Home Loan Online – Apply for Housing Loan Online at low Interest Rates | HDFC Bank (2024)

The Most Important Terms and Conditions (MITC) of the loan between the Borrower/s - and Housing Development Finance Corporation Limited, a Company incorporated under the Companies Act, 1956 and having its registered office at Ramon House, H T Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai 400 020, hereinafter called "HDFC" are agreed upon and mentioned as under:


1. Loan Sanctioned Amount :

Sanctioned Amount :

2. Interest

(i) Type :
(ii) Interest chargeable :
(iii) Moratorium or subsidy :
(iv) Date of reset of interest :
(v) Modes of communication of changes in Interest rate : HDFC informs of such change in Retail Prime Lending Rate (RPLR) through a 'press release' in major leading news papers across India and on its website www.hdfc.com.

3. Installment Types : Monthly

4. Repayment of the Loan [ * ]

(a) The amount of EMI :
(b) Total number of installments where the loan is repayable in equated monthly installments :

*Subject to variation in terms of the loan agreement executed/ to be executed between the Borrower/s and HDFC. HDFC shall endeavor to keep its Borrowers informed of any change in interest rates through its official
website (www.hdfc.com), annual statement of accounts, display in its offices and general announcements from
time to time. If such change is to the disadvantage of the customer, he/she may within 60 days and without notice close his / her account or switch it without having to pay any extra charges or interest.

5. Loan Tenure :

6. Purpose of Loan (the purpose for which the loan is sanctioned) :

7. Security/Collateral for the Loan [ * ]
Security of the loan would generally be security interest on the property being financed and/or any other collateral/ interim security as may be required by HDFC.

(a) Property description :
(b) Guarantee: Names of the Guarantor/s (if any) :
(c) Other Security interest (if any) :

8. Fees and Other Charges

A. Fees and other charges as applicable on application/ during the term of loan/ conversion charges for switching from floating to fixed interest and vice-versa/ and penalty for delayed payments, are as under:

Sr.NoName of the Product/ServiceName of Fee/Charge leviedWhen PayableFrequencyAmount in Rupees
1AFees for Housing Loan/ Extension/Improvement of Housing Loan /Refinanceof Housing Loan/Plot Loans for Housing(Salaried, Self Employed Professionals)Processing FeesAt ApplicationOnceUpto 0.50% of the loan amount or Rs. 3000/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention
Amount: Rs. 3000/-
1BFees for Non Housing Loan/Extension/
Improvement of Non-Housing Loan/
Refinance of Non-Housing Loan/Plot Loans for Non- Housing (Salaried,Self Employed Professionals)
Processing FeesAt ApplicationOnceUpto 0.50% of the loan amount or Rs. 4500/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention Amount: Rs. 4500/-
2Fees for Housing/Extension/Improvement/
Refinance/Plot Loans for Self Employed Non Professionals.
Processing FeesAt ApplicationOnceUpto 1.50% of the Loan amount or Rs. 4500/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention
Amount: Rs. 4500/-
3AFees for Top-Up Loan (Salaried,Self
Employed Professionals)
Processing FeesAt ApplicationOnceUpto 0.50% of the Loan amount or Rs. 3000/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention
Amount: Rs. 3000/-
3BFees for Top-Up Loan (Self Employed
Non Professionals)
Processing FeesAt
Application
OnceUpto 1.50% of the Loan amount or Rs. 4500/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention
Amount: Rs. 4500/-
4Fees for Equity/Non Residential Premises Loans.Processing FeesAt
Application
OnceUpto 1.50% of the Loan amount or Rs. 4500/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention
Amount: Rs. 4500/-
5Fees for NRI LoansProcessing FeesAt
Application
OnceUpto 1.25% of the Loan amount or Rs. 3000/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time. Minimum Retention
Amount: Rs. 3000/-
6Fees for Value Plus LoansProcessing FeesAt
Application
OnceUpto 1.50% of the Loan amount or Rs. 3000/- whichever is higher + taxes and statutory levies and charges, as may be applicable from time to time.
7Fees for Loans under HDFC Reach
Scheme
Processing FeesAt
Application
OnceUpto 1.50% of the loan amount + taxes and statutory levies and charges, as may be applicable from time to time.
8Delay Payment ChargesAdditional
Interest
On AccrualMonthlyA maximum of 18% P.A on the defaulted sum.
9Expenses to cover costsIncidental
Charges
On incurring
expenses

Incidental charges and expenses are levied to cover the cost, charges, expense and other monies as per actuals applicable to a case.
10Statutory ChargesCERSAI On
Disbursement/ Change of security
OnceAs per charges levied by CERSAI.
11Statutory ChargesStamp Duty/
MOD/MOE
On Fixing of
Disbursement
OnceAs applicable in the respective state,
12Switch to Lower Rate in Variable rate
Loans (Housing/Extension/Improvement)
Conversion FeesOn ConversionOn every Spread
change
Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap Rs. 50000 plus taxes whichever is lower.
13Switching to Variable Rate Loan from
Fixed Rate Loan (Housing/Extension/
Improvement)
Conversion FeesOn ConversionOnceUpto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap Rs. 50000 plus taxes whichever is lower.
14Switch from Trufixed fixed rate to
Variable rate
Conversion FeesOn ConversionOnce1.75% of the Principal Outstanding
and undisbursed amount (if any) plus taxes at the time of Conversion.
15Switch to Lower Rate
(Non–Housing Loans)
Conversion FeesOn ConversionOn every Spread
change
Half of the spread difference on the principal outstanding and undisbursed amount (if any) plus taxes, with a minimum fee of 0.5% and Max. 1.50%.
16Switch to Lower Rate (Plot Loans)Conversion FeesOn ConversionOn every Spread
change
0.5% of principal outstanding and undisbursed amount (if any) plus taxes at the time of Conversion.
17Cheque/ECS Dishonour ChargeMiscellaneous
Receipts
On Cheque
Dishonour
Depends on no. of DishonourRs. 200/- Per Dishonour.
18Photo Copy of DocumentsMiscellaneous
Receipts
EventOn every requestUpto Rs. 500 plus taxes.
19Fees on account of External Opinion Miscellaneous
Receipts
On incurring expenses
As per actuals.
20List of documentsMiscellaneous
Receipts
EventOn every requestUpto Rs. 500 plus taxes.
21PDC swapMiscellaneous
Receipts
EventOn every requestUpto Rs. 500 plus taxes.
22Disbursement cheque cancellation charge post disbursementMiscellaneous
Receipts
EventOn every requestUpto Rs. 500 plus taxes.
23Re-appraisal of loan after 6 months from sanctionProcessing FeesAt
Re-Application
OnceRs. 2000 plus taxes and statutory levies and charges, as may be applicable from time to time.
24Increase/Decrease in loan termProcessing FeesAt RequestOnceRs 500 plus taxes and statutory levies and charges, as may be applicable from time to time
  • On Foreclosure/Prepayment Charges
1.A. Adjustable Rate Loans (ARHL)

and
Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest
  • For Individual Borrowers:

    For all loans sanctioned only to individual borrowers, no prepayment charges shall be payable on account of part or full prepayments made through any sources.

  • For Other than Individual Borrowers - For loans sanctioned with company/ Sole Proprietorship Concern/Firm or an HUF as co-applicants:
  • In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2 % plus taxes and statutory levies and charges, of the amounts being so prepaid;
  • Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources* of the Borrower.

    Any amounts prepaid in any financial year in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

    Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

  • The customer will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of pre-payment of the loan.
*the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The prepayment charges as mentioned above are as on date of execution of this loan agreement, however they are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time. Customers are requested to refer to www.hdfc.com for the latest charges applicable on prepayments.
2.B. Fixed Rate Loans (“FRHL”)

and
Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest

  • For Individual Borrowers:

    For all loans disbursed, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes and statutory levies and charges, of the outstanding amounts being so prepaid through refinance from any Bank/HFC/NBFC or Financial Institution (such amounts shall include all amounts prepaid during the given financial year) and not through own sources* and shall be applicable to all partial or full prepayments.

  • For Other than Individual Borrowers - For loans sanctioned with company/ Sole Proprietorship Concern/Firm or an HUF as co-applicants:
  • In case the loan is prepaid within the first six (6) months from the date of first disbursement, Prepayment Charges shall be levied at a rate of 2% plus taxes and statutory levies and charges, of the amounts being so prepaid;
  • Upon the expiry of the first six (6) months and up till 36 months, the borrower shall have the option to prepay up to 25% of the opening principal amount every financial year, of the loan, without any prepayment charges. Such prepayments would need to be made from the own sources of the Borrower.

    Any amounts prepaid in excess of the 25% threshold shall attract prepayment charges at 2% of the amounts being so prepaid in excess of 25% every financial year.

    Upon the expiry of 36 months, no prepayment charges will be applicable if the loan is prepaid from own sources. However should the loan be prepaid through refinance the borrower shall be liable to pay prepayment charges.

    c) The customer will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of pre-payment of the loan.

*the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The prepayment charges as mentioned above are as on date of execution of this loan agreement, however they are subject to change as per prevailing policies of HDFC and accordingly may vary from time to time. Customers are requested to refer to www.hdfc.com for the latest charges applicable on prepayments.



  • Fee refundable if loan not sanctioned/disbursed

    Processing Fee paid by the Customer is refundable subject to retention by HDFC of the Minimum Retention Amount as indicated against specific categories of loans in the table above.

  • (a) Insurance of property
    The Borrower shall ensure that the property is, during the pendency of the loan, always duly and properly insured against all risks such as earthquake, fire, flood, explosion, storm, tempest, cyclone, civil commotion, etc. HDFC be made the sole beneficiary under the policy / policies.
    (b) Insurance of Borrower
    The Borrower may avail health and/or life insurance cover for himself with HDFC as the sole beneficiary under the policy / policies.
  • Conditions for disbursement of the loan
  • The Borrower shall:
  • Submit all relevant documents as mentioned in the Sanction Letter/Loan Agreement.
  • Intimate HDFC of any change in his employment/contact details.
  • Request for disbursement of the loan in writing (as per the manner prescribed by HDFC). Such request shall be deemed to have been duly made when made by hand, mail or through website of HDFC (www.hdfc.com) or such other form/manner as may be announced by HDFC from time to time.
  • Comply with all preconditions for disbursement of the loan as mentioned in the Sanctioned Letter.
  • Ensure that he has absolute, clear and marketable title to the property (security) and the said property is absolutely unencumbered and free from any liability whatsoever.
  • Ensure that no extra-ordinary or other circumstances have occurred which shall make it improbable for the Borrower to fulfill his obligations under the Loan Agreement for the present loan.
  • Ensure that no event of default has happened in terms of the Loan Agreement executed/to be executed by the borrower.
  • The following conditions shall be applicable for all other loans except Home Equity Loans, Non-Residential Premises Loan and Top up Loans:
    The Borrower shall:
  • Pay the own contribution amount (total cost of flat less the loan amount), as specified in the sanction letter.
  • Regularly provide HDFC information, including details regarding progress / delay in construction, any major damage to the property, non-payment of taxes and statutory levies and charges, as may be applicable from time to time pertaining to property, etc.
  • Ensure that construction being undertaken is as per the approved plan and has satisfied himself/herself that all required approvals for the project have been obtained by the developer (by the seller in case of resale purchase of property).
  • Satisfy HDFC on the utilisation of the proceeds of any prior disbursements of the loan amount and provided adequate proof of the same.
    Brief Procedure to be followed for Recovery of overdue:
    Customers are explained the repayment process of the loan in respect of, tenure, periodicity, amount and mode of repayment of the loan. No notice, reminder or intimation is given to the customer regarding his/her obligation to pay the EMI or PEMI regularly on due date.

On non-payment of Pre-EMI/EMI by the due dates, HDFC shall remind the customers by making telephone calls, sending written intimations by post and electronic medium or by making personal visits by HDFC's authorized personnel at the addresses provided by the customer. Costs of such calls/communication /visits shall be recovered from the customer.

Notwithstanding what is stated herein, it shall be the liability of the customer to ensure that the Pre-EMI/ EMIs are regularly paid on the due dates.

Credit information relating to any customer's account is provided to the Credit Information Bureau (India) Limited (CIBIL) or any other licenced bureau on a monthly basis. To avoid any adverse impact on the credit history with CIBIL, it is advised that the customer should ensure timely payment of the amount due on the loan amount.

The recovery process of enforcement of mortgage/securities, including but not limited to, taking possession and sale of the mortgaged property in accordance with the procedure prescribed under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) or under any other law, is followed purely as per the directions laid down under the respective law. Intimation/Reminders/Notice(s) are given to customer prior to initiating steps for recovery of overdues, under the Negotiable Instruments Act, Civil Suit as well as under the SARFAESI Act.

  • Date on which annual outstanding balance statement will be issued : On Customer's request.
  • Customer Services
  • Customer Service Queries including requirement of documents can be addressed to HDFC through the following channels:

    Write to us through our website: www.hdfc.com or notify us at:
    HDFC Ltd, HDFC House, H T Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai 400 020.

  • Visiting hours and the details of person to be contacted for customer service with respect to all branches of HDFC are available at www.hdfc.com.
  • Contact HDFC Custo
  • mer Service Officer at your nearest branch within the working hours as mentioned in the Loan Application form for:
  • Photo Copies of documents, which can be provided in 7 working days from date of placing request. Necessary administrative fee shall be applicable.
  • Original documents will be returned within 10 working days from the date of closure of loan. Necessary administrative fee shall be applicable if documents collected beyond due date of release of documents.
  • Loan Account statement (time line): Within 3 working days of the receipt of request
  • Grievance Redressal:
    There can be instances where the Borrower is not satisfied with the services provided. To highlight such instances & register a complaint the Borrower may follow the following process:
  • The Borrower can complain to customer care on www.hdfc.com or
  • Borrower can meet or write to the Business Head for the respective dealing branch
  • In case the concern remains unresolved beyond a period of 7 days, the Borrower may escalate the matter to the Managing
    Director at :
    The Managing Director,
    HDFC Ltd, HDFC House, H T Parekh Marg,165-166, Backbay Reclamation,
    Churchgate, Mumbai 400 020.
  • In case the Borrower is still not satisfied with the response, the complainant may approach the Complaint Redressal Cell of National Housing Bank by lodging its complaints in Online mode at the link https://grids.nhbonline.org.in OR in offline mode by post, in prescribed format available at link http://www.nhb.org.in/Grievance-Redressal-System/Lodging-Complaint-Against-HFCsNHB%E2%80%93 Page 8 of 8 Physical-Mode.pdf to Complaint Redressal Cell, Department of Regulation & Supervision, National Housing Bank , 4th Floor, Core 5A, India Habitat Centre, Lodhi Road, ND -110023.
    It is hereby agreed that for detail terms and conditions of the Loan, the parties hereto shall refer to and rely upon the loan and other security documents executed/to be executed by them. The above terms and conditions have been read by the borrower/s / read over to the borrower by Shri/Smt.

    ________________________________________________________________________________________________ of HDFC and have been understood by the borrower/s.
    ____________________________________________
    (Signature or thumb impression of the Borrower/s)
    ___________________________________________
    (Signature of the authorized person of HDFC)

View Less

As an expert in the field of financial transactions and loan agreements, I bring a wealth of knowledge and experience to shed light on the terms and conditions outlined in the article about the loan agreement between the Borrower/s and Housing Development Finance Corporation Limited (HDFC).

Let's delve into the key concepts and terms used in the document:

  1. Loan Sanctioned Amount:

    • The document mentions the "Sanctioned Amount," but the specific details about this amount are not provided. The borrower should refer to their loan agreement for this information.
  2. Interest:

    • The document outlines different aspects of interest, including type, chargeability, moratorium or subsidy, date of reset, and modes of communication of changes. Understanding these details is crucial for borrowers to manage their finances effectively.
  3. Installment Types:

    • Monthly installments are mentioned as the chosen method of repayment. Borrowers need to be aware of the frequency and amount of these installments.
  4. Repayment of the Loan:

    • The document discusses the amount of Equated Monthly Installments (EMI) and the total number of installments. Additionally, it mentions the borrower's ability to close or switch the account within a specified period if there are changes to the interest rates.
  5. Loan Tenure:

    • The loan tenure, which indicates the duration for which the loan is sanctioned, is a crucial factor for borrowers to plan their finances accordingly.
  6. Purpose of Loan:

    • Understanding the purpose for which the loan is sanctioned is essential for borrowers to ensure compliance with the terms and conditions.
  7. Security/Collateral for the Loan:

    • The document discusses the security interests on the property being financed and any other collateral required by HDFC. Borrowers need to be familiar with the details of the property description, guarantees, and other security interests.
  8. Fees and Other Charges:

    • Various fees and charges applicable during the loan term are outlined, such as processing fees, conversion charges, delay payment charges, statutory charges, and more. Borrowers must be aware of these charges to avoid any surprises.
  9. Prepayment Charges:

    • The document explains prepayment charges for both Adjustable Rate Loans (ARHL) and Fixed Rate Loans (FRHL). Borrowers need to understand these charges and the conditions under which they apply.
  10. Insurance:

    • The document highlights the insurance requirements for the property and the borrower. Compliance with these insurance conditions is crucial for maintaining the loan agreement.
  11. Conditions for Disbursement:

    • Borrowers are provided with conditions they must fulfill for the disbursement of the loan, including document submission, notifying changes, and ensuring clear property title.
  12. Recovery of Overdue:

    • The document outlines the process for recovering overdue payments, including reminders and credit information reporting. Borrowers should understand the consequences of non-payment and take necessary actions to avoid adverse effects on credit history.
  13. Customer Services and Grievance Redressal:

    • Information about customer services, contact details, and the grievance redressal process is provided. Borrowers can refer to these details in case of queries or complaints.

In summary, borrowers entering into a loan agreement with HDFC should carefully review and understand these terms and conditions to ensure compliance and successful management of their financial obligations.

Home Loan Online – Apply for Housing Loan Online at low Interest Rates | HDFC Bank (2024)

FAQs

Which bank is best for home loan with low interest? ›

Top Home Loan Banks
  • SBI Home Loan. 8.05%-8.55% ...
  • HDFC Home Loan. 8.60% - 9.50% ...
  • Axis Bank Home Loan. 7.60% - 8.05% ...
  • ICICI Home Loan. 8.40% - 9.45% ...
  • Bank of Baroda Home Loan. 7.45% - 8.80% ...
  • PNB Home Loan. 8.25% - 11.20% ...
  • LIC Housing Finance Home Loan. 8.00% - 9.25% ...
  • Aditya Birla Home Loan. 8.00% - 13.00%
Feb 15, 2024

Which bank gives most home loan? ›

Top 10 Best Bank For Home Loan
  • Axis Bank Home Loan. ...
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  • Citibank Home Loan. ...
  • State Bank of India Home Loan. ...
  • Canara Bank Home Loan. ...
  • Bank of Maharashtra Home Loan. Bank of Maharashtra home loans offer low EMIs and higher loan amounts. ...
  • Kotak Mahindra Home Loan.

Which bank has the lowest interest rate? ›

Lowest interest rates charges by banks on their personal loans:
  • Karur Vsya Bank:Interest rate on secured loan is 11 percent per annum and 13 percent per annum on unsecured personal loans. ...
  • Yes Bank: Yes Bank charges an interest rate that starts with 10.49 percent per annum. ...
  • Milestone Alert!
Jan 24, 2024

Why would a bank not approve a home loan? ›

Credit score is the most important factor in determining mortgage approval, but your income and debt levels, as well as the size of the loan vs. the home's value, are also major factors. Recent changes in your financial stability, such as a new job or unusual bank account activity, can delay mortgage approval.

What is the easiest home loan to get? ›

Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.

What is the lowest amount a bank will loan for a mortgage? ›

Most major mortgage lenders won't offer loans under the $50,000 mark. Lenders are used to people asking for the maximum amount they can borrow (the average maximum mortgage loan amount is $ 300,000), so some might not even have an official minimum threshold.

What banks are the easiest to get loans from? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

What is the best bank to get approved for a loan? ›

Summary: Best Personal Loans From Banks
CompanyForbes Advisor RatingCurrent APR range
Discover3.57.99% to 24.99%
Wells Fargo3.57.49% to 23.24%
PNC Bank3.0Rates vary by zip code
Citibank3.010.49% to 19.49%
2 more rows
Apr 1, 2024

Who has the best home loans right now? ›

Best mortgage lenders
  • Ally: Best on a budget.
  • Better: Best for FHA loans.
  • Bank of America: Best for closing cost assistance.
  • USAA: Best for low origination fees.
  • Veterans United: Best for VA loans.
  • New American Funding: Best for custom mortgages.
  • Chase: Best for discounts.
  • SoFi: Best for quick closings.

How to get loan at lowest interest rate? ›

How to obtain a Personal Loan at a low interest rate?
  1. How to obtain a Personal Loan at a low interest rate? ...
  2. A good credit score is important. ...
  3. Maintain a clean and good record of repayment history. ...
  4. Compare Personal Loan interest rates and watch out for seasonal offers. ...
  5. Consider your Employment history. ...
  6. Employer's credibility.

Which type of loan is cheapest? ›

Secured loans typically offer some of the lowest interest rates due to the collateral provided by the property. The loan is secured by the home, gold, or any vehicle, which reduces the risk for the lender.

Can I request a lower interest rate? ›

Asking your issuer for an interest rate cut can seem intimidating, but it doesn't have to be. The key is to do your research beforehand so that you can come prepared with the information you need to negotiate, like the details of your current card and how it compares to similar cards on the market.

How do I know if my bank will approve a loan? ›

While each lender has their own criteria, there are certain signs that indicate a higher likelihood of approval. In this section, we will explore three key factors that can signal your personal loan will be approved: a strong credit score, stable income and employment, and a low debt-to-income ratio.

What disqualifies you from getting a mortgage? ›

High debt-to-income (DTI)

Before approving you for a mortgage, lenders review your monthly income in relation to your monthly debt, or your debt-to-income (DTI). A good rule of thumb: your mortgage payment should not be more than 28% of your monthly gross income. Similarly, your DTI should not be more than 36%.

What do banks need to approve a home loan? ›

Lenders typically ask for items such as identifying documents (state-issued ID such as a driver's license and/or passport), pay stubs for the last 60 days, two years of federal tax returns, bank account statements (savings and checking), and any investment account statements (including retirement accounts) from the ...

How to get lowest interest rate on home loan? ›

Make a larger down payment

While some loans have low down payment options, the ability to pay more can reduce mortgage rates and monthly payments. The smaller the down payment, the riskier lenders view your loan, and the higher the interest rate you may have to pay.

What credit score is needed to buy a house with low interest rate? ›

What credit score do you need to get a mortgage? Mortgage lenders typically want to see a score of 620 or better before approving a conventional mortgage. There are government-insured mortgages if your score is lower, and if your score is 760 or higher you'll qualify for the best interest rates.

What is a good interest rate on a house? ›

As of Apr. 23, 2024, the average 30-year fixed mortgage rate is 7.52%, 20-year fixed mortgage rate is 7.42%, 15-year fixed mortgage rate is 6.87%, and 10-year fixed mortgage rate is 6.78%. Average rates for other loan types include 7.24% for an FHA 30-year fixed mortgage and 7.20% for a jumbo 30-year fixed mortgage.

Will home loan interest rates go down in 2024? ›

MBA: Rates Will Decline to 6.1% In its March Mortgage Finance Forecast, the Mortgage Bankers Association predicts that mortgage rates will fall from 6.8% in the first quarter of 2024 to 6.1% by the fourth quarter. The industry group expects rates will fall below the 6% threshold in the first quarter of 2025.

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