indiabull home loan

Which is better Indiabulls home loan or HDFC or SBI?

Finance

With so many options, it is quite ok to be confused. But, housing loans may continue up to 30 years and if you make the wrong choice out of confusion, you may end up regretting after some time. So, to avoid that, it’s better you do the comparison between Indiabulls home loan with that of HDFC Ltd. and SBI. But, which out of the these three is better? Well, no one can exactly you this but yourself.

These housing finance lenders have different functioning. The rates and documentation for Indiabulls home loan is ofcourse different from that of SBI and HDFC. So, in this article, we will compare these lenders for the same product – home loan.

We will focus on the documents checklist to see which one is giving the loan with minimal documentation and also the rates which is the most important factors defining the loan difference.

Indiabulls Home Loan Interest Rate

The rate of interest available for home loans ranges from 8.50%-10.80% per annum.

Indiabulls Home Loan Documents

You need to keep all the below-listed documents to get approval for the loan:

  • Application form: duly signed
  • Processing Fee Cheque
  • Age proof
  • Address proof
  • Signature proof
  • Identity proof
  • Income documents
  • If salaried: Salary slips, Form 16 and bank statement
  • If self-employed: ITRs with financial statements, Bank statement
  • Property Documents

HDFC Home Loan Interest Rate

The rate for this loan amount is 8.60% 9.25% per annum which varies depending on the loan amount and customer profile.

HDFC Home Loan Documents

The documentation process for the loan is simple and can be read below:

  1. Valid Passport
  2. Voter ID Card
  3. Aadhaar Card
  4. Valid Driving Licence
  5. Last 3 months’ Salary Slips
  6. Last 6 months’ Bank Statements, showing salary credits
  7. Latest Form-16 and IT returns
  8. Employment Contract / Appointment Letter in case current employment is less than 1 year old
  9. Last 6 months’ Bank Statements showing repayment of any ongoing loans
  10. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  11. Cheque for processing fee favouring ‘HDFC Ltd.’
  12. Copy of the Allotment Letter / Buyer Agreement
  13. Receipt/(s) of payment/(s) made to the developer

SBI Home Loan Interest Rate

The bank has recently increased housing loan rates. At present, 8.45% per annum is the lowest rate of interest which is for women. Others can get the minimum rate of 8.50% per annum. The rates are linked to 2 year MCLR which is 8.35%.

SBI Home Loan Documents Required

The list of documents required for the loan application are as follows:

For Salaried:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Original salary certificate from employer
  • TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department

For Self-employed:

  • Duly filled loan application
  • 3 recent passport size photographs
  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
  • Proof of business address for non-salaried individuals
  • Bank statement/Pass Book of last three month
  • Signature identification from present bankers
  • Personal Assets and liabilities statements
  • Acknowledged copies of three years IT return/Assessment orders
  • Photocopies of challans evidencing payment of Advance Income Tax

As you can, Indiabulls home loan rate and eligibility is different from other two lenders. You can compare the effective EMIs for each of the rates and then decide which is the most suitable one.

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