The bank institutions are lending hands in this buying process. Check out the article here we have gathered the 10 best banks for Home loans in India depending on the borrower’s value-added home loan and smooth buying process.
The Banking Regulation Act of 1949 contains regulations that the RBI (Reserve Bank of India) utilises to govern the Indian banking system.
In India, banks are required to deposit at least 4% of their net total liabilities (NDTL) with the RBI in cash.
The RBI has enhanced the Loans to Value Ratio up to 90% in cases where the house loan is less than Rs. 30 lakhs in order to attract people to buy homes and to make mortgages more affordable.
Additionally, the LTV ratio is up to 75% for loans beyond Rs. 75 lakhs.
Here is a list of the 10 best banks for Home Loans in India.
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State Bank of India
The largest mortgage lender in India is the nationally listed State Bank of India (SBI) with more than 65 years of expertise has helped more than 30 lakh households buy homes so far.
Mainly SBI offers floating-rate & SBI-Maxgain loans. The interest rate on an SBI house loan is lower than that of others.
The principal and claim are recalculated each day, and interest is computed in accordance with those results.
Initial payment made today will result in a lesser interest charge tomorrow.
Eligibility Criteria: Age 18 to 70 years
Loan Tenure: up to 30 years
Different SBI Home Loan Plans
Here is a list of different SBI Home Loan Plans offered,
Interest Rate For SBI Home Loans
Interest Rates for SBI Home Loans for self-employed or salaried individuals are as follows,
SBI Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from SBI Bank are listed below.
Also, you can check your Home Loan Eligibility Here.
Benefits of Taking a Home Loan from SBI
The SBI bank provides many benefits with Home loans such as
- Strict property assessment
- Charges are transparent and clear.
- Calculation of interest on the daily decreasing balance
- 0.5% reductions in interest rates for female customers
Also, check out the Comparison Between HDFC Vs SBI Bank Home Loan
Kotak Mahindra Bank
With over 100 locations around India, Uday Kotak-led banks are among the fastest-growing private lenders.
Currently, Kotak Mahindra offers home loans at a low interest rate in the market which makes it one of the best banks for home loans in India.
Eligibility Criteria: 18 to 65 years
Loan Tenure: 20 years
Different Kotak Mahindra Bank Home Loan Plans
Here is a list of different Kotak Mahindra bank Home Loan Plans offered,
Interest Rate For Kotak Mahindra Home Loans
Interest Rates for Kotak Mahindra Bank Home Loans for self-employed or salaried individuals are as follows,
Kotak Mahindra Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from Kotak Mahindra Bank are listed below.
Benefits of Taking a Home Loan from Kotak Mahindra
The Kotak Mahindra Bank provides many benefits with Home loans such as
- Fast loan approval from Kotak Digi Home services
- Low rates have allowed for continued benefits.
HDFC Bank
Indian financial services company HDFC (Housing Development Finance Corporation Limited ) is situated in Mumbai. It is India’s top source of house financing and one of the best banks for home loans in India.
You can register online and submit your documents, or you can have services at your home with an HDFC loan expert.
You can use HDFC home loans to finance the purchase of a home, a plot of land, the construction of a home, home improvements, or property expansions at competitive interest rates.
Eligibility Criteria:18 to 70 years
Loan Tenure: up to 30 years
Different HDFC Home Loan Plans
Here is a list of different HDFC bank Home Loan Plans offered,
Home Loan Plans offered,
Interest Rate For HDFC Home Loans
Interest Rates for HDFC Home Loans for self-employed or salaried individuals are as follows,
HDFC Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from HDFC Bank are listed below.
Benefits of Taking a Home Loan from HDFC
The HDFC bank provides many benefits with Home loans such as
- Transparent processing fees and costs for loans
- There are numerous alternatives for debt repayment.
You can apply for a quick & completely assisted Home Loan Here.
Bank of Baroda
The Vadodara-established Bank of Baroda, which offers the best home loans, became India’s third-largest bank after SBI in April 2019 after merging with Dena Bank and Vijaya Bank.
Bank of Baroda has now more than 10,000 outlets worldwide and in India and also it is among the best banks for home loans in India.
Eligibility Criteria: 18 to 65 years
Loan Tenure: 30 years
Different Bank Of Baroda Home Loan Plans
Here is a list of different Bank of Baroda Home Loan Plans offered,
Interest Rate For Bank of Baroda Home Loans
Interest Rates for Bank of Baroda Home Loans for self-employed or salaried individuals are as follows,
Bank of Baroda Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from Bank of Baroda Bank are listed below.
Benefits of Taking a Home Loan from the Bank of Baroda
The Bank of Baroda provides many benefits with Home loans such as
- No additional costs or expenses
- There are numerous debt repayment choices.
Axis Bank
Axis Bank incorporated in 1993 is a sizable private sector bank with more than 4,500 locations both in India and abroad.
Additionally, Axis Bank offers EMI Holidays to customers who have high-value loans. Home loans from Axis Bank start at Rs. 3 lakhs. Built-in house purchases, home building, and top-up loans are all acceptable.
Eligibility Criteria: Age 21 to 60 years
Loan Tenure: 30 years max
Different Axis Bank Home Loan Plans
Here is a list of different types of Axis Bank Home Loan Plans offered,
Interest Rate For Axis Bank Home Loans
Interest Rates for Axis bank Home Loans for self-employed or salaried individuals are as follows,
Axis Bank Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from Axis Bank are listed below.
Benefits of Taking a Home Loan from Axis Bank
The Axis Bank provides many benefits with Home loans such as
- Loans starting at a little Rs. 3 lakhs are available.
- There are mortgages with fixed as well as floating rates.
ICICI Bank
As measured by market capitalization, ICICI Bank, the second-largest private lender in the nation, was established in 1994 as an entire division of ICICI Limited.
There are currently 5,288 ICICI Bank branches in India.
Easy-to-understand paperwork, speedy approvals, and inexpensive borrowing rates are all hallmarks of ICICI.
Loans are offered for top-up mortgages as well as for buying, building, and remodelling homes. ICICi bank is one of the best banks for home loans in India.
Eligibility Criteria: 21 to 70 years
Loan Tenure: 30 years
Different ICICI bank Home Loan Plans
Here is a list of different types of ICICI Bank Home Loan Plans offered,
Interest Rate For ICICI Bank Home Loans
Interest Rates for ICICI bank Home Loans for self-employed or salaried individuals are as follows,
ICICI Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from ICICI Bank are listed below.
Benefits of Taking a Home Loan from ICICI
The ICICI Bank provides many benefits with Home loans such as
- Individuals can co-borrow with a female partner who is not employed to receive reduced interest rates.
- The cost of door-to-door service is included in the price.
- Processing loans swiftly and smoothly
LIC Housing Finance
With its headquarters in Mumbai,(LIC HFL) LIC Housing Finance Limited is among India’s top providers of mortgage lending for housing.
With a falling rate of interest, the interest is calculated monthly at LIC Housing Finance making it one of the best banks for home loans in India.
Eligibility Criteria: 21 to 7o years
Loan Tenure: up to 30 years
Different LIC Housing Finance Home Loan Plans
Here is a list of different types of LIC Housing Finance Home Loan Plans offered,
Interest Rate For LIC Housing Finance Home Loans
Interest Rates for LIC Housing Finance Home Loans for self-employed or salaried individuals are as follows,
LIC Housing Finance Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from LIC Housing Finance are listed below.
Benefits of Taking a Home Loan from LIC Housing Finance
The LIC Housing Finance provides many benefits with Home loans such as
- Lower interest rates, both for floating and fixed-rate loans.
- Prepayment is free of charge.
Union Bank of India
In 2020, the government’s merger of Mumbai-based Union Bank of India with Andhra Bank & Corporation Bank garnered headlines.
The mortgage from Union Bank also covers the price of buying solar panels at the same moment as buying or building a home.
Eligibility Criteria: 18 to 65 years
Loan Tenure: 30 years
Different Union Bank Home Loan Plans
Here is a list of different types of Union Bank Home Loan Plans offered,
Interest Rate For Union Bank Home Loans
Interest Rates for Union Bank Home Loans for self-employed or salaried individuals are as follows,
Union Bank Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from Union Bank of India are listed below.
Benefits of Taking a Home Loan from Union Bank
The Union Bank provides many benefits with Home loans such as
- Home loans are offered at both fluctuating and fixed interest rates.
- Starting interest rates for mortgages are as low as 6.8%.
Bank of Maharashtra
Home loans from the Bank of Maharashtra are available to qualified borrowers at interest rates starting at 7.80% p.a.
The loan amount is substantial, and there is a 30-year maximum repayment period.
Bank of Maharashtra offers a variety of Home Loan plans to meet the demands of its Clients.
Eligibility Criteria: Age 21-60 years
Loan Tenure: Up to 30 years
Different Bank Of Maharashtra Home Loan Plans
Here is a list of different types of Bank Of Maharashtra Home Loan Plans offered,
Interest Rate For Bank of Maharashtra Home Loans
Interest Rates for Bank of Maharashtra Home Loans for self-employed or salaried individuals are as follows,
Bank of Maharashtra Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from the Bank of Maharashtra are listed below.
Benefits of Taking a Home Loan from the Bank of Maharashtra
The Bank of Maharashtra provides many benefits with Home loans such as
- Part-payment system available at Bank of Maharashtra
- Top-up loan available
- Also, No guarantor is required for a Home loan
Central Bank of India
The Central Bank of India has its headquarters in Mumbai and works with up to 5,000 locations and ATMs that stretch throughout quite so many as 27 states and the three territories of India.
It is among the best banks for home loans in India.
Eligibility Criteria: Age 18 to 65 Years
Loan Tenure: 30 years
Different Central Bank of India Home Loan Plans
Here is a list of different types of Central Bank of India Home Loan Plans offered,
Interest Rate For Central Bank of India Home Loans
Interest Rates for Central Bank of India Home Loans for self-employed or salaried individuals are as follows,
Central Bank of India Home Loan Charges and Other Fees Applicable
The interest rate and additional costs that apply while obtaining a home loan from the Central bank of India are listed below.
Benefits of Taking a Home Loan from the Central Bank of India
- There are no repayment charges
- A variety of home loan plans are available.
Also, Check out Home Loan Processing Fee 2024 And Other Charges For A Home Loan
FAQs
| Which bank is best for a home loan in India?
Union Bank of India, Kotak Mahindra Bank, and LIC Housing Finance bank are the Best for home loans in India. |
| Can I get a 100% home loan from the bank?
You cannot receive a bank’s 100% home loan, per RBI regulations. |
| Which bank is better for a home loan private or government?
In comparison to a private lender, Government banking institutions will provide you with a house loan with a considerably lower interest rate. |
| How do I choose a good home loan?
First, check the rate of Interest, and home loan processing fees, check the max loan amount, and choose between fixed and floating rates, and prepayment charges while selecting a good home loan. |
