Home Loan is a secured loan given by a bank against the security/hypothecation of an underlying property. In the event of failure to repay by the borrower, the bank can, subject to laws of India, attach/sell the underlying property and recover the principal amount and any outstanding interest thereon. A home loan can be availed for buying an under-construction property, resale property or even to construct a house on a vacant piece of land.
|Providers||Loan Amount||Interest Rate||Processing Fee|
|State Bank of India||Rs. 25,000 - Rs. 15,00,000||11.00% onwards||1% of the loan amount|
|Axis Bank Limited||Rs. 50,000 - Rs. 15,00,000||11.49% onwards||1.50 - 2.00|
No, you get the opportunity to choose which kind of rate of interest you want to pay. You can pay through fixed rate of interest or you can pay by the floating rate of interest which depends on the MCLR and keeps changing.
You can foreclose your loan by clearing all the dues. Charges are applicable.
You can avail a loan from INR 500,000 to INR 100 million.
For eligibility, you need to either be an Indian citizen or be a PIO. The eligibility depends on the cost of your house, age, income amount, qualification, etc.