Apply for Home Loan Online

Processing fee varies from bank to bank or NBFC. It usually ranges between ​₹5000 to ₹15000 depending on the home loan amount from which it is charged between 0.5-1%. The fee is charged to cover the costs incurred by the lender on the loan process. It is not deductible from the loan amount. As a result, the borrower needs to pay it separately.

At present, all the top lenders such as SBI, HDFC, LIC, Axis Bank, Bank of Baroda, DHFL, ICICI Bank among others are offering low-interest rates on home loans. From April, 2023 onwards, the Home Loans rate offered from as low as 8.50%. All this makes this….the best time to apply for a home loan.

EMI stands for equated monthly installment. It is a monthly payment made by a borrower to a lender at a specified date each calendar month. ​You repay the loan in Equated Monthly Installments (EMIs) comprising both principal and interest.

Yes, most banks allow you to repay the loan ahead of schedule by making lump sum payments. However, most banks charge early repayment penalties up to 2-3% of the principal amount outstanding.

Under the current laws, an applicant is entitled to an income tax rebate for interest repayment up to Rs. 1,50,000 /- per annum. Moreover, you can get added tax benefits under Section 80 C on repayment of principal amount up to Rs. 1,00,000 /- per annum.