India Housing Loan

• The interest rate on your home loan India is perhaps the most important factor that will influence the total cost of your home. Because home loans are often higher in value and are for a longer period of time, even a small change in interest rate can have major financial consequences, especially over time. Getting a lower home loan rate will cut not only your monthly EMIs, but also the overall amount of interest you pay throughout the life of your loan. As a result, if you're looking for a home loan india, you'll need to weigh all of your options before selecting the one with the lowest interest rate.
• With an interest rate of 6.50 percent per annum, Kotak Mahindra Bank presently holds the lowest home loan interest rate, followed by Punjab National Bank, Punjab and Sind Bank, ICICI Bank, Bajaj Finserv, Bank of Baroda, State Bank of India, Union Bank of India, and HDFC Ltd.

Best home loan in India list

Here is the list of the best home loan bank in India.

Best housing loan in India features & schemes

Best for low-interest rates: kotak mahindra bank

• Low-interest rates begin at 6.50 percent per annum.
• A fee of up to 0.50 percent of the loan amount may be charged as a processing fee.
• Loans with a maximum term of 30 years are available.
• There are no fees for paying in advance.
• Balance transfer with the option of a top-up loan is available.

SBI Bridge Home Loan – The Best Option for Short-Term Needs

• Attractive interest rates begin at 9.50 percent per annum.
• 0.35 percent of the loan amount is charged as a processing fee.
• Loans with a maximum term of two years are available.
• There is no penalty for paying in advance.
• There are no hidden fees.

Extra Home Loans from ICICI Bank are ideal for long-term needs.

• Low borrowing rates begin at 6.90 percent per annum.
• Loans with a maximum term of 30 years are available.
• 0.5 percent of the loan amount is charged as a processing fee.
• Both paid and self-employed workers are eligible.
• There are no fees for paying in advance.

Women's Housing Loan from Canara Bank - Lowest Interest Rate

• Women's interest rates start at 6.90 percent per annum.
• A maximum repayment period of 30 years is available.
• A fee of up to 0.50 percent of the loan amount may be charged as a processing fee.
• Can be used to buy or build a home or apartment.
• There are no fees for paying in advance.

Axis Bank offers the best interest rate for salaried employees on a home loan.

• Low borrowing rates begin at 6.90 percent per annum.
• Amount of loan: up to Rs.5 crore
• A maximum repayment period of 30 years is available.
• A processing fee of up to 1% of the loan amount may be charged.
• There are no prepayment or foreclosure fees.

Home Loan from SBI – Joint Home Loan

• Low-interest rates begin at 6.75 percent per annum.
• Loans with a maximum term of 30 years are available.
• If you apply through the YONO app, you'll get a 100% refund on your processing charge.
• There are no hidden fees.
• Borrowers who are women are eligible for interest rate reductions.

HDFC Reach Home Loans for self-employed professionals

• Attractive interest rates begin at 8.75 percent per annum.
• Repayment terms of up to 30 years are available.
• 2% of the loan amount as a processing fee
• With a minimum annual income of Rs.2 lakh, minimal documentation is required.
• For reduced interest rates, add a female co-owner.

LIC HFL Home Loan for Senior Citizens/Pensioners

• Low borrowing rates begin at 6.90 percent per annum.
• Repayment period of up to 15 years or till age 70
• A processing fee of between Rs.10,000 and Rs.15,000 is charged.
• Before the age of 70, the loan must be repaid.
• Individuals over the age of 50 who are currently working but have a pension plan are also eligible to apply.

Home Loan with SBI Privilege for Government Employees

• Low-interest rates begin at 6.75 percent per annum.
• There is no processing cost.
• Loans with a maximum term of 30 years are available.
• Women's borrowers will benefit from lower interest rates.
• When a checkoff is provided, interest is reduced.

NRI Home Loans from Axis Bank: The Best Option for NRIs

• Attractive interest rates begin at 6.90 percent per annum.
• Loans with a term of up to 25 years are available.
• Documentation is minimal, and funds are disbursed quickly.
• Processing charges are kept to a minimum.
• There are no fees associated with the foreclosure.

Home Loan for Purchase from HDFC Ltd.

• Low borrowing rates begin at 6.70 percent per annum.
• Loans with a term of up to 30 years are available.
• A fee of up to 0.50 percent of the loan amount may be charged as a processing fee.
• Through a relationship with AGIF, special arrangements have been made for Indian army personnel.
• Expert legal and technical advice is available.
• EMIs as low as Rs.646 per lakh* are available.

*The above pricing is available as part of a limited-time seasonal deal. HDFC Ltd has complete discretion over all loans. The following terms and conditions apply.

Construction Loan from Indiabulls Housing Finance

• Interest rates start at 8.65% p.a. and go up from there.
• Repayment choices that are flexible
• A processing fee of up to 2% of the loan amount may be charged.
• There are no fees for paying in advance.
• Complete loan processing on the website or through a mobile app.

DHFL Home Renovation Loan

• Interest rates start at 8.75 percent per annum.
• The maximum loan term is ten years.
• A processing fee of Rs.2,500 is charged.
• A loan amount of up to 90% of the market value or 100% of the projected cost of the improvement is possible.
• It is available to both paid and self-employed people.

PNB HFL Plot Loan: The Best Plot and Construction Loan

• Attractive rates begin at 7.20 percent per annum.
• Loans with a term of up to 30 years are available.
• A fee of up to 0.5 percent of the loan amount may be charged as a processing fee.
• In the event of rising costs, the loan can be enhanced.
• The process for applying for and receiving a loan is quick.

Existing Customers of HDFC Ltd. Home Loan: Best Home Loan for Existing Customers

• Low borrowing rates begin at 6.70 percent per annum.
• A maximum of 30 years can be served.
• 0.5 percent of the loan amount is charged as a processing fee.
• Loans are disbursed quickly.
• To raise the loan amount, you can add a co-applicant.
• EMIs as low as Rs.646 per lakh* are available.

*The above pricing is available as part of a limited-time seasonal deal. HDFC Ltd has complete discretion over all loans. The following terms and conditions apply.

SBI Realty Home Loan: The Best Land Purchase Loan

• Low-interest rates begin at 7.50 percent per annum.
• Ten-year maximum tenure
• A fee of up to 0.4 percent of the loan amount may be charged as a processing fee.
• A maximum loan amount of Rs.15 crore is possible.
• Women's borrowers have a lower interest rate.

Home Loan Balance Transfer from HDFC Ltd.: The Best Home Loan Balance Transfer

• Interest rates start at 6.70 percent per annum.
• Additional top-up loan of up to Rs.50 lakh is available.
• Loans with a maximum term of 30 years are available.
• A fee of up to 0.5 percent of the loan amount may be charged as a processing fee.
• Adding a co-applicant can help you get a bigger loan.
• EMIs as low as Rs.646 per lakh* are available.

*The above pricing is available as part of a limited-time seasonal deal. HDFC Ltd has complete discretion over all loans. The following terms and conditions apply.

SBI smart home top-up loan: best top-up home loan

• Interest rates start at 8.05 percent per annum.
• A processing fee of 0.40 percent of the loan amount is charged.
• For loans of more than Rs.20 lakh, an overdraft facility is available.
• Loans with a maximum term of 30 years are available.
• There is no penalty for paying in advance.

The Union Awas Home Loan is the best option for people with bad credit.

• For credit scores below 600, interest rates start at 6.40 percent per annum.
• Construction or property purchase might be put on hold for up to three years.
• Loans with a maximum term of 30 years are available.
• Agriculturists might opt for quarterly/half-yearly/annual repayments instead of EMI.
• A permanent staff of educational institutions and agriculturists earning up to Rs.48,000 per annum are eligible.

The IIFL Swaraj Home Loan is the best home loan without having to show proof of income.

• Interest rates start at 10.50 percent per annum.
• Loans with a maximum term of 20 years are available.
• With an LTV of 85 percent, a maximum loan amount of Rs.20 lakh is possible.
• One female co-applicant is required.
• If income proof or bank paperwork are not accessible, they are not necessary.

Frequently asked questions

Which bank is the best for a home loan?

It's a good idea to evaluate home loan products offered by several banks and lending institutions before signing up for one. Consider the bank's interest rate, loan-to-value (LTV) ratio, processing costs, and tenure while comparing. Calculate your EMI using a home loan EMI calculator based on these parameters. Using this strategy, you can compare many home loan products from different institutions. Occasionally, certain lenders will provide home loan offers with lower interest rates. While shopping for a loan, keep an eye on that as well. Also, before applying, make sure you understand your criteria. You can look over the list above to get an idea of which bank's home loan might be best for you.

How long does it take for a home loan to get approved?

Getting a home loan approved usually takes 3 to 4 weeks. However, there are a few things to keep in mind for a better understanding. To get your loan sanctioned, you must first receive a pre-approval of your house loan from the concerned lender. Pre-approval, on the other hand, does not always imply that your loan will be disbursed instantly and is dependent on both external and internal criteria. For example, if you don't submit your property or income-related documentation on time, your loan may be postponed.

What's the difference between a fixed and a floating rate mortgage?

Fixed-rate loans have an interest rate that remains constant during the term of the loan. On the other hand, depending on the RBI key policy rates, the interest rates on floating-rate loans may be altered from time to time. In the case of floating rate loans, the equivalent monthly instalments can increase or decrease depending on the current RBI rates.

Is it possible to pay off my home loan early?

Yes, you have the option of prepaying your outstanding loan amount in full or in part before the end of your loan term. While variable-rate loans have no prepayment penalties, fixed-rate house loans have a penalty of up to 2% of the loan amount if prepaid through refinancing.

Is it possible to deduct my home loan interest from my taxes?

• Yes, you can deduct both the interest and the principal portion of your house loan from your taxes. You can deduct up to Rs.1.50 lakh on the principal amount repaid annually under Section 80C of the Income Tax Act.
• Taxpayers are also eligible for benefits up to Rs.2 lakh on annual interest paid on a house loan under Section 24 of the IT Act.

Who is eligible to apply as a co-applicant?

A co-applicant can be a member of your immediate family, such as your spouse, parents, or even minor children. All co-owners of the property must also be co-applicants when applying for a mortgage. The co-applicant, however, does not have to be a co-owner.

What is Pre-EMI, and how does it work?

The interest that must be paid to the loan provider until the complete loan amount is disbursed is known as pre-EMI. The Pre-EMI is paid monthly until the last payment, after which the standard EMI, which includes both principal and interest, will be applied.

Is it possible for me to take out two home loans at the same time?

Yes, if your lender accepts your ability to manage two Equated Monthly Instalments (EMIs) at the same time, you can take out two house loans at the same time. The tax benefits on the second house, on the other hand, will be different, and you'll have to determine if the property is self-occupied or rented out.

Is it possible to receive a home loan with 100% financing?

No. Banks and other financial institutions do not lend 100% of the property's worth as a home loan. Home loan lenders set a margin for their loans, which is the percentage of the cost that the lender will cover. For example, if the loan's margin is set at 10%, the bank will cover 90% of the property's worth. In such circumstances, you will be required to make a down payment of the balance amount, i.e. 10%, to cover the remainder of the cost.

Is it true that having a personal loan affects your ability to get a home loan?

When establishing your house loan eligibility, the lender ensures that any other outstanding debts, such as a personal loan or a two-wheeler loan, are not affecting your monthly payments. Other ongoing debts, on the other hand, will eventually influence your eligibility because your overall spending power would be lowered. Your home loan application may be denied if your other debt obligations total more than 50 percent to 60 percent of your monthly income.

Is a personal loan preferable to a personal loan?

The greatest option for purchasing a property is to take out a home loan. In most cases, you won't be able to get a personal loan for as much money as you'll need to buy a property. A personal loan is a good option if you need money for non-specific personal reasons. Home loans also come with the option of top-up loans, which allow you to request a loan increase to cover additional expenses such as furnishing your home.