|Home Loan Interest Rate||Starts from 6.95%|
|Maximum Loan Amount||Up to 90% of property value|
|Loan Tenure||30 years|
|Prepayment Charges||Nil for floating rates loans|
|Processing Fees||Up to 0.5% of the loan amount or Rs. 10,000 whichever is higher|
There are many NBFCs and financial institutions that offer the home loan at a cheaper rate of interest. Here, we have listed some of the best banks that offer cheaper home loans. Best banks for housing loans include SBI and PNB that offers home loans at a cheaper rate. Apart from them, other banks are Axis Bank, ICICI Bank and Kotak Bank. These banks enable the applicant to apply for the loan easily and get instant approval. If you are seeking a home loan with the lowest processing fee, then Citibank could be the first choice. You can also make use of a home loan interest calculator to know the amount of EMI you can afford. It will help you in deciding the tenure of the loan and the loan amount.
|Bank||Interest Rate||Procssing Fee||Action|
|State Bank Of India||6.95%||Rs.2,000 - Rs.10,000||Apply Now|
|HDFC Ltd||6.95%||Up to 0.50%||Apply Now|
|ICICI Bank||6.95%||0.50% to 1%||Apply Now|
|Axis Bank||7.10%||Up to 1%||Apply Now|
|Bank Of Baroda||7.00% p.a. onwards||0.25% to 0.50%||Apply Now|
|PNB Housing Finance Ltd||8.60%||Up to 1%||Apply Now|
|Karnataka Bank||8.55%||Rs.12,000||Apply Now|
|Sundaram BNP Paribas Home Finance||8.60%.||0.50% - 1% (min. Rs.2,000; max. Rs.20,00||Apply Now|
|Kotak Mahindra Bank||8.60%||up to Rs.10,000||Apply Now|
|DBS Bank||7.70%||upto Rs.10,000||Apply Now|
|Aditya Birla Capital Housing Finance||9.00%||upto 1% on loan amount||Apply Now|
|Indiabulls Housing Finance||9.25%||max. 1% on loan||Apply Now|
|IDFC First Bank||8.00%||Rs.10,000||Apply Now|
|Canara Bank||8.05%||0.50% (Max. Rs.10,000)||Apply Now|
|Andhra Bank||8.15%||0.50% (max. Rs.10,000)||Apply Now|
|Bank Of India||6.85%||0.25% (Max. Rs.20,000)||Apply Now|
|Bank Of Maharastra||8.20%||0.25%||Apply Now|
|IDBI Bank||8.30%||0.50%||Apply Now|
|Indian Overseas Bank||8.50%||0.50%||Apply Now|
|South Indian Bank||9.10%||0.50% (Max. Rs.10,000)||Apply Now|
|Central Bank Of india||7.25%||1% (or Min. Rs.10,000)||Apply Now|
|Tata Capital||9.05%||2.00%||Apply Now|
|Yes Bank||9.85%||Up to 2%||Apply Now|
Compare the lowest Home Loan Interest Rates starting from 6.95% p.a. and apply for the best housing loan. Below given is the table that gives the complete details about housing loans, rate of interest along with processing fees. After comparing these factors from various lenders, you can apply for the loan as per your choice. To get the best deal on your home loan, you should have a good income and stable credit history.
To avail a home loan, borrowers need to meet the basic eligibility criteria. The minimum eligibility criterion to get a housing loan is given below:
Age: Your age should be between 18- 70 years.
Net Monthly Income: Minimum net monthly income should be Rs. 25,000
Job Stability: Income history and job continuity of 3 years and more are required.
Employment history: For salaried individuals, the minimum continuous employment required is 3 years. For self-employed individuals, the minimum business vintage required is 5 years.
Credit Score: You need to have a credit score of 650 and above.
To avail a home loan, you would need the list of following documents-
The documents required for salaried individuals are:
The list of documents required for self-employed individuals are:
To apply for a home loan, first, you need to fill and submit an online home loan application form with the required information. You can submit your home loan application either directly to the bank or by applying at the lender's website. You can also check and compare the home loan rate of various banks online at BookMyMoney and apply for a loan to get the best deal.
A home loan is a secured loan in which is availed when you want to purchase a dream house of your own. Since the loan is secured, borrowers are required to put collateral with the bank to get the funds.
If you want to know the EMI on your home loan, you can calculate it easily by using an online home loan calculator which takes into account factors like loan amount, rate of interest and the tenure.
The current rate of interest on home loans starts from 6.95% onwards. Before applying for a housing loan, you can compare and cross-check the rate of interest offered by multiple lenders to get the home loan at the lowest interest rate and the best features on your home loan.
|Maximum APR (Annual Percentage Rate)||10.50% - 22%.|
|Fee applicable for BookMyMoney||Rs 0.|
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