Which Bank is Best for a Home Loan?

1. Bank of Baroda

Bank of Baroda is one of India’s leading commercial public sector banks with operations in various business segments, including corporate banking, retail, wholesale, and overseas. It is one of the best banks for taking a home loan. Let’s learn about the home loan details of this bank - 

Interest Rate

From 7.20% p.a. to 9.95% p.a.

Maximum Loan Amount

• Mumbai: ₹20 Crore

• Hyderabad, New Delhi (including NCR) and Bengaluru: ₹7.50 Crore

• Other Metros: ₹5 Crore

• Urban Areas: ₹3 Crore

• Semi-urban and Rural: ₹1 Crore

• Chandigarh, Panchkula & Mohali: ₹5 Crore

Tenure

Up to 30 years

Processing Fee

Between 0.35% and 50%, minimum ₹5,000 and maximum ₹25,000

Eligibility Criteria

• Indian residents or non-resident Indians (NRIs) holding an Indian passport, or Persons of Indian origin (PIOs) holding a foreign passport or Overseas Citizens of India (OCI)

• Applicants should be aged between 21 and 70 years; co-applicant should be at least 18 years of age

Contact Number

• 1800 5700 / 1800 5000 (Domestic Toll Free Number)

• +91 79-66296009 (Domestic customers calling from abroad, 24X7)

2. Canara Bank

Canara Bank is an Indian public sector bank based in Bengaluru. It was established in 1906, and the bank was nationalized in 1969. It is a great option if you are looking for the best home loans in India. Here are some details of the home loans offered by Canara Bank -

Interest Rate

From 7.15% p.a. to 10.00% p.a.

Maximum Loan Amount

• No upper limit

• Salaried people can get up to 72 times the last drawn monthly gross salary, up to 96 times for high-income or eligible profiles

• Self-employed people can get up to 6 times the annual gross income averaged over the preceding three years, selectively up to 8 times for eligible profiles

Tenure

Up to 30 years or up to 75 years of age of the borrower, whichever is earlier 

Processing Fee

0.50% (minimum ₹1,500 and maximum ₹10,000) 

Eligibility Criteria

• You should be a resident Indian, NRI, PIO, or OCI holding a valid passport

• If you are salaried, you should have at least two years of continuous service, including six months in the current organization

• If you are non-salaried, you should have at least three years of income proof (ITR/ITAO)

• Your age should be below 60 years, and the loan needs to be cleared before the age of 75

• If you are aged more than 60 years, you can apply jointly with an earning spouse or legal heir

Contact Number

• 1800 1030 (24/7 Toll Free)

• 080 2211 5526, 080 2222 1581 (Charges apply)

• hocss1@canarabank.com 

3. Indian Bank 

Indian Bank is an Indian public sector bank, established in 1907, and its headquarters are in Chennai. Since 1969, the Government of India has owned the bank, and it is under the jurisdiction of the Department of Financial Services within the Ministry of Finance. 

If you are searching for the best bank for a home loan in India, you can consider this bank. Take a look at the basic details of the home loans offered by them -

Interest Rate

From 7.15% p.a. to 9.55% p.a. 

Loan Amount

• Loan will be considered only based on NTHP criteria

• If the gross annual income of the applicants is up to ₹15 Lakh, take-home income should not be less than 40% of the gross annual income 

• If the gross annual income of the applicants is above ₹15 Lakh, NTHP should be a minimum of ₹50,000 per month

Tenure

Maximum 30 years

Processing Fee

₹1,500+GST to ₹5,000+GST or 0.25% to 1.00%, depending on the loan amount and type of home loan

Eligibility Criteria

• Regular employees of Central Government / State Government / Public Sector Undertakings / Government or Government-aided Educational Institutions with salary statement from the existing employer for at least the previous 3 months

• Regular employees of MNCs / Reputed Companies (Externally rated as BBB or above) with salary statement from the existing employer for at least the previous 3 months, subject to the condition that they have total experience of minimum 2 years

• For businessmen, professionals, and self-employed, minimum experience of 3 years

• Pensioners should have an adequate income to service the loan

Contact Number

• 1800 1700 (Toll-Free Number)

• +91 22 4444 2888 (Non-Toll-Free Number)

4. Punjab National Bank 

The Punjab National Bank was established in 1894 and was purely managed by Indians, making it the first Swadeshi Bank in India. Here are the details related to one of the best home loans offered by PNB -

Interest Rate

From 7.25% p.a. to 11.15% p.a. 

Loan Amount

• Need-based, depending upon the project cost and repaying capacity of the borrower

• Maximum ₹100 Lakh, for purchase of Land/Plot for House Building

• Maximum ₹100 Lakh, for repairs/renovation/alterations

• The cost of furnishing may be included in the project cost with a maximum of 25% of Home Loan or ₹100 Lakh, whichever is lower, within the prescribed Loan to Value (LTV) ratio.

Tenure

Up to 30 years; final tenure depends on your age, job type, and retirement limit 

Processing Fee

1.00% of the loan applied for + GST, minimum ₹10,000 + Applicable Taxes 

Eligibility Criteria

• Must be above the age of 21, should not be more than 70 at the time of the maturity of the loan

• Should be a permanent resident of India

• Should have a minimum work experience of 3 years, if you are salaried

• Should have at least 3 years of business continuity, if you are self-employed

• Should have a minimum salary of ₹15,000 per month 

• Should have a credit score of 611+

Contact Number

• 1800 120 8800 (Toll Free; 10 A.M. to 6 P.M. from Monday to Saturday (Excluding First & Second Saturday and Holidays) 

• +918448198457 (WhatsApp)

• customercare@pnbhousing.com 

• nricare@pnbhousing.com (For NRI customers)

5. State Bank of India 

The State Bank of India is one of the biggest public sector banks in India. The bank offers home, personal loans, personal and credit cards, travel cards, and insurance policies. Here are the details of home loans offered by SBI -

Interest Rate

7.25% p.a. onwards 

Loan Amount

Depends on your income, repayment capacity, and the Loan-to-Value (LTV) ratio of the property, which typically funds up to 75% to 90% of the property’s value 

Tenure

Up to 30 years

Processing Fee

0.35% of the loan amount, minimum ₹5,000 and maximum ₹18,000 + GST 

Eligibility Criteria

• You must be an Indian citizen, Non-Resident Indian (NRI), or an Overseas Citizen of India (OCI)

• You should be a minimum of 18 years and a maximum of 70 years at loan maturity

• You must have a stable and reliable source of income, whether as a salaried employee, self-employed professional, or business owner

• The property must have a clear legal title and comply with SBI's lending criteria to be eligible for financing

Contact Number

• 1800 1234 / 1800 2100 / 1800 11 2211 / 1800 425 3800 (Toll Free Numbers)

• 080 2659 9990 

• customercare@sbi.co.in 

• contactcentre@sbi.co.in 

6. Union Bank of India

Union Bank of India is one of the largest banks in the country. It is engaged in banking, financial services, payment systems, and insurance. The Head Office building of the Bank was inaugurated by Mahatma Gandhi in 1921. 

They offer some of the best home loans, and here are the rates and eligibility criteria -

Interest Rate

7.15% p.a. to 12.65% p.a.

Loan Amount

Depends on your repayment capacity, income, and the market value of the property. 

Tenure

Maximum 30 years 

Processing Fee 

0.50% (maximum ₹15,000 + GST) 

Eligibility Criteria

• You must be an Indian resident or an NRI

• Your age should be between 18 and 75 years

• You should have a stable income and a strong credit score 

Contact Number

• 1800 8333 / 1800 2333 / 1800 8331 / 1800 8332 (All-India Toll Free number)

• 0 22445 46567 (Dedicated number for NRIs)

• customercare@unionbankofindia.bank.in 

7. Indian Overseas Bank

Indian Overseas Bank (IOB) was founded on the 10th of February, 1937 by Shri. M.Ct.M. Chidambaram Chettyar. The Bank was founded with the main objective of specializing in foreign exchange business in banking to take the bank across the globe.

If you are considering the best home loans in India, you can check out the details of home loans offered by IOB - 

Interest Rate

From 7.10% p.a. to 10.25% p.a.

Loan Amount:

Lower of 90% of the Agreement Value or the LTV based on the Fair Market Value, subject to your repayment capacity 

Tenure

Up to 30 years

Processing Fee: 

0.50% to 0.75%, maximum ₹25,000

Eligibility Criteria

For IOB Subha Gruha:

• A group of individuals or a Co-operative Society members

• Their maximum age must be 55 years; 60 years of age may also be considered if their legal heirs join them. However, the loan should be paid back before 70 years of age.

• If salaried, you must have a permanent job with 2-3 years of experience

• If self-employed, you must have a minimum of 3 years of activity in a related field

For IOB Home Improvement Scheme:

• Your age should be between 21 and 60 years

• If salaried, you must be confirmed in service

• If self-employed, you must have filed your ITR in the last 2 years

For IOB Home Advantage Scheme:

• Your age must be between 18 and 60 years

• If salaried, you must be confirmed in service

• If self-employed or professional, you must have filed your ITR in the last 2 years

For IOB Subhagruha Gen-Next:

• You should be a salaried employee working in private companies, government or MNC or PSUs.

• Your age must be between 21 and 45 years. Age should not exceed 70 years at the time of the last instalment of the loan

• Your minimum monthly net income should be ₹30,000

For IOB NRI Home Loan:

• You should be an NRI with a valid Indian passport

• You could also be a person of Indian origin having a passport of a country other than Pakistan, Bangladesh, China, Iran, Afghanistan, Sri Lanka, Nepal and Bhutan

• Your minimum monthly net income should be ₹30,000

Contact Number

• 1800 890 4445 / 1800 425 4445 (Toll Free Numbers) 

• +91-040-35293602 / +91-040-24787010 (Overseas Customers / Global Users, Available 24X7)

• 044-28525496, 044-28591029 (Customer Service)

8. UCO Bank

The idea of a truly Indian bank was first conceived by Mr. G.D Birla, after the historic Quit India movement in 1942. Soon this nascent idea came into reality and, on the 6th of January 1943, the United Commercial Bank Ltd. was born. The year 1985 opened a new chapter for the Bank as the name of the Bank changed to UCO BANK by an Act of Parliament. 

Looking for the best bank for home loans in India? Check out the details of home loans from this bank -

Interest Rate

From 7.15% p.a. to 12.50% p.a.

Loan Amount

• No upper limit for purchasing, constructing, extending, or taking over an existing home loan

• Specific caps apply to specialized repair, renovation, and furnishing needs 

Tenure

30 years, subject to the condition that full repayment must be completed before the borrower reaches 75 years of age 

Processing Fee

0.25% to 0.50% (minimum ₹1,000 and maximum ₹15,000), depending on the type of home loan

Eligibility Criteria

• Minimum age at the time of loan application should be 21 years

• Maximum age at the time of loan maturity should be 75 years

• Should be a Resident Indian, NRI, or PIO

Contact Number

• 1800 8910 (Toll free)

• hosp.cscell@uco.bank.in 

9. Bank of Maharashtra

Bank of Maharashtra (abbreviated as BoM) is an Indian public sector bank, based in Pune. It was established in 1935 and nationalised by the Government of India in 1969. Learn about the details of the home loans offered by this bank -

Interest Rate

From 7.10% p.a. to 9.65% p.a.

Loan Amount

Depends on the property value through Loan-to-Value (LTV) ratios up to 90% 

Tenure

Up to 30 years

Processing Fee

0.25% of the loan amount, up to a maximum of ₹25,000

Eligibility Criteria

• Minimum age should be 21 years 

• Maximum age at maturity should be up to 75 years 

• Salaried individuals must have a minimum gross monthly salary of ₹50,000 for specific government or PSU schemes, or a stable job history of at least 2 years

• Self-employed/Business owners must show a minimum annual income of ₹3 Lakh backed by 2 to 3 years of Income Tax Returns (ITR)

Contact Number

• 1800 233 4526 / 1800 102 2636 (Toll-free numbers)

• mahaconnect@bankofmaharashtra.bank.in 

10. Punjab & Sind Bank

Punjab & Sind Bank is an Indian public sector bank headquartered in New Delhi. This can be one of the best banks for home loans. Here are the loan amount, interest rates, tenure, and all other details related to home loans from this bank -

Interest Rate

7.30% p.a. to 10.70% p.a., min. 7.10% p.a. after concession

Loan Amount

• Minimum home loan amount of ₹5 Lakh with no upper limit 

• For repairs and renovations, the maximum quantum is generally capped at ₹20 Lakh 

Tenure

Up to 30 years 

Processing Fee

0.15% - 0.25% (minimum ₹1,000 to maximum ₹15,000)

Eligibility Criteria

• Should be an Indian citizen between the ages of 18 and 70

• Should have a stable income source

• CIBIL score of 690 or 700 and above preferred

Contact Number

• 011 2586 0657 / 2582 6216

• b0385@psb.co.in

• rtgs@psb.co.in 

11. Bank of India

Bank of India is an Indian public sector bank headquartered in Mumbai. Founded in 1906, it has been government-owned since nationalisation in 1969. Want to take a home loan from Bank of India? Look at the details here -

Interest Rate

10.65% p.a. to 12.55% p.a.

Loan Amount

• Depends on the purpose of the property and its market value

• Up to ₹3 Crore for general purchases or construction

• Up to ₹5 Crore in specific metro cities

• Over ₹7.5 Crore for luxury properties under specialized schemes 

Tenure

Up to 360 months (30 years)

Processing Fee: 

0.25% to 0.35% (minimum ₹3,500 and maximum ₹30,000) ₹60,000 for Star Diamond Home Loan, irrespective of loan amount

Eligibility Criteria

• Should be a minimum of 18 years to a maximum of 70 years at the time of the final repayment

• Should be a resident Indian, an NRI, or a PIO 

• Individuals should be salaried, self-employed, or a professional

• Non-individuals should be a group, association of individuals, HUF, or Corporates. Please note that a trust is not eligible under the scheme

Contact Number

• 1800 220 229 / 1800 103 1906 (Toll-free)

• 022 4091 9191 (Charges apply) 

12. Central Bank of India

The Central Bank of India is an Indian public sector bank with its head office in Mumbai. It is another one of the best banks for home loans in India. The interest rates, quantum of loan, tenure, processing fee, eligibility, and contact details of home loans from the Central Bank of India are mentioned below - 

Interest Rate

7.10% p.a. to 9.30% p.a.

Loan Amount

No upper cap; loan amount will be based on property cost percentages, Loan-to-Value (LTV) ratios, and the applicant's income levels

Tenure

Up to 30 years, or until the borrower reaches 75 years of age, whichever is earlier 

Processing Fee

• 0.50% (minimum ₹2,500 and maximum ₹20,000) 

Eligibility Criteria

• Should be over 18 years of age with a steady source of income, including persons engaged in agriculture & allied activities

• In case the property holder does not have an independent source of income, the income-earning close relative may join as a co-borrower for the loan, and his or her income can be taken for arriving at loan eligibility. 

• Should have a minimum credit score of 700

Contact Number

• 1800 3030 (24 hours)

• 1800 203 1911 (Exclusively for Pensioners)

• customercare@cboi.bank.in 

13. Axis Bank

Axis Bank Limited is India's third-largest private bank. The bank's interests are well spread across the corporate credit market, including large and multinational companies. It also has a strong presence in government securities underwriting and distribution, both in India and overseas. Let’s look at the details of the home loans offered by them -

Interest Rate

8.00% p.a. to 9.10% p.a.

Loan Amount

• Minimum of ₹1 Lakh (or ₹3 Lakh for specific regular schemes) up to a maximum of ₹5 Crore. 

• The final amount depends on your income, property value, and credit profile 

Tenure

Up to 30 years

Processing Fee

Upfront ₹5,000+GST, and up to 1.00% of the loan amount, or ₹10,000 (whichever is higher) + GST; 1% to 2% of the loan amount  + GST for ASHA HL

Eligibility Criteria

• Salaried or self-employed individuals, or professionals

• Minimum age should be 21 years at the time of loan start

• Maximum age should be 60 years (for salaried) and 65 years (for self-employed & professionals) at the time of loan maturity

Contact Number

• 1800 209 5577 / 1800 103 5577 (Toll-free)

• 1860 419 5555 / 1860 500 5555 (Charges applicable)

14. HDFC Bank

HDFC Bank Limited (HDFC Bank) is a leading private sector bank and financial services provider. HDFC offers outstanding integrated financial products such as retail banking, small savings schemes, asset management and wealth management, and corporate overdraft. Want a home loan from this bank? Check out the details here -

Interest Rate

7.75% p.a. to 13.20% p.a.

Loan Amount

Up to ₹10 Crore

Tenure

Up to 30 years or until the borrower reaches retirement age, whichever is earlier 

Processing Fee: 

0.50% to 2.00% of the loan amount, or ₹4,000 to ₹5,000, whichever is higher, based on the loan scheme

Eligibility Criteria

• Should be between the ages of 21 and 65 years.

• If salaried, they should have a minimum monthly salary of ₹10,000

• If you have a business, your minimum income should be ₹2 Lakh per year

Contact Number

• 18001600 / 18002600 ​​​​​​​ 

• +912261606160 (for customers travelling abroad)

• 1800 210 0018 (Toll-free for Home Loans)

• +912264807999 (Home loan customers travelling abroad)

15. ICICI Bank Limited

ICICI Bank Limited is a leading financial services company in India with extensive domestic and international operations. They offer loans to individuals, entities, and corporations for the purchase of homes, building accessories, commercial businesses, automobile needs, personal needs, and agricultural requirements. 

The details of one of the best home loans in India are mentioned below -

Interest Rate

8.50% p.a. to 12.25% p.a.

Loan Amount

Up to ₹10 Crore, though maximum limits can stretch higher depending on individual credit evaluation, profile, and property value 

Tenure

Maximum 30 years, minimum 5 years

Processing Fee

Up to 2.00% of the loan amount

Eligibility Criteria

• Should be salaried or self-employed

• Should be aged between 20 and 65 years if you are salaried

• Should be aged between 21 and 70 years if you are self-employed 

• Should have a credit score of 700 and above

• Should be an Indian citizen

Contact Number

• 1800 1080 

• customer.care@icici.bank.in 

16. IDFC First Bank

IDFC First Bank is an Indian private sector bank based in Mumbai. Founded in 2015 as a banking subsidiary of IDFC Limited, it shifted focus from infrastructure financing to retail banking after its 2018 merger with Capital First. Here are some details related to their home loans - 

Interest Rate

7.75% p.a. onwards 

Loan Amount

• Up to ₹10 Crore, subject to your financial profile, property valuation, income eligibility, and credit score. 

• Generally, the loan amount covers between 75% and 90% of the total property cost 

Tenure

Maximum 30 years, minimum 12 months 

Processing Fee

Up to 3.00% of the loan amount

Eligibility Criteria

For Self-Employed Individuals:

• Should be an Indian resident 

• Should be aged between 23 and 70 years

• Should have a minimum of 4 years of business continuity

• Should earn a minimum of ₹1.5 Lakh per annum

For Salaried Individuals:

• Should be an Indian citizen (both resident & non-resident)

• Should be aged between 21 and 60 years

• Should have a minimum of 3 years of experience

• Should earn a minimum of ₹1 Lakh per annum

Contact Number

• 1800 10888 

• 95555 55555 (WhatsApp)

17. IndusInd Bank

With operations spread across all major cities and towns of India, IndusInd Bank’s banking portfolio includes corporate banking, retail banking, treasury, and information technology. The bank is one of the most preferred choices for Indians all over the world because of its renowned brand name in India and abroad. 

Which is the best bank for a home loan will depend on your needs, but here are details of home loans offered by IndusInd Bank - 

Interest Rate

8.00% p.a. to 15.00% p.a.

Loan Amount

Up to ₹10 Crore, subject to the applicant's eligibility, repayment capacity, and the market value of the property 

Tenure

Up to 30 years 

Processing Fee

Up to 1.00% of the loan amount + GST

Eligibility Criteria

For salaried individuals:

• Should have a minimum yearly income of ₹1 Lakh 

• Minimum age should be 21 years 

• Should have a minimum of 1 year in the current employment & 1 year in the current residence

• The property age should be 45 years at the time of loan maturity

For self-employed individuals:

• Should have a minimum yearly profit of ₹1 Lakh 

• Minimum age should be 21 years and maximum 65 years

• Should have a minimum of 3 years’ experience in the same line of business & 1 year in the current residence 

• The property age should be 45 years at the time of loan maturity

Contact Number

• 18002660447 

• reachus@indusind.com 

18. IDBI Bank

IDBI (Industrial Development Bank of India) is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and the Government of India. Here are some details related to the home loans offered by IDBI Bank - 

Interest Rate

7.40% p.a. to 11.90% p.a.

Loan Amount

Up to ₹10 Crore 

Tenure

Up to 30 years for salaried people

Up to 20 years for self-employed non-professionals

Processing Fee

0.50% of the loan amount (Plus applicable taxes)

Eligibility Criteria

• Minimum age of salaried individuals (including NRIs / PIOs) should be 22 years

• Maximum age of the applicant at loan maturity should be 70 years or retirement age, whichever is earlier

• Minimum age of self-employed professionals & self-employed non-professionals should be 25 years

• Maximum age of the applicant at loan maturity should be 65 years or retirement age, whichever is earlier

Contact Number

• 18002094324 / 1800221070 (if calling from India) 

• 02267719100 (if calling from overseas or India, charges apply)

• customercare@idbi.co.in 

19. Kotak Mahindra Bank Limited

Kotak Mahindra Bank is one of the fastest-growing banks in India. It offers transaction banking, corporate and investment banking, textiles, and real estate asset management, etc. In addition to this, the bank has set up Regional Nodes across India, which enable customers to avail of services at their doorstep.

Details related to their home loans are mentioned below -

Interest Rate

Starting from 7.60% p.a.

Loan Amount

Up to ₹40 Crore

Tenure

Up to 25 years 

Processing Fee

Up to 2% of the loan amount

Eligibility Criteria

For salaried individuals:

• Your age should be between 18 and 60 years 

• If you are from a metro city, your minimum monthly income should be ₹20,000

• If you are from a non-metro city, your minimum monthly income should be ₹15,000

For self-employed individuals:

• Your age should be between 18 and 65 years 

• If you are from a metro city, your minimum monthly income should be ₹20,000

• If you are from a non-metro city, your minimum monthly income should be ₹15,000

For partnership firms / LLP / Indian Company:

• It should have existed for a minimum of 3 years

• If it is located in a metro city, the minimum yearly income should be ₹2,40,000

• If it is located in a non-metro city, the minimum yearly income should be ₹1,80,000

For Hindu Undivided Families (HUF):

• It should have existed and have filed IT returns for a minimum of 3 years,

• The applicant / co-applicant should be the Karta

• If it is located in a metro city, the minimum yearly income should be ₹2,40,000

• If it is located in a non-metro city, the minimum yearly income should be ₹1,80,000

Contact Number

• 1800 4100 (Mon to Sat, 9:00 AM to 8:00 PM, excluding Bank holidays

• +91 22 6204 2001 (from outside India, local charges apply)

20. Yes Bank

YES BANK is a full-service commercial bank providing a complete range of products, services, and technology-driven digital offerings to retail, MSME as well as corporate clients. Yes Bank offers home loans, and its details are as follows -

Interest Rate

8.65% p.a. onwards

Loan Amount

Minimum of ₹10 Lakh (or ₹1 lakh under specific affordable housing schemes like YES Khushi) up to a maximum of ₹10 Crore 

Tenure

Up to 35 years

Processing Fee

1% of the loan amount or ₹10,000, whichever is higher + GST

Eligibility Criteria

• Must be an Indian resident or NRI aged between 21 and 70 years

• If you are salaried, you must have a minimum monthly income of ₹20,000 to ₹25,000 with 2 years of work experience

• If you are self-employed, you should have at least ₹4 Lakh per annum with 2-3 years of continuous business or professional practice

• A credit score of 750 or above is ideal. However, scores between 600 and 750 are considered average.

Contact Number

• 1860 210 1200 (Charges applicable)

• 1800 1200 (Toll Free)

• yestouch@yes.bank.in 

• yesfirst@yes.bank.in 

Summing Up: How to Choose the Best Bank for a Home Loan?

Which bank is the best for a home loan depends both on the bank and your requirements. Let’s look at the various things you should check before settling on a bank -

• Interest Rate & Type

Decide if you want a fixed, floating, or hybrid interest rate. Also check how much the bank is charging. Compare interest rates carefully because home loans are long, and even a 0.5% difference in interest can mean saved funds.

• Tenure

Home loans are generally as long as 30 years. A longer tenure means a lower EMI, and a short EMI means lesser money spent as interest. Your goal should be to choose a tenure that makes your EMI comfortable as well as saves your funds. 

• Processing Fee and Other Charges

Processing charges, documentation charges, etc. are non-refundable fees that you have to pay. Home loans are associated with a lot of charges. 

• Foreclosure Rules and Fees

Since home loans are for 25-30 years, you should make sure that you are allowed to close the loan before the tenure ends. Check what the foreclosure rules and fees are before signing the loan agreement.

• Quantum of Loan

The amount of loan the bank is offering you is based on your property’s value, your income, and many other factors. However, you need to see which bank is giving you the quantum of loan that you require. 

• Location & Type of Property

Where your property is situated is also an important factor. Different banks might be better for rural, semi-urban, or urban properties. Which bank has a better network in your location might also be a deciding factor. 

Apart from this, whether your property is commercial or residential will play a role in choosing the bank. Banks might have expertise in dealing with different kinds of properties. 

• Your Credentials 

Your details are another factor that should be taken into account before choosing a bank. All banks have different eligibility criteria and prerequisites. Which bank suits your credentials, such as your credit score, type of employment, etc., also needs to be looked into.