Best Bank to Get Home Loan With | Best Home Loan Bank in India
If you are looking to buy a home this is the best time for you. Different bank provide various home loan deal to its customers. However, to get the bank deal you must know about the best bank to get home loan with. Moreover, during the festive season various bank offers various great deals to its customers. Season could make a home deal a steel. Currently the top six banks which offer the high loan amount are state bank of India, Punjab National Bank, Bank of Baroda, ICICI, HDFC Ltd and Axis Bank.
Best Bank to Get Home Loan With:
State bank of India, Punjab National Bank, Bank of Baroda, ICICI, HDFC Ltd and Axis Bank. These six banks are the top most best bank in order to get the home loan. The interest rate provided by the bank get different to individual person. On the basis of its income status and his profession. Banks may also offer low rate of interest to the women. However, the government has launched Pradhan Mantri Awas Yojana (PMAY). This scheme was introduced for the economically weaker section and low income groups who are seeking loan. Thus, they can easily get the home loan with the interest subsidy at the 6.5% rate for a long term of the 20 years or lower.
Moreover, given below is the brief detail for the banks which provide reasonable interest rate on the home loan. Hence, one must consult these banks while searching for the appropriate loan procedure.
Here is a glimpse of the interest rate being offered by the particular bank.
|Sector||Name of Bank||Interest rate on Home Loan|
|Public||State Bank of India||8.35%-8.80%|
|Public||Bank of Baroda||8.35%-9.60%|
|Public||Punjab National Bank||8.55%-8.65%|
Hence, through this we can easily conclude that different bank offer different interest rate on the home loan. These six banks offer minimal processing fees along with the best interest rate. These loans also depends on the few factors.
Factors on Which Home loan Depends:
Your Salary and Your Business Turnover:
You must be earning the salary enough. So that you can easily pay pay the amount of the 80 lakh. Hence, it is essential that for getting the stable loan your income status and your business turnover is stable.
The maximum loan tenure you will be provided is totally based on your age. However, if you are retire at the age of the 58 you must be clearing the loan.
However, if you have an existing loan that means you are paying an EMI. Hence, your overall eligibility would come down for the next loan.
However, banks will generally look after your credit report. So that they can verify how you have paid and also will decide if they want to provide you loan.
If you are asking for the loan of 80 lakh. Thus, it means that amount of the property is around 1 crore. However, price of the property should support it and you have to pay 20% from your self funding and 80% from the loan.
Moreover, these are the some few factors on which home loan is depend. Hence, an individual is required to put these factors into mind while dealing with the process of home loan.