If you have a dream of building your own house, this article is for you. A person who wants to avail a home loan will always look for the lowest possible home loan interest rates. To compile a list of the best banks for home loans, examine their home loan interest rates as well as any additional fees that they charge you when the loan is approved. This guide will assist you in obtaining the best home loan by examining the current best home loan rates offered by various Indian banks.
SBI Home Loans
SBI Home Loans are known for having the lowest interest rates in the market. They do not offer home loans with fixed interest rates. Floating rates of interest ranging from 6.70 percent to 6.90 percent per annum are available. The maximum repayment tenure of SBI Home Loan is 30 years. They also have a unique product called SBI MaxGain Home Loan or Overdraft, which allows you to get a Home Loan using the excess cash in your Savings Account. Because the account balance is the primary component, the amount of interest paid is reduced.
Axis Bank Home Loans
Axis Bank offers house loans with interest rates starting at 6.75 percent per annum for terms up to 30 years and loan amounts up to Rs. 5 crore. The bank also provides house loans for low-cost dwellings as well as other unique home loan products such as EMI reduction, EMI waivers, home loan overdraft, and mixed interest rates (fixed for 2 years and then floating interest rates).
HDFC Home Loans
Fixed, floating, and TruFixed loans are available from HDFC Bank. With a term of up to 30 years, HDFC home loan interest rates start at 6.70 percent and go up to 7.85 percent.
They provide a variety of loan repayment choices. This is a unique feature that benefits customers looking for a differentiating aspect when choosing a bank to obtain a Home Loan. Repayment schedule is based on your predicted income rise. The EMIs are high in the beginning months and gradually decrease as time goes on.
Check For Special Offers
If you’re considering a house loan, look for special offers on interest rates and processing fees. If you already have a relationship with the lender from whom you want to borrow money, you may be able to negotiate lower home loan interest rates. You can also acquire special home loan rates if you work for a reputable MNC or a top-rated company. Processing charge waivers may also be available throughout the holiday or festive season.
The Bottom Line
Home loans from scheduled banks start at 6.50 percent p.a. for terms up to 30 years and loan amounts up to 90% of the property’s cost. Banks offer numerous home loan plans with perks such as higher eligibility, lower EMIs, EMI exemptions, mixed interest rates, overdraft facility, and balance transfer facility to cater to the housing finance needs of a diverse customer base. Some banks also provide house loan solutions for low-cost rates, as well as for consumers with insufficient income documentation.
As the home loan eligibility criteria varies according to the lenders, you should study about the same in a detailed way. You can get the best home loan interest rates if you are completely eligible and have a high CIBIL score.