Compare the minimum home loan interest rate beginning at 8.00% per annum. Obtain the full compilation of current home loan interest rates in India from all major banks and financial institutions.
A home loan in Delhi is the ideal option for anyone looking to buy a house in the capital. Providing attractive interest rates, adaptable repayment options and quick processing, home loan solutions in Delhi guarantee a seamless borrowing process.
Compare Home Loan Interest Rate Offered by Various Banks, HFCs & NBFCs in New Delhi
| Banks/NBFC | Interest rates | Maximum Tenure (in years) | Processing Fees* |
|---|---|---|---|
| HDFC Bank | 8.45 % onwards | 30 | 0.25% |
| IndusInd Bank | 8.40 % onwards | 30 | 0.25% |
| Kotak Bank | 8.40 % onwards | 30 | 0.25% |
| Axis Bank | 8.40 % onwards | 30 | 0.25% |
| HSBC Bank | 8.00 % onwards | 30 | 0.25% |
| Shinhan Bank | 8.10 % onwards | 30 | 0.25% |
| Standard Chartered Bank | 8.25 % onwards | 30 | 0.25% |
| ICICI Bank | 8.45 % onwards | 30 | 0.25% |
| IDFC Bank | 8.90 % onwards | 30 | 0.25% |
| State Bank of India | 8.40 % onwards | 30 | 0.25% |
| PNB Housing | 8.40 % onwards | 30 | 1% |
| LIC | 8.25 % onwards | 30 | 0.25% |
| Bajaj Finance | 8.40 % onwards | 30 | 1% |
| Aditya Birla Group | 8.40 % onwards | 30 | 1% |
| L & T Finance | 8.40 % onwards | 30 | 1% |
| Axis Finance | 8.40 % onwards | 30 | 1% |
| Banks/NBFC | Interest rates | Maximum Tenure (in years) | Processing Fees* |
|---|---|---|---|
| HDFC Bank | 8.45 % onwards | 30 | 0.25% |
| IndusInd Bank | 8.40 % onwards | 30 | 0.25% |
| Kotak Bank | 8.50 % onwards | 30 | 0.25% |
| Axis Bank | 8.55 % onwards | 30 | 0.25% |
| HSBC Bank | 8.45 % onwards | 30 | 0.25% |
| Shinhan Bank | 8.40 % onwards | 30 | 0.25% |
| Standard Chartered Bank | 8.40 % onwards | 30 | 0.25% |
| ICICI Bank | 8.65 % onwards | 30 | 0.25% |
| IDFC Bank | 8.40 % onwards | 30 | 0.25% |
| State Bank of India | 8.45 % onwards | 30 | 0.25% |
| PNB Housing | 8.60 % onwards | 30 | 1% |
| LIC | 8.40 % onwards | 30 | 0.25% |
| Bajaj Finance | 8.50 % onwards | 30 | 1% |
| Aditya Birla Group | 8.75 % onwards | 30 | 1% |
| L & T Finance | 8.40 % onwards | 30 | 1% |
| Axis Finance | 8.40 % onwards | 30 | 1% |
What are the tax benefits on home loan?
| Section of Income Tax Act | Nature of tax deduction | Max. deductible amt. |
| Section 24(b) | Interest paid | Rs. 2 lakhs |
| Section 80C | Principal (including stamp duty and registration fee) | Rs. 1.5 lakhs |
| Section 80EE | Additional interest (for first-time home buyers) | Rs. 50,000 |
| Section 80EEA | Additional interest (for affordable housing) | Rs. 1.5 lakhs |
Home Loan EMI Calculator
Eligibility Criteria for Home Loan
To qualify for a home loan in Delhi, potential borrowers must meet the subsequent requirements:
| Particulars | Requirements |
| Age | Must be between 21 and 65 years at the time the loan matures to be eligible for the loan. |
| Credit Score | 700-750 will be the minimum score |
| Income Stability | Most lenders demand that applicants have an annual income of Rs. 2 to 3 lakhs, although this sum may differ. |
| Debt-to-Income Ratio | Reduction in liabilities will enhance eligibility |
| Employment Status | Employed or Self Employed individuals can borrow |
| Bank Statements | Provisions of 6 last month’s statements is mandatory |
Documents Required for a Home Loan in New Delhi
Prospective buyers will need the following documents to apply for a home loan in Delhi:
| Particulars | Requirements |
| 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. |
How to Apply for Home Loan in Delhi through OneNDF
When seeking a mortgage loan at OneNDF, you won’t face a pile of paperwork or endure an excessively long process. Here’s the procedure to follow:
Step 1: Go to the official OneNDF website and either register or sign in.
Step 2: Sign up for the funds with your mobile number and create a one-time password.
Step 3: Submit any necessary financial or identification paperwork.
Step 4: Fill out the mortgage application form.
Step 5: Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
FAQs
Can I get a Home Loan in Delhi if I have a low credit score?
Banks normally require a credit score of 750 or above to sanction a Home Loan. Even if your credit score is low, you can get a Home Loan by proving your income and your capacity to repay. However, the terms of the loan may be different.
How much time is required to obtain a housing loan in Delhi?
In Delhi, the time it takes to process a home loan generally falls between 15 to 30 days, though it can differ based on elements such as the lender, the documentation of the applicant, and the specifics of the property.
Do I need to provide any security or collateral to apply for a Home Loan?
When applying for a home loan, you do not need to provide any additional security or collateral, as the property itself serves as security.
Can I prepay my home loan?
For floating interest rates loans, no prepayment charges apply. However, there might be some charges for fixed interest rate loans depending on the lender.
What is the minimum income requirement to get a home loan in Delhi?
The minimum income requirement for a home loan varies from lender-to-lender. Self-Employed applicants need consistent business income. Lenders assess income to ensure repayment capacity before approving the loan.
