Home Loan Offers This Diwali: SBI vs ICICI vs HDFC Bank Home Loan Rates

Diwali is around the corner, and like every year, we’re all set to bring significant changes in our lives. Some of us are going to buy a new car, new jewellery or maybe a new home. If you’re also planning to buy a new home this Diwali, then this write-up is meant for you! Because through this article, we’re gonna help you know exciting and beneficial Diwali offers from leading banks on home loans.

But first, let us discuss more about home loans, their eligibility and the procedure to apply.

As the name suggests, a home loan is a loan advanced to an individual to assist in buying a house. Home loans offer high-value funding at reasonable interest rates for a longer tenure. They can be repaid through EMIs. However, the interest rates in home loans differ from bank to bank.

Now, that we have understood the basics of home loans, let’s dive into the best Diwali offers.

To begin with, Diwali is majorly the best time to apply for a home loan as many leading banks provide exciting offers and discounts. Have a look: 

India’s largest bank is offering a concession of 15 basis points to 20 basis points as its festive campaign offer between October 4, 2022, to January 31, 2023. However, the interest rate varies from 8.40% to 9.05%. Also, the interest rates are on regular home loans and will depend on the borrower’s CIBIL score. 

This Diwali, HDFC bank is offering home loans starting at 8.4% per annum and the maximum is 8.90%. Also, the bank provides some additional benefits to the women borrower. And the interest rates are applicable to Home loans, balance transfer loans, house renovation and home extension loans.

This year, ICICI bank has come up with its festive bonanza. With the bank, you can get a pre-approved home loan & pre-approved balance transfer with a processing fee of just Rs. 1100. The bank also offers 50% discount on the processing fee for a home loan, loan against property and balance transfer. 

There are other bank offers as well. Interest rates are the primary comparison when it comes to loans because it affects your monthly EMI and total payable amount. So, this Diwali, 

a) Kotak Mahindra bank is offering loans at 8.49 -9.10% interest rates. 

b) Bank of Baroda is offering loans at 8.45 -9.80% interest rates. 

c) LIC housing finance is offering loans at 8.00 -9.25% interest rates. 

Also, the Pradhan Mantri Awas Yojana (PMAY) has provided potential homeowners with subsidised interest rates. 

Here, we’re gonna mention a common parameter that all major banks and non-banking financial companies (NBFCs) follow. However, the eligibility criteria could be different for each lender as per their requirements. Let’s now understand the basic eligibility criteria:

1. The age limit to apply for a home loan is 18 years to 70 years.

2. The minimum income for getting a home loan is Rs. 25,000.

3. The minimum income for getting a home loan is Rs. 25,000.

4. The minimum income for getting a home loan is Rs. 25,000.

5. The minimum income for getting a home loan is Rs. 25,000.

6. Your credit score must be at least 750.

7. The property type can be under construction, land/plot, build on own land, buy land and build a home, or a completed one.

8. Your resident type should be a permanent resident or non-resident Indian (NRI).

9. You should have a minimum of 2 years of work experience.

The procedure to apply for a home loan may differ, but we’re gonna tell you a standard one:

1. Visit the official portal of the lender or visit offline and fill out the loan application form. You’ll also require attaching relevant documents.

2. Now, once you fill out the application, pay the processing fees. 

3. Discuss with the lender or bank and get the valuation of the documents done. 

4. Now, the bank will start the sanction and approval process. This step takes a lot of time as the bank reviews each and every detail very carefully. 

5. Once your home loan request is approved, the bank will process the offer letter.

6. Now, the procedure to process the property papers is followed by a legal check. Also, the processing of a technical check and the site estimation.

7. Once everything is done, the final loan deal procedure begins.

8. After the paperwork is complete, the applicant needs to sign the loan agreement.

9. Once done, the loan amount is provided via cheque.

Disclaimer: The information mentioned above was taken from the concerned bank's official website at the time of writing. BQ Prime is not liable for any changes. Please research before you purchase.