Home loans have low interest rates when compared to other unsecured loans. A number of factors need to be considered while selecting a home loan. The amount available, interest rate, tax benefits and tenure are some of the major features associated with housing loans. Housing loans are very much secured. Periodical market review and research are quite essential while applying for home loan. Serving institution will finalize the loan approval by analyzing the repayment capacity of the applicant. Home loans are made available for construction, extension and purchase of homes. The amount of loan and tenure may vary from bank to bank. Home loan eligibility, documentation, interest rates and other information can be obtained online from the website Bankbazaar.com.

Banks and Home Loan Policies

SBI Home Loan

• Unique and low interest rates based on daily reducing balance
• No prepayment penalties, administrative charges as well as hidden cost
• Exclusive benefits, special offers and interest rates
• Minimum age limit is fixed to 18 years and maximum age limit is fixed to 70 years
• Salaried and self-employed individuals are eligible for obtaining SBI home loan
• Repayment tenure ranges from 5 to 30 years
• Minimal processing fees (varies on the basis of amount of loan)
• Fast and quick approval on home loan applications (conditions apply)
• Application can be submitted along with a co-applicant
• Borrowers will be eligible for tax benefits under Income Tax Act

ICICI Home Loan

• Tension free home loan processing
• Doorstep service and guidance
• Flexible repayment tenures
• Insurance options at reasonable premiums against home loans
• Customized and well-designed home loan products suiting all types of customers
• Repayment periods are given up to 20 years considering the age of the borrower

Axis Bank Home Loan

• Fast and quick processing
• Advanced and speedy service facilities
• Standard and attractive rate of interest
• Exclusive facility for balance transfer
• Maximum tenure options may reach up to 30 years
• Part prepayment facilities available
• Low processing fees

IDBI Home Loan

• Daily Reducing Balance based EMI
• Documentation is simplified, in addition customers will get technical as well as legal support from the bank
• Exclusive balance transfer facility
• Amount of loan is determined on the basis of repayment capacity
• Maximum possible funding will be available (even up to 90% of the value of the property used as collateral)

HDFC Home Loan

• Quick and easy e-approvals on home loans from HDFC
• Funding will be provided up to 80% of the total value of the property
• Customers can structure their  HDFC home loan as partly floating or fixed
• Salaried or self-employed individuals/professionals are eligible for applying
• Maximum repayment term may reach up to 30 years
• Joint as well as individual applications are accepted
• Attractive offers and interest rates under various schemes

Getting the right home loan plan might not be easy for new applicants. Service seekers are requested to compare different home loan facilities offered by financial institutions and banks across the country. The element of risk involved under secured loan is considered low when compared to other forms of loans. The tenure of loans and additional tax benefits are attractive features of home loans apart from low interest rates.