Home Loan - upto Rs.5000 back as referral bonus only on BankBazaar.com

Get Lowest Rate Instantly With Our Home Loan EMI Calculator

Equated Monthly Installments (EMIs) are the monthly payments you make in order to pay off your home loan. On a specific date every month, you will need to pay your home loan EMI. Your home loan EMI depends upon your loan amount, interest rate and loan tenure. Use the home loan EMI calculator below to instantly get the lowest home loan EMI quotes from HDFC, Axis Bank, ICICI Bank & other leading banks.

  • Some fields are incorrect or have not been filled in. Please correct this to proceed.
  • Slowly start typing your employer's name and choose from the recommendations provided. If you do not see your employer on our list, simply type the name in this field.
  • This is your gross monthly salary as per your monthly payslip prior to deductions (include only payments via direct deposit or cheque i.e. exclude payments in hard cash and in-kind components)
  • Include only the following components of cost: Basic Cost, car parking (if being sold), Firefighting charges, electricity/water charges,Electrification charges, Power Back Up, Internal Development Charges (IDC), External Development Charges (EDC), Preferential Location Charges (PLC), Interest Free Maintenance Security Deposit ( IFMS), Club Membership, VAT & Service Tax, Stamp duty and registration charges.
    • Self-employed? Click here | Need to add co-applicant? Click here | NRI applicant? Click here
    *Based on your final credit screening criteria, your eligibility may differ.

Use Home Loan EMI Calculator below if you already have a Home Loan

 

  Home Loan FAQ:

How BankBazaar.com helps you get the best deal on a home loan

  1. Lowest home loan rates: We have negotiated with HDFC, Axis Bank, ICICI Bank & others to get you the best rates.
  2. Speed: Get home loan quotes customized to your profile online in 2 minutes.
  3. Easy comparison: Compare home loan offers on the basis of EMI & customer satisfaction.
  4. Transparency: Aimed at helping you make the right choice, we provide objective and transparent information about your loan options.
  5. Privacy:Your application is sent only to the lender you choose, and is never shared with anyone else.
  6. Trust: BankBazaar is a completely neutral marketplace and will never promote one lender over another.
  7. Free: BankBazaar.com does not charge you any fees to use our services.

How to get a home loan on BankBazaar.com

  1. Use the eligiblity calculator above to receive customized home loan quotes in a few seconds
  2. Compare the home loan offers you receive and apply for the one you like
  3. Your application will be sent electronically to the lender you chose. The lender will contact you within one day.
  4. BankBazaar will update you on your loan application status via email & SMS alerts

What is the difference between fixed and floating home loans?

  • Floating Rate Home Loans:
    • The interest rate you are charged on a floating home loan is specified as a deviation on a index rate set by the lender, which will change due to changes in macro-economic factors such as decisions by the Reserve Bank of India.
    • If the index rate increases, then your home loan interest rate will increase causing the tenure of your loan to be increased because banks try to keep your EMIs constant. Similarly if the index rate decreases, then your home loan interest rate will decrease causing the tenure of your home loan to be decreased.
    • Essentially in a floating rate home loan, the bank passes on the risk of macro-economic factors to the borrower.
  • Fixed Rate Home Loans:
    • Fixed rate home loans interest rates are typically not guaranteed to be fixed for the entire tenure of the loan. Fixed rate home loans offer you rates that are only fixed for a few years, after which the bank has the right to increase the rate at their discretion.
    • When market rates decrease the rates of floating rate home loans go down passing on the benefit to the customer, however people with fixed rate home loans are not benefited. On the other hand when market rates increase the rates of both floating rate home loans and fixed rate home loans increase (This is because fixed rate loans have a clause which permits banks to increase the rate at their discretion after a few years).
    • The initial rate on a fixed rate home loans is at least 2% more than that of a floating rate home loan

From the above you see that in a fixed rate home loan, you pay a higher initial interest rate for the benefit of being shielded from the risk of rate increases but you are actually exposed to these risks anyway as the bank can reset your rate after a few years. Plus you do not get the benefit of falls in market interest rates. This is why fewer than 10% of home loans being disbursed in India are fixed rate loans.

Your home loan eligibility and home loan interest rate

  • Purposes of a home loan:
    • Finance the purchase of an already built home
    • Finance the purchase of an already built home
    • Transfer your existing home loan from another lender
    • Purchase a plot ofland and construct on it.
  • Most banks offer home loans which can be repaid over a period of up to 20 years (15 years for NRIs).
  • The loan amount you are eligible for and the home loan interest rate you will be charged are dependent on factors such as income, location, loan amount and the value of the property you wish to purchase.
    • Lenders typically limit the monthly payment (EMI) on your home loan to about 40% of your monthly income.
    • The overall loan amount will be capped to between 80% & 85% of the value of your property.

Typical fees and charges payable for a home loan

  • Lenders charge a processing fee of about 1% of the loan amount, but this fee is usually capped at Rs. 10,000
  • If you repay your home loan earlier than the agreed time frame, lenders charge a pre-closure penalty of 0% to 2% of the pre-closed loan amount.

Comparing home loan quotes from different banks/NBFCs

  • Banks quote interest rates in many different ways (ex. monthly reducing rate, flat rate), hence just looking at the interest rate value alone might not give you a true picture of which home loan quote is the best. The EMI & processing fee should also be considered when comparing loan quotes.
  • Compare the customer satisfaction ratings of each bank, as you'll need to remain in contact with your bank for the period of your loan, which could be the next 20 years
  • The amount you are eligible for will vary by bank, hence choose a lender who lends you enough for you to afford the down-payment on the house

Important Note About Your Mobile

  • It seems that your number is registered on the National Do-Not-Disturb (DND) list. Due to newly revised guidelines of TRAI (Telecom Regulatory Authority on India), we will not be able to update you on your home loan offer unless you provide proof of consent for Bankbazaar to call you by completing ONE of the following:
  • SMS US: SMS "CALL ME" to +91-9773467070 from +91-. Thank you for your consent.
  • OR
  • CALL US: Call 044-43981801 from +91-. Thank you for your consent.
  • After completing one of the above, in order to continue staying updated with status/approvals/scheduling of your home loan application via phone, please do ONE of the following:
    Send "START 1" to 1909 to activate partial-DND, allowing you to receive SMS alerts from all 'Banking/Insurance/Financial Products/Credit Cards' companies
    Send "STOP" to 1909 to de-register from DND
    TRAI guarantees to activate registration/de-registration requested within 7 days.