When it comes to buying a home, there is lot of research and investigations involved. Apart from looking for good rate of interest on the home loan, people also look for best bank that is safe, reliable and offers various other facilities. At times, borrowers are fine to spend some extra penny through interest in case if the service offered is excellent. Any time you decide to get into a home loan it is important to keep in mind that this will be mostly the longest debt in your life. Thus it is essential to check each and every aspect of it and choose the best one that suits your needs. Home loans might extend up to 20-30 years in most of the cases and thus wisely decide whether fixed or floating rate of interest suits your needs.
When you decide you to buy a home anywhere in India, always have close to Rs. 5 to 10 lakhs surplus in hand. Buying a home will have unplanned expenditures and this is applicable while taking home loan as well. Some of the common additional expenses incurred in owning a home are registration charges, stamp duty, home loan processing charges, loan documentation charges and so on. Nowadays with advanced technology it is easy to compare home loan details offered by different banks. Make use of this facility to pick the best bank that is offering home loan in India.
Though there are many banks in India that is offering home loan, there is something peculiar about each bank and what they offer. It is this difference that should be looked out for and decide if it will serve your loan purpose. Whether it is to take home loan through banks or from non-banking financial institutions look for the fund safety, facilities offered and accessibility. In most of the cases, public sector banks are safer and offers loan at concessional rates. However, a thorough investigation on this topic will help you to ascertain which bank is the best.
Here is the list of top banks for home loan in India:
|Bank Name||Interest Rate Range||Processing Fee Range||Loan Amount||Tenure Range|
|PNBHFL||8.5% – 8.7% Floating||Up to 0.5% (min. ₹5750) One-time fee||5L Min||1-30 Years|
|SBI||8.65% – 8.70% Floating||0.35% (max. 10,000) + S.T.||15L – 10Crs||1-30 Years|
|HDFC LTD||8.35% – 8.60% Floating||Up to 0.5% (max. ₹11,500) One-time fee||5L – 10Crs||1-30 Years|
|ICICI BANK||8.35% – 8.80% Floating||0.5% (min. ₹11,500) One-time fee||5L – 10Crs||3-30 Years|
|DHFL||8.60% – 9.75% Floating||5,000 to ₹20,000One time fee||1L – 5Crs||1-30 Years|
|LIC HFL||8.5% – 8.7% Floating||0One time fee||1L Min||5-30 Years|
|FEDERAL||9.57% – 9.82% Fixed||3,000 to ₹7,500 + S.T. One-time fee||15Crs Max||1-30 Years|
|CANARA BANK||8.65% – 8.75% Fixed||1,500 to ₹10,000||–||30 Years|
|IDBI BANK||8.30% – 8.35% Floating||0||5L – 10Crs||30 Years|
|KOTAK MAHINDRA||8.95% Floating||One-time fee||–||1-20 Years|
Best Bank for Home Loan in India:
The below banks are listed best in India for home loan based on their home loan facilities offered, rate of interest, transparency, customer satisfaction, processing time, online facilities and so on.
SBI stands on the top list among the best banks in India for home loan. Though they use traditional banking facilities at some aspects, this bank is still preferred as the best bank due to reliability and it offers loans at lowest rate of interest. With wide range of branches all over the country, accessibility is easy for everyone. It’s true that at times home loan process will be time consuming, but it is worth the wait as the loan is offered at low rate of interest. The bank is working towards processing home loans quickly. These benefits can be enjoyed by borrowers soon.
Among private sector bank that offers home loan, HDFC bank stands on top of the list. This bank ensures it has highest level of customer rating and ensures there is high level of customer satisfaction. The rate of interest at which home loans are offered is also low. Plus this is one of the most recognized banks in India. HDFC bank is also known for offering innovation facilities to its customer and apart from this additional benefits and offers are made available every now and then.
The best housing loan provider after SBI bank is LIC housing. Documentation requirement is pretty less with LIC housing however the customer will have to check the integrity of the loan processing. With this home loan provider customers will get an option to fix rate of interest at fixed rates up to 5 years. Apart from these, borrowers who take home loan from LIC housing will get additional insurance and investment policies. If the sum assured on the policy is more than Rs. 15 lakhs then there will be additional concessions on home loans.
The most attractive feature with Axis bank home loan is it offers zero pre-closure charges on any home loan. Those who have plan to rep-close the loan in near-future/ before the tenure of the loan will try to grab this opportunity. The rate of interest is also prices at competitive rates. Though there are mixed options regarding Axis bank, this is still one of the favorite banks in India for home loans.
If you are looking for a quick processing home loan, then your search ends at ICICI bank. This bank is known for its quick services at low charges. They demand less documentation as compared to other banks. This bank is known to offer great customer services; the bank executives are pretty friendly and approachable.
There are positives and negatives sides for everything; the same is the case with these banks. It is up to each borrower to decide what their need is and which bank suits their requirements.