With so many banks, both private and public, ready to provide home loans to individuals that want to buy a house, getting a good deal should not be a problem for you at all if you have a regular income either in the form of a job, business, or profession. All that you need to be ready with is 15 to 20 percent of the total cost of the property for down payment. Most leading banks provide 80 to 85 percent of the total property cost as home loan. Some of the major banks that you can shortlist for obtaining a home loan are HDFC, ICICI Bank, Axis Bank. The interest rate for home loan products offered by these banks ranges from 8.35 to 9.10 percent.
HDFC Bank Ltd
HDFC Bank, is a major provider of home loans thru its parent company HDFC Ltd. The bank offers many features, including flexible repayment options. Women applicants are eligible for interest rate concessions. The bank also facilitates the transfer of home loan balances from other banks and one also avail topup on the exisiting loan.
ICICI Bank offers a bouquet of home loans with repayment tenures as long as 30 years. The interest rates applicable for various home loan products are different and they vary on the basis of the amount you want to borrow, your occupation and income, and the type of loan you are applying for. Apart from regular home loan, balance transfer of home loan is also possible with a topup in the form of cash which could be used for personal use.
AXIS bank also offers a variety of home loans starting from Rs. 300,000. The maximum limit is decided on the basis of the applicant’s income or combined family income. Axis Bank also allows you to transfer home loan balances outstanding with other banks.
SBI, a public sector bank, is the largest in India. It offers a variety of home loan products to cater to the needs of diverse segments of borrowers. You can obtain a loan for buying a ready to use property, under construction house or apartment, pre-owned home, build a new house on a piece of land that you own, or renovate your existing home. Though the bank charges a processing fee for home loans, women borrowers are offered some interest concessions.
With so many banks offering a basket of products, you are likely to be confused as to which one is best for you. This is where Finwizz steps in. Our home loan experts can provide the guidance that you need to choose the best home loan.