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Apply For Home Loan – Why Rubique For Online Home Loans
We have partnered with leading banks and NBFC's to provide you a comprehensive range of home loan options. Our unique matchmaking algorithm ensures that we match your requirements with available options and provide you the best results.
Offers are displayed sequentially to help you compare key features like interest rates, processing fees, tenure and features. So, you can make an informed decision.
Once you have compared and found the loan that is best suited to your requirements, you need to fill a detailed online application form. This is required to check your eligibility and process your application.
We also help you with end to end fulfilment, including documentation pick up and submission to the respective financial institutions. You can track the entire journey of your application by logging in to \"My Accounts\" section.
FAQ on Home Loan
What are the key parameters to consider while looking for a home loan in India?
Purpose of the loan
Purpose of the loan or you will buy a plot and construct later Whether the house you are considering to purchase is ready for possession or will you be buying a plot and constructing later Loan eligibility amount Interest rate and EMI Processing Fee Pre-closure fees and pre-payment fees applicable
Whether the house you are hoping to purchase is ready for possession or are you buying a plot to construct a house on
Home loan eligibility amount
Housing loan interest rate and EMI
Pre-closure fees and pre-payment fees applicable
How can I compare loans from different providers?
All you have to do is complete the eligibility form on Rubique and gain access to customized quotes from a number of home loan providers.
You can browse, compare interest rates, EMIs, repayment charges and processing fee and make an informed decision.
What are the tenure options for home loan?
A home loan can be taken for any time period between 5 and 25 years. The tenure varies as per the lender and eligibility of the customer.
It is important to remember however that your eligibility ends after the age of 65, or when you retire – whichever comes first. So the tenure must end before either of these.
Can I apply for a housing loan with a co-applicant?
Yes, you can apply for a loan with a co-applicant. All you have to do is specify it in the application form. Having a co-applicant increases your chances of availing an increased loan amount, depending on his/her profile, income and obligations.
What is the eligibility for home loan?
Broadly speaking, anyone aged between 25 and 65 years who is not retired is eligible. The following criteria are also important because they determine your potential to repay the loan:
Purpose of the loan Your income Assets and liabilities Your spouse’s income, in case you are applying for a joint loan Qualifications Employment and professional experience Credit score and history (the prospect of getting a loan increases with a good credit score) Residential status Number of dependents
Financial institutions determine your potential to repay basis the above parameters.
How large a loan can I avail of?
Banks or financial institutions can lend up to 75-80% of the cost of the property. You are expected to pay 20-25% of the amount as a down payment for the loan.
For self-employed individuals, your business’ profit is the yardstick to determine the amount of loan you can avail.
What is processing fees?
This is charged by the bank or financial institute for processing your application. The charge is generally fixed or is a percentage of the loan amount.
Are registration and stamp duty costs covered under home loan?
Apart from the actual loan amount, registration charges, transfer charges and stamp duty costs are included in the total cost calculation of the home loan.
Do I need to make a down payment?
Yes, 20-25% of the money is expected to be paid by you as a down payment for the loan. This can be paid from your savings and/or investments; or you can opt for a personal loan, pledging your investments; or take a loan against your insurance policy, etc.
How long does it take to get my housing loan application processed and the loan sanctioned?
The entire process could take anywhere between two to four weeks. It takes around a week or two for processing a home loan application if all the necessary documents are in order.
Additionally, it may take a week or two for the bank to inspect the property papers and make the disbursement. The faster you complete documentation, the faster your application moves.
Why does it long to process an housing loan application?
It’s essential you consider factors like – interest rate, EMI, tenure, pre-payment charges before you finalize your borrowing bank. While selecting a right bank is the first step, the process further involves – application submission with requisite documentations, approval and disbursement. Considering the high value of the property, financial institutions conduct a detailed due diligence on all aspect of the applicant and the property. Hence, it takes a while to process the application.
What security/collateral do I have to provide?
Security can be provided in the form of a guarantee, which requires references from one or two people known to you. Banks could also request your long-term investments to be provided as security; these can include any of the following – life insurance policies, shares/ units or any other security deemed fit by the bank.
What are the documents required at the time of housing loan application?
Every bank has its own set of mandatory documents to process the loan but this is a generic list:
Identity proof – passport/ PAN card/ driver's license, etc. Proof of residence – passport/ ration card/ property documents/ registered rent agreements, etc. (These should preferably be in your name or that of your father or spouse.) Age proof Processing fee cheque Property documents
For a new home loan in approved projects:
Copy of the allotment letter/ buyer agreement Receipt(s) of payment(s) made to the developer
For a loan for a resale home:
Draft copy of sale agreement (in case of purchase transaction) Property sale agreement along with entire previous chain of sale agreements Receipt/(s) of initial payment/(s) made to the seller Share certificate, occupancy certificate / approved plan copy
For balance transfer:
A letter on the letterhead of the existing lender, stating the list of property documents held by them Latest outstanding balance letter from your existing financial institution on their letter head Photocopy of the property documents (including Own Contribution Proof)
Loan for constructing your own home:
Title deeds of the plot Proof of no encumbrances on the property Copy of the plans, approved by the local authorities Construction estimate by an architect/ civil engineer
Additional documents as per customer segment:
Salaried: Salary slips for the last 3 months Form number 16 Employment stability proof
Self-employed professional Education qualification certificate Business stability proof / ownership proof Last 3 years’ Income Tax Returns with computation of income Last 3 years’ CA-certified/ audited balance sheet and profit & loss account
Self-employed non professional Last 3 years’ Income Tax Returns with computation of Income Education qualification certificate. Last 3 years’ CA-certified/ audited balance sheet and profit and loss account Business stability proof / ownership proof
And at the disbursal stage (for property already located), you need to submit the following: Allotment letters Photocopies of title deeds Encumbrance certificate Agreement to sell
For self-construction: o Approved plans and clearance certificates along with estimates
Allotment letters Photocopies of title deeds Encumbrance certificate Agreement to sell
Approved plans and clearance certificates along with estimates
Do I need to take an insurance for my property?
Yes, you will have to insure the property against fire and other hazards, as required by the bank during the loan tenure.
Can I avail loan to buy a property in other city?
Yes. Banks provide loan to purchase property in other cities after validating the property documents.
Are there any additional charges to be kept in mind while purchasing a house?
Yes – transfer, registration and stamp duty charges. These are over and above the cost of the home.
Other charges could include booking fee or processing charges, which are usually paid to the lender when a loan is applied for. This could either be a fixed amount or it could be an amount that is a percentage of the loan amount. Pre-payment penalty is applied if the loan has been paid back in full before the end of the duration that was previously agreed upon. A few lenders may also include consultant fees, documentation charges, etc.
Can I avail home extension or improvement loan?
Yes. You can also avail of a bridge or home construction or land purchase loan.
What is Balance Transfer?
A balance transfer can be availed to transfer an existing loan to a new lender at an attractive rate of interest.
What is the difference between fixed and floating interest rates?
When you avail for loan at a fixed interest rate, it will remain the same throughout the tenure, irrespective of market performance.
With a floating interest rate, market fluctuations will determine increase or decrease of interest rates. In most cases, home loans will be offered at a fixed interest rate.
What is an amortization schedule?
An amortization schedule gives the break-up of your EMI towards repayment interest and outstanding principle of your loan.
How do I pay my monthly EMI?
For monthly payments, banks may request for an Electronic Clearing System (ECS) form to be signed by you linking your salary or operational account. Besides ECS, at the time of applying for the loan, banks may ask you to submit post-dated cheques. Do clarify your ECS debit date with the bank so you can ensure sufficient balance for payment clearance.
Will I be charged by Rubique for services offered?
No. The service offered by Rubique are completely free of charge.
After I submit my application to Rubique, what next?
Once your application has been electronically processed and received, it will be securely sent to the Financial Institution of your choice. You will soon be contacted by the lender directly for further process.
How do I apply for a housing loan?
Rubique offers home loan solutions from several banks and non-banking financial institutes. You can, not only compare, but also get an instant approval for your home loan application through our online integration with the bank’s system. You can browse, compare and apply for loan from here.
Can I pre-pay my home loan?
You can pre-pay your loan, however a pre-payment charge maybe levied. This can be anywhere between 2-5%.
What happens if I default on an ECS payment?
Firstly, you will be levied a fee for late payment. Secondly, all your loan transactions are collected by Credit Information Bureau of India Ltd. (CIBIL). Defaulting on a loan will show up poorly on your credit history and could pose a problem when applying for a loan in the future.
What is Credit history?
It basically records your repayment of past loans and credit card bills. The Credit Bureau of India Limited (CIBIL) maintains credit history and it is important that you have a good credit score with CIBIL if you wish to avail a loan in a hassle-free manner.