Canara Bank Home Loan - Types of Canara Bank Home Loans

Canara bank offers a wide range of home loans at attractive interest rates. There are certain schemes for NRIs as well. The bank offers loans for various purposes that include the purchase of a house/flat/site/construction of house over your site or undertaking house repairs/renovation/improvement and upgradation. It can also be used for acquiring a second house/flat where the borrower is having a home with/without a loan.

Features and Benefits of Canara Bank Home Loans

• Available for salaried/self-employed/professional individuals.
• Repayment tenure of up to 30 years/until you turn 70 years old.
• Loan sanction up to 4x or 6x gross annual income.
• Repayment holiday of up to 3 years for under-construction flats.
• Loan up to Rs. 15 lakh can be sanctioned for renovation and repairs.
• Most schemes also available for a balance transfer at no prepayment penalty for floating rate schemes.
• LTV starting from 90% for small-ticket borrowings.
• Pradhan Mantri Awas Yojna scheme is made available for eligible borrowers.
  

Types of Canara Bank Home Loans

Housing Loan

Canara Bank Housing Loan is made available for purchase/construction of a ready-built house/flat, for purchase of site and construction of the house (for composite Housing loans, utilization of loan amount for the plot is restricted to 60% of the eligible amount), for undertaking repairs/renovation/expansion/upgradation/creation of additional amenities, and for acquiring second house/flat if the borrower already has a house/flat with or without a loan.

Eligibility

• A minimum service of 3 years for salaried individuals/self-employed
• A limit of Rs. 15.00 Lakhs in case of repairs/renovations
• Individual must be between 21 and 60 years of age
• Persons above 60 years of age are also eligible subject to certain stipulations
• Decent credit score
  

Housing Loan to Agriculturists

Housing Loan to agriculturists is a tailor-made loan for individuals who are engaged in allied activities like diary/poultry, planters, horticulturists, etc. Repayment can be done in convenient equated monthly installments for up to 30 years or borrower attaining the age of 70 years, whichever is earlier.

Eligibility

• All agriculturists cultivating and owning an agricultural land of more than 5 acres of irrigated land/10 acres of dry land with 2 years of satisfactory dealing.
• A minimum gross annual income of 5 lakhs for those who are engaged in allied activities.
  

Housing Loan to NRIs

Canara Bank Housing Loan to NRIs is made available for purchase/construction of a ready-built house/flat, for purchase of site and construction of the house (for composite housing loans, utilization of loan amount for the plot is restricted to 60% of the eligible amount), for undertaking repairs/renovation/expansion/upgradation/creation of additional amenities, and for acquiring second house/flat if the borrower already has a house/flat with or without a loan.

Eligibility

• Applicant should have an NRI status for a minimum of 3 years.
• All NRIs having a valid Indian passport and Persons of Indian origin (PIO) having a foreign passport.
• Individual must be between 21 and 60 years of age.
• Spouse/close relatives of NRIs who are the Indian residents can join NRI as Joint applicants.
• Employment in abroad for a minimum period of 2 years with a valid job contract/work permit.
• Repayment can be done through EMIs for a maximum period of 30 years or upto 60 years of borrower’s age, whichever is earlier.
  

Yuva Awas RIN - CANYAR

Yuva Awas RIN Housing Loan is made available for the purchase/construction of a ready-built house/flat, for purchase of site and construction of the house (for composite housing loans, utilization of loan amount for the plot is restricted to 60% of the eligible amount), for undertaking repairs/renovation/expansion/upgradation/creation of additional amenities, and for acquiring second house/flat if the borrower already has a house/flat with or without a loan.

Eligibility

• Salaried youth between 21-45 years of age with 2 years of confirmed service working for State Govts./Central Govt./Reputed PSUs/Reputed Corporates/Joint Stock Companies/Public Limited Companies/IT Companies/Private Institutions/BT Companies or working as Lecturers/Professors in Colleges/Asst. Professors/Research Institutes and Universities.
  
  
• Repayment can be done through EMIs with a maximum tenure of 30 years or upto 70 years of age, whichever is earlier.

PMAY – Pradhan Mantri Awas Yojana

Canara bank offers CLSS for Economical Weaker Section, Lower Income Group, Middle Income Group categories under Pradhan Mantri Awas Yojana.

Credit Linked Subsidy Scheme (CLSS) is introduced by the Ministry of Housing & Urban Poverty Alleviation (MoHUPA), which was announced by Prime Minister Narendra Modi, with a vision of housing for all by 2022.

Under PMAY scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction/enhancement of a house.

Eligibility

• Available for Individuals only.
• Age should be above 18 years.
• Applicants should be of immediate family including self/spouse/unmarried children only.
• Annual combined income must be up to Rs. 6 lakhs for EWS & LIG category, Rs. 6.01 Lakhs to Rs. 12 Lakhs for MIG1 and Rs. 12.01 Lakhs to 18 lakhs for MIG2.
• Renovation/extension must be used to convert kuccha house to a pucca house.
• The beneficiary family must not own a pucca house in his/her/in the name of any member of his/her family in any part of India.
• The beneficiary family should not have availed any of the housing schemes from the Government of India.
  

Housing cum Solar Loan

Housing cum Solar Loan is offered to individuals for Grid-connected Roof Top Solar Photovoltaic (PV) System installation on the rooftop of the house as a part of Home Loan/without Housing Loan. Purchase/construction of flats is not permitted under this scheme.

Eligibility

• Salaried/self-employed individuals with a minimum service of 3 years.
• The age must be less than 60 years.
• NTH (Net Take Home) must be 25%.
• Should have a rooftop to install the Solar Equipment.
• Repayment can be done through EMIs with a maximum tenure of 20 Years or the period stipulated under Housing Loan, whichever is earlier.

Axis Bank Home Loan - Features and Benefits of Axis Bank Home Loan

If you are planning on buying your dream home, Axis Bank Home Loan is here to help you out with home loans starting at Rs. 3,00,000. The Axis Bank Home Loan hosts a lot of benefits such as smaller EMIs where you can space out your payment for a longer tenure, an easy application process, attractive interest rates, doorstep service, etc.
Features and Benefits of Axis Bank Home Loan

• Easier and pocket-friendly Home Loans
• Fixed and floating loans as per your preference
• Transfer existing Home Loans to Axis bank with ease
• Avail or repay Home Loans services at your doorstep
• No prepayment charges
• Quick and transparent processing
• Repay your Home Loan in smaller EMIs over a longer tenure
  

How to Apply for Axis Bank Home Loan
Online Method

• Visit the Axis Bank Home Loans portal.
• A list of available home loans will be shown.
• Look at the eligibility criteria, tenure and the required loan amount.
• Now, click on the Apply online option.
• Fill in the required information such as name, email id, phone number,state, city.
• Enter the captcha and click on submit.
• A customer care executive will contact you, find out your requirements, fill you in on the best type of loan, and guide through the process.
  

Online Method (through mymoneykarma for Balance Transfer and Top-up Loans)

• Visit mymoneykarma Home Loans Portal.
• Fill in your Name, Email address, PAN, and Phone number.
• Our customer care executive will get in touch will you and give you the best and the lower interest rate schemes.
• After you select the Bank you want to transfer, an executive will be sent to your home/office to collect the required documents.
• After verification, your loan will be approved.
  

Offline Method

• Visit the nearest Axis Bank Branch.
• Fill in the Home Loan Application form.
• Submit the form along with the required documents.
• Your documents will be verified by the bank.
• Generally, it can take up to 30 days for the application to be processed and approved/rejected.

HDFC Home Loan - Features & Benefits of HDFC Home Loans

HDFC Home Loan Interest Rate at 6.80%

HDFC offers Home Loan interest rate of 6.80% for loan amounts up to 30 lakhs for Women Applicants. The offer has been in effect since 11th January, 2021.

This special Housing Loan Scheme is for a limited period only, and can be availed if the loan is disbursed on or before 31st March, 2021. HDFC decides eligibility for the offer based on parameters such as credit scores, segments, details of other loans, etc., and is applicable only for applicants with the credit score of 730 and above.

The offer can be availed on Home Loans including Home Improvement, Home Extension, and even Refinancing/ Balance Transfer from other lenders.

However, as the offer is applicable only for loans under the ‘Adjustable Rate Home Loan Scheme’, it is subject to change at the time of disbursement. The rates are linked to HDFC's BenchMark Rate. Hence, they are variable throughout the loan period as well.

Features & Benefits of HDFC Home Loans

For Salaried Individuals:

HDFC Home Loans are offered for-

• Purchase of a bungalow, a flat, a row house from private developers in approved projects.
• Purchase of properties from the Development Authorities such as MHADA, DDA, etc.
• Purchase of properties in a Co-operative Housing Society/Apartment Owners' Association/Development Authorities settlements/privately built up homes.
• Construction on a freehold/leasehold plot or on a plot allotted by a Development Authority.
• You can get expert legal and technical counseling to help you take the right decision in buying a new home.
• You can avail the service of HDFC Home Loans throughout India with Integrated branch network.
• For those employed in the Indian Army, special arrangement with AGIF for Home Loans has been made.
  

For Self-employed Individuals:

HDFC Home Loans are offered for -

• Purchase of a bungalow, a flat, a row house from private developers in approved projects.
• Construction on a freehold/leasehold plot or on a plot allotted by a Development Authority.
• Purchase of properties from the Development Authorities such as MHADA, DDA, etc.
• Purchase of properties in a Co-operative Housing Society/Apartment Owners' Association/Development Authorities settlements/privately built up homes.
• Doorstep assistance and Innovative schemes on your Home Loan.
• You can get expert legal and technical counseling to help you in buying a home.
• You are offered attractive interest rates to make your Home Loan affordable.
• Integrated branch network for availing and servicing the home loan anywhere in India.
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SBI Home Loan - Types of SBI Home Loans

SBI Home Loans, India's largest mortgage lender, offers a wide range of home loans based on the requirement of the customers. It has helped over 30 lakh families to buy their dream home. Spread over 2400+ branches, it has got a team of 1600+ dedicated sales employees. SBI Home Loans is the winner of the 'Best Home Loan Provider' at the CNBZ Awaaz Real Estate Awards 2016 as well.
Update: SBI Slashes Home Loan Interest Rate for March 2021

SBI has slashed the interest rates for its home loans to 6.7% for all loans below ₹75 lakh. However, it is to be noted that this rate is made available only for customers with a good credit score as deemed by the bank, and can be availed only in the month of March. Processing fees will also not be collected during this period. The move is seen as an effort from SBI to rope in as many Home Loan customers as possible before the close of the Financial year.

SBI has also introduced a deposit scheme named SBI Wecare Deposit for senior citizens. The bank says that for this product, an additional 30 BBP or basis points premium will be payable to the retail term deposits of senior citizens who have deposits of “5 years and above” tenor.

In terms of deposits, assets, customers, employees and branches, SBI is the largest commercial bank. Additionally, it is also the largest mortgage lender. It commands 34% of the home loan market share and 34.86% of the auto loan segment.

Features and Benefits of SBI Home Loan

• It offers a wide range of products according to the needs of the customers.
• It offers low interest rates by calculating the interest on a daily reducing balance.
• It has no hidden costs and has a low processing fee.
• It is also available as an overdraft, which utilizes your surplus funds optimally.
• It reduces your interest burden by providing no penalties for prepaying the loan.
  

Types of SBI Home Loans

Regular Home Loan

SBI Home Loans can be offered to those who want to purchase a ready-built property, under- construction property, pre-owned home or the construction/extension/repair/renovation of a house.

Eligibility

The age limit of a Resident Indian is 18-70 while the Loan Tenure is up to 30 years.

Balance Transfer of Home Loan

With the help of SBI Balance Transfer of Home Loan, the customer can transfer home loan from Scheduled Commercial Banks (SCBs), Housing Finance Companies (HFCs) registered, Private and Foreign Banks with National Housing Bank (NHB) and Borrower's employers in case if they are State/Central Govt. or their undertakings/Public Sector Undertaking.

Eligibility

A Resident Indian of 18-70 years as age limit with an extended Loan tenure is eligible.

NRI Home Loan

SBI NRI Home Loan allows many NRIs to get home loans when investing in properties. Financially, it is better to purchase a property through a home loan rather than through personal financing.

Eligibility

Eligibility for Non-Resident Indians (NRIs) or Persons of Indian Origin (PIOs) is between 18 - 60 years with a Loan Tenure of up to 30 years.

Flexipay Home Loan

SBI Flexipay Home loan provides eligibility for higher loan amount exclusively for the salaried borrowers. It offers customers an option to pay only interest during the pre-EMI period. This variant of home loan is beneficial for young earners.

Eligibility

A Resident Indian with a minimum age of 21 - 45 years can apply for this loan with a loan tenure of up to 30 years.

Privilege Home Loan

SBI Privilege Home Loan is launched exclusively for government employees. Individuals who are employees of Central/State Government which includes PSUs, PSBs of Central Government, and other individuals who have available pension service to apply for this home loan. The amount of loan will be determined by considering factors such as applicant income, repayment capacity, assets and liabilities, age, cost of proposed property, etc.

Eligibility

A Resident Indian of 18-75 years of age with a loan tenure of up to 30 years is eligible.

Home Top Up Loan

SBI Home Top Up Loan is offered to those customers to borrow a certain amount over their home loan amount. If the customer who already has a home loan requires more funding, can apply for Home Top up loans. The interest rates are lower than usual personal loan interest rates.

Eligibility

A Resident Indian of 18-70 years of age with a loan tenure of up to 30 years is eligible.

Bridge Home Loan

SBI Bridge Home Loan is offered to those homeowners who aspire to upgrade their homes to better locations or bigger homes by selling their existing homes.

Eligibility

A Resident Indian of 18-70 years of age limit with a loan tenure of up to 2 years is eligible. A minimum of Rs. 20 lakhs and a maximum of Rs. 2 crores can be offered.

Axis Loan Against Property - Eligibility Criteria for Axis Bank Loan Against Property

What Are the Different Axis Bank Loan Against Property Schemes?

Here are the four different loan against property schemes on offer by Axis Bank:

• Loan Against Property - Under this scheme, you can avail a loan against residential or commercial property at attractive rates of interest, starting from 11%.
• Lease Rental Discounting- Here, you can avail loans against rent receipts received on your property.
• Overdraft Facility Against Property - Under this scheme, you can avail flexible credit facility my mortgaging your property.
• Reverse Mortgage Loan - This scheme is beneficial for senior homeowners, who will receive payments from equity on their home.
  

Features and Benefits of Axis Bank Loan Against Property Schemes

Benefits of Loan Against Property from Axis Bank:

• Attractive rate of interest, starting from just 11.15%.
• Loan amounts start from Rs. 5 lakh and go up to Rs. 5 crores.
• You can repay the loan within 20 years.
• There will be no prepayment charges for a loan taken at floating rates.
• Loan balance transfer facility is also made available at Axis Bank.
  

Benefits of Lease Rental Discounting:

• You can get long tenures of up to 9 years, but it is subjected to the balance lease term.
• You can also get funding on your rented commercial property.
• This scheme is ideal for individuals, firms, and organizations whose major source of income involves renting property to established companies.
• You can also transfer over an existing loan to Axis Bank and get an additional to refinance.
  

Benefits of Overdraft Facility Against Property

• You get to enjoy a credit limit that you can use anytime to facilitate your working capital requirements.
• Axis Bank also offers dropline OD to dissolve the fluctuating requirements of self-employed individuals, professionals, and businessmen.
• You can renew the overdraft limit every 12 months as per the repayment schedule.
• You can choose your overdraft type as per your choice, be it Evergreen(fixed) or Dropline(reducing).
• You also get to pay interest only on the utilized limit.
  

Benefits of Reverse Mortgage Loan

• This loan scheme is extended to senior citizens who reside in and own a piece of residential property.
• Senior borrowers can stay back in their property, continue holding ownership of the property, and reap benefits from the equity of the home.
• This loan scheme can also be extended as regular monthly, quarterly, half-yearly or lump-sum annual periodic advances.
  

Eligibility Criteria for Axis Bank Loan Against Property

Axis bank offers loans against property to salaried employees, self-employed individuals, and self-employed professionals, and the eligibility criteria are predominantly similar for most of the schemes. Let's take a look at the eligibility criteria:

Salaried Individuals

• Any individual who works in permanent service with the government or works for a reputed company.
• The loan applicant should be above 24 years of age at the time of loan commencement and can be upto 65 years or less at the time of maturity.
  

Self-Employed Individuals

• Any individual who files Income Tax returns can apply for these loans.
• Any applicant who applies for a loan should be above 24 years of age at the time of loan commencement and up to 65 years at the time of maturity.
  

Self-Employed Professionals

• Professionals such as engineers, doctors, architects, chartered accountants, cost accountants, dentists,  company secretaries, and management consultants can apply for these loans.
• Again, the applicant should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.

SBI Loan Against Property - Types of SBI Loans Against Property

What Are the Different Types of SBI Loans Against Property?

It can be broadly divided into two types:

a) Loan Against Mortgage of Immovable Property

• This kind of loan is issued against mortgage of properties that are immovable in nature. Let's look at the features:
• The loan is issued for general purpose use, and it should not be utilized for any other purpose, like in the real estate market or the capital market.
• The minimum amount of loan disbursed under this scheme is Rs.10 lakhs, whereas the maximum loan amount offered is Rs. 5 crore
• Also, the ratio of Equated Monthly Installment and the Net Monthly Income should never exceed more than 50%.
• The final amount of the loan is 65% of the market value of the mortgaged property, so that the ratio of Equated Monthly Instalment to the Net Monthly Income does not exceed 50%.
• A customer can repay the loan within a maximum period of 180 months.
• The customer can also prepay the loan anytime, as SBI does levy any charges on prepayment of the loan.
  

 b) Rent Plus Loan Against Property

• SBI's Rent Plus Loan-Against-Property offers loans against the assignment of future rents to commercial and residential property owners to meet their monetary requirements. Let's look at the features of the loan:
• The amount available under the scheme is calculated as the lowest of the realizable value of the mortgaged property. This is calculated as per the valuation by SBI as the maximum permissible amount under the scheme, or 75% of the total rent receivable over the loan period minus the advance deposit, TDS, estimated amount of property tax, service tax, and other statutory dues of the period.
• The minimum amount of loan permissible under this scheme is Rs.50, 000, and the maximum is Rs. 5 crores for non-metro cities and Rs. 7.5 crores for metro cities.
• The State Bank of India has reserved a margin of 25% of the loan amount.
• The repayment period for this scheme is either a maximum of 10 years or the residual period of lease of the property, whichever is less.
• Repayment of the EMI for these loans can be made through post-dated cheques drawn against the applicant's bank account, through the ECS facility, or by issuing a Standing Instruction to the bank to deduct the EMIs as and when they fall due from the applicant's savings or current account. However, to avail the Standing Instruction facility, you need to have an existing bank account with SBI.
• The processing fee of this scheme is 2.02% of the loan amount + GST + service tax.  A maximum amount of Rs. 1,01,865/- should be paid upfront as processing charges.
• As there are no prepayment charges, a customer can prepay against the loan to reduce the interest rate.
  

What Are the Highlights of SBI's Loan Against Property?

Let's look at the advantages of availing a loan against property from SBI:

• The complete process - from application to disbursal - is transparent.
• A customer can access any of the loans against property from SBI's vast network of branches all across India.
• Interest rates on the loan amount are levied following a monthly/daily reducing balance method.
• SBI offers the lowest processing charges.
• Customers can repay their loan in a maximum period of 180 months.
• There are zero hidden costs or administrative charges.
• A customer can prepay without worrying about prepayment charges if he/she has extra funds at any point.
  

What Is the Eligibility Criteria for These Loan Schemes?

Eligibility for Loan Against Mortgage of Immovable Property

• This SBI scheme is available to professionals, employees, self-employed individuals, or others who have a piece of property in their name or the name of a third party, provided the third party agrees to guarantee the loan.
• The minimum net monthly income for a salaried employee should be Rs. 25,000, while for others, the minimum net annual income should be more than Rs. 3 lakhs.
• The maximum age limit of an applicant is 70 years at the time of loan liquidation.
  

Eligibility for Rent Plus LAP

• This scheme is made available to owners of commercial properties or residential buildings that are to be rented or are already leased to MNCs, banks, or other medium-sized or large corporates.
• The property should be located in a metro, urban, semi-urban, or rural area.
• The applicant should have all the plan approvals and other related permissions from appropriate authorities in place for the property.
• The property should not, previously or currently, be leased to colleges, hospitals, schools, nursing homes, orphanages, or any other social sector infrastructure.

RBL Bank Loan Against Property - Features of RBL Loan Against Property

RBL Bank Loan Against Property Schemes

Dropline Overdraft Against Property Loan

The overdraft facility is one of the best ways to manage funds and capital requirements for your business and other needs by paying only for what you use. This loan scheme is available exclusively as RBL Bank loan against property. The following are the features of the scheme:

• Dropline overdraft limit of up to Rs. 5 crore
• Both residential and commercial properties are accepted as collateral
• Dropline overdraft tenure of up to ten years
• Interest is charged on the utilized amount only
• Minimum documentation and fast approval process
• Attractive interest rates
• This loan scheme is beneficial for self-employed professionals and individuals, sole proprietorships, partnership firms, and private limited companies.
• Dropline overdraft loan against property facility is offered to Indian residents only.
• Minimum net profit as per the latest year’s ITR/financials should be at least Rs. 150,000 to avail the scheme.
• The minimum age to apply for this loan is 23 years, and it goes up to a maximum of 65 years.
  

Features of RBL Loan Against Property

• RBL Bank provides competitive and lucrative interest rates to its customers, which makes the EMIs lower and more affordable.
• The bank also offers fixed interest rate facility for the first three years.
• The bank offers a long-term convenient repayment period of 180 months or 15 years.
• The customer can avail of a loan amount upto 80% of the property value.
  

Factors that affect the eligibility of the property loan from RBL Bank:

• Loan applicants who earn high salaries have a better probability of getting their loan sanctioned because their repayment capacity remains high.
• RBL Bank checks the credit score of applicants, which should be above 700 to be eligible.
• Applicants who are about to retire can face some difficulty, as the bank will consider the fact that the applicants’ capacity for repayment diminishes after retirement.
• Applicants having a stable employment history are viewed favorably by the bank, as their stability of employment is considered as a sign of reliability.
• If the loan applicant has an existing debt, it may affect their eligibility as the debt could impede the capacity of a loan applicant to repay.
• Banks generally favor permanent employees over temporary employees.