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A Ready Reckoner Of The Best Home Loan Rates Offered By Banks

Home buying is considered as one of the most stressful and taxing experience in one’s life as it involves an individual’s commitment for a really long time. However, it’s also considered one of the most accomplishing achievement in one’s life as it provides a state of satisfaction emotionally and makes an individual’s stature higher in the society.

If you are in the phase of searching a home, here’s a ready reckoner of home loan rates you could refer to that we have enlisted to help you get past this stressful phase of choosing and arranging the best home loan in the market to get you closer to that dream of owning your home.

Best Home Loan Rates

SBI

State Bank of India has the largest presence in India with penetration to Tier 1, Tier 2 and the rural cities of the country. If you are a woman who wants to apply for a Home Loan, then SBI is a good option you could consider because of the lower interest rate the bank is offering to the women.

  • Home Loan Interest Rate – 9.7% for Women and 9.75% for Others
  • Present EMI per Lakh – Up to Rs. 860
  • Processing Fee – 0.25 or Minimum Rs.1,000 up to 25 Lacs
  • LTV : Loan to Value Ratio – 90% Up to 20 Lacs
  • Home Loan Tenure – Up to 30 Years

LICHFL

Life Insurance Corporation Housing Finance Ltd. is one of the early players in the Indian market. The company provides long term finance to Construction of a home and home purchase related activities.

  • Home Loan Interest Rate – 9.9% to 10% Interest
  • Present EMI per Lakh – Up to Rs. 860
  • Processing Fee – 0.5% of Home Loan Amount + Service Tax
  • LTV : Loan to Value Ratio – 85% Up to 20 Lacs
  • Home Loan Tenure – 5 Years to 30 Years

ICICI

ICICI bank is known for the wide range of products it offers in a particular segment. Even in the Home Loan segment, ICICI bank offers varied choices and schemes to loan seekers. If you are a person who wishes to explore more schemes, then ICICI bank would be a more suitable option for you.

  • Home Loan Interest Rate – 9.85% to 10.15%
  • Present EMI per Lakh – Rs. 955 minimum
  • Processing Fee – 0.5% of Home Loan Amount or Rs 10,000 (Max)
  • LTV : Loan to Value Ratio – NA
  • Home Loan Tenure – 1 Year to 30 Years - Explore Villas

HDFC

HDFC is increasing its market size by the day. With its varied advantages like Home Loan approval prior to property selection, interest subsidy, add on loans on a single property and the like, HDFC is attracting most of the home loan seekers to its bucket.

  • Home Loan Interest Rate – 9.85% to 9.95% Interest
  • Present EMI per Lakh – Rs. 867 Minimum
  • Processing Fee – 0.5% of Home Loan Amount + Service Tax
  • LTV : Loan to Value Ratio – 80% Up to 75 Lacs
  • Home Loan Tenure – Up to 30 Years

UBI

Union Bank of India is largely owned by the Government of India. UBI has won many awards for best payment initiatives it has implemented. When it comes to Home Loans, UBI, like many other banks offers both Floating as well as Fixed interest plans. However, majority of the population prefer floating interest over fixed interest plan.

  • Home Loan Interest Rate – 10% to 10.75%
  • Present EMI per Lakh – Up to Rs. 965
  • Processing Fee – 0 .5% of Home Loan Amount subject to max amount of Rs. 15, 000 + Service Tax
  • LTV : Loan to Value Ratio – 80% Up to 75 Lacs
  • Home Loan Tenure – Up to 30 Years

AXIS Bank

Axis bank is expanding its penetration through effective banking services. Axis bank is known for the doorstep service and services like longer tenure with smaller EMIs.

  • Home Loan Interest Rate - 9.95% to 12.05% (Salaried) & 10.2% to 12.05% (Self Employed)
  • Present EMI per Lakh – Rs. 955 to Rs. 1139
  • Processing Fee – 0.5% of Home Loan Amount subject to min Rs. 10,000
  • LTV : Loan to Value Ratio – 85% Up to 20 Lacs
  • Home Loan Tenure – 1 Year to 30 Years

PNBHF

Punjab National Bank is one of the largest Nationalised Banks. PNB also offers loans in both fixed and floating interest methods. PNB offers loan for construction, repairs, and for land purchase.

  • Home Loan Interest Rate – 10% for Floating & 10.5% for Fixed
  • Present EMI per Lakh – Up to Rs. 961 (Floating) Rs. 998 (Fixed)
  • Processing Fee – 0.5% of Home Loan Amount, Max Rs. 20,000
  • LTV : Loan to Value Ratio – 80% Up to 75 Lacs
  • Home Loan Tenure – Up to 30 Years

CANARA BANK

Today, Canara Bank takes a special position in the minds of people for its credibility and CSR activities. Canara Bank Housing Loan is believed to be one of the best for taking over co-operative banks, Housing Boards and the like at their prevailing lower rate of interest.

  • Home Loan Interest Rate – 10% to 10.10%
  • Present EMI per Lakh – Up to Rs. 965
  • Processing Fee – 0.5% of Home Loan Amount, Min 1,500 & Max 10, 000
  • LTV : Loan to Value Ratio – 90% Up to 20 Lacs
  • Home Loan Tenure – Up to 30 Years

With the varied choices available in the market today and banks trying to woo consumers into providing the best home loan rates, the dream of owning your own home doesn’t seem distant anymore.

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