Indiabulls Housing Finance Limited provides home loans at a starting interest rate of 8.75% per annum. You can borrow up to 90% of your property's value, with repayment periods of up to 30 years. If you already have a home loan from another bank or housing finance company, you can transfer it to Indiabulls. They also offer a special home loan scheme for people living in rural and semi-urban areas to help them buy affordable
Indiabulls Home Loan Highlights |
|
|---|---|
| Interest Rate | 8.75% p.a. onwards |
| Processing Fees | 0.50% onwards |
| Loan Tenure | Up to 15 years |
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh | |
|---|---|---|---|---|
| SBI Bank | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. | Apply Now |
| HDFC Bank Limited | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards | Apply Now |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards | Apply Now |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards | Apply Now |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards | Apply Now |
| LIC Housing Finance | 8.35% - 10.35% p.a. | 8.35% - 10.55% p.a. | 8.35% - 10.75% p.a. | Apply Now |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50% - 11.45% p.a. | Apply Now |
| Punjab National Bank | 8.45% - 10.25% p.a. | 8.40% - 10.15% p.a. | 8.40% - 10.15% p.a. | Apply Now |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. | Apply Now |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards | Apply Now |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards | Apply Now |
| Axis Bank | 8.70% - 13.30% p.a | 8.70% - 13.30% p.a | 8.70% - 9.10% p.a. | Apply Now |
| Godrej Housing Finance | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards | Apply Now |
Also read: Best Home Loan in India
| Loan Products | Interest Rates (p.a.) |
|---|---|
| Home Loan Balance Transfer | 8.75% onwards |
| Regular Home Loans | 8.75% onwards |
Home Loan Balance Transfer
- Purpose: Home loan balance transfer lets you move your existing home loan from other banks or housing finance companies to Indiabulls, where you can enjoy lower interest rates.
Instant Home Loans
- Purpose: This is a special home loan scheme designed to meet the specific needs of home loan applicants.
Home Loan for NRIs
- Purpose: NRI applicants can obtain loans for buying or constructing residential properties.
- Tenure: Up to 15 years
Top-up Home Loan
- Purpose: A home loan top-up scheme provides additional loans on an existing home loan during its tenure.
Pradhan Mantri Awas Yojna
- Purpose: To benefit from the Credit Linked Subsidy Scheme, introduced by the Central Government to fulfill the objective of "Housing for All" for Economically Weaker Sections, MIG-I, and MIG-II, you can apply for subsidies for purchasing, constructing, extending, or improving homes.
Rural Home Loan
- Purpose: These are affordable home loans specifically designed for people living in rural or semi-urban areas.
Home Renovation Loan
- Purpose: Customers can access a home renovation loan to renovate their existing homes according to their preferences, aspirations, and style.
- Tenure: Up to 15 years
Home Extension Loan
- Purpose: Home extension loans are provided for expanding or adding to your current home property.
Also Read : Best Home Loan EMI Calculator
| Particulars | Applicable Charges |
|---|---|
| Processing fees | 0.50% onwards |
| Late Payment Charges | 24% p.a. on outstanding EMI |
| Cheque/NACH Dishonour Charges | Rs 500 (home loan) |
| ROI Switch Fee Home Loan | 25% or onwards of the difference of two coupon rates, i.e., between existing and revised imterest rates |
| Database admin fee | Rs 650 |
| Compliant handling charges | NIL |
| PDC/ECS Swapping Charges | NIL |
| Charges for account statement/amortization schedule | Rs 200 |
| Registration Charges for borrower’s ECS mandate | NIL |
| Income tax certificate in home loans | NIL |
Also read: Best Home Loan Fees and Charges
To be eligible for an Indiabulls home loan, the applicant must meet the following criteria:
- Age: The applicant should be at least 21 years old at the time of loan application and should not exceed 65 years at the time of loan maturity.
- Employment: The applicant should be either salaried or self-employed.
- Co-applicant: The spouse of the applicant can apply as a co-applicant for the home loan.
- Nationality: NRIs from Dubai and the UK are eligible to apply for Indiabulls home loans.
Indiabulls considers factors such as credit score and monthly income while assessing the eligibility of applicants for home loans.
Also Read : Best Home Loan Eligibility
To apply for Indiabulls Home Loans, you'll typically need the following documents:
- Completely filled application form with photographs attached and signatures of all applicants.
- Identification proof, birth proof, age proof, address proof, and signature proof.
- Processing fee cheque.
- Documents related to the property purchase or construction, such as sale deed or sale agreement, allotment letter, and a No Objection Certificate (NOC) from the society or builder.
Income Documents required for different applicant categories are as follows:
For Salaried Individuals:
- Salary slips for the last 3 months
- Form 16
- Income Tax Returns (ITR)
- Statement of bank account
For Self-Employed Individuals:
- Income Tax Returns (ITR) for the last 2 years along with financial statements
- Bank statement for the last 6 months
- Qualification proof
- Gumasta license (for business registration)
For BSF (Border Security Force) Customers:
- Last 3 months' salary slips
- Form 16 for the last 2 years
- Confirmation certificate or service certificate for the benefit of the scheme
For Merchant Navy/NRI Applicants:
- Rent agreement with a utility bill (up to 3 months old) if staying on rent
- Passport
- Salary slips for the last 6 months
- Contract copy for the last 3 years (for Merchant Navy)
- Form 16 for the last 2 years with income computation
- Continuous Discharge Certificate (for Merchant Navy)
- Bank statement for 1 year for NRE/NRO account (for NRI)
Also Read : Best Home Loan Documents Required
1. Are there any concessions offered to women applicants on home loan interest rates?
Yes, Indiabulls Housing Finance offers a concession in home loan interest rates to its women applicants. However, the specific details regarding the exact concession on interest rates have not been disclosed by the HFC.
2. What factors determine the interest rates of Indiabulls home loan applicants?
Indiabulls Housing Finance determines interest rates for its home loan applicants by considering various factors such as their credit profile, loan amount, tenure, property type, and other risk parameters.
Also read: Best Home Loan Balance Transfer
3. Can I make prepayments on my home loans?
Yes, Indiabulls allows its home loan borrowers to make prepayments on their home loans. Moreover, it does not impose any fees on prepayments for floating rate home loans.
4. What is the minimum credit score required to avail home loans from Indiabulls Housing Finance?
Indiabulls Housing Finance has not specified a cut-off credit score for home loan applicants. However, typically, applicants with credit scores of 750 and above have better chances of securing home loans at lower interest rates.
5. Who can be the co-applicant for home loan?
Indiabulls Housing Finance permits the spouse or other immediate family members of a home loan applicant to become co-applicants. However, it's essential that the co-owner(s) of the property being financed must also be co-applicants for the home loan.