A home loan is an amount lent by a bank/financial institution to you so that you can buy your dream home. The house you purchase will be the security for the loan. The ownership deed will be held by the lender and given to you when the loan amount and the interest on the same are paid back. It is generally of a long tenure and a big sum. There are different types of home loans – Home Purchase Loan, Home Improvement Loan, NRI Home loans, Land Purchase Loans etc.
There are certain eligibility criteria for taking a home loan like regular income, age, property for which loan is being taken etc. There are many institutions out there offering loans. The person taking the loan has to compare the products. Some key features to compare are interest rate, processing fees, prepayment charges, lending institution credibility and ease of processing.
We have analysed home loan products of 6 companies on the basis of a few parameters.A detailed comparison is available below. For more details, refer to individual company's websites. Kindly note that this analysis covers offerings from major banks and housing finance companies only & this is not an all-product comprehensive comparison. The analysis is valid on the date being published.