Top 10 Best Housing Finance Companies in India

It’s everyone’s dream to have a house of their own. Since the population of India is skyrocketing, the need for homes for the general population also increases. The need for Housing Finance is all time high in India, and we have made a comprehensive list of the Top Housing Finance Companies in India.

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List of Top 10 Housing Finance Companies in India

#1) HDFC

The Housing Development Finance Corporation Ltd. is at the top of Best Housing Finance Companies in India as of 2017.

Started back in 1977, HDFC stands as the leader when it comes to housing loans.

With attractive offers and all round customer care support they garnered high market share in India. Housing and non-housing loans are also available.

Some noteworthy features of HDFC are:

• 40 years of experience in housing finance.
• Market Price of around Rs. 2,50,207 Cr as of May 2017.
• Interest rates are at 8.50% – 8.55%.
• Helped over 5.1 Million customers India wide.

#2) Indiabulls HSG

Indiabulls Housing Finance Limited comes at 2nd largest among the top 10 housing finance companies in India 2017.

Indiabulls is also placed on the list of housing finance companies approved by NHB.

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Indiabulls have won many accolades over the years for their remarkable contributions in housing finance and is one among the most affordable housing finance companies in India.

Some noteworthy features of Indiabulls HSG are:

• Winner of ‘Excellence in Home Loan Banking’, conducted at FM Stars of Industry Awards.
• Market Capital of Rs.45,861 Cr as of May 2017.
• Best use of Digital Media.
• Very useful and user focused e-Home loan websites.

#3) LIC Housing Finance Limited

Founded in 1989, LIC secures the 3rd spot in top 10 housing finance companies in India.

LIC specializes in providing housing finance support for Indians as well as NRI’s; the interest rate may vary for people under different categories.

LIC also provides services for aiding pensioners in building homes at low rates of interest. LIC is also placed on the list of housing finance companies approved by NHB.

Some noteworthy features of LIC Housing Finance Limited are:

• Market Capital of Rs.35,795 Cr as of May 2017.
• The interest rate is at 8.50% to 8.90%.
• 240 market units under 21 back offices.
• Aided in helping 20 lakh families in building their homes.

#4) SBI Home Loans

The State Bank of India is one of the major housing finance companies in India. Their services are aimed at providing affordable housing loans in India.

With total nationwide branches nearing 16,000, they strive to provide customers with easy access and support.

SBI offers about 8.60% interest for women and 8.65% interest for others.

Some noteworthy features of SBI are:

• Reliable service network.
• Zero hidden costs.
• Zero prepayment penalties.
• Reduced interest rates for housing loans for women.

#5) PNB Housing Finance Limited

PNB Housing Finance Limited is yet another Indian housing finance companies, having 25 years of well-built experience and knowledge.

PNB is backed by PUNJAB NATIONAL BANK. They provide their financial services to individuals, corporates for building, repair, renovation and purchase of houses.

Some noteworthy features of PNB Housing Finance Limited are:

• 25 years of experience.
• Market Capital of Rs. 22,609 cr as of May 2017.
• Placed on the list of housing finance companies approved by NHB.
• Option to enhance loan in case if any escalation with cost happens.

#6) GRUH Finance Limited

Relatively new housing finance company in India, GRUH Finance Limited or Gujarat Rural Housing Finance Corporation as it was formerly known is a subsidiary of HDFC.

This means that GRUH has the backing of India’s best housing finance company. The main objective of GRUH is to aid with building or renovation of buildings in rural areas.

Some noteworthy features of GRUH Finance Limited are:

• Aids in the development of rural India.
• Market Capital of Rs.14,651 Cr as of May 2017.
• One among the list of housing finance companies approved by NHB.
• Best in class tenure range of 30 years.

#7) AXIS Housing Finance

Axis Bank began their operations in 1994, in 2017 they have become the 3rd largest private sector bank in India.

Axis Bank has set up branches and ATMs across the breadth and length of India. With their immense growth in a short span of time is the proof of the values each customer has entrusted them with. Indeed a strong contender among private housing finance companies.

Some noteworthy features of AXIS Housing Finance are:

• Over 2900 domestic branches plus about 12,700 ATMs all over India.
• 9 India’s first private sector housing finance company.
• The interest rate is at 8.65% – 8.75.
• Best rewards program winner of 2017 at loyalty awards.

#8) ICICI Home Finance

ICICI Home Finance Company or ICICI HFC is another active player in Indian house financing field. In 2013 ICICI was placed as the second largest bank in India.

ICICI has branches all over India. ICICI HFC is placed among the list of housing finance companies approved by NHB.

Some noteworthy features of ICICI Home Finance are:

• Interest rate is at 8.65% to 8.85%.
• Numerous Branches all across India.
• Flexible loan repayment options.
• Special services for NRIs.

#9) DHFL House Financing

Established in 1984 by the visionary late Shri Rajesh Kumar to help Indian citizens from the unfair home loan criteria at that time.

The vision of DHFL is to aid citizens in the lower class and middle class to build their dream homes. Having 30+ years of experience, DHFL still stands one of the leading housing finance companies.

Some noteworthy features of DHFL House financing are:

• Low-interest rates starting from 8.60%.
• Backed by India’s second largest housing finance company.
• Tie-ups with UBI, Yes Bank, and Dhanlaxmi Bank.
• Networks in Dubai and London.

#10) CitiBank

Citibank currently sits at about 200 million customer accounts worldwide. Even though Citibank offers an exclusive range of services to India, Citibank is a division of U.S based Citi Group.

Citibank has made many contributions to Indian housing finance market. Housing Finance options given by Citibank aids Indian Citizens and NRIs.

Some noteworthy features of Citibank are:

• Interest rates are at 8.60% – 9.30%
• Vast network across India.
• 24/7 Customer support.
• Vast international reach.

Wrapping it Up

Now you have got a basic idea about the top 10 housing finance players in India. But before you head about to use their services you have to keep three things in mind:

1. Down payment
2. The rate of Interest
3. Hidden or Other Charges

These apply to private housing finance companies. You must inquire a lot about plans and charges before making a commitment.

The interest charges and tenure period plays a significant role in your repayments.

We have done a major part of the research for you but make sure you have done enough of yours and remember: “home is where your chapter begins.”