Best Bank to Get Home Loan With | Best Home Loan Bank in India
As we require lots of funds during the procedure of getting home. So we must consider that which bank will be the best in order to get the home loan. As there are various different banks who offer different deals as well as services. Thus, we must keep certain knowledge about which bank will be the best bank to get home loan with. Moreover, during the festive season various bank offers various great deals to its customers. So there are certain chances for you to get a great deal from the bank. However, 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:
However, there are various banks but the top six banks which usually provide high loan as well as great deal are State bank of India, Punjab National Bank, Bank of Baroda, ICICI, HDFC Ltd and Axis Bank. Moreover, the banks provide different interest rates to the different person, as it is calculated on the basis of your income status as well as profession. There are also certain chances that the respective bank offers low interest rate to the women.
There was a scheme introduced by the government named Pradhan Mantri Awas Yojana (PMAY), this was launched for the benefit of 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%|
Thus, we can see that different banks offers different interest rates as well as there are six banks who offers minimum 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:
On the first factor on which you home loan is depend is your salary. As the amount of the interest is being calculated on the basis of your income criteria. Thus, you must earn at-least a reasonable amount of the salary so you can easily 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.
On the basis of our age group the maximum loan tenure will be provided. Thus, if you get retire at the age of the 58 you must be clearing the loan.
If you have any existing loan then when you will apply for next loan then your overall eligibility would come down.
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.