Make your dream home a reality with our leading home loan services. Wonder Homz has tied knots with an array of banks providing nimble and hassle-free mortgage loans. Unlock home credit loans with a host of benefits, like low housing loan interest rates and smaller EMIs to space out your payments over a longer tenure.
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HDFC Bank
Home Loan Banks: HDFC Bank Home Loan
Interest Rate: 8.95% - 9.85%
Processing Fee: Up to 0.5%
Rating: 4.5*
Loan Amount/Tenure: ₹5L - ₹10Cr Tenure (1-30 Years)
Union Bank Home Loan
Interest Rate: 11.4% - 12.65%
Processing Fee: Up to 0.5%
Rating: 4.5*
Loan Amount/Tenure: ₹25L Tenure (1 - 30 Years)
PNB Housing Bank Home Loan
Interest Rate: 8.5%
Processing Fee: Up to 0.5%
Rating: 4.5*
Loan Amount/Tenure: ₹8L - ₹75L Tenure(1 - 30 Years)
Canara Bank Home Loan
Interest Rate: 8.1%
Processing Fee: Up to 0.5%
Rating: 4.5*
Loan Amount/Tenure: ₹10L - ₹50L Tenure (1 - 30 Years)
Indian Bank Home Loan
Interest Rate: 8.6% - 10.15%
Processing Fee: Up to 1%
Rating: 4.5*
Loan Amount/Tenure: Up to ₹75L Tenure (Up to 30 Years)
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Wonder Homz comprehends your financial needs and offers home loans up to 95% of property valuation. Being your true mortgage loan specialist, we open the best routes to affordable home loan interest rates, speedy approvals, and minimal home loan eligibility criteria. Make the next move to your castle with our home loans with quick approval, fast-moving disbursements, flexible loan repayment periods, and low housing loan interest rates starting at 7%.
Home loan offers numerous benefits to the borrower including lower interest rates, tax benefits, flexible repayment time frame and much more.
Home loans are accessible at lower interest rates than other types of loans. Obtaining a home loan is better than going for any other loan type to purchase your dream property. Housing loans are offered at cheap interest rates since the lenders do not want to deal with missed EMIs and unpaid dues.
The finest aspect about housing finance is that the bank will carry it out if you missed out to determine the property's validity. Furthermore, while evaluating the house loan documentation, bank employees conduct legal checks to verify that the borrower is not defrauded. Due diligence evaluates areas where the bank approves the transaction and alerts you if your property purchase is risky in any aspect.
People who have mortgages are eligible for income tax benefits. The deduction of income tax is a fantastic benefit of getting a property loan. It is available for the interest paid on a yearly basis. The amount of interest paid is subtracted from the income tax that must be paid.
Another feature that distinguishes a home loan from other types of loans is the payback period. You can request longer payback terms whenever it is most convenient for you. One can stretch the loan repayment tenure up to 25 to 30 years. The monthly instalments decrease as the repayment period lengthens, easing the EMI burden on the borrower.
A housing loan allows you to transfer the remaining loan balance from one lender to another. There could be a variety of reasons for this, including interest rates, service fees, an unpleasant customer experience, among others.
As per real estate data, the cost of properties has been constantly rising over the last decade. According to analysts, the capital appreciation of the real estate properties is significantly greater as compared to the paid interest amount. It therefore serves as a lucrative opportunity for property owners as now they can sell them for a higher profit.
A home loan or mortgage loan is a set amount of money borrowed from NBFCs and banks to purchase a property. Purchases of apartments, new houses, and plots are eligible for house loans whereas for renovations, extensions and repairs of an existing home, you can opt for a home loan for renovation purposes. However, when choosing such products, scrutinise home loan interest rate so that the EMI amount doesn’t weigh you down.
Skyrocketing real estate prices encourage people to take out a mortgage to become homeowners. The most important aspect of a home loan is that when you get it, the lender keeps your property as a mortgage. You must pay the debt amount through monthly instalments to gain complete ownership of the property. The house loan EMI is calculated by the lender using a home loan calculator or home loan cal.
The repayment of a home loan consists of two parts: repayment of the principal amount and the interest rate. When filing income tax returns, these parts are claimed as a home loan interest deduction or a tax deduction.
Section 80 EEA allows you to claim tax benefits for the interest component paid on a house loan. This part offers house loan borrowers tax incentives of up to INR 1.5 lakhs on the interest rate they must pay.
a) For self-occupied property: Rs. 2,00,000
b) For non-self occupied property: No set limit
a) For self-occupied property: Rs. 1.5 Lakhs
b) For non-self-occupied property: Rs. 1.5 Lakhs
a) For self-occupied property: Rs. 1.5 Lakhs
b) For non-self-occupied property: Rs. 1.5 Lakhs
Banks and finance companies have pre-determined home loan eligibility criteria to verify and provide maximum ease to loan borrowers. Apart from the eligibility criteria, banks look at the applicant's credit history to establish creditworthiness and repayment patterns
Applicant must be between 21 to 65 years
Salaried or self employed
Annual income
Collateral security
Assets, financial stability and occupational continuity
Residence status (Indian or NRI)
Some of the home loan rejection reasons are given below:
Unpaid dues and other ongoing debts
Applicant’s address present on the defaulter’s list
Applicant's age does not come within the eligible age range
Credit score below 600
Frequent job change
Faulty repayment of ongoing debts
Absence of required documents
A home loan can be closed either on the completion of the repayment tenure when you have successfully paid the entire loan amount or via foreclosure.
If your repayment tenure is completed, you just need to visit the lender and fill out the required form for loan closure. Once you are done, the lender will provide you with the loan closure certificate and your property documents that were kept as mortgages at the time of loan approval.
If you have decided to repay the loan amount before completion of loan tenure, i.e. loan foreclosure, you will have to pay associated foreclosure charges.
Once you pay the outstanding amount and the foreclosure, your debts will be cleared. The bank will process your foreclosure application and provide you with a loan closure certificate.
It is a one-time charge that the borrower is liable to pay to the bank or finance provider. Processing fee is charged for recovering the expenses incurred to process the home loan. It is non-refundable and is paid in advance.
It is also termed as administrative fee or login fee. The administrative fee is non-refundable and is charged before applying for a home loan. It is charged prior to loan approval. It can range from Rs. 2,500 to Rs. 6,500. In case of loan approval, the applicant will have to pay the applicable processing fee which will be computed after deducting this amount.
Lenders also term it as Pre Closure Charge or home loan closure charges. Home loan prepayment charges are applicable when a borrower decides to pay the loan amount in one go prior to the end of their tenure. Many banks and financial institutions don’t charge foreclosure fees specifically for floating-rate loans. It can range from 2 to 6 percent of the remaining loan amount.
Banks usually impose this charge when the borrower pays off a specific part of the outstanding balance amount. Afresh, floating interest rate home loans are exempted from this charge. If applicable, the part-payment charge varies from 0.5 to 2% of the outstanding loan amount.
Also known as Switching Fee, conversion charges are applicable when the borrower converts the floating-rate loan to a fixed-rate loan or vice versa.
This charge is imposed when you opt for a changed repayment method and dates. The charged amount for every request is Rs. 500.
All major lenders offer house loans with a maximum repayment tenure of 30 years. The longer the repayment tenure, the lower the monthly instalments, which makes a loan tenure of 25 to 30 years quite appealing.
The maximum and minimum home loan amount that banks offer depends upon the property costs as per current market trends. At maximum you can get 85% of the property cost as loan amount based on property location, and your credibility. At minimum, you can loan 75% of the property price.
A housing loan isn't simply for the purchase of a house. There are several types of home loans, and each has different interest rates.
Many prefer to build their own homes rather than buying one. In such cases, the loan amount is determined by the overall building cost, the property's age and any additional charges. Another benefit is that the entire loan amount can be accepted all at once or in instalments as needed. The rate of interest is determined by the loan amount and typically ranges from 6.85 to 9.50 percent.
The bank will lend the borrower up to 85 percent of the house's cost at an interest rate ranging between 9.85 to 11.25 percent. This form of home loan is available from almost all banks that offer loans.
This is an option that banks and NBFCs offer to borrowers. The bank will lend up to 85 percent of the land's value, with an interest rate ranging from 6.75 to 12.09 percent, depending on the area and credit score. Land is a good investment since a home can be built later after saving money. Additionally, land purchase loans are available at lower interest rates compared to other loan products.
A home renovation loan can be used to remodel your property. It can be used for a variety of purposes, including repairing flaws, painting, updating home interiors, waterproofing and much more.
To avail of a home loan with utmost ease, you need to prepare the below depicted documents:
1) PAN and Aadhar Card
2) Applicant's & Passport
3) Voter ID Card
4) Driving Licence
1) Utility Bills ( Electricity or Telephone Bill)
2) Salary Slips of Last 6 Months and Form 16
3) Identity Proof that Contain address Like, Aadhaar Card
4) Bank Account Statements
5) Income Proof & Employement Proof
1) Passport Size Photographs of the Applicant Welcome to Wonder Homz, your premier tech-enabled property portal, offering a seamless experience in finding verified properties. At Wonder Homz, we handle every aspect of the property buying process, ensuring that your dream property is delivered right to your doorstep. Website Designed by: Quick n Host
2) For Self Employed, Business Continuity proof will be required ( 5 Years )
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