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How to Apply Home Loan Online

Last Updated 24th Jan 2022

Some home loan features are:

Age18 Years - 70 Years
Loan Amount₹ 1,00,000 - ₹ 99,99,99,999
Tenure1 Year- 30 Years
  • A home loan is a secured loan that is availed for either buying a new property, expansion or renovation of a house.
  • A home loan can be applied by visiting a bank branch or online.
  • Get the loan at the lowest home loan rates online at 6.50%.

Watch Tips to get Best Home Loan in India

Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

How to Apply for Home Loan Online?

Nowadays, there are plenty of options available to apply for a home loan online. You can apply either on the website of the bank or NBFC; otherwise, you can also apply through any online loan marketplace. However, make sure you have assessed your eligibility and conducted thorough research on various rates provided by banks to ascertain, which bank or NBFC would be the best option for you. In case you are finding such assessment hard then you can also apply for home loan at MyLoanCare.in by following these simple steps:

  • Step 1 : You can fill the form appearing at the start of this page by scrolling up. Make sure to fill your personal details like name, pin code, monthly income, and required loan amount correctly.
  • Step 2 : After filling all the required details, click on ‘Get OTP’. An OTP will be sent on the number you entered in the form. Enter the received OTP and click on ‘Submit’.
  • Step 3 : Now, in the next page, you will be required to give more details regarding your property and the existing financial situation like an ongoing loan, existing EMI, area of the property, type of property, etc. You need to enter all the required details to get customized options of best deals available as per your requirement.
  • Step 4 : After filling all the details, click on ‘Get Offers’. Now, you can check details of each offer shown to you and also apply for it right there if you want.
  • Step 5 : Further, a MyLoanCare representative will contact you to confirm your details and discuss your loan requirements. He/she will suggest the right banks and loan offers to you based on your eligibility and also explain the complete home loan process and documents required.
  • Step 6 : If you are eligible and interested, our representative will fix an appointment with the bank for document pick-up and further loan process. A bank's representative will contact you and will initiate a verification process.
  • Step 7 : After verification of your documents and property and based on your credit history and eligibility, the bank will decide to sanction or reject your loan. If sanctioned, you will receive a sanction letter from the bank mentioning the key loan terms, including interest rate, processing fees, tenure, prepayment charges.
  • Step 8 : Finally, the sanctioned loan amount will be disbursed to your bank account. The loan amount can be disbursed in one go or in multiple instalments on the basis of your requirement.

What are the Benefits and Features of Home Loan?

Some key benefits and features of Home Loan are:

  • Tax Savings: It is one of the most important benefits of availing a home loan. Under Section 80C you get a maximum ₹ 1.50 Lakh limit to claim a deduction for home loan principal amount paid in a financial year. Further, as per section 24(b) you can claim up to ₹ 2 Lakh as a deduction for the interest on the home loan paid in a financial year.
  • Affordable: If you are not able to arrange the complete amount required to buy or construct a house, then home loans are your go-to option. Home loan provides you with an affordable alternative without putting pressure on your finances. Housing loans can be availed at affordable rates starting from 6.50% with flexible repayment options over a course of up to 30 Years.
  • No Prepayment Charges: As per the directives of RBI no bank or NBFC can charge a fee if you choose to prepay your home loan from your own funds, opted at floating rates of interest.
  • Balance Transfer: After availing a home loan from one lender, if you discover that some other lender is offering much lower interest rates than your current lender then you can choose to transfer your home loan to another lender as well. This however is subject to happen only when you have paid 6-12 EMIs with your existing lender.

What are the Best Banks for Home Loans?

Bank Home Loan Rate Processing Fee
SBI Home Loan
6.65% 0.50%, Min ₹ 1,000
HDFC Home Loan
6.70% 0.50%, Min ₹ 3,000, Max ₹ 10,000
Citibank Home Loan
6.50% NIL
Bank of Baroda Home Loan
6.50% Min ₹ 7,500
ICICI Bank Home Loan
6.70% 0.25%
Axis Bank Home Loan
6.65% 0.20% , Min ₹ 2,021, Max ₹ 25,000
PNB Housing Finance Home Loan
6.99% 0.50%, Min ₹ 10,000
LIC Housing Finance Home Loan
6.66% Min ₹ 10,000, Max ₹ 15,000
Bajaj Home Finance Home Loan
6.65% 0.35%
Sundaram Home Finance Home Loan
6.95% NIL
Kotak Bank Home Loan
6.55% Max ₹ 10,000
Yes Bank Home Loan
6.65% 1.00%, Max ₹ 15,000
Syndicate Bank Home Loan
6.95% 0.13% , Min ₹ 500, Max ₹ 5,000
IDFC First Bank Home Loan
6.50% Min ₹ 10,000
Bank of India Home Loan

Why Should You Apply for a Home Loan Online?

Applying for a home loan online is convenient and significantly easier than visiting the branch and filling the application form. Besides, you also get to take advantage of various other features which are available only online. Some notable advantages of applying for a home loan online are:

  • Comparison of Rates: While applying for the loan online, you can easily compare the interest rates provided by various banks and NBFCs along with processing and any other charges charged by them.
  • Home Loan EMI Calculator: You can also use the EMI calculator for a home loan to assess how much EMI you would have to pay on the offer of your choice, and what is the maximum EMI you can afford based on the available offers.
  • Eligibility Check: While applying for a home loan online, you can easily assess whether you are eligible for the loan or not based on the eligibility criterion of different banks and NBFCs.
  • No Effect on Credit Score: When you apply to a bank directly, your credit history is pulled by the lender to assess your creditworthiness and that pull is termed as ‘hard pull’, and it causes a nominal drop on your credit score. The side effect of this is felt when you apply for a home loan with multiple lenders in a short span of time as it is hard to know the exact eligibility criteria from the outside. However, you can save yourself from such a situation by applying for a home loan online on a loan marketplace platform.
  • Doorstep Documents Collection: Many online loan marketplace offer doorstep collection of documents along with some banks and NBFCs. It means you would not have to make multiple visits to the branch to get your loan sanctioned.
  • Free Assistance: If you apply online through a marketplace, you will also get free assistance at every step of your home loan journey until it is disbursed.

Why Apply for a Home Loan Online through MyLoanCare?

Following are the reasons for applying through MyLoanCare:-

  • Compare home loan rates online at MyLoanCare to save time and efforts by visiting websites of different lenders.
  • Free on-call assistance for the process of a home loan application, eligibility, documents required etc.
  • Bank Neutral Advice and excellent pre and post-sales service.
  • By applying online at MyLoanCare, avoid hard inquiry which might have a negative impact on your credit score.

Key Points to Remember Before Applying a Home Loan Online

Before you decide to apply a home loan online remember these points:-

  • Check Eligibility and Calculate EMI : Checking eligibility criteria is one of the important factors which one should check before applying for a home loan online. The eligibility criteria for every lender varies. Also, calculate the EMI which is to be paid every month.
  • Keep your documents ready : When you apply for a home loan online you will be required to submit documents like identity proof, address proof, income proof and property documents which will be pledged as a security. Keeping documents ready will help you save time.
  • Decide on Home Loan Interest Rate Type : There are two main types of interest rates applicable. Choose between the two :-
    • Fixed interest rates : The interest rates and the home loan EMI remains the same throughout the tenure
    • Floating interest rates : The interest rates and EMI do not remain the same as the rates are not fixed. They may rise or fall as per the market fluctuations. The rates are linked to external benchmarks of banks, such as the RBI repo rate.
  • Compare the Banks : Once you are done with the above given steps then you can compare the banks at online marketplace such as MyLoanCare. Compare the interest rate, processing fees and other charges. Now shortlist 2-3 lenders after a comparison.
  • Choose the bank or NBFC based on their service : Now you should choose a lender, the decision should not be based only on interest rate or processing fees but also on the customer service provided by a bank.
  • Submit the Loan Application Form and Documents : Go to a lenders website and then fill the application form and upload the required documents on the portal.
  • Documents verification : Once documents are submitted, the lender will do a document verification. A legal and verification team also evaluates the property. Under this process documents like title deeds, NOCs and ownership papers are verified and the technical team evaluates the physical condition of a property.
  • Loan Disbursal : This is one of the crucial stages where a lender decides whether a loan has to be sanctioned to a borrower or not. If a verification team is not satisfied by the documents then there are chances that the borrower's home loan application can be turned off.
Apply Home Loan


Why should you take a Home loan?

The home loan is a secured credit against the residential property you want to buy or construct. You can use a home loan to buy your dream house and repay it while taking the benefit of tax saving on a home loan.

Which bank is best for a home loan?

Based on the lowest home loan rates, SBI offers home loan at an affordable interest rate of 6.65% and can be considered as the best option for home loan. Apart from that, based on customer service, Axis Bank, offers the best customer service on home loans, with a rating of 4/5.

Do I need to provide any security to apply for a Home loan?

Yes, the property you buy or intend to construct from a home loan is taken as security by the bank. Thereby, in case of home loans, the house for which you take a home loan is considered as the security itself. Your failure to repay the home loan, could prompt the bank to auction the house and retain the borrowed loan amount.

How can I get a Home loan instantly?

You can apply for a pre-approved home loan offered to you. In case of pre-approved loans, you are sanctioned an amount based on your income level and later on when you decide your property you can then get the loan instantly.

What is the tax benefit on a home loan?

As per Section 80C of Income Tax Act, 1961, you can get up to ₹ 1.50 Lakh as the deduction for repayment of home loan principal amount. Similarly, under Section 24(b) you can get a deduction up to ₹ 2 Lakh for payment of home loan interest in a financial year.

What is the minimum salary for a home loan?

To avail home loan minimum net monthly income required is ₹ 25,000 for salaried, whereas for self employed the requirement is ₹ 40,000. This however may vary across all banks and home loan lenders.

Can I apply for Home Loan Online with a bad credit score?

If you have a bad credit score then can apply for a joint home loan online with a co-applicant, meaning you can apply jointly. Co-applicant can be any earning member of your family but not your friends or relatives from extended family. Apart, you can apply for a home loan with your existing bank where you hold your salary or current account.

What are the different types of home loan available in India that can be availed online?

Home loan to buy a ready to move in, under construction, for renovation can be availed online. Also, you can avail home loan top up and home balance transfer too.

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Home Loan News - Jan 2022
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    The circle rates have been hiked for Golf Course Road, Golf Course Extension Road, Sohna Road, and Dwarka Expressway projects. As a result, homebuyers will have to shell out more money to purchase property, particularly in some upscale areas.
  • 2022-01-21 : PNB Housing Finance Announces Net profit for Q3
    PNB Housing Finance Limited (PNBHFL) has reported a 19 per cent decline in net profit for the quarter ended December 31, 2021, at ₹188 crores compared to ₹232 crores recorded in the same quarter in the previous fiscal.
  • 2022-01-20 : PFC and REC Reduce Lending rates
    The State-run PFC and REC have reduced their lending rates across all types of loans by 40 basis points (bps). The move will help power utilities raise loans at cheaper rates. Also, the power sector non-banking financial companies (NBFC) have already been offering short term loans at a 6.25 per cent interest rate.
  • 2022-01-20 : Union Lenders Approves Reimbursement Amount of ₹974 cr for Pandemic Loan Moratorium.
    The Union Cabinet has approved a sanction of ₹973.74 crores for lenders to reimburse the loan moratorium. Earlier, on March 27, 2020, the Reserve Bank of India (RBI) had announced a loan moratorium on payment of instalments of term loans falling due between March 1 and May 31, 2020, due to the pandemic, which was extended to August 31.
  • 2022-01-19 : Bajaj Home Finance Revises Home Loan Interest Rates
    Bajaj Home Finance has decreased home loan rates, and as a result, you can avail of a home loan at the lowest rates starting at 6.65%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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