A home loan is the cheapest loan available among all the type of available loans in India and almost all banks, financial institutions, and housing finance corporations provide the home loans to the needs individuals at a cheap rate of interest. The main reason behind the home loans being the cheapest can be attributed to the tenure period for which it generally borrowers take. The period of repayment can be of a minimum of 15 years which is a long period of time but with respect to the tangible asset attached to it and value of it for the borrower, it is significantly a short period in the larger picture.
All bank home loan interest rates tend to fall in the range of 8.40% per annum to 13.00% per annum with GST charges and processing fee attached to it which vary from bank to bank. State Bank of India gives the opportunity to avail the home loan at the interest rate of 8.40% per annum which is the lowest among all the banks and financial institutions. Let’s look at the rate of interest at some of the top banks in the Indian market. SBI Home Loans: The largest public sector bank of India, State Bank of India, provides the cheapest rate of interest among all bank home loan interest rates. SBI has fixed its home loan interest rate at a minimum of 8.50% per annum to a maximum of 9.20% per annum. The rate of interest also depends on the loan amount and changes accordingly. SBI also gives a special discount to the women borrowers. HDFC Home Loans: Being a leading provider of Housing Finance in India, HDFC provides the opportunity to avail the home loans at a interest rate of 8.55% per annum. The processing fee includes 0.50% of the total loan amount you’re borrowing. The rate of interest can go up to a maximum of 9.40% per annum with the change in the loan amount. ICICI Bank Home Loans: With the easiest and smooth home loan process, ICICI Bank offers an attractive rate of interest which falls in the bracket of 8.65% per annum and 9.30% per annum. You can also check your eligibility by the ICICI Bank Home Loan Eligibility calculator available on the website. The processing fee includes 0.50%-1.00% of the total loan amount or a minimum of Rs 1500. Axis Bank Housing Loans: Axis Bank givers you the preference of choosing between a fixed and floating rate of interest which depends on your choice. The rate of interest starts from 8.90% per annum and it shoots up to the the maximum fixed rate of interest 12.00% per annum. You can also check the right amount of EMI for your home loan with the help of AXIS Bank Home Loan EMI calculator. The processing fee includes 1% of the total loan amount or a minimum of Rs 10,000. LIC Housing Finance Home Loans: Among all bank home loan interest rates, One of the largest housing finance companies in India, LIC provides an affordable housing loan at a rate of interest 8.40% per annum which is considerably cheap in comparison to other banks. It is one of the most trusted organizations in India which provides Home Loan to the individuals in an hassle-free manner.
0 Comments
Leave a Reply. |
Details
Anika Sharma
|