Home Loans are generally extended for purposes such as the purchase of houses, construction of residential properties, extensions and renovations so that your dream becomes fulfilled.
There are many home loan providers in the market just like: ICICI, HDFC, SBI, Axis, Kotak, Bajaj Finserv etc.
Best Banks for Home loan in India
1) ICICI Bank Home Loan
ICICI Bank is well known for its high eligibility, sanction time and lower interest rate. It gives the advantage of lowering the EMI burden to its users and permits them to make savings by transferring their present home loan scheme from any other Bank to ICICI bank. There is a simple process, competitive interest rate and speed in approval.
● A very simple simplified documentation process and even faster documentation process for current customers.
● It allows you to apply for subsidy under PMAY.
2) State Bank of India Home Loan
In India, SBI is the primary choice of every home loan takers, which has assisted many families. The starting interest rates which they offer is 7.90% to 9.45%. It is the perfect choice because of special offers every month for govt., employees, women, lower processing fee, lower home loan interest rate.
● Transparent charges.
● SBI allows you to apply for subsidy under PMAY scheme.
3) HDFC Bank Home Loan
In HDFC, there are more than 5.1million home loan customers, it is the largest private lender in home loan segment. The bank offers home loans with interest rates starting from 8.00% p.a and EMIs. The maximum period of repayment of a loan is up to 30years.
● Home Loans offers for purchase of a bungalow from private developers in approved projects, rowhouses, flat.
● There are numerous choices to choose for loan repayment.
4) Axis Bank Home Loan
Axis Bank offers fair & supple Home Loans online which are accessible with Quick processing & Flexible, repayment Low-Interest rates, Nil prepayment charges, which generates your owning experience of dream home stress-free and sweet.
● It also extends Home Loans of low ticket size as low as Rs. 3 Lakh.
● It allows EMI Holidays to its valuable loan customers.
5) Bank of Baroda Home loan
This is the best bank for home loan in India offers various types of home loan such as Baroda Top up loan, home suvidha personal loan, home improvement loan, etc. Maximum tenure of Home Loan is 30 years, which may be extended to 70 years under special terms and conditions.
● You can enjoy a free credit card and concession of 0.25% for car loans.
● Accident insurance is provided free of cost with every Home Loan.
6) LIC Home Loan
It is one of the largest housing finance companies and offers minimum documentation, processing fee, eye-catching interest rates. Only for floating rates, interest is offered.
● Pre-closure charges and part payment charges are not applicable.
● Top-up loans are also obtainable on determined conditions.
7) Aditya Birla capital Home loan
These bank Home Loan is popular for quicker processing and lower interest rates. It does not provide loans at fixed rates of interest. Loans are granted on a Floating rate basis; the rate of interest depends from 9% to 12.50% p.a.
● In case you are unable to visit the branch, they provide a doorstep facility.
● It also offers quick and transparent loan processing.
8) PNB Housing Finance
It is one of the public sector banks in the country providing numerous kinds of home loans. They provide home loans of more than 75 lakh rupees at reasonable interest rates. The PNB bank provides Home loans like Home expansion loans, Home purchase loans, and home construction loans.
● Loans are available on floating as well as fixed rates.
● The maximum tenure of the loan is 30 years. However, it may be extended to 60 years in special cases.
9) Bajaj Finserv Home loan
These banks offer home loans of up to Rs. 3.5 crore and many more features, making it a truly higher offering. It gives an attractive top- up loan, interest rate, and repayment tenure of up to 20years.
● As per loan seekers, the term is flexible.
● Transfer your present Home loan to Bajaj Finserv with an easy Home loan balance transfer.
10) Dewan Housing Finance Limited
DHFL is a company which offers a broad range of Home loans including renovation and home improvement. The assets verification process is simple and not too difficult.
● For home loan, approval and disbursal time is very fast.
● It provides only floating rates home loans.
Usually, home loan is one of the biggest liabilities and offers you some benefits. It can not only be taken for the purchase of the property but also the renovation or construction of the house.