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Home Loan - Apply Housing Loan Online Upto Rs. 10 Crore*
Interest Rate
8.50%* Per Annual Onwards
EMI
Starts At ₹ 769/Lakh
Processing Fees
Upto 0.25% of Loan Amount
Loan Tenure
Upto 30 Years
Top Up Loans
After 6 Months
Pre-Closure Charges
Nil
The dream of having your own house is an aspiration held by many Indians. But high real estate prices make it difficult for many to afford their dream home.This is where home loans come in. Affordable and convenient housing finance options can help you unlock the door to your new home. With competitive mortgage loan interest rates, easy repayment options, and high loan amounts, opting for a mortgage loan is a smart choice.
Why OneNDF for Home Loans ?
Benefits
Affordable Home Ownership
Makes the purchase of a house economically viable
Tax Benefits
Deductions available under Sections 80C and 24(b) of the Income tax Code.
Wealth Creation
Develops a high value appreciating asset over time.
Flexible Repayment Options
Choose periods that you can work within your finances.
Balance Transfer Facility
Allows customers to transfer their loans to other lending institutions.
No Prepayment Charges
Gives the leeway to pay up earlier without penalties.
Low-Cost Financing
One of the home loans advantages is that it has lower rates than other loans.
Government Support
Provision of Subsidies under PMAY and Other Ministers’ schemes.
Home Loan Process Overview
Identifying Loan's Purpose
Be it for growth, meeting working capital needs, or if you're unsure, we're here to help you figure it out
Sign up at OneNDF
With your PAN number to kickstart your loan application, enabling us to customize your profile-building milestones efficiently.
Business Health Report
Get a quick Business Health Report from OneNDF, showcasing your financial health, credit, GST, and banking insights, all consolidated into a snapshot for swift assessment by the Lenders.
Tailored Loan Option
The Loan Marketplace is your key to business success, offering not just loans, but the right loans with terms tailored to your growth ambitions.
Initiate Loan Application
Ensuring you negotiate the terms upfront to avoid any unexpected surprises later.
Leading Companies & SMEs Trust OneNDF with their financing needs
Testimonials
What our customers say
Rated 5.0
I needed a business loan for pushing out an order. I reached out to OneNDF and to my surprise, I had the loan sanctioned in 3 working days. The team is knowledgeable, fast and responsive.
Karanjeet
The Financial Health Card at OneNDF helped me anticipate some of the issues that my business may face. Not many platforms would go to that length. They’ve been extremely supportive and a great resource.
Gopal Bisht
I had taken an unsecured Business Loan through OneNDF platform. I was very impressed when they assigned a dedicated RM to me. They were transparent with the terms and the bank sanctioned my loan.
Sumit Gulati
What is a Home Loan?
From a broader perspective, a home loan is a loan taken out by an individual in order to purchase a property from a bank or any other affordable housing finance institution. The borrower uses a mortgage to secure the loan that states the lender shall have the right to take possession of that property in case the borrower defaults in paying back the money and interest.
Also Read: What are Home Loan Tax Benefits?
Types of Home Loans
1. Fixed-Rate Home Loan
- The interest rate charged is the same amount throughout the loan period.
- Best for circumstances where the inflation rate is low and an increase in inflation is imminent.
2. Floating-Rate Home Loan
- The interest rates offered undergo changes depending on the lending rates offered by the financers.
- With changes in the economy, the EMI may either increase or reduce.
3. Hybrid Home Loan
- It is fixed and floating.
- A fixed interest rate is adhered to for a defined period, then a variable interest rate comes into effect.
- Best suited for those borrowers who intend to make early repayments.
Compare Interest rates of Top banks & NBFCs for Home Loan
| Banks/NBFCs | Interest Rate (%) | Action |
|---|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards | Apply Now |
| Axis Bank | 8.55% onwards | Apply Now |
| Bajaj Housing Finance | 8.50% onwards | Apply Now |
| HSBC | 8.45% onwards | Apply Now |
| Godrej Housing Finance | 8.75% onwards | Apply Now |
| Capri Global Housing Finance Ltd | 10% onwards | Apply Now |
| Bank of Baroda | 8.40% onwards | Apply Now |
| DBS Bank | 8.50% onwards | Apply Now |
| Edelweiss Housing Finance Ltd | 8.70% onwards | Apply Now |
| Indiabulls | 8.80% onwards | Apply Now |
| Federal Bank | 8.60% onwards | Apply Now |
| HDFC Ltd. | 8.60% onwards | Apply Now |
| ICICI Bank | 8.65% onwards | Apply Now |
| ICICI Home Finance | 8.90% onwards | Apply Now |
| Kotak Mahindra Bank | 8.50% onwards | Apply Now |
| PNB Housing Finance | 8.60% onwards | Apply Now |
| State Bank of India | 8.45% onwards | Apply Now |
| IIFL | 8.90% onwards | Apply Now |
| Aditya Birla Housing Limited | 8.75% onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% onwards | Apply Now |
| Piramal Housing Finance Ltd | 10.50% onwards | Apply Now |
Home Loan EMI Calculator
Applicants can utilize the Home Loan EMI Calculator provided below to determine the EMIs and overall interest cost payable for the loan duration based on the interest rate, loan sum, and loan period provided by the lender.
EMI Calculation for Home Loan
Formula: EMI = [ P * R * (1 + R ) ^ N ] / [(1 + R ) ^ N – 1]
Where:
P = Principal amount
R = Interest Rate per month
N = Life of Loan in Months
Using an EMI Calculator is wise, as it allows a prospective borrower to be prepared for repayment.
Prepayment and Foreclosure
- Prepayment: Even paying a part or whole of it may interest less or no interest at all.
- Foreclosure: It means paying the total amount along with the interest due on it before its specific date, and should normally not include a percentage of the amount paid as deposit.
- No Prepayment charges: Most of the times early payments do not attract any charges.
Also Read: Things you should Consider Before Applying For Home Loan?
Eligibility Criteria for Home Loan
Home loan eligibility may depend on several factors, including:
- Age: Providing a wider range of repayment periods for younger borrowers.
- Credit Score: 700-725 will be the minimum score.
- Income Stability: Confirmation of constancy of salary and existence of employment.
- Debt-to-Income Ratio: Reduction in liabilities will enhance eligibility.
- Employment Status: Employed or Self Employed individuals can borrow.
- Bank Statements: Provision of 6 last months’ statements is mandatory.
Income Requirements
- Requirements for salaried people are, salary slips, Form 16 and submission of income tax returns.
- Self-employed needs to submit business financials, including balance sheets and profit and loss statements.
- Co-applicants have a big positive impact on the eligibility and repayment capabilities.
Also Read: What is Top up Home Loan?
Credit Score Requirements
To be considered for a mortgage, you’ll first need a credit score of no less than 700 – which indicates that you’ve been responsible with your repayments. If you submit credit from bureaus, lenders look at that as smaller pieces in the larger picture. Good credit history strengthens the likelihood of loan approval.
Documents Required to Apply for a Home Loan or Mortgage Loan
The required documents include the following
- For Identification Proof: Aadhaar card, passport, PAN card.
- Address proof: Utility bills, rentals.
- Eligibility: Salary slips, Form 16, IT returns.
- Banking History: Last 6 months.
- Property Documents: Sale agreement, property title.
- Business Proof: Financial documents, tax filings etc.
Note: This is an indicative list and may vary based on your specific loan application.
How to Apply for a Home Loan through OneNDF
When applying for a mortgage loan at OneNDF, you don’t have to go through a mountain of paperwork or go through an incredibly lengthy process. Here’s how to go about it:
- Visit the official website of OneNDF and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
That’s it! Your application has been submitted. Our representative will connect with you shortly to guide you through the next steps.
Application Process
- Fill out the loan application form.
- Payment of an application fee.
- Documents must be produced for proof.
- The property is checked legally as well.
- Loan approval and transfer of funds.
Approval and Disbursement
Sanctioning a loan includes a verification of the property and the other eligibility aspects of the person applying. The loan is actually disbursed once the terms of the agreement are duly signed and the legal aspects have been done.
Applicable Fees and Charges of Our Home Loan
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 25 paise of the loan amount |
| Tenure/ Time Period | Up to 30 years |
| Prepayment Charges | – |
Tips for Choosing the Right Home Loan
- Compare Interest Rates: Compare a couple of lenders first before making a decision.
- Change the Terms Of The Loan: Assess tenure and EMIs with the restriction of paying early off amounts or with more flexibility in the payment guides.
- Be Aware About The Underrated Payments as well: These include processing payments, charges and other valuation fees.
Common Mistakes to Avoid
- Limiting the Limits of Credit Score: Managing all your payments could stunningly increase your chances of acceptance.
- Ignoring the Minimal Charges: Always consider all payments whilst drawing your plan.
- Not Comparing Loans: Always look around for a better offer.
Reasons For Rejection
- Low Credit Score: This shows your repayment history has not been great.
- Documents Submitted Not Complete: This causes hitch or denial of a loan.
- Job is Not Stable: Questions the ability to repay the loan.
- High Debt Servicing Ratio: Makes it less possible to make payments.
Also Read: Benefits for Women Borrowers
Conclusion
Home loan is a great instrument which enables people to own a residence. One should be aware of eligibility criteria, types of loan available and repayment modes. OneNDF has made the mortgage application easy as clients always get better rates and surely get the approvals. With some strategic thought, an analysis of the options available, and proper management of debt, one can be able to find the ideal home loan and make that dream of home ownership a reality.
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Frequently Asked Questions
Learn more about OneNDF
Got questions or wish to learn more? Talk to our team now and find the answers you need.
Home loan or a housing loan is a financial product that allows you to borrow money from a bank or housing finance institution to purchase, construct, or renovate a home.
The processing fees for a home loan are calculated as a percentage of the total amount for which you are applying. These processing charges are non-refundable, meaning that if your application is denied, the fee will not be reimbursed.
Factors that determine home loan eligibility are Credit Score, Income and Employment Stability, Debt-to-Income Ratio, Down Payment among others.
In a fixed-rate mortgage, the interest rate is set at the moment the loan is secured. Typically, fixed-rate loans are offered at a marginally higher cost compared to variable-rate loans.
Adjustable rate home loan or floating rate home loan is linked to the lender’s benchmark rate, which, in turn, moves in sync with the market interest rate. A modification in the benchmark rate will lead to a corresponding adjustment to the interest rate on the loan.
Tax advantages associated with Home Loans are available under the Income Tax Act of 1961. A taxpayer may claim a deduction of up to Rs 1.5 lakh per financial year on the principal repayment as stipulated in Section 80C. Additionally, a deduction of up to Rs 2 lakh per financial year can be claimed on the interest paid, as outlined in Section 24(b).
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