Top Housing Finance Companies in India: A Housing Finance Company (HFC) is a Non-Banking Finance Company (NBFC) whose financial assets, in the business of providing housing finance, constitute at least 60% of its total assets (netted off by intangible assets) and out of the total assets (netted off by intangible assets), at least 50% is by way of providing housing finance to individuals.
When you’re ready to buy or build a home, picking the right housing finance company is important. These companies help you with loans to make your dream home a reality. In India, there are several top housing finance companies that offer great services, good interest rates, and flexible loan options.
In this guide, we’ll introduce you to some of the best housing finance companies in India. We’ll look at what makes each one special so you can find the best fit for your home financing needs.
List of Top Housing Finance Companies in India
List of HFCs in India allowed to accept Public Deposits
- Aadhar Housing Finance Limited
Formerly: DHFL Vysya Housing Finance Limited
| Aadhar Housing Finance Home Loan Highlights | |
| Interest Rate | 11.75%-17.00% p.a. |
| Loan Amount | Up to Rs 1 crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to Rs 3,500 |
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| Can Fin Home Loan Highlights | |
| Interest Rate | 12.60% – 14.35% p.a. |
| Loan Amount | 75% to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 1% of the loan amount |
| Aadhar Housing Finance Home Loan Highlights | |
|---|---|
| Interest Rates | 9.95%-11.65% p.a. |
| Loan Amount | Up to Rs 2 crore |
| Tenure | Up to 30 years |
| Housing and Urban Development Corporation Limited Home Loan Highlights | |
|---|---|
| Interest Rates | 8.95% – 9.45% p.a. (Floating) 9.15%- 9.50 p.a. (Fixed) |
| Loan Amount | Up to Rs 1 crore |
| Tenure | Up to 25 years |
| LTV Ratio | Up to 80% of the cost of the housing unit |
| Processing Fees | NIL |
| Administrative Fees | 0.25% of the loan amount |
| ICICI Home Finance Home Loan Highlights | |
|---|---|
| Interest Rate | 9.10% p.a. onwards |
| Loan Amount | Rs 3 lakh – 5 crores |
| Tenure | Up to 25 years |
| Processing Fees | Up to 2% of loan amount |
| Particulars | Details |
|---|---|
| Particulars | Details |
| LIC Home Loan Interest Rate | 8.50% – 10.75% p.a. |
| Loan Amount (LTV Ratio) | 90% of property value |
| Tenure | Up to 30 years |
| Processing Charges | 0.25% of loan amount (Min. Rs 5,000 to Max. Rs 50,000) |
| PNB Housing Finance Home Loan Highlights | |
|---|---|
| Interest Rate | 8.50% – 14.50% p.a. |
| Loan Amount | Rs 8 lakh onwards |
| LTV Ratio | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 1% of loan amount + GST |
| Minimum Monthly Income | Rs 15,000 |
| Minimum Credit Score | 611 and above |
| Sundaram Home Finance Home Loan Highlights | |
|---|---|
| Interest Rate {Annual Percentage Rate (APR)} | For salaried: 10.00% p.a. onwardsFor self-employed: 10.50% p.a. onwards |
| Processing Fees | Up to 0.75% of the loan amount with applicable GST (between Rs 5,000 to Rs 10,000 depending on the loan type and borrower profile) |
Compare Interest Rates of Top Housing Finance Companies in India
| Name of Lender | Up to Rs 30 Lakh | Above Rs 30 Lakh & Up to Rs 75 Lakh | Above Rs 75 Lakh |
|---|---|---|---|
| LIC Housing Finance | 8.50%-10.35% | 8.50%-10.55% | 8.50%-10.75% |
| Tata Capital Housing Finance | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| PNB Housing Finance | 8.50% – 14.50% | 8.50% – 14.50% | 8.50% – 11.45% |
| Repco Home Finance | 10.00% onwards | 10.00% onwards | 10.00% onwards |
| GIC Housing Finance | 8.80% onwards | 8.80% onwards | 8.80% onwards |
| Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Aditya Birla Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Godrej Housing Finance | 8.55% onwards | 8.55% onwards | 8.55% onwards |
| L&T Finance | 8.65% onwards | 8.65% onwards | 8.65% onwards |
Top Housing Finance Companies in India
LIC Housing Finance
LIC Housing Finance, an associate company of Life Insurance Corporation of India, offers multiple home loan schemes along with balance transfer and top-up facilities. The lender also extends a special home loan scheme Griha Vashishtha to meet varied home financing needs of pensioners. – Top Housing Finance Companies in India
| Interest Rate | 8.50% – 10.75% p.a. |
| Loan Amount (LTV Ratio) | 90% of property value |
| Tenure | Up to 30 years |
| Processing Charges | Flat Rs 3,000 |
PNB Housing Finance
PNB Housing Finance, an associate company of Punjab National Bank (PNB), offers regular home loans for new purchase, construction, renovation and extension of a house property. The lender also offers an affordable housing loan scheme, Roshni Home Loan, designed specifically for applicants having low income but adequate home loan repayment capacity with or without formal income proofs.
| Interest Rate | 8.50% – 14.50% p.a. |
| Loan Amount | Rs 8 lakh onwards |
| LTV Ratio | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 1% of loan amount + GST |
Tata Capital Housing Finance
Tata Capital Housing Finance Limited offers home loans to both salaried and self-employed individuals. The lender additionally has a few special home loan schemes for government employees, self-employed individuals and women applicants. The lender also offers a special affordable housing loan scheme for low- and middle-income households. -Top Housing Finance Companies in India
| Interest Rate | 8.75% p.a. onwards |
| Loan Amount | Rs 5 lakh- Rs 5 crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 0.50%+GST |
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Godrej Housing Finance
Godrej Housing Finance (GHF) offers home loans for new purchase, construction, renovation and extension of a house property. The lender also offers ‘EMI Break’ for repayment convenience and ‘Parallel Funding’ to make home loans more affordable through staggered down payments. There are also ‘Design your EMI’ with ‘Flexible Payment Plan’ features that Tata Capital offers to those availing home loans for under-construction properties.
| Interest Rate | 8.55% p.a. onwards |
| Loan Amount | As per applicants’ credit profile subject to the caps on LTV ratio set by the RBI |
| Loan Tenure | Up to 30 years |
| Processing Charges | 3% of the loan amount |
Sammaan Capital Limited
Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) offers a regular home loan scheme to its applicants. The lender also extends a rural home loan scheme to the residents of both rural as well as semi-urban areas. Like other lenders, the Housing Finance Company also offers home loan balance transfer facility to existing borrowers of other banks and HFCs to transfer their home loans at lower interest rates. – Top Housing Finance Companies in India
| Interest Rate | 8.75% p.a. onwards |
| Loan Tenure | Up to 15 years |
| Processing Fees | 0.50% onwards |
Piramal Capital & Housing Finance
Piramal Capital & Housing Finance Limited (PCHFL) offers regular home loan along with other special home loan products featuring benefits such as EMI waivers, lower EMIs for first 5 years of the loan tenure and higher EMIs during the initial loan tenure and balance transfer facility. The lender also offers a special home loan scheme, Gruh Setu, which is aimed at applicants that receive their salaries in cash and/or have lower loan eligibility.
| Interest Rate | 9.50% p.a. onwards |
| Loan Amount | 75% to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 1% of the loan amount |
Aditya Birla Housing Finance
Aditya Birla Finance Limited offers home loans to applicants for buying, constructing, renovating and extending a house property. The lender also extends the balance transfer facility to existing home loan borrowers of other banks/HFCs. The HFC also offers a special affordable housing loan scheme, ABHFL Affordable Housing Loan, in select cities of India.
| Interest Rate | 8.60% p.a. onwards |
| Loan Amount | Up to 90% of property value |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 1% of loan amount + GST |
GIC Housing Finance
Home loans offered by GIC Housing Finance Limited can be availed to purchase, construct, renovate and extend a house property. The HFC also provides affordable housing loans to cater to the home financing needs of low-income groups. – Top Housing Finance Companies in India
| Interest Rate | 8.80% p.a. onwards |
| Loan Amount | 75% to 90% of the property value |
| Loan Tenure | Up to 30 years or retirement age (60 yrs. for salaried and 70 yrs. for self-employed individuals) |
| Processing Charges | Rs. 3,000 + GST |
ICICI Home Finance
ICICI Home Finance Company Limited offers home loans and affordable home loan schemes to salaried and self-employed applicants with or without formal income proofs. The lender also offers balance transfer and top up facilities to existing home loan borrowers of other banks/HFCs.
| Interest Rate | 9.20% p.a. onwards |
| Loan Amount | Rs 3 lakh – 5 crores |
| Tenure | Up to 25 years |
| Processing Fees | 0.75%-3% |
FAQ’s
1. Which are the best housing finance companies in India?
- Some of the best ones are HDFC Ltd., LIC Housing Finance, SBI Home Loans, ICICI Home Finance, and Axis Bank Home Loans. They’re known for offering good rates and flexible terms.
2. What should I look at when picking a housing finance company?
- Check the interest rates, loan terms, fees, prepayment options, and how good their customer service is. Also, consider the company’s reputation.
3. How can I compare home loan offers from different companies?
- You can use online comparison tools, visit the websites of different companies, or talk to financial advisors. Look at the interest rates, loan terms, and any extra charges to see which offer is best.
4. What documents do I need to apply for a home loan?
- Generally, you’ll need proof of identity, income, where you live, property details, and bank statements. Different lenders might have slightly different requirements, so check with them first.
5. What’s the difference between fixed and floating interest rates on home loans?
- A fixed rate stays the same throughout the loan, so your payments are predictable. A floating rate can change based on market conditions, which means your payments might go up or down.
Conclusion
Top Housing Finance Companies in India: Finding the right housing finance company is key to getting a good home loan. Take some time to compare different options, look at interest rates, loan terms, and customer service to see what works best for you. Make sure you understand what documents you need, check the eligibility requirements, and look into any government schemes that could offer extra help.
With a bit of research, you’ll be able to pick a loan that suits your needs. For more information and updates, visit finrollnews.com. If you have more questions or need help, just let me know!
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