Many citizens and first-time homeowners rely on the best home loan banks in India to finance their dream homes. Home loans are classified as a long-term obligation since they require an individual to invest a considerable portion of his or her income over 20 to 30 years.

Given that the majority of first-home buyers in India are between the ages of 30 and 40, which is one of the most formative years in terms of both personal and professional development, making an informed decision becomes even more critical. Low-interest home loans also allow you to follow your dreams without sacrificing other objectives. Approvals and disbursements have been sped considerably thanks to the online application process. Banks, on the other hand, will only authorize a home loan after thoroughly evaluating your credit history and assessing your borrowing ability. A mortgage is an investment that will pay off in the long run.

Factors to Consider Before Acquiring the Best Home Loan Bank in India

1. Get ready for a Down Payment Ahead of Time

If you’ve been considering purchasing a home, don’t wait until you locate the right one to start preparing your investing strategy. After all, you wouldn’t be awarded the whole amount of the loan. You’ll be able to borrow between 75 and 85% of the property’s market worth.

2. Examine the Fees and Costs Linked with the Loan

The processing fee is the most common fee paid at the time of application. Make sure the fee is reasonable when picking a lender. When choosing a lender, the interest rate on a home loan is an important factor to consider.

3. Research Well

There are many best home loan banks in India that have innovative loan packages to entice borrowers. Spreadsheet analysis is the most effective method for calculating your savings. This type of examination can often (but not always) break through the product’s bluster to identify the product’s true (if any) benefit.

Things to Keep in Mind while Selecting the Best Banks for your Home Loan Requirements

1. SBI Bank Home Loan

SBI is one of India’s most trusted public sector banks with a long-standing history. The competitive interest rates starting at 8.75% per annum, diverse home loan products, flexible repayment options, 30 years of repayment tenure, and responsive customer service make SBI home loans popular among borrowers. Over 30 lakh families have achieved their dream of owning a home through SBI housing loans that come with a processing fee of Rs. 10,000 to 0.25%. SBI offers exclusive concessions on interest rates for females, defence personnel, and tribal people through its various home loan schemes that are all available on a floating rate basis.

SBI Home Loan Interest Rates in 2024

SBI home loan interest rate starts from 8.50% onwards and largely depends on the credit score and the type of plan chosen by the applicant.

2. Bank of Baroda Home Loan

Bank of Baroda is India’s 2nd largest public sector bank after State Bank of India. BOB, or Bank of Baroda, has helped thousands of people fulfill their dream of owning a home through its feature-packed home loan schemes. Bank of Baroda home loan starts at an interest rate of 8.60% per annum at a processing fee starting at 0.50%, subject to a minimum of Rs. 8,500 and a maximum of Rs. 25,000. Anyone who meets the eligibility criteria laid by the bank can avail a Bank of Baroda loan, be it an Indian Resident, NRI, OCI, or a PIO.

3. HDFC Bank Home Loan

The competitive interest rates and flexible repayment options make HDFC a forerunner in the Home Loans segment. A prospective borrower can avail an HDFC home loan online, too, at attractive rates of interest starting from 8.70% per annum for a loan amounting to Rs. 10 crores. The loan tenure is up to 30 years, and the bank offers its customers simple repayment options by way of EMI starting at Rs. 762 per lakh. HDFC home loan comes with a processing fee of up to Rs. 3,000 (exclusive of taxes) for salaried and self-employed professionals and up to Rs. 4,500 (tax exclusive) for self-employed non-professionals. HDFC also provides a Rural Housing Loan plan for people working in plantations, agriculture, horticulture, dairy farming, and the like who aspire to buy/rebuild homes in villages or their native towns.

4. Axis Bank Home Loan

Counted as one of India’s leading private sector banks, Axis Bank is known for its customer-centric approach and easy loan procedures. Axis Bank home loans are popular among borrowers across the country because they come with flexible loan tenures, easy repayment options, and hassle-free approval processes. Axis home loan interest rate starts at 9.0% and 14% per annum, for floating and fixed rate packages, respectively. The bank charges a nominal charge of up to 1% + GST as a processing fee from applicants trying to get home loans. Axis Bank housing loan offers many benefits to the borrowers, such as easy EMIs, balance transfer facility, subsidies on certain home loan schemes, and doorstep service.

5. Bajaj Finserv

A​ ​Home L​oan​​ from Bajaj Housing Finance​ makes your goal of owning a home easier than ever​. You can get a ​Home L​oan ​​of Rs.5 Crore* or more depending on your eligibility. We offer attractive interest rates starting from 8.50%* p.a for salaried applicants. With EMIs as low as​ ​Rs.733/Lakh*​​​ and a flexible repayment tenor extending to ​​40​​​ years, you can repay the loan at your own pace.​​​​​ ​​​​.

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