Top 10 Housing Finance Companies in India
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Housing Finance Companies in India are Non-Banking Finance Companies (NBFC) registered under the Companies Act of 1956. These companies came into effect to provide housing finance to low and middle-income groups. Since its inception, the HFCs have been regulated by the National Housing Bank (NHB) but now they are regulated by the Reserve Bank of India (RBI) in 2019. Presently, India has a total of 25 Housing Finance Companies out of which the following are the top ten HFCs.
Top 10 Housing Finance Companies in India
The following are the top ten housing companies in India that offer home loans at affordable interest rates.
1. LIC Housing Finance
LIC Housing Finance Limited is one of the leading companies to offer home loans at affordable rates. The loans can be opted for by salaried individuals, self employed professionals. LIC Housing Finance offers home loans with interest rates ranging from 8.45% to 10.50%. The home loans are offered for a tenure of upto 30 years. While the processing charges for the home loan vary from 0.25 to 0.50%. One can choose to apply for home loans either in the online or offline mode.
2. Tata Capital Housing Finance
Tata Capital Housing Finance is one of the premium choices for property enthusiasts. The home loans offered can finance upto 80% of the total property cost with interest rates ranging from 8.60% to 10.10%. When it comes to processing fees, the Tata Capital Housing Finance company offers loans for purchasing a plot, constructing a new home or making improvements to existing property covering 80% of the total property cost.
3. Bajaj Housing Finance
Considered one of the cheapest home loan companies in India, they offer an EMI starting from Rs 755. The home loans offered by Bajaj Housing Finance Home Loans cover 85% of the total property cost. The interest rates for home loans range from 8.50% to 15%. However, the minimum eligibility to avail of the home loan is having a monthly income of upto Rs 30,000. One can avail a home loan of upto Rs 5 crore with a total disbursal time of 48 hours.
4. PNB Housing Finance
With the value of home loans of upto Rs 20 crore, PNB Housing Finance is one of the leading housing finance companies in India. The institution also offers a special scheme called PNB Unnati Home Loan for low-income groups. The home loans cover upto 90% of total property. While the interest rate ranges from 8.75% to 11.25% per annum making it a great deal for Indians and NRIs. Individuals can apply for a home loan in offline or offline mode depending on their fund requirements.
5. HDFC Housing Finance
One of the loan wings of HDFC Bank, HDFC Housing Finance is one of the leading institutions to offer home loans. The company is known for its flexible home loan policies with a tenure of upto 30 years. The interest rates offered by HDFC Housing Finance vary in the range of 8.50% to 9%. Also, home loans cover upto 90% of the total property cost making the repayment process hassle-free. The main USP of HDFC Housing Finance is its lower processing charges, non-availability of foreclosure charges or floating rates that offer borrowers an extra edge.
6. Indiabulls Housing Finance
Indiabulls Housing Finance Limited is known to offer home loans with flexible repayment options. The company offers home loans to salaried, self employed, and NRI etc. With interest rates starting from 9.30%, they offer loans for buying property, construction purposes, home improvement and buying apartments. The company is known for its quick application and disbursal process which makes it a leading financial institution in the home loan market.
7. Edelweiss Housing Finance Limited
With a home loan interest rate ranging from 8.50% to 16.45%, Edelweiss Housing Finance is one of the top ten housing finance companies in India. All the home loans offered by the company cover upto 90% of the total property value. One can opt for a home loan to fund construction of a new property, or repair and renovation of a residential unit. The housing company offers home loans with a processing fee of only 0.25%.
8. ICICI Home Finance
ICICI Home Loans offers loans for both self employed and salaried professionals. The loan amounts can vary between Rs 3 lakh to Rs 5 crore with quick approval and disbursal process. ICICI Home Finance is known for its quick application and disbursal is completed within 72 hours. The interest rates vary from 9% to 10.05% with a maximum tenure of 30 years offering easy repayment.
9. Fullerton India Home Finance Company Limited
The Grihashakti Home Loan by Fullerton India is designed for both salaried and self employed individuals. The company offers user-friendly home loans with interest rates ranging from 9.50% to 10.50%. A salaried professional or self employed can avail of the home loan with the total cost covering 75% to 90% of the total property cost. The institution charges a very low processing fee i.e. 0.25% making it a preferred choice if you have mid budget.
10. L&T Finance
L&T Finance is one of the preferred home loan destinations for individuals who are seeking home loans for a tenure of upto 30 years. The home loans are available at attractive interest ranging between 8.60% to 8.75% and processing charges for just 0.25%. The home loan by L&T Finance can be used to buy a plot, construct a new property, and renovate apartments.
Interest Rate of Top 10 Housing Companies in India
The housing companies in India offer interest rates at varied rates for the customers. The home loans are available for different loan amounts. One can compare the rate of interest to make an informed decision. Go through the table below to know about the interest rates of the top ten housing companies in India.
| Interest Rate of Housing Company 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 | 8.40%-10.35% | 8.40%-10.55% | 8.40%-10.75% |
| Tata Capital Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Bajaj Housing Finance | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| PNB Housing Finance | 8.50% – 14.50% | 8.50% – 14.50% | 8.50% – 11.45% |
| Repco Home Finance | 9.50% onwards | 9.50% onwards | 9.50% onwards |
| GIC Housing Finance | 8.80% onwards | 8.80% onwards | 8.80% onwards |
| Indiabulls Housing Finance | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Aditya Birla Capital | 8.80%-14.75% | 8.80%-14.75% | 8.80%-14.75% |
| 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 | 8.60% onwards | 8.60% onwards | 8.60% onwards |
FAQs
1. What are the top 10 housing finance companies in India?
LIC Housing Finance, Tata Capital, Bajaj Finance, PNB Housing Finance, HDFC Housing Finance, Indiabulls Housing Finance, ICICI Home Finance, Fullerton India Home Finance, and L&T Finance are the top 10 housing finance companies in India.
2. Which is the No. 1 finance company in India?
LIC Housing Finance is the Number 1 finance company in India.
3. Which is the third largest housing finance company in India?
HDFC Housing Finance is the third largest housing finance company in India.
4. What are the top 4 finance companies in India?
Tata Capital, Bajaj Finance, PNB Housing Finance, and HDFC Housing Finance are the top 4 finance companies in India.
