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Housing loans have played a very significant role to help build dream homes. Interest rates on home loans vary from bank to bank in India. The normal range of interest on home loan are from 8.35% to 14.00%. In this race, Government banks along with some private banks and financial institutions are offering lowest interest rates on home loans. More or less all banks which have given a privilege to women borrowers by providing them a home loan interest rate which is approximately 0.05% lesser than the interest rate provided to the male borrowers.
Almost all top banks in India are presently offering home loans in more or less the same range. It thus becomes quite difficult to decide which bank is better to seek home loan. However, comparing which bank is offering the highest loan amount based on your eligibility is eventually what people end up checking for before seeking home loans. Also,it becomes a priority to check which bank has the lowest processing fee. So, when you have banks where the rate offered is same but one of them is offering the maximum loan amount with lowest processing fee applicable, that lender would be best for you.
Below table will help you with the home loan interest rates comparison of various banks and processing fee of the same:
BANK | INTEREST RATE | PROCESSING FEE AS A % OF LOAN AMOUNT | PROCESSING FEE MINIMUM-MAXIMUM |
AXIS BANK | 8.50% | 0.50% | Min Rs. 1,000 Max Rs. 25,000 |
SBI BANK | 8.50% | 0.50% | Min Rs. 10,000 Max Rs. 10,000 |
HDFC BANK | 8.50% | 0.50% | Min Rs. 3,000 Max Rs. 10,000 |
PNB HOUSING | 8.99% | 1.00% | MIN Rs 10,000 MAX Rs 10,000 |
ICICI BANK | 8.55% | 0.50% | Min Rs. 5,000 Max Rs. 5,000 |
LIC Housing | 8.50% | 0.50% | - |
Indiabulls Housing Finance | 8.40% | 0.50% | Min Rs. 1,000 Max Rs. 5,000 |
IDBI BANK | 8.50% | 0.50% | Min Rs. 2,500 |
Kotak BANK | 8.65% | - | Max Rs. 10,000 |
HSBC BANK | 8.50% | 1.00% | Max Rs. 10,000 |
BANK OF MAHARASHTRA | 8.75% | 0.50% | - |
DENA BANK | 8.50% | 0.50% | - |
BANK OF INDIA | 8.50% | 0.25% | Min Rs. 1,000 Max Rs. 20,000 |
UCO BANK | 8.55% | 0.50% | Min Rs. 1,500 Max Rs. 15,,000 |
Bank Of Baroda | 8.50% | 0.50% | Min Rs. 7,500 Max Rs. 20,000 |
YES BANK | 9.35% | 0.75% |
How Interest rate affects home loans?
Factors like your income, existing loans being repaid, your job, spouse/co-applicant's income, and your credit score are considered. In case your credit score is less than desirable, your loan may be sanctioned but at a higher rate of interest.Banks and financial institutions are always the extra careful bit. So you end up with a loan of 75-80% of the property value. The applicant brings in the rest of the amount. If you can pay a higher down payment, total EMIs and the interest component goes down.
Inflation, money supply, global economic conditions are some of the factors that affect interest rates. The Reserve Bank of India (RBI) uses various tools like the Repo Rate, Cash Reserve Ratio, and Statutory Liquidity Ratio to regulate interest rates in the economy.
Interest Rate Type – Interest rates come in two basic types: fixed and floating. Fixed interest rates don’t change over time. Floating interest rate varies periodically over the loan tenure.
Now that you are aware of various home loan rates and how it influences home loan, what are you waiting for?
Your property expert, https://www.thepropertist.com is here to transform your dream into reality.
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interest rates mortgage home loan home loan rates current interest rates best home loan rates house loan home loan interest rate home loansRelated Posts
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