, your home loan eligibility also depends on the property you are buying and the location of the property.

    Also Check: Top 10 Tips to Consider before Availing a Home Loan

    What tax benefits can I get on a home loan?

    House loan borrowers can avail tax benefits under various sections of the Income Tax Act. These home loan tax benefits help borrowers save a substantial amount of money every year. Below are the tax benefits that you can get on your home loan EMI payments:

    Section of Income Tax Act Nature of Home Loan Tax Deduction Max. Tax Deductible Amt.
    Section 24(b) Interest paid Rs. 2 lakh
    Section 80C Principal (including stamp duty and registration fee) Rs. 1.5 lakh

    Dos & don'ts while applying for a home loan

    Dos Don'ts
    Keep your credit score at 750 or above Apply for home loan without checking your credit score
    Limit your total EMI obligations within 50% of your net monthly income Use emergency fund for making higher down payment
    Compare home loan offers from various lenders Apply with multiple lenders within a short span
    Try making larger down payment to reduce LTV ratio Forgo existing investments for making higher down payment
    Add a co-applicant for higher loan eligibility Plan EMI payments without considering the monthly contributions you need to make towards your crucial financial goals

    FAQs on Home Loan