A home loan in India is provided by Banks and Housing Finance Companies for the purchase of a residential purpose property. Housing Finance Lenders/Financiers in India includes Indian Private sector Banks, India Public Sector Banks, Multinational Banks, Scheduled Banks Cooperative Banks and NBFCs with Housing Finance company License (HFC License). A Home loan is a secured loan and the property you are buying get mortgaged with the financier lending you the loan,
Private Sector Banks
Leading India Private Sector Bank Offering Home Loans are ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Federal Bank and others.
Public Sector Banks
Leading Public Sector Banks in India actively offering housing finance or home loans includes the State Bank of India (SBI), Punjab National Bank (PNB), Bank of Baroda (BOB), Union Bank, Bank of India, IDBI Bank, Central Bank, Bank of Maharashtra and others.
Non-Banking Financial Corporations(NBFCs)
NBFCs are very actively offering Home Loans in India and have customized products and offers in home loan to meet every home loan requirement and they have a very deep penetration in the India top Cities to smaller cities. HDFC Limited, LIC Housing, PNB Housing Finance Limited, ICICI Housing Finance, Tata Capital Housing Finance, Aditya Birla Housing Finance, Bajaj Finserve, are leading NBFCs offering home loans in the country.
Multinational Banks
MNC Banks offers very competitive interest rate for home loans in India, most actively lending MNC Banks includes Citibank, Standard Chartered Bank (SCB), DBS Bank, Sinhan and others.
Housing Finance companies offer home loans to Indian Residents working in a public/private sector enterprises or a Multinational Corporation, Self- Employed Individuals having own business, NRIs (Non-Resident Indians) & PIOs. Some of the NBFCs offer home loan to Firms and companies as well where the business entity is purchasing a residential purpose property for the accommodation of business owner or employees of the organisation.
Financiers in India offer home loan for a tenure of 1 year to 30 years, depending on the age of the loan applicants for a loan amount ranging from as low as Rs. 2.00 to Rs. 25.00Crores or even more depending on the income eligibility of a borrower. In Indian metro cities banks, have sanctioned and disbursed loans to the tune of Rs. 200Cr to 400 Cr or even higher, in simply means the upper cap of a home loan amount is not fixed and depends on the risk-taking appetite of the financiers and loan eligibility of the borrower. The home loan interest rates in India varies from as low as 8.05% to 11.25% percent depending on the cost of the funds of the lender. Banks home loan lending rate is linked to MCLR of the bank and NBFCs lending rate is linked to PLR of the NBFC.
