Compare home loan offers from bank experts
A home loan is the biggest loan most people take, so a small difference in rate has a large effect. On a 50 lac loan over 20 years, a rate that is 1% lower saves about ₹7,46,760 in total interest. Experts from different banks can show rate, fees and tenure side by side before you commit.
- Amount
- 10 Lacs to 10 Cr
- Tenure
- Up to 30 years
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Personal Loan at a glance
| Loan amount | 10 Lacs to 10 Cr |
|---|---|
| Tenure | Up to 30 years |
| Interest rate | Roughly 8% to 10% a year, usually linked to an external benchmark |
| Security | Yes, the property is mortgaged to the bank |
| Best for | Buyers of a flat, house or plot, and people building or extending a home |
Rates and terms are indicative and change often. Each bank decides the final offer based on your profile.
Who can apply
- Age usually between 21 and 65 at the end of the loan.
- Stable income, as a salaried employee or self-employed.
- A credit score of about 750 or higher helps.
- A property with a clear title and the approvals the bank requires.
- Total EMIs that fit within the share of income the bank allows, often 40% to 50%.
Documents you may need
- Identity and address proof.
- Income proof: salary slips, Form 16 or ITR.
- Last 6 months of bank statements.
- Property papers: sale agreement, title deed and approvals.
- For an under-construction home: builder agreement and payment receipts.
How to get a better deal
- Ask whether the rate is floating, and how often and how it resets.
- Compare processing fees and any charge for switching to a lower rate later.
- Part-prepayments cut the interest you pay. For floating-rate loans to individuals, banks generally cannot charge a prepayment penalty.
- If your current rate is much higher than today’s offers, a balance transfer can pay off after you count the fees.
Personal Loan questions
Should I choose a floating or a fixed rate?
Most home loans in India are floating, which means the rate moves with a benchmark. A fixed rate gives a steady EMI for a set period but is often higher. Ask each bank how long the fixed period lasts.
How much of the property price will the bank finance?
The RBI sets limits on how much of the property value a bank can lend, usually between 75% and 90% depending on the loan size. You pay the rest as a down payment.
What does 1% lower interest save?
On a 50 lac loan over 20 years, 8.5% instead of 7.5% costs about ₹7,46,760 more in total interest. The longer the tenure and the bigger the loan, the more 1% matters.
Can I move my existing home loan to another bank?
Yes. This is called a balance transfer. It makes sense when the new rate is clearly lower, after you count the new processing fee and any charges on the old loan.
Are there tax benefits on a home loan?
Interest and principal repayments can qualify for deductions under the Income Tax Act, depending on the tax regime you choose. Check the current rules with a tax adviser.