Top Home Loan Schemes & Offers

Avail home loans up to Rs.10 crore with interest rates starting at 6.60% p.a. with additional benefits such as extended loan terms and flexible repayment options. Simple documentation, quick processing, and excellent customer service with a response time of 30 – 45 minutes makes BankBazaar a go-to place for all your housing loan needs.

  1. Kotak Mahindra Bank – Best for Low Interest Rate
    • Low interest rates starting from 6.50% p.a.
    • Processing fee of up to 0.50% of the loan amount
    • Loan tenure of up to 30 years
    • Zero prepayment charges
    • Balance transfer with top-up loan available
  2. SBI Bridge Home Loan – Best for Short-Term Requirements
    • Attractive interest rates starting from 9.50% p.a.
    • Processing fee of 0.35% of the loan amount
    • Loan tenure of up to 2 years.
    • No prepayment penalty
    • No hidden charges
  3. Canara Bank Housing Loan – Best Interest Rate for Women
    • Low interest rates for women starting from 6.90% p.a.
    • Maximum repayment tenure of 30 years
    • Processing fee of up to 0.50% of the loan amount
    • Can be used to purchase or construct a house/flat
    • Zero prepayment charges
  4. Axis Bank Home Loan – Best Interest Rate for Salaried Employees
    • Low interest rates starting from 6.90% p.a.
    • Loan amount of up to Rs.5 crore
    • Maximum repayment tenure of 30 years
    • Processing fee of up to 1% of the loan amount
    • No prepayment/foreclosure charges
  1. SBI Home Loan – Joint Home Loan
    • Low interest rates starting from 6.75% p.a.
    • Maximum loan tenure of 30 years
    • 100% waiver on processing fee if applied through YONO app
    • No hidden charges
    • Women borrowers get interest concession
  2. HDFC Reach Home Loans for self-employed professionals
    • Attractive interest rates starting from 8.75% p.a.
    • Flexible repayment tenure of up to 30 years
    • Processing fee of 2% of the loan amount
    • Minimal documentation with minimum income of Rs.2 lakh p.a.
    • Add a woman co-owner for lower interest rates
  3. LIC HFL Home Loan for Pensioners/Senior Citizen
    • Low interest rates starting from 6.90% p.a.
    • Repayment tenure of up to 15 years or till 70 years of age
    • Processing fee ranging between Rs.10,000 and Rs.15,000
    • Loan to be repaid before the age of 70
    • Individuals above the age of 50 having a pension scheme but still employed can also Apply
  4. SBI Privilege Home Loan for Government Employees
    • Low interest rates starting from 6.75% p.a.
    • Zero processing fee
    • Loan tenure of up to 30 years
    • Reduced interest rates for women borrowers
    • Interest concession when checkoff is provided
  5. Axis Bank NRI Home Loan: Best for NRIs
    • Attractive interest rates starting from 6.90% p.a.
    • Flexible loan tenure of up to 25 years
    • Minimal documentation and quick disbursal
    • Minimal processing fee
    • Zero foreclosure charges
  1. HDFC Ltd. Home Loan for Purchase
    • Low interest rates starting from 6.70% p.a.
    • Flexible loan tenure of up to 30 years
    • Processing fee of up to 0.50% of the loan amount
    • Special arrangement for Indian army employees through partnership with AGIF
    • Legal and technical counseling from experts
    • EMIs starting at just Rs.646 per lakh**The rates mentioned above are applicable under the blockbuster festive offer. All loans are at the sole discretion of HDFC Ltd. Terms and conditions apply.
  2. Indiabulls Housing Finance Loan for Construction
    • Attractive interest rates starting from 7.60% p.a.
    • Flexible repayment options
    • Processing fee starts from 0.50% onwards
    • No prepayment charges
    • End-to-end loan processing on the website or mobile application
  3. DHFL Home Renovation Loan
    • Interest rate starting from 8.75% p.a.
    • Maximum loan tenure of 10 years
    • Processing fee of Rs.2,500
    • Loan amount of up to 90% of the market value or 100% of the estimated cost of improvement
    • Available for both salaried and self-employed individuals
  4. PNB HFL Plot Loan: Best Home Loan for Plot and Construction
    • Attractive rates starting from 6.75% p.a.
    • Flexible loan tenure of up to 30 years
    • Processing fee of up to 0.5% of the loan amount
    • Loan enhancement in case of escalating costs
    • Quick loan application and approval process
  5. HDFC Ltd. Home Loan for Existing Customers: Best Home Loan for Existing Customers
    • Low interest rates starting from 6.70% p.a.
    • Maximum tenure of 30 years
    • Processing fee of 0.5% of the loan amount
    • Quick loan disbursal
    • Can add co-applicant to increase loan amount
    • EMIs starting at just Rs.646 per lakh**The rates mentioned above are applicable under the blockbuster festive offer. All loans are at the sole discretion of HDFC Ltd. Terms and conditions apply.
  6. SBI Realty Home Loan: Best Home Loan for Land Purchase
    • Low interest rates starting from 7.50% p.a.
    • Maximum tenure of 10 years
    • Processing fee of up to 0.4% of the loan amount
    • Maximum loan amount of up to Rs.15 crore
    • Interest rate concession for women borrowers
  1. HDFC Ltd. Home Loan Balance Transfer: Best Home Loan Balance Transfer
    • Interest rates starting from 6.70% p.a.
    • Avail additional top-up loan of up to Rs.50 lakh
    • Loan tenure of up to 30 years
    • Processing fee of up to 0.5% of the loan amount
    • Adding a co-applicant can further maximise the loan amount
    • EMIs starting at just Rs.646 per lakh**The rates mentioned above are applicable under the blockbuster festive offer. All loans are at the sole discretion of HDFC Ltd. Terms and conditions apply.
  2. SBI Smart Home Top Up Loan: Best Top Up home loan
    • Interest rates starting from 8.05% p.a.
    • Processing fee of 0.40% of loan amount
    • Overdraft facility for loans above Rs.20 lakh
    • Loan tenure of up to 30 years
    • No prepayment penalty
  3. Union Awas Home Loan: Best for Low Credit Score
    • Interest starting from 6.60% p.a. for credit score below 600
    • Moratorium period of up to 3 years for construction or purchase of home
    • Loan tenure of up to 30 years
    • For agriculturists, quarterly/half-yearly/annual repayments instead of EMI can be availed
    • Open to permanent employees of educational institutions and agriculturists with annual income of up to Rs.48,000 p.a.
  4. IIFL Swaraj Home Loan: Best Home Loan without Income Proof
    • Interest rates starting from 10.50% p.a.
    • Loan tenure of up to 20 years
    • Maximum loan amount of Rs.20 lakh with 85% LTV
    • One female co-applicant mandatory
    • Income proof or bank documents not required if not available

Home Loan Eligibility

Eligibility CriteriaRequirement
AgeMinimum Age: 18 years and Maximum Age: 70 years
Resident TypeThe applicant must be (any one):Resident IndianNon-Resident India (NRI)Person of Indian Origin (PIO)
EmploymentThe applicant can be (any one):SalariedSelf-employed
Net Annual IncomeAt least Rs.5-6 lakh depending on the type of employment
ResidenceThe applicant must have (any one):A permanent residenceA rented residence where he/she has resided for at least a year prior to applying for a loan
Credit scoreA good credit score of at least 750 or more obtained from a recognised credit bureau

Home Loan Documents Required

Identity Proof (any one)Residence Proof (any one)Other Documents
Driving LicenseCopy of Electricity Bill/Water Bill/Telephone BillEmployer Identity Card
PANCopy of valid Passport/Aadhaar Card/Driving LicenseDuly filled loan application form affixed with 3 passport size photographs
Voter IDLoan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid PassportBank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

For Self-employed Applicant/Co-applicant:For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 yearsSalary Slips for the last three months
Certificate of Qualification (for Doctors/CA and other professionals)Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years
Business License Details
Business address proof
TDS Certificate

Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one)Residence Proof (any one)Other Documents
PANTelephone billAttested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid PassportElectricity billProof of residence indicating the applicant’s current overseas address
Driver’s LicenseWater billEmployer Identity Card
Voter ID CardPiped Gas billIf the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
Valid PassportPIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
Driving LicenseThe completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
Aadhaar CardThe attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

Income Proof Documents for NRI

For Self-employed Applicant/Co-applicantFor Salaried Applicant/Co-applicant
Proof of income if the applicant/co-applicant is a self-employed professional/businessman.Valid work permit
Business address proofEmployment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 yearsSalary slips for the last 3 months
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries.Bank statements indicating salary credit for the last 6 months
Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months.Copy of the Identity Card issued by the current employer along with the latest salary slip (original).
Copy of the individual Tax Return for the last assessment year. – Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

Property Papers:

  1. Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  2. Occupancy Certificate in case the property is a ready-to-move-in property
  3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  4. Conveyance Deed in case of a new property
  5. Bank account statements indicating all payments made to the seller or builder

Home Loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:

  • Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
  • Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
  • Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
  • Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
  • Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
  • Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
  • Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
  • Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
  • Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit to know more about these charges.
  • Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
  • Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

Types of Home Loans in India

Banks in India provide different types of housing finance options for different purposes. Here’s a list of the prominent types of housing loans in India, based on a study of products offered by some of the top banks:

  1. New Home Loans: New Home Loans are offered to eligible customers who are looking to purchase a house or property for the first time.
  2. Pre-approved Home Loan: Pre-approved home loans are offered by banks to eligible borrowers once his/her creditworthiness, income and financial position are taken into considerable for an in-principal approval of the loan.
  3. Home Purchase Loans: Home purchase loans are specifically given to borrowers looking to purchase a house or flat.
  4. Home Loan for Construction: Home loan for construction is offered to customers who are looking to construct their own house on an existing piece of land.
  5. Plot Loans: Plot loans are loans offered to customers looking to purchase a piece of land or plot for the purpose of constructing a house on it.
  6. Home Loan Top Up: Home Loan Top Up is a facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the existing home loan.
  7. Home Extension/Renovation Loans: Home loans for extension or renovation of home are offered to borrowers who wish to renovate/extend their existing house/property.
  8. Balance Transfer Home Loan: Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.

Home Loan Rejection

Ensure that you have researched on the loan you want to apply forDo not blindly sign the documents before you read every term and condition on it
Read the fine print before taking the loanDo not forget to compare interest rates offered by different loan providers
Look out for any charges applicable on prepayments and foreclosureDo not default on your monthly payments
Make sure you pay the equated monthly instalments (EMIs) on timeDo not apply for a loan just for the sake of it
Ensure that you have a good credit score before you applyDo not sign the home loan agreement before reading the clauses
Apply for a loan amount you are eligible forDo not request for a change in tenure unless you have considered all the aspects
Submit all the necessary documentsDo not submit an incomplete or mismatched loan application
Ensure that you have stable employmentDo not have too many ongoing loans

What to do if your home loan application is rejected?

You can always re-apply for a home loan if your first loan application was rejected by the lender. However, there are a few aspects you must consider before doing so.

Credit score: Since housing loans are generally long-term retail loans, lenders look into the applicant’s repayment capacity before approving or rejecting a loan application. Your credit score plays a major role in deciding your repayment capacity against a loan.

If you have a poor score on your credit report, chances of your loan application being rejected are high. The unsatisfactory credit score gauges your creditworthiness which banks and financial institutions consider before processing your loan application. Hence, it is advised to go through your credit score and credit report before you apply for a loan.

In case you have a poor credit score, consider improving your score by making your debt repayments on time before you reapply for a housing loan again. If you do not know what your current score is, you can get your credit score along with the credit report on BankBazaar.

Loan Amount: Since purchasing/constructing a home is a one-time investment, we often tend to overlook the financial costs involved in it. Banks and financial institutions fix the maximum loan amount you are eligible for by taking your present monthly income. There is a high chance your application was rejected because of the loan amount you have applied for.

If the loan amount applied for exceeds your eligible loan amount, the lender can decide to reject your application. In such cases, you can consider increasing the down payment on your home loan to bring down the loan amount.

Other Ongoing Loans: Banks can also choose to reject your home loan application if you have too many other ongoing loans. Since home loan lenders see to it that not more than 50% of your monthly income is being contributed to your loan repayments, any other ongoing long-term loans can result in your application being rejected.

Having too many ongoing loans will not only impact your personal finances but also your repayment capacity. Hence, it is advised to clear the ongoing loans, if any, before you apply for a housing loan.

Co-applicant: There can be instances where applications are rejected due to low income. In such cases, you can consider adding a co-applicant such as a member of your immediate family. This will increase the maximum amount you are eligible for as the income and creditworthiness of the co-applicant will also be taken into account while deciding your eligibility.

Employment: In some cases, the employment of the applicant can act as the deciding factor on whether the loan application is being approved or rejected by the lender. Your application can be rejected if the lender learns that you have been switching between jobs frequently.

Unstable employment can sometimes prove to have a negative impact on your loan application. On the other hand, stable employment with a recognised institution on your application can have a positive impact.

In case your housing loan application was rejected, and you have only been working with the current employer for a short period of time. You can consider giving it some more time before re-applying for another one.

Documentation: Housing loans include a lot of documentation such as identity proof, residential proof, bank account statements, income tax returns, income proofs, property papers, documents approved by concerned authorities, etc. Your loan lender can reject your loan application even if one of the required documents are not submitted.

You can always consult the banks’ customer relationship executives to assist you with proper loan documentation.


What is a home loan?

A home loan is a secured loan taken from a financial institution for the purpose of buying a residential property. You can avail a home loan to buy a ready-to-move in house or apartment or one that is under construction. Home loans can be availed from both banks and Non Banking Financial Companies (NBFCs).These have varying interest rates which are often linked to your credit score. Home loans typically have a tenure of up to 30 years and have to be repaid as Equated Monthly Installments. You can also get tax deductions on both the principal and interest component of your home loan under Section 80C and Section 24 respectively of the Income Tax Act.

Which is the best bank for home loan?

Before signing up for a home loan product, it’s best that you compare loans offered by different banks and lending institutions. While comparing, consider the interest rate, Loan-to-Value (LTV) ratio, processing fees, and tenure offered by the bank. Use a home loan EMI calculator and calculate your EMI based on these factors. Compare multiple home loan products by various banks by using this method. Also, certain lenders roll out home loan offers with reduced interest rates from time to time. Keep an eye on that too while looking for a loan. Also, know your requirements first before applying. You can go through the above list to get an idea regarding which bank’s home loan would suit your requirement.

How long it takes to get home loan sanctioned?

Usually, it takes 3 to 4 weeks to get home loan sanctioned. However, you need to keep a few factors in mind for a better understanding. First of all, you need a pre-approval of your home loan from the concerned lender to get your loan sanctioned. However, pre-approval doesn’t always mean that your loan will be disbursed immediately and depends on certain external as well internal factors. For instance, your loan sanction can be delayed if there’s delay in submission of property or income-related documents.

Which factors determine my home loan eligibility?

Banks/financial institutions consider the following factors when determining your loan eligibility:
Annual Income
Occupational stability
Resident type [Indian Citizen, Non-Resident Indian (NRI), Person of Indian Origin (PIO)]
Number of co-applicants
Co-applicants’ income
Credit score
Other ongoing loans, if any

What is the difference between a fixed rate and floating rate home loan?

The rate of interest associated with fixed rate loans remain unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating rate loans can be revised from time to time depending on the RBI key policy rates. The equated monthly instalments can increase or decrease depending on the prevailing RBI rates in the case floating rate type loans.

Can I prepay my outstanding home loan amount?

Yes, you can choose to prepay your outstanding loan amount either partially or in full before the completion of your loan tenure. While banks do not charge any prepayment fee on floating rate loans, fixed rate home loans attract a penalty up to 2% of the loan amount if prepaid through refinance.

Can I avail tax deductions on my home loan?

Yes, you can avail tax benefits on both the interest and principal component paid against your home loan. As per Section 80C of the Income Tax Act, you can avail deductions up to Rs.1.50 lakh on the principal amount repaid annually.Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to Rs.2 lakh on the interest repaid against a home loan annually.

Who can be a co-applicant?

The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.

What is Pre-EMI?

Pre-EMI is defined as the interest that is to be paid to the loan provider until the entire loan amount is disbursed. The Pre-EMI is payable on a monthly basis until the last disbursement, post which the regular EMI will be applicable comprising the principal and interest components.

What are the types of home loans available?

Home Purchase Loan: Suitable for those looking to purchase a new house/flat or an under-construction property.
Home Construction Loan: Can be availed by those looking to construct a house/property according to his/her plan.
Home Conversion Loan: Suitable for those looking to purchase and move to another property when they have already bought a house with a home loan.
Plot Loan: Can be availed by eligible borrowers looking to purchase a residential plot for the purpose of construction of a house/dwelling unit.
Home Improvement Loan: These loans are sanctioned to those looking to repair/improve/renovate an already existing property.
Home Extension Loan: Suitable for those looking to extend/expand/alter the structure of an existing property.
Home Loan Balance Transfer: Can be availed by those who wish to transfer their outstanding home loan balance from their existing lender to another lender due to reasons such as reduced interest rates or better customer service.
Home Loans for NRIs: These home loans cater to the housing needs of NRIs in the country. They also include PIOs and OCIs.

What is MCLR?

Marginal Cost of funds-based Lending Rate is the benchmark rate set by a lending institution below which they cannot provide loans to their customers.

Can I switch from a fixed rate to a floating rate during my home loan tenure?

Yes, you can switch from a fixed to floating rate of interest on your home loan during the repayment tenure. However, you will be charged a conversion fee by the lender in such cases.

When does my loan repayment period begin?

The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.

Can I take 2 home loans at the same time?

Yes, you can take 2 home loans at the same time provided that your lender approves your eligibility to manage 2 Equated Monthly Instalments (EMIs) at the same time. However, the tax benefits on the second house will be different and you will be required to establish the property as self-occupied or let-out property.

Can I get 100% financing on a home loan?

No. Banks/financial institution do not grant 100% of the property value as home loan. Home loan lenders establish a margin on their loan i.e. the percentage of the cost that the lending institution will be covering. For example, if the margin on the loan is set at 10%, the bank will cover 90% of property value. In such cases, you will be required to a make a down payment of the balance amount, i.e. 10% in order to cover for the rest of the cost.

Does having a personal loan affect home loan eligibility?

When determining your home loan eligibility, the lender makes sure that your monthly repayments are not being affected by any other ongoing loans such as personal loan, two-wheeler loan, etc. However, other ongoing loans ultimately tend to affect your eligibility as your overall spending power is reduced. If your other loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.

Is personal loan better than home loan?

If you are buying a house, home loan is the best option. Usually you will not be eligible for a personal loan for as high an amount required for the purchase of a house. If you want extra money for non-specific personal needs, then go for a personal loan. Home loans also have an added advantage of top-up loans wherein you can request a top up on your loan amount to cover additional needs such as furnishing your house.

Can I buy a house with two loans?

No, you cannot avail two home loans for the same property. Any such practice will be considered fraudulent. The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) ensures that fraudulent practices such as availing two housing loans for the same asset/property are prevented.

How do joint home loans work?

A joint home loan can be availed by adding a co-applicant such as your spouse, parents, or an immediate family member on your application. Adding a co-applicant will increase your home loan eligibility as the lending institution will also be considering the co-applicant’s income and credit score when determining your loan eligibility. All co-owners of the property are required to be the co-applicant for a loan. However, the co-applicants need not necessarily be the co-owner of the concerned property.

Home Loan News

  • Piramal Capital & Housing Finance to launch Gruh Setu Home Loans for underserved sectors: Piramal Capital & Housing Finance Limited (PCHFL) is venturing into the home loan sector for the underserved and unserved demographics by partnering with India Mortgage Guarantee Corporation (IMGC) to offer home loans at affordable interest rates that are backed by mortage guarantees. These loans will have a tenure of up to 25 years and will range from Rs.5 lakh up to Rs.75 lakh. The Gruh Setu Home Loan will be offered to salaried individuals who receive their salary by cash or through their banks. It will also be offered to self-employed professionals as well as to pensioners. Partners and proprietors of partnership firms, employees of such firms, as well as small business owners are also eligible for the loan.21 March 2022
  • Goa: State Government approves new housing loan scheme for government employees: A new housing loan scheme has been approved for the State Government of Goa for government employees on 10 January 2022. The implementation of this scheme will be done through the Economic Development Corporation (EDC). Permanent or regular state government employees in government departments or on deputation to corporations and autonomous bodies can benefit from this scheme. The housing loan scheme will be applicable to constructing a new house on land owned by an employee or their spouse, jointly or separately. State government employees who wish to buy a plot and construct a house or buy a ready-built house can also avail of this scheme. The loan limit will be determined on the basis of the employee’s gross salary and will be subjected to a maximum loan amount of Rs.40 lakh. A maximum advance amount of Rs.40 crore will be sanctioned per year on a first come first serve basis.11 January 2022
  • Home loan interest rates cut by Bank of Maharashtra: Under the ‘Retail Bonanza – Festive Dhamaka’ scheme, the home loan interest rates have been cut by Bank of Maharashtra to 6.40%. Earlier, the rate of interest was at 6.80%. Following the cut, this is the lowest that the interest rates have ever been at the bank. Apart from home loans, the car loan interest rates have also been cut by the bank. According to Bank of Maharashtra, the new interest rates will be effective from 13 December 2021.14 December 2021
  • CM Jagan has assured One Time Settlement for home loans: On 8 December 2021, chief minister Y.S. Jagan Mohan Reddy stated that housing loans of poor amounting to Rs.10,000 crore will be waived off under the One Time Settlement (OTS) scheme. Registrations for the same can be availed for free.A review meeting on YSR Jagananna Colonies and the YSR Jagananna Sampoorna Gruha Hakku scheme was held by the chief minister to bring awareness about the benefits of the OTS scheme for house loans.The OTS scheme is optional and will give beneficiaries legal rights over properties. Officials have been directed to start distributing the registration documents from 21 December 2021.The chief minister further added that houses will be registered and 43,000 beneficiaries who paid the loan amount will be given legal rights.The stamp duty,user fees and transfer duty will be cancelled for the OTS scheme beneficiaries. Orders to remove Section 22-A will also be issued.10 December 2021
  • Limited Period Offer on Home Loans Launched by Canara Bank: On 4 December 2021, Canara Bank launched a limited period offer on home loans. Through this offer, customers of the bank can get home loans with yearly interest rates starting from 6.65%. This offer is open to all the customers of the bank. Apart from lowered interest rates, Canara bank will also waive documentation and processing fee. Moreover, customers will also be able to apply for home loans online. Customers can scan a QR code and avail the online home loan facility which also comes with instant approval.06 December 2021
  • Kotak Mahindra Bank revises home loan interest rate to 6.55% p.a.: Kotak Mahindra Bank has updated its home loan interest rate to 6.55% p.a. This will be effective from 9 November to 10 December, 2021. The revised home loan interest rate will be valid for both new home loans as well as balance transfer home loans.04 November 2021
  • PNB Launches Special Diwali Offer, Cuts Home Loan Rate: On Wednesday, 3 November 2021, Punjab National Bank announced that it will be cutting its home rate loans by 5 basis points.This cut off will be effective from 8 November 2021 with the home loan rate being reduced from 6.55% to 6.50%. Along with this news,the bank also introduced a variety of offers and deals on retail loans for the festive season.The bank reduced its loan rate on a variety of loans that include education loans,car loans,home loans,and personal loans.04 November 2021
  • Union Bank of India festive offer reduces interest rates on home loans to 6.40%: Union Bank of India has cut interest rates on its home loans to an all-time low effective from 27 October 2021. The new home loan interest rates start at 6.40% p.a. The new rates can be availed by new customers as well as those who are transferring their home loans from other banks to Union Bank as part of a home loan balance transfer.28 October 2021
  • Home loan interest rates of Bank of India reduced to 6.50% p.a.: Bank of India has reduced its home loan interest rates to start at 6.50% p.a. which is a decrease of 35 basis points. This will be effective from 18 October 2021 and will be applicable till 31 December 2021. Customers who are applying for new home loans as well as those applying for a transfer of their home loan from another bank to Bank of India will be able to avail these new interest rates. Processing charges have also been waived for home loans till 31 December 2021.22 October 2021
  • Bank of Baroda cuts home loan rates: Bank of Baroda, has decided to cut its home loan rates by 25 bps from 6.75% to 6.50% with effect from 7 October 2021. This decision is a part of the commencement of the festive season as the bank believes that a cut in home loan rates will encourage more customers to avail home loans from them. The special rate will remain in effect till 31 December 2021.Customers who are looking for a home loan will be able to avail it at the new special rates. This rate will also be applicable for customers looking for loan transfers or looking to refinance their existing loans making the offer more inclusive. There will be no processing fee charged on the home loan schemes.Various banks in India like SBI, Kotak Mahindra, HDFC Bank and now Bank of Baroda have slashed interest rates on their home loan schemes to attract more customers to avail home loans at a cheaper rate during the festive season.08 October 2021

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