Best Bank To Get Home Loan In India | Best Bank To take Home Loan In India
There are various different banks in India. Such as HDFC bank, SBI bank, ICICI bank, Axis bank, bank of Baroda etc. All these banks provide home loan at different rates and interest. However, in order to know the best bank to get home loan in India. You need to learn about the different banks.
Best Bank To Get Home Loan In India:
HDFC Bank home Loan:
HDFC bank provide home loan to its customers. However, it always remember about interest rates, least processing fee, home loans for various situations, quick disbursement, long tenures for easy EMI payment and various unique facilities that are designed for customers.
Bank decided the eligibility of its customers on the basis of their income and repayment capacity. However, there are also various others elements such as age, financial position, credit history, credit score, financial liabilities. Example it an income of person is 60,000 and he applied for home loan.
His eligibility for home loan was calculated for max possible tenure was 39 lakh to 40 lakh for a period of 30 years. Moreover, EMI calculated for this loan amount at Rate of Interest of 8.40% was 30,473.54 INR. However, your eligibility status must meet to their conditions.
ICICI Bank Home Loan:
ICICI bank charge no fees for the repayment purpose of the home loan. Hence, it is absolutely a free process for its customers who have taken home loan from the ICICI bank. However, it also provides Zero processing fees or the pre closure of the home loan.
- Minimum age of the applicant must be 21 years to get eligible for sanction of the loan
- Maximum age of applicant up to which they can take loan is 65 years or age of retirement.
- However, applicant must have continuous source of income.
SBI Home Loan:
However, it is the largest government bank. Hence, its loan is widely chosen by lenders. Trust factor is the most important in banking home loan sector. However, it is successful in gaining trust. Reasons to take loan from SBI:
- Low rate of interest.
- Difference of 0.1% rate saves 4 EMI for 20 Year loan
- No unseen cost & minimum expenses.
- ROI based on MCLR.
- Interest on daily reducing balance.
- Top-Up loan @home loan rates.
- Easy & hassle free door service.
- User-Friendly internet banking interface.
- Repayment period is 5-30 years.
- Under bonanza scheme processing fees is Zero INR till 31st March 2018.
- Maximum LTV upto 30 lacs is 90%. This means for property value of 30 lacs sanctioned loan amount will be 27 lacs.
- Maximum LTV above 30 lacs is 80-85% of the property value.
- Minimum gross monthly income required :
- Salaried: 10,000 INR
- Self Employed: 16,500 INR
- Age Eligibility Range: 18-70 Years.
PNB Home Loan:
However, PNB Housing Finance Limited is currently operating in 31 locations in India through a large network of 38 branches. Moreover, digitization has revolutionized the way banking is done. Hence, laptops & Mobile Phones has made it very easy for customer to operate anywhere, anytime to effectively manage their finances, PNB HFL matches step to step with this modernization.
However, bank decides finance on the basis of the income and repayment capacity majorly. Moreover, there are also other variables are involved which are age, financial position, credit history, credit score, financial liabilities. An Individual can also increase its eligibility through:
- Add earning family member as Co-Applicant.
- Availing structured repayment plan.
- Guarantying stable income flow, periodic savings and investments.
- Repaying current running loans and short term debts.
These are the top banks which provide home loan at best rate in India.