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What are Housing Finance Companies?
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.
List of Best 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 - Can Fin Homes Limited
- Cent Bank Home Finance Limited
- Housing and Urban Development Corporation Ltd. (HUDCO)
- ICICI Home Finance Company Ltd.
- LIC Housing Finance Ltd.
- Manipal Housing Finance Syndicate Ltd.
- PNB Housing Finance Ltd.
- Sundaram Home Finance Ltd.
List of HFCs allowed only those Public Deposits that have been approved by the National Housing Bank (NHB)
- GIC Housing Finance Limited
- Ind Bank Housing Limited
- National Trust Housing Finance Limited
- REPCO Home Finance Limited
- Saral Home Finance Limited (Formerly, Vishwakriya Housing Finance Limited)
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List of Housing Finance Companies not eligible for accepting Public Deposits
| Aavas Financiers Limited | Adani Housing Finance Private Limited |
| Aditya Birla Housing Finance Limited | AGRIM Housing Finance Private Limited |
| Aham Housing Finance Private Limited | Altum Credo Home Finance Private Limited |
| Anand Housing Finance Private Limited | APAC Housing Finance Private Limited |
| Aptus Value Housing Finance India Limited | ART Housing Finance (India) Limited |
| Aryarth Housing Finance Limited | Aviom India Housing Finance Private Limited |
| Baid Housing Finance Private Limited | Capri Global Housing Finance Limited |
| Capital India Home Loans Limited | Clix Housing Finance Limited |
| Centrum Housing Finance Limited | Easy Home Finance Limited |
| DMI Housing Finance Private Limited | Essel Finance Home Loans Limited |
| Edelweiss Housing Finance Limited | Fasttrack Housing Finance Limited |
| Family Home Finance Private Limited | Godrej Housing Finance Limited |
| SMFG India Credit Company Limited (formerly known as Fullerton India Credit Company Limited) |
Hero Housing Finance Limited |
| Habitat Micro Build India Housing Finance Company Private Limited | IFL Housing Finance Limited |
| Homeshree Housing Finance Limited (Formerly, USB Housing Finance Corporation Limited) |
IKF Home Finance Limited (Formerly: IKF Housing Finance Private Limited) |
| IIFL Home Finance Limited | India Shelter Finance Corporation Limited (Formerly, Satya Prakash Housing Finance Private Limited) |
| India Home Loan Limited | IndoStar Home Finance Private Limited |
| Sammaan Capital Limited (Formerly known as Indiabulls Housing Finance Limited) |
Jothi Housing and Mortgage Finance Private Limited |
| JM Financial Home Loans Limited | KIFS Housing Finance Private Limited |
| Khush Housing Finance Private Limited | Mamta Housing Finance Company Private Limited |
| Mahindra Rural Housing Finance Ltd | Manibhavnam Home Finance India Private Limited |
| Manappuram Home Finance Limited (Formerly, Milestone Home Finance Company Private Limited) |
Mentor Home Loans India Limited |
| MAS Rural Housing and Mortgage Finance Limited | Muthoot Homefin (India) Limited |
| Motilal Oswal Home Finance Limited | Nanayasurabhi Affordable Housing Finance Limited |
| Muthoot Housing Finance Company Limited | New Habitat Housing Finance and Development Limited |
| Navarathna Housing Finance Limited | North East Region Housing Finance Company Limited |
| Nivara Home Finance Limited | Panthoibi Housing Finance Company Limited |
| Orange City Housing Finance Limited | Poonawalla Housing Finance Limited (Formerly, Magma Housing Finance Limited) |
| Piramal Housing Finance Limited | Roha Housing Finance Private Limited |
| Prosper Housing Finance Limited (Formerly, HBN Housing Finance Limited) |
Sasvitha Home Finance Private Limited |
| Religare Housing Development Finance Corporation Limited | SEWA Grih Rin Limited |
| Sahara Housingfina Corporation Limited | Shubham Housing Development Finance Company Limited |
| Satin Housing Finance Limited | Star Housing Finance Limited (Formerly, Akme Star Housing Finance Limited) |
| Shriram Housing Finance Limited | Svatantra Micro Housing Finance Corporation Limited |
| SRG Housing Finance Ltd. | Swarna Pragati Housing Microfinance Private Limited |
| Supreme Housing Finance Limited | Ummeed Housing Finance Private Limited |
| Swagat Housing Finance Company Limited | Vastu Housing Finance Corporation Ltd. |
| Tata Capital Housing Finance Limited(TCHFL) | West End Housing Finance Limited |
| Varashakti Housing Finance Private Limited | Wonder Home Finance Limited |
| VIVA Home Finance Limited |
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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 | 9.60% onwards | 9.60% onwards | 9.60% onwards |
| GIC Housing Finance | 8.80% onwards | 8.80% onwards | 8.80% onwards |
| Sammaan Capital (Formerly known as Indiabulls Housing Finance) |
8.75% onwards | 8.75% onwards | 8.75% onwards |
| Aditya Birla Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| ICICI Home Finance | 9.30% onwards | 9.30% onwards | 9.30% 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 |
Note: Interest rates as of 26 November 2024
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.
| 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.
| 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 |
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
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.
| 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.
| 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 | 9.30% p.a. onwards |
| Loan Amount | Rs 3 lakh – 5 crores |
| Tenure | Up to 25 years |
| Processing Fees | 0.75%-3% |
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FAQs on Housing Finance Companies in India
Which Housing Finance Company is best for home loans?
Ans. For most consumers, the best Housing Finance Company would be the one offering lowest interest rates on home loans as it would lead to reduction in the overall interest cost. However, apart from home loan interest rates, other parameters such as loan amount, LTV ratio, tenure, processing fees, time taken for loan disbursal, etc. must also be considered when looking for the best Housing Finance Company for availing home loan.
What is the role of NHB regarding Housing Finance Companies?
Ans. National Housing Bank (NHB) was established by the Union Government through an Act of Parliament to promote and regulate housing finance institutions at both local and regional levels. The bank also provides financial and other support to such institutions.
Which body regulates Housing Finance Companies in India?
Ans. The Reserve Bank of India (RBI) regulates the Housings Finance Companies (HFCs) in India.
Also Read: Home Loan Eligibility Calculator
How many Housing Finance Companies are there in India?
Ans. There are around 100+ housing finance companies in India.
Where can one find a list of companies whose CoR has been cancelled by RBI?
Ans. The list of companies whose Certificate of Registration (CoR) has been cancelled is available on NHB’s website.
HFCs are doing functions similar to banks as banks also provide housing loans. What is the difference between banks & HFCs?
Ans. HFCs offer loans and make investments; therefore, their activities are similar to that of banks. However, there are a few differences between the two. Firstly, HFCs cannot accept demand deposits. Secondly, they do not form part of the payment and settlement system and cannot issue cheques drawn on itself. Lastly, the deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation (DICGC) is not available to depositors of HFCs.