A home loan makes your dream home purchase affordable. You can borrow money from banks and housing financial institutions in India which offer a loan up to INR 10 crore based on your property value and loan eligibility. Among different lenders, how do you find the best home loan in India? It is easy to just compare the loan offers and choose the one which suits your needs. If you have set the flat or property, you are going to buy then hurry and find your lender. Different banks and institutions offer different interest rates and tenure, you can compare features of the loan products and choose the bank. Read this article and know how to find the best home loan in India and which are the top lenders.
State Bank of India (SBI) SBI has a wide range of home loan schemes for the home buyers. The SBI Bridge Home Loan is a short-term option where a loan is given to you for 1-2 years. The rate of interest is slightly higher than the SBI regular home loan and ranges from 9.90%-10.90%. Apart from the home purchase offers SBI also has home loan options for under-construction properties. You get a maximum tenure of 30 years for the loan payment, and SBI also provides concession on interest rate for women applicants. So, if you think SBI has the best home loan in India then apply for it by going to its branch or using its online service. The minimum age of the applicant should be 18 years and not exceed above 70 years during the repayment. HDFC Housing Finance Limited To finance 75%-90% of the property value borrow a loan from HDFC Housing Finance Ltd. which provides loan to salaried and self-employed both. You should be an Indian resident and aged between 21 to 65 years to apply for the loan. And to get a low interest rate over the borrowed fund your credit score should be 780 and above. HDFC Housing Finance loan interest rate starts from 7.3% onwards depending on the credit risk. You can pay the borrowed amount in 30 years, and can add a co-applicant if you need support for the purchase which increases the eligibility for the loan amount. ICICI Bank You can borrow anywhere between INR 5 to 10 crore from ICICI Bank. The bank offers both short and long term loans which you can pay in 3 to 30 years. Why is it one of the best home loans in India? Because it is easy to apply for an ICICI Bank home loan from the convenience of online banking. Just follow the 4 simple steps to apply for the loan.
ICICI Bank home loan interest rate ranges from 8.10%-8.55% per annum, and the loan can be paid in the tenure of 30 years. Axis Bank You can borrow from INR 3 lakh to INR 5 Crore from Axis Bank at an interest rate of 7.75%-8.55% per annum. And can use the loan amount to buy a property, construct a house, etc. The advantage is that the bank won’t charge any prepayment fee from the customer on their home loans which saves their money. And you can pay this best home loan in India in 30 years tenure. Axis Bank provides both a fixed and floating rate of interest on home loans which the customer can choose as per their repayment capacity. Kotak Mahindra Bank You can borrow a home loan from Kotak Mahindra Bank at zero processing charge with an attractive rate of interest of 7.40%-9.70% per annum. And the loan amount is paid in equated monthly installment of 20 years which you can choose as per the repayment capacity. The loan can be borrowed for purchase, construction, renovation and loan transfer as well. So, choose your best home loan in India dn buy the desired property or house.
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Home Loan is one of the most popular financial products that individuals opt for due to the high prices of homes in our country. Bank of India (BOI) is one of the leading public sector banks of India that provide affordable home loans to individuals. But do you know about the importance of home loan interest rates for a borrower? Well, the interest rate is the most important thing that an individual has to look at while applying for a home loan because of its impact on the repayment (EMI amount).
BOI Home Loan Interest rate is one of the cheapest and affordable rates that can be availed by the borrowers in a hassle-free manner. If you are looking to opt for a home loan and looking to know about how does BOI Home Loan Interest Rate affects your repayment amount then this could be a good read for you. We will be explaining everything about the home loan interest rates offered by Bank of India, what are the factors that affect interest rates, the importance of it in EMI estimation, etc. So, without any delay, let’s start reading! Importance of BOI Home Loan Interest Rate in EMI Calculation The most important part of any loan is its repayment and home loans are usually considered to be high-ticket purchases as they generally range around INR 30 lakh to INR 40 lakh. Also, they are generally taken for a longer period ranging from 15 to 20 years. That’s why in the case of a home loan, it is important to keep an eye on the repayment amount. And the interest rate is one of the important things that affect your repayment amount. Higher the interest rates would be, the higher will be the EMI amount. BOI Home Loan Interest rate usually ranges from 6.85% to 7.75% per annum. Let’s understand this through an example. Suppose an applicant wants to opt for a loan amount of INR 30 lakh for a period of 15 years. Here, we are taking two different interest rates of 6.90% per annum and 7.50% per annum so that you can understand the effect of the BOI home loan interest rate on the EMI amount. Have a look below. On taking the interest rates of 6.90% per annum, the EMI amount will be INR 26,797 and the interest outgo will be INR 18,23,533 on the loan amount of INR 30 lakh. While, on taking the interest rates of 7.50% per annum, the EMI Amount will be INR 27,810 and the interest outgo will be INR 20,05,867. So, you can see that on opting for a higher BOI home loan interest rate, the applicant will have to pay approximately INR 1,000 more as compared to lower interest rates. Similarly, there is a difference of around INR 2 lakh when it comes to the interest outgo. So, you can see clearly how choosing a higher interest rate can affect your repayment amount and what is the importance of choosing an affordable BOI Home Loan interest rate. You can have an estimate of the EMI amount and interest outgo beforehand with the help of BOI Home Loan EMI Calculator. You just need to fill in a few basic details and it will give you results instantly. 6/26/2020 Bandhan Bank Home Loan Interest Rates v/s Bandhan Bank Personal Loan Interest RatesRead NowThere is a difference between a secured and unsecured loan as you know. And the factor which makes the secured loan affordable is its low rate of interest. If you are doing a renovation and need funds then you may better contact Bandhan Bank. But, the question may arise which is best Bandhan Bank home loan interest rates or Bandhan Bank personal loan interest rates. Read the article and know about the difference between the two loans and each of their benefits.
Bandhan Bank Personal Loan You can apply for a personal loan at Bandhan Bank if you are salaried or self-employed. There is no need for a collateral to your borrowed amount. And can borrow from INR 1 to 5 lakh based on your monthly income and credit history. Bandhan Bank personal loan interest rates range from 15.00%-16.18% per annum. For which the bank provides you a repayment period up to 36 months. Bandhan Bank personal loan interest rates are high due to the credit risk associated with the borrowed amount. The nonpayment of the loan only leads to high debt and not cease your property or asset. But, you have the advantage of instant loan approval and disbursal when you choose a personal loan. The loan amount can be used for any financial needs and not only for a singular financial need. Bandhan Bank Home Loan To renovate the house you can borrow funds from the Bandhan Bank. You can apply for a home loan and borrow money as per your income and credit score. Bandhan Bank home loan interest rates range from 8.50%-11.75% per annum. Which is low compared to the Bandhan Bank personal loan interest rates. Not only that but, you may also get some tax benefit on your loan payment which you won’t get in a personal loan. The borrowed amount can be paid in 15 years of tenure which you can choose as per your repayment capacity. In case you default or don’t pay the loan amount the bank will cease your property which you mortgage against the loan amount. Because of the low risk in a home loan Bandhan Bank home loan interest rates are low. So make your decision based on the above factors and choose the loan which meets your renovation expenses which includes, flooring, painting, furniture purchase, etc. How to apply for a loan in Bandhan Bank? To get a personal or home loan from Bandhan Bank, you need to fill up an application form and submit it with 2 passport size photographs. Also you are required to submit ID, address and income proof for the verification. Based on your income and credit score the bank will check your loan eligibility and sanction your loan. Bandhan Bank charges 1% processing fee for your personal loan and home loan after which the loan amount is disbursed to your account. You can use the loan amount and renovate your house without any hassle and pay the EMI using ECS, NACH or PDCs services. |
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