Best Bank To Get Home Loan In India | Best Bank To take Home Loan In India
In India there are various banks such as HDFC, SBI, ICICI, Axis bank, Bank of Baroda etc. all of these banks provides different rates as well as interest on the home loan. Well in order to learn about 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 provides home loan as well as various unique facilities to its customers such as low interest rates, least processing fee, home loans for various situations, quick disbursement, long tenures for easy EMI payment and many more other benefits to its customers.
However, the bank decides the eligibility of the customer on the basis of their income status as well as their repayment capacity. It also consists various different 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.
Its eligibility to get the home loan was calculated for the maximum possible tenure of 39 lakh to 40 lakh for a period of 30 years. However, under this process the EMI rate has been calculated on the basis of the Rate of Interest of 8.40% was 30,473.54 INR. However, your eligibility status must meet to their conditions.
ICICI Bank Home Loan:
This bank charges no fees from its customers for the repayment purpose of the home loan. This process 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:
SBI bank the State Bank of India is the one of the largest government bank. Under this bank the loan is chosen widely by the lenders. Under this banking loan sector one of the most important sector is trust factor. As this bank is very successful in gaining trust. There are also certain reasons to take loan from SBI. These reasons are as follows:
- 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 2019.
- Maximum LTV up to 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:
The PNB housing finance limited is currently operating near about under 31 locations in India through a large network of 38 branches. Well by the introduction of the revolutionized the way of banking has been digitized. 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.
This bank also decides the finance amount on the basis of the income and repayment capacity. Apart from this there are also many other sources which are involved such as 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.