Housing Finance Company is a Non-banking finance company, which is registered under the Companies Act, 1961. They offer financial assistance for the purchase, renovation, construction, and extension of property with flexible repayment tenure of thirty years. The Reserve Bank of India had recently acquired the Housing Finance Companies from National Bank and introduced the below-mentioned guidelines: —
- The Housing Finance Company must possess approximately 60% of net assets invested in the business of housing finance.
- Housing Finance Company having a certificate of registration must hold net owned funds of around twenty crores to resume the business of housing finance.
Apart from offering a diverse range of home loan products, the below-mentioned housing finance companies provide loans against property and investments in the form of fixed deposits.
- Housing Development Finance Corporation Ltd: —- Housing Development Finance Corporation Ltd or in short HDFC provides housing loan products for purposes like renovation, extension, and purchase of a property. This specific lender expanded its branches across various countries including East Europe, Asia, and Africa. The rate of interest charged is 6.7% and a processing fee of 0.50%. The minimum loan amount offered is Rs. 3000 and the maximum loan amount of Rs. 10, 000.
- PNB Housing Finance: — PNB housing finance provides home loans at an interest rate of 7.35% and a processing fee is around 0.50%. You could borrow a minimum loan amount of Rs. 10, 000. The maximum tenure provided is around thirty years however an individual should be at least twenty-one years of age.
- Money view: — Money view is yet another housing financing company that provides a loan amount starting from Rs. 5000 to Rs. 5 lakhs. They offer easy repayment tenure i.e. sixty months. This particular housing financing company is packed with exceptional features and attractive benefits. It is one of the top-rated personal loans, which is safe and secured.
- LIC Housing Finance Limited: —- LIC housing finance limited are providing home loans to customers regardless of the nature of the job. It includes Non-resident Indians, salaried professionals, and self-employed individuals. Repayment tenure starts from thirty years to sixty years of the concerned borrower’s age right from the time of repayment. LIC housing finance limited can be used to either purchase or renovate a property. The rate of interest is around 6.90% and the loan amount you could avail of starts from Rs. 20 lakhs to five crores.
- India bulls: — Applicants could borrow a loan amount starting from Rs. 7000 to Rs. 10, 000 at an interest rate of 9.25%. India bulls also charge processing fees. However, borrowers must be twenty-three years of age to apply for a home loan.
- ICICI Home finance: —- It is the ultimate home loan hub for various homebuyers. It does not matter whether you are a salaried professional or a self-employed individual; ICICI home finance ensures hassle-free housing finance. One could avail a loan amount starting from Rs. 3 lakhs to Rs. 5 crores.
- Tata Capital: — Tata Capital is offering home loans up to Rs. 30 lakhs at 6.90%. They are also charging a processing fee on the loan amount.
- L & T Housing finance limited: — They provide home loans starting from Rs. 3 lakhs to Rs. 10 crores with repayment tenure of up to thirty years. The rate of interest charged by L & T Housing finance limited is very low. Even the customers do have the option to select either floating or fixed rate of interest.
This specific loan can be utilized for the construction of properties, extension of the house, procuring plots, and home improvement.
- Piramal Housing Finance: — Piramal Housing Finance is offering a home loan at an interest rate of 9%. They levy a processing fee of up to 0.10% on the loan amount with repayment tenure of up to thirty years. However, applicants must be at least twenty-three years of age.
- Edelweiss HFL: — Edelweiss Housing Finance Limited is exclusively meant for self-employed individuals and salaried professionals. The loan amount provided by them could be used for the purchase, renovation, repair, and construction of buildings. A customized financing option is available and the interest rate is around 9.75%. Eligibility of loan is decided on several factors such as age, monthly income, qualifications, assets, liabilities, and spouse’s income. The loan repayment tenure is about twenty years.
- GIC Housing finance: — Home loan provided by GIC housing finance is around 10.25%. A processing fee is charged on the loan amount of Rs. 2500. Salaried professionals must be aged between twenty-one years and sixty years and sixty-five years for self-employed.
- Fullerton India Home Finance Company limited: — This particular home finance company grants loans to both self-employed and salaried professionals. They could avail of the loan amount for renovation, purchase, or construction of the property. The official website of Fullerton India Home Finance Company Limited has a Home loan EMI Calculator to enable the customers in computing the cost of a loan amount. To be considered eligible for the loan, salaried professionals should be working in reputed firms while self-employed individuals such as sole proprietors, business owners, doctors, and architects could apply.
- Sundaram Home Finance: — The applicants could avail of a loan amount up to Rs. 30 lakhs at an interest rate of 6.90%. The processing fees start from Rs. 3000. However, borrowers must be at least twenty-one years to be considered eligible for the loan amount.
- Aditya Birla Housing Finance limited: — Aditya Birla Housing Finance Limited is providing home loans up to thirty lakhs at an attractive rate of interest. The loan repayment tenure is up to thirty years. You could apply for a loan amount either online or offline. They ensure a seamless application process to enhance customer satisfaction. This type of calculator is designed to evaluate the profitability of a real estate investment.
- A profitability calculator for real estate investors takes into account your purchase price and resale value as well as any repair costs.
So the above mentioned are some of the leading housing finance companies in India. It is best suited for a budget-conscious individual since they offer an attractive rate of interest and flexible repayment tenure.