5 Best Home Loan Providers in India

5 Best Home Loan Providers in India

 

How long have you been living in a rented house in the city of your work? Tired of shifting your belongings from house to house? Why not buy your own dream home in 2019 when so many banks are ready to give you a Home Loan according to your personal needs!

All you need to have is some savings for the down payment. Most of the leading private and public sector banks typically provide financing for 75-90% of the value of the property, making it financially viable for you to purchase your dream home.

It is time to shortlist a home of your choice in your city this year and Apply for a Home Loan without a delay.

Top Banks Home Loans & Interest Rates in India 2019

Banks

Loan Amount

Interest Rate

Processing Fee

Max.Tenure

SBI Home Loan 10 Cr. 8.80% – 9.35% 0.25 of the loan amount + applicable taxes 30 Year
ICICI Home Loan 10 Cr. 9.10% – 9.30% 0.5%  of the Loan amount + applicable taxes 30 Year
Axis Bank Home Loan 10 Cr. 8.90% – 12.00% Up to 1.00% of the Loan amount (Minimum Rs. 10,000) 30 Year
HDFC Limited Home Loan 10 Cr. 8.90% – 9.65% 0.50% of the loan amount (Minimum: Rs. 3,000) 30 Year
PNB Housing Loan 10 Cr. 8.70%-8.95% 0.35% of the loan amount (Minimum: Rs. 2,500; Maximum- Rs. 15,000) 30 Year

 

When there are numerous banks offering you attractive Home Loan deals, it is but expected to be spoiled for choice. Many banks offer attractive interest rates to the advantage of the home buyers, subject to terms and conditions. Home Loan Interest Rates are generally applicable as fixed or floating type. If you are unable to decide upon the best Home Loan offer and the loan provider which bank of housing finance, here is a quick guide on 5 best Home Loan Banks in India for 2019:

SBI Home Loans

SBI is the largest Home Loan provider in India. The bank extends a bouquet of Home Loan products to serve a diversified segment of borrowers. Whether you need a loan for ready-to-built property or to purchase an under construction property, or a pre-owned home, or to construct or renovate your existing house, SBI Home Loans have an affordable solution for all. The SBI Home Loans promise the best interest rate in the market, with low processing fee and flexible repayment options. Leading the market trends for Home Loan, the bank also extends attractive home loan interest concession for women borrowers. 

 

Check Home Loan Interest Rates Online

 

ICICI Bank Home Loan  

In terms of assets and market capitalization, ICICI Bank is the third largest bank in India. Getting a Home Loan from ICICI Bank is quick, easy and light on your wallet. You can download the bank’s app on your tablet or smartphone to enjoy faster processing and approval. You can also check if you are eligible for your pre-approved Home Loan offer. With repayment tenure of up to 30 years, owning your dream home is just a few clicks away with ICICI Bank!

Axis Bank Home Loan

The third largest private sector bank in India, Axis Bank offers a minimum loan of 3 Lakhs and a maximum depending on the combined income of the applicants. The Axis Bank Home Loan comes with no prepayment charge for floating and charges 2% of the outstanding principal amount prepaid on fixed interest rate housing finance. The application process is easy and you can even transfer your existing Home Loan from another lender to Axis Bank without hassles through Home Loan Balance Transfer facility.

HDFC Limited Home Loan

HDFC is a major provider of finance for housing in India. Key features of HDFC  Bank Home Loan include easy documentation, doorstep assistance, and flexible repayment options. Women applicants can enjoy the benefit of reduced interest rates starting at just 8.90% per annum (as on January 2019). The bank facilitates Home Loan Balance Transfer at zero processing fees so that you can reap optimum benefits on switching your existing loan.

PNB Housing Home Loan

The state-owned multinational banking and financial services corporation offer loans for purchase, construction, and extension of dwelling units. The bank offers doorstep services ensuring easy and fast approval and disbursal of Home Loans. With a PNB Housing Loan, you can avail the facility of enhancement in loan amount in the event of escalations in cost. The bank offers various repayment options.

Home Loan Interest rates in India are currently dependent on the MCLR rate, base rate, bank spread etc and thus effective rate of interest on the loan vary according to banking benchmark rates. However, in December 2018 Monetary Policy Review, the RBI has firmly said that these benchmarks will be replaced by external benchmarks from April 2019. There is speculation if NBFC will also adopt the norm or not.

Home Loan Interest rate and other Charges January 2019

Interest Rate

8.70% onwards

Maximum Loan Amount

Up to 90% of the total property value

Processing Fees

Up to 1% of loan amount or Rs. 10,000 whichever is lower

Loan Tenure

Up to 30 Years

Lowest EMI Per Lakh

Rs. 783 per Lakh for 30 years

Prepayment Charges

No charge for floating Rates Loan

After all, a Home Loan is the biggest credit one owes; it is a long term responsibility for the borrower. It is important to compare various parameters and choose your borrower carefully to make an informed decision.We have witnessed multiple small hikes in Home Loan interest rates in the last few months. However, now it is expected that borrowers will see larger transparency in standardization and ease of understanding of loan products in the coming months. The new policy will mandate a lender to adopt a uniform external benchmark within a loan category and ensure a stable interest rate for consumers.

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If you want to avail any of the loan mentioned above or Home Loan from any other financial institution, visit MyMoneyMantra, a one-stop trusted online financial services marketplace that hosts all leading banks and their Home Loan products. Compare loans offered by different banks in terms of benefits offered, features, interest rate, and other factors with a few clicks. Check your eligibility and then apply right on the same platform. You can also check your loan EMIs using our Loan EMI Calculator for free. Buy your dream home now! Call our experienced Mortgage Specialists toll-free at 18001034004 for further queries.

 

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