affordable-home-loan

Affordable Home Loan

Affordable home loan refers to the Home loan taken for housing units that are affordable by that section of society whose income is below the median household income.

Though different countries have different definitions for affordable housing, but it is largely the same, i.e. affordable housing should address the housing needs of the lower or middle income households. Affordable housing becomes a key issue especially in developing nations where a majority of the population is not able to buy houses at the market price.

Disposable income of the people remains the primary factor in determining the affordability. As a result, it becomes the increased responsibility of the government to cater to the rising demand for affordable housing. The Government of India has taken various measures to meet the increased demand for affordable housing along with some developers and stressing on public-private partnerships (PPP) for development of these units.

Avail home loans up to Rs.10 crore with interest rates starting at 8.35% p.a. with additional benefits such as extended loan terms and flexible repayment options. Simple documentation, quick processing, and an excellent customer service with a response time of 30 – 45 minutes makes LoanBazaar a go-to place for all your housing loan needs.

Home Loan Fees And Charges :
  • Processing fees : This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
  • Prepayment charges : Prepayment charges is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
  • Conversion fees : Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
  • Cheque dishonour charges : The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrowers account.
  • Fees on account of external opinion : In some cases, you might want to consult an external expert such as a lawyer or a valuetor for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
  • Home insurance : The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
  • Default charges : Providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
  • Incidental charges : This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
  • Statutory/regulatory charges : The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
  • Photocopy of documents : The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
  • Change in loan term : Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.
Case studies
Best Personal Loan Interest Rates In India
Bank Name ROI Processing Fees Loan Amount Tenure Institution Type Best Fit For Action
AAVAS Financiers Ltd

AAVAS Financiers Ltd

11.50% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Aditya Birla Capital

Aditya Birla Capital

8.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Easy Eligibility Checks
Avanse Financial Services

Avanse Financial Services

10.50% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Axis Bank

Axis Bank

7.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
AXIS FINANCE

AXIS FINANCE

7.50% 1% 7CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Axis Finance

Axis Finance

8.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - OD FACILITY
Bank of Baroda

Bank of Baroda

6.90% 1% 10CR 25 Years GOVT PSU Salaried,Self Employed,Professional - Different Income Categories
Bank Of India

Bank Of India

7.25% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
Bank Of Maharashtra

Bank Of Maharashtra

7.05% 1% 10CR 25 Years GOVT PSU Salaried,Self Employed,Professional - Easy Eligibility Checks
Canara Bank

Canara Bank

7.25% 1% 10CR 25 Years GOVT PSU Salaried,Self Employed,Professional - Different Income Categories
Citibank

Citibank

7.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Low Interest Rate
DCB Bank

DCB Bank

8.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
Dewan Housing Finance Corporation

Dewan Housing Finance Corporation

9.20% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Deutsche Bank

Deutsche Bank

7.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
Edelweiss

Edelweiss

9.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Federal Bank

Federal Bank

8.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
Fullerton India

Fullerton India

9.20% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Below 650 Cibil Cases
Gic Housing Finance

Gic Housing Finance

8.50% 1% 10CR 25 Years GOVT PSU Salaried,Self Employed,Professional - Different Income Categories
HDFC Bank

HDFC Bank

7.00% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Self-Employed Professional
Hero FinCorp

Hero FinCorp

8.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
ICICI Bank

ICICI Bank

8.20% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Quick Disbursal
ICICI Home Finance

ICICI Home Finance

7.50% 1% 7CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
IDFC First Bank

IDFC First Bank

8.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Loan on Banking sarogate
IIFL

IIFL

8.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Easy Eligibility Checks
Indiabulls

Indiabulls

8.50% 1% 10CR 25 Years NBFC Salaried,Self Employed,Professional - Easy Eligibility Checks
Jana Small Finance Bank

Jana Small Finance Bank

7.25% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
JM Financial

JM Financial

7.25% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
KIFS

KIFS

11.50% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Kotak Mahindra Bank

Kotak Mahindra Bank

7.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Quick Turnaround Time
LIC Housing Finance

LIC Housing Finance

6.90% 1% 10CR 25 Years GOVT PSU Salaried,Self Employed,Professional - Special Offers
Magma Finance

Magma Finance

11.50% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Salaried,Self Employed,Professional
Manappuram Finance Limited

Manappuram Finance Limited

13% 1% 2CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Muthoot Finance

Muthoot Finance

11.50% 1% 3CR 25 Years NBFC Salaried,Self Employed,Professional - Easy Eligibility Checks
PNB Housing Finance

PNB Housing Finance

8.50% 1% 10CR 25 Years NBFC Salaried,Self Employed,Professional - Easy Eligibility Checks
SBI

SBI

6.90% 1% 10CR 25 Years GOVT PSU Salaried,Self Employed,Professional - Salaried,Self Employed,Professional
Shriram Finance

Shriram Finance

10.50% 1% 3CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Standard Chartered Bank

Standard Chartered Bank

7.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Quick Disbursal
Suryoday Small Finance Bank

Suryoday Small Finance Bank

11% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
Tata Capital

Tata Capital

8.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Flexible Interest Rates
Tata Capital Housing Finance Limited

Tata Capital Housing Finance Limited

7.50% 1% 5CR 25 Years NBFC Salaried,Self Employed,Professional - Different Income Categories
Union Bank Of India

Union Bank Of India

7.25% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Different Income Categories
Yes Bank

Yes Bank

7.50% 1% 10CR 25 Years BANK Salaried,Self Employed,Professional - Affordable Interest Rates
Bank Name ROI Processing Fees Loan Amount Tenure Institution Type Best Fit For

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