Getting a home loan at lowest interest rates and the best terms is a dream of every customer. It’s obvious that everyone wants lower interest rates so they pay a lesser EMI amount. That’s the primary reason why a person would research options and looks for the best deals on home loans.
But in order to get this best deal from the Bank/NBFC you need to have an amazing credit score (Minimum 800), an incredible loan repayment track record with very few or zero defaults and fulfilling all eligibility criteria set by the lender. Since this is not possible for many people to do, hence they settle for a higher interest rate.
What is the lowest home loan amount?
Home loan amounts start from 1 lakh rupees. This will go upward in crores. But you need to remember that if your house value is of 30 lakhs then you won’t get the whole amount as loan amount. You will get around 24-27 lakhs as loan amount. You will have to arrange the remaining amount as down payment.
What is the interest rate for home loans?
Interest rates for home loans will begin from 8.70% onward* as of today. There are many Banks and NBFCs that provide home loans around this minimum rate. But you need to be cautious as getting 8.70% is only possible when you fulfill the eligibility criteria worth for that rate.
Which banks provide home loans?
There are many lenders that provide home loans in India. Here is the list of Banks and NBFCs that you can get home loans from;
Banks:
Axis Bank provides loans at 8.85% onward with 0.50% processing fees
Citi Bank provides loans at 8.75% onward with 0% processing fees
HDFC Bank provides loans at 8.75% onward with 0.50% processing fees
HSBC Bank provides loans at 8.85% onward with 1% processing fees
ICICI Bank provides loans at 9.10% onward with 0.50% processing fees
IDFC Bank provides loans at 9.60% onward with 5000/-* processing fees
Kotak Bank provides loans at 8.90% onward with 10,000/-* processing fees
Punjab National Bank provides loans at 8.65% onward with 0.50% processing fees
Yes Bank provides loans at 9.35% onward with 0.75% processing fees
NBFCs:
LIC Housing Finance provides loans at 8.70% onward with 0.50% processing fees
PNB Housing Finance provides loans at 9.10% onward with 1.0% processing fees
IIFL provides loans at 9.50% onward with 1.0% processing fees
Indiabulls provides loans at 8.80% onward with 1000-5000/-* processing fees
Which bank is best for home loans?
Banks and NBFCs in India provide competitive interest rates on home loans. Hence the gap between all these lenders will be very minute. Ruloans suggests that you research your options well. If you require a home loan on an urgent basis, then try applying from the Bank where you already have an account as they already have your details and hence can rush the process.
How do I find the best mortgage lender?
You can find the best mortgage lender in India by visiting Ruloans web portal. When you visit our page, you can compare loan options from more than 25+ Banks and NBFCs. Yes, you can save a lot of time on research and a lot of money by comparing deals being offered on home loans. Hence do visit Ruloans web portal as we always help our customers borrow right.
