Home loan: Top 15 banks provide Home Loans with lower interest rates

How do you describe home? A home is a place where the time spent today become beautiful memories for tomorrow that are cherished forever. We are living in a world where dreams are expensive and because of which it is very difficult to buy a home without a loan. But when you have top lenders offering home loans at a rate within your budget, everything seems sorted. To build a dream of your own or to buy a fully furnished home, home loans have played a very significant role.

A Home Loan is called a ‘good’ loan because it helps you acquire a tangible asset that can appreciate over the long term. A home loan can be used for purchasing a new house, construction of a house on a plot, home improvement, extension and renovation of your existing house.

A home loan is probably the biggest loan that most people ever take. Not only in terms of the loan amount but also tenures, which can easily be of 15 years or more. And the total final amount that one ends up paying by the time the loan ends, can be double of what was borrowed. But, a home loan is among the cheapest loans available, and most often, it is the only way a person can buy a house. 

For a home loan, You just have to make sure your eligibility matches and have a positive credit history. Maintaining these two can fetch a lower rate of interest or alteast a chance to negotiate with the lender.

  • Eligibility: Loan available for both salaried and self-employed people within the age group of 18 and 70 years.
  • Security: Mortgage of home you are planning to purchase, renovate or construct.
  • Loan Amount: In the range of Rs 1 Lakh to Rs 15 Cr.
  • Loan to Property Value Ratio: Varies from 65% to 90%.
  • Loan Tenure: Can range from 5 to 30 years.
  • Interest rates: Home loan Interest Rates starting from 8.55%. Special rates for women borrowers.
  • Lowest EMI: Lowest EMI of Rs 772 per lakh.
  • Processing Fees: Up to 1% of the loan amount or Maximum Rs 10,000.
  • Prepayment Charges: Nil charges on floating rate home loans
  • Other Charges: Legal charges, technical charges, etc.

Documents required for Home Loan:

For Salaried,

  • Id proof (PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued I-card)
  • Address proof (Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement)
  • Income proof (Form 16, Latest 6 months salary slip, Last 6 months bank statement)
  • Age proof (PAN card, Passport, Driving License, Voter id card, Birth certificate, School/College leaving certificate)

For Self Employed,

  • Id proof (PAN card, Passport, Driving License, Aadhaar Card, Voter id, Govt issued I-card)
  • Address proof (Bank statement, Utility bill, Registry copy, Lease or rent agreement, TAN allotment letter)
  • Income proof (Form 16, Latest 6 months salary slip, Last 6 months bank statement)
  • Age proof (Last 2 years ITR, Last 6 months bank statement)
  • Proof of Business Existence (PAN, Sales tax/ Excise/ VAT/ Service tax registration, Copy of partnership deed, Trade license, Certificate of practice, Registration certificate issued by RBI, SEBI)

Below are some of the best home loan in India where you can get the lowest interest rate and enjoy paying within your budget:

  1. United Bank of India- It provides a home loan at an interest rate of 8.55% with no processing fees.
  2. State Bank of India- It provides a home loan with an interest rate between 8.55% to 9.75% with the processing fees of 0.35% of the loan amount (max Rs 10,000).
  3. UCO Bank- It provides a home loan with an interest rate between 8.55% to 11.8% with the processing fees of 0.5% of the loan amount (max Rs 15,000).
  4. HDFC Bank- It provides a home loan with an interest rate between 8.6% to 9.15% with the processing fees up to 0.5% of the loan amount (max Rs 3,000).
  5. Corporate Bank- It provides a home loan with an interest rate between 8.6% to 9.2% with the processing fees of 0.5% of the loan amount (max Rs 50,000).
  6. Allahabad Bank- It provides a home loan with an interest rate between 8.6% to 9.6% with the processing fees of 0.4% of the loan amount (max Rs 15,000).
  7. Punjab National Bank- It provides a home loan with an interest rate between 8.6% to 9.8% with the processing fees of 0.35% of the loan amount (max Rs 15,000).
  8. Union Bank of India- It provides a home loan with an interest rate between 8.65% to 9.80% with the processing fees of 0.5% of the loan amount (max Rs 15,000).
  9. IDFC Bank- It provides a home loan with an interest rate between 10% to 12% with the processing fees of Rs 5,000 plus applicable tax.
  10. Kotak Mahindra Bank- It provides a home loan with an interest rate between 8.95% to 9.15% with the processing fees of Rs 10,000 plus applicable tax.
  11. AXIS Bank- It provides a home loan with an interest rate between 8.8% to 11.75% with the processing fees of 0.5% of the loan amount.
  12. Bank of Baroda- It provides a home loan with an interest rate between 8.7% to 9.7% with the processing fees between 0.25% to 0.5% depending upon the loan amount.
  13. Canara Bank- It provides a home loan with an interest rate between 8.7% to 8.95% with the processing fees of 0.5% of the total loan amount (max Rs 10,000).
  14. ICICI Bank- It provides a home loan with an interest rate between 8.85% to 9.10% with the processing fees of 0.25% of the total loan amount (max Rs 11,800).
  15. Syndicate Bank- It provides a home loan with an interest rate between 8.65% to 9.65% with the processing fees of 0.25% of the loan amount (max Rs 6,500).

Click here to Get instant approval for a credit line online of up to ₹ 5 Lakh

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