Home Loan Interest Rate Calculator - Feb 2017

Home Loan Interest Rates

Read Reviews 3.6/5.0 from 211 users
Last Updated 26th Feb 2017
8th Feb 2017 – RBI keeps repo rate and other policy interest rates unchanged
Interest Rate %
Check Special Offer
Lowest EMI Rs. 0 per lakh
Max Tenure years
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Apply Home Loan Online @8.50%*
 Salaried   Self Employed - Professional   Self Employed - Business 





I authorize MyLoanCare, its partners to contact me. This over rides my number being in NDNC registry
X
MyLoanCare

Home Loan

offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan

Home loan interest rates offered by depends upon .
  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in rate and should be chosen only if you believe that the rates will not hike in future.
  • Floating rates changes with a single change in rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.
home loan interest rate depends upon
  • Loan amount: Home loan rate in depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. allows prepayment of home loan with prepayment charges
  • Processing Fee - asks for a processing fee of % of loan amount with applicable service tax

Home Loan EMI Calculator

    Home Loan EMI of is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure
  • Home Loan EMI calculator of helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI
What are the benefits of calculating Home Loan EMI?
  • EMI calculator of helps you to calculate your monthly EMI at different rate of interest
  • Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

Home Loan Eligibility Calculator

Home Loan eligibility criteria
Eligibility of House loan in relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are
  • Age: Age plays an important role to know your eligibility and repayment capacity. offers Home loan to salaried at the age of to years and self employed individuals at to years
  • Income: In case of salaried person, Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from . Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your eligibility. If you are working with a reputed company, probability of getting home loan from increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: gives you Home loan depending upon your income. gives you an amount ranging from Rs. 0 to Rs. 0. To improve chances of approval, apply for a loan amount that you can comfortably service
  • Estimated eligibility online by using Eligibility Calculator.

    Floating Rate Home Loans

    Home Loan Top up, Transfer

    Transfer of Home Loan from another bank to ?
    offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of
    You can avail additional top-up home loan from , subject to your eligibility

    Housing Loan documents required

    Home Loan for Salaried employee documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

    Home Loan for Self-Employed documents required

    • Filled up loan application form
    • 2 Passport Size Photo
    • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
    • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
    • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

    Frequently Asked Questions

    Why to take home loan from ?
    offers home loan at lower rate of interest i.e. at % with the lowest EMI of Rs. 0 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to .
    What is the maximum loan tenure I can opt under house loan?
    offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.
    Do I get tax benefit on home loan from ?
    As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.
    Can I foreclosure my home loan? What are the charges applicable?
    Yes, you can foreclose your home loan with charges.
    Can I transfer my home loan from another bank to ?
    Yes, gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to offers you to pay lower EMIs and save money.
    Can I club the income of my spouse with mine and apply for joint home loan?
    You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.
    What is the benchmark applicable for home loan in ?
    The benchmark applicable for home loan in is .
    What is the effect of part payments on housing loan EMI ?
    Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.
    How to increase my eligibility on housing loan?
    If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.
    How will interest rate on housing loan change in future?
    • Floating interest rate on housing loan is linked to its Rate, which is currently at %. So, when offers a home loan at %, it applies a discount of 0% to its Rate to arrive at this home loan interest rate.
    • When RBI increases interest rates, the bank may increase its rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

    Home Loan in India

    Home Loan Customer Care Number, Email, Application Status, Branches

    City Customer Care Number
Home Loan Interest Rate News - Feb 2017
21st Feb 17 Kissandhan loan facilities extended to Asia’s largest grain mandi in Narela
Kissandhan Agri Financial Services Pvt. Ltd, NBFC regulated by RBI has announced the launch of its loan products to the farmers of largest grain mandi of India in Narela, Delhi. The NBFC is currently offering loans in Haryana, Maharashtra, Madhya Pradesh, Rajasthan, Delhi, Uttar Pradesh and Uttrakhand and plans to expand to the states of West Bengal and Bihar. The company has disbursed cumulative loans of Rs. 772 crore to farmers across India, since its inception in April, 2014.
18th Feb 17 ESAF Microfinance to launch small finance bank operations
ESAF Microfinance and Investment Pvt. Ltd plans to launch its small finance bank on 11th March, 2017 in Kerala by running a pilot at five branches. The bank intends to initiate its banking operations from 18th March, 2017 and expects to open 70 branches over the next three months. The bank has a target to garner 20 percent of its loan portfolio from MSME borrowers with the rest 10 and 70 percent from home loan and microfinance respectively.
17th Feb 17 Affordable housing segment to get better returns in FY18
Government has recently introduced a series of reform to encourage affordable housing segment in India. Several measures such as granting infrastructure status to real estate and launch of new regulatory act for realty sector are likely to benefit the real estate developers and investors operating in the affordable housing segment.
17th Feb 17 Scheme with interest subsidy on housing loan to be applicable from 1st January, 2017
Prime Minister of India had announced a special home loan interest subsidy of up to 4 percent for buyers or owners of affordable and middle income houses on 31st January, 2016. The scheme is expected to be operational from 1st January, 2017. Home loan borrowers with loans of less than Rs 18 lakh sanctioned after 1st January, 2017 can avail the benefit of interest subsidy under the scheme. Unmarried and earning young adults intending to acquire a new house including repurchase are also eligible for the benefit. Under the scheme, flats measuring up to 960 sqft and 1,184 sqft will attract interest subsidy of 3 and 4 percent respectively.
16th Feb 17 Home loan growth is likely to be lowerat 16 to18 percent in FY17
ICRA, a leading credit rating agency has revised its home loan growth targets downward by 2 percent from its earlier projections of 18 to 20 percent to 16 to 18 percent in FY17. As per its report, total housing credit outstanding in India in September, 2016 witnessed an 18 percent growth on a year on year basis and stood at Rs 13.3 lakh crore as compared to 19 percent in March, 2016 when it stood at 12.4 lakh crore. The growth could be impact by investors and buyers are expected to defer their purchase decision in expectation of a decline in real estate prices.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.