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How to Find the Best Home Loan Deal for 2019 in India?

Updated on: 14 Dec 2021 // 28 min read // Home Loans
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Buying a home is a once in a lifetime task, and we must admit, a very tedious one indeed. One may end up spending months or sometimes years before finalizing a dream home. To add to the anxiety of finding the right home is the stress of approaching a right bank and getting the right Home Loan approved.

There are many banks and financial institutes that claim to offer the Best Home Loans to the buyers; however, there is always a dilemma in the end user’s mind whether their claims are actually relevant. To ease your home loan borrowing journey we have compiled a list of the Best Home Loan Deals you can bank upon in the year 2019 and cease all your worries and apply for the Home Loan without any delay.

Before You Apply for a Home Loan:

While Applying for a Home Loan, the first thing that comes to your mind is the interest rate; how much would they charge as the interest and what would be the monthly EMI.

The interest rate of a bank is the key deciding factor for finalizing a Home Loan; other factors, include processing fee that the bank is charging, the maximum tenure that they are providing and the maximum percentage of the loan amount that can be approved.

Apply for Best Home Loan Deal Online
 

You need to look at all these factors before finally submitting your papers for the Home Loan application. Given below is a consumer-friendly Home Loan comparison chart, illustrating key offers from the Top Home Loan Providers in India:

Home Loan Provider

Interest Rate

Processing Fee

Max Loan Amount

Max Tenure possible

SBI Home Loan

8.80% – 9.35%

0.25% of the loan amount

10 Cr

30 years

PNB Housing

8.70% – 9.90%

0.35% of the loan amount

10 Cr

30 years

ICICI Home Loan

9.10% – 9.30%

0.5% of the loan amount

10 Cr

30 years

Axis Bank Home Loan

8.90% – 9.15%

1.0% of the loan amount

10 Cr

30 years

HDFC Home Loan Ltd

8.90% – 9.65%

0.5% of the loan amount

10 Cr

30 years

LIC Housing

8.85% – 9.05%

Rs. 10,000  to Rs. 25,000

10 Cr

30 years

Let’s explore each of these Home Loan deals in detail now.

SBI Home Loan:

SBI Home Loan is one of the leading Home Loan providers in India with over 24000 branches across the country. The banking major has successfully helped over 30 Lakh people in the country to get the home of their dreams. The bank offers a diverse product range including regular Home Loan, Balance Transfer Home Loan, Flexi Pay Home Loan, Privilege Home Loan, and NRI Home Loan to cater to its large customer base.

SBI Home Loan charges one of the lowest interest rates with low processing fees. Moreover, there are no Pre-payment penalty charges. You can payoff your loan faster with them without any extra cost. Their documentation processing is hassle-free so that you could be assured of faster loan disbursement.

PNB Home Loan:

With PNB Home Loan, you will get an experience of a lifetime. PNB offers a loan amount upto 90% of the approved cost of the house, which is something most banks don’t provide. Generally, banks sanction about 75% – 85% of the property value. They also do not levy any Prepayment penalty or Foreclosure charge. You can effectively plan to complete your Home Loan before the stipulated time period of the loan.

With PNB Housing, you also get an advantage of Doorstep services. They get your documents picked up from your home, and you would also get a dedicated Relationship Manager to assist you in all your Home Loan regarding queries.

ICICI Home Loan:

ICICI Home Loan is a customer-friendly Home Loan provider extending easy and affordable lending solutions to people all across the country. Their interest rates start at 9.10% and go up to 9.30%. You can instantly calculate your Home Loan EMI using their Online EMI calculator and apply online. They also provide Balance Transfer Loan with an option of Top-up. With ICICI, you will experience seamless loan processing. Moreover, you will also get an edge over other applicants,being an existing customer holding an ICICI bank account or credit card.

AXIS Bank Home Loan:

Axis Bank Home Loan starts at a competitive interest rate of 8.90% with great advantages and benefits. Their loan tenure could be anything between 5 years to 30 years. They provide a cashback of upto Rs 5000 on your loan application.

AXIS Bank Home Loan is known for one of the fastest loan disbursing banks; for salaried individuals. They give you instant loan approval by just submitting KYC documents, 3 months’ salary slips, and 6 months’ bank statement. They also have schemes like 12 month EMI waiver if applied online. You can check further details online and apply accordingly after calculating the EMI and other charges.

HDFC Ltd:

HDFC Home Loan Offers lucrative interest rates to customers as per various ranges. There are different interest rates for Women Applicants, small ticket size and large ones. You can check your Home Loan eligibility online on their official website and also apply for the loan online. The Home Loans are tailor-made according to customer needs. You can choose an attractive rate and a longer tenure as per your repayment capacity.

LIC Housing Finance Ltd:

Over the years, LIC HFL has also grown rapidly as one of the top Home Loan providers in India and many people opt for LIC for the comfort of its transparency. LIC Home Loan starts at 8.50% interest rate, and they provide up to 85% loan amount of the property value. The processing fee is around 1% of the total sanctioned amount. LIC HFL is known for transparency in documentation and other charges.

Also Read: 5 Best Home Loan Providers in India

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

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