Buying a home in India is by no chance a small feat. Building it has been simplified with the easy availability of loans. All you need to have is some savings for your down payment and the risk taking ability in order to pay bank installments. Banks typically provide about 75-90% worth of home loan sanctioned, making it financially viable for you to pick your dream home.
To fulfill this need of finding the perfect loan provider, it’s comparison amongst other banks in the country is necessary. One of the factors that help in comparison of home loan providers is the interest rate. Interest rates are usually applicable as per fixed and floating types. If you are finding it difficult to select on which bank or financial institution to choose, here are 5 best options in India:
HDFC Home Loan
HDFC is one of the major providers when it comes to finance for housing in India. HDFC is a widely accepted home loan provider considering how simplified the documentation, repayment assistance and doorstep guidance is. Woman applicants get a benefit of reduced interest rates that starts at 8.35% p.a. The home loan balance transfer is processed with absolutely no fees which makes it more beneficial to opt for.
State Bank of India Home Loan
The State Bank of India provides its customers with the most feasible interest rates and attractive home loan packages. Individuals in the age group of 18 to 70 are eligible for this option provided they have a regular source of income. This loan would require an equitable mortgage property, and the repayment can be extended up to 30 years or till the age of 70, whichever comes early. Besides this, women applicants can benefit from SBI’s home loan option with special concessions provided they’re the first co-applicant of the home loan.
ICICI Housing Finance/Loan
The benefit that you get while applying for a home loan with ICICI include very minimal documentation work, flexible loan tenure, flexible repayment option,
additional loan top-up option, low processing fees and an added advantage of an EMI and Eligibility calculator. The loan tenure applicable for this option ranges from 3 to 30 years.
Axis Bank’s Home Loan
Axis Bank’s home loan is simplified and easily accessible. It is primarily available to salaried employees and also self-employed individuals. Salaried individuals need to fall in the age bracket of 24 to 60, while the professionals should be in the bracket of 24 to 65. When it comes to the interest rates, the borrower could choose between fixed or floating interest rates.
DHFL Home Loan
DHFL, India’s third largest home loan and Housing Finance Company in India, assures complete flexibility and transparency in all home loan dealings. DHFL provides finance right from Rs. 1 lakh to Rs 5 crore for either ready built-up space or an under construction flat. For repayment, the tenure can be any time before retirement, from 1 to 30 years, not beyond the age of 60 or 65 for self-employed.