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Bank Home Loan Rate of Interest 2016

by Puneet Sharma Finance

What is a Home Loan?

Home loan is a loan disbursed by a bank or financial institution (lender) to an individual to for buying residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest. It is generally for a longer tenure of somewhere between 5 and 30 years as the amount is of higher value which takes time to get repaid.

The current RBI norms suggest that the person applying for a home loan should at least pay 20% of the price of the home he/she is going to purchase. This means that the remaining 80% of the cost of the house will be provided by the bank or any financial organization. The question now arises to everyone’s mind – How much home loan am I eligible for? Here we will give you the points to your Home Loan eligibility before you apply for one at a bank or a financial institution.

The home loan interest rate plays a very important role in your decision making. Once you get decide on the property, you should also calculate the home loan interest rate that the bank will be providing you. This way you get a better idea of the amount you pay at the end of your loan completion. You should thoroughly research about the banks that give the best Home Loan Interest Rate and ease of documentation as well as hassle free approval.


Top Five Housing Finance Companies in India:

  • State Bank of India (SBI)

    State Bank of India is the largest banking and financial services company in India according to assets. SBI is a government-owned Indian multinational corporation headquartered Mumbai, Maharashtra. The SBI home loan eligibility criteria includes applying for a home loan for various purposes including purchase of new house or flat, purchase of land, renovation or repair or extension of existing house or flat etc. State Bank of India offers a wide array of home loan products tailored to meet the requirement of diverse customer segments. These home loan products include, SBI Maxgain, SBI Realty, SBI Tribal Plus, NRI Home Loans, SBI Pal, Gram Niwas and Sahyog Niwas. Some of the advantages of an SBI housing loan are low rate of interest and processing fees, no hidden cost and no foreclosure charges.

  • Housing Development Finance Corporation Limited (HDFC)

    Housing Development Finance Corporation Limited (HDFC Ltd.), India's largest private housing finance company, is renowned for variety of financing options including home loans, home improvement loans and home extension loans. HDFC home loan is still considered to be HDFC Bank's major business and can feature tenure of up to 30 years at an interest rate of 9.55% to 9.60% p.a. Women borrowers can enjoy a lower interest rate (0.05% discount) and avail the home loan at 9.50% to 9.55% p.a.

  • LIC Housing Finance Limited

    LIC Housing Finance Limited (LIC HFL) is one of the largest Public Housing Finance companies in India headquartered at Mumbai. Though the original business of Life Insurance Corporation of India (LIC) was insurance, the company's entry into the home loan market has made this market even more competitive for the current players occupying the market. LIC HFL operates a completely separate fully owned subsidiary of Life Insurance Corporation of India. The LIC home loan offered by LIC HFL provides long term finance of up to 30 years for construction, purchase, repairs, renovation, extension, plot purchase and much more.

  • PNB Housing Finance Limited

    PNB Housing Finance Limited (PNBHFL) is a 28 years old public sector housing finance company headquartered at New Delhi having branches across India. The company is an ancillary of Punjab National Bank and is registered with National Housing Bank. The umbrella of PNB home loan includes products such as Home Purchase Loans, Home Construction Loans, Home Extension Loans, Home Improvement Loans and Plot Loans. Some of other unique products provided by PNB Housing Finnace include Unnati home loan and NRI home loans.

  • Axis Bank

    Axis Bank Limited (formerly UTI Bank) is the third largest private sector bank in India. Axis Bank home loan features competitive lending rates, balance transfer facility, doorstep service, zero foreclosure charges and quick processing times similar to the business model provided by Axis Bank for its other services. Axis Bank Home Loans can be availed for up to 30 years at fixed or floating rate of interest. The fixed rate home loans offered by Axis Bank usually feature a higher interest rate as compared to the floating rate Axis Bank home loan.


There are many banks in India that provide Home Loans. Here is a list below which will help you understand the Lowest Interest Rates & Lowest EMI for your Home Loans;


BANK

HOME LOAN INTEREST RATES

LOWEST EMI per Rs.1 FOR MAX TENURE

SBI

Upto  Rs 7,500,000 - 9.35% - 9.4%,

Above Rs 7,500,000 - 9.35% - 9.4%  Floating

Rs 830 for 30 Years

ICICI BANK

Upto  Rs 7,500,000 - 9.4% - 9.45%,

Above Rs 7,500,000 - 9.4% - 9.45%,

Above Rs 50,000,000 - 9.65% - 9.7%  Floating

Rs 834 for 30 Years

HDFC BANK

Upto  Rs 7,500,000 - 9.4% - 9.95%,

Above Rs 7,500,000 - 9.4% - 9.95%  Floating

Rs 834 for 30 Years

AXIS BANK

Upto  Rs 2,800,000 - 9.45% - 9.5%,

Above Rs 2,800,000 - 9.45% - 9.6%  Floating

Rs 837 for 30 Years

DHFL

Upto  Rs 3,000,000 - 9.55%,

Above Rs 3,000,000 - 9.65%

Rs 845 for 30 Years

BANK OF BARODA

Upto  Rs 7,500,000 - 9.65%,

Above Rs 7,500,000 - 9.65%  Floating

Rs 852 for 30 Years

CANARA BANK

Upto  Rs 10,000,000 - 9.65%,

Above Rs 10,000,000 - 9.75%  Floating

Rs 852 for 30 Years

UNION BANK OF INDIA

Upto  Rs 50,000,000 - 9.65%,

Above Rs 50,000,000 - 10.4%  Floating

Rs 852 for 30 Years

VIJAYA BANK

Upto  Rs 7,500,000 - 9.65%,

Above Rs 7,500,000 - 9.65%  Floating

Rs 852 for 30 Years

FEDERAL BANK

Upto  Rs 7,500,000 - 9.68% - 9.83%,

Above Rs 7,500,000 - 9.98% - 10.08%  Floating

Rs 854 for 30 Years

OBC

Upto  Rs 7,500,000 - 9.7%,

Above Rs 7,500,000 - 9.7%  Floating

Rs 855 for 30 Years

BANK OF INDIA

Upto  Rs 7,500,000 - 9.7%,

Above Rs 7,500,000 - 9.95%  Floating

Rs 855 for 30 Years

IDBI BANK

Upto  Rs 2,500,000 - 9.75%,

Above Rs 2,500,000 - 9.75%  Floating

Rs 859 for 30 Years

LIC HOUSING FINANCE

Upto  Rs 7,500,000 - 9.8% - 11.7%,

Above Rs 7,500,000 - 9.8% - 11.7%  Floating

Rs 863 for 30 Years

HSBC BANK

Upto  Rs 5,000,000 - 9.55%,

Above Rs 5,000,000 - 9.55%  Floating

Rs 877 for 25 Years

JAMMU & KASHMIR BANK

Upto  Rs 10,000,000 - 9.5%,

Above Rs 10,000,000 - 9.7% - 9.85%  Floating

Rs 1044 for 15 Years

INDIAN BANK

Upto  Rs 7,500,000 - 9.65%,

Above Rs 7,500,000 - 9.9%  Floating

Rs 942 for 20 Years

ALLAHABAD BANK

Upto  Rs 30,000,000 - 9.7%,

Above Rs 30,000,000 - 9.95%  Floating

Rs 945 for 20 Years

UNITED BANK OF INDIA

Upto  Rs 7,500,000 - 9.75%,

Above Rs 7,500,000 - 9.75%  Floating

Rs 891 for 25 Years



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About Puneet Sharma Junior   Finance

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Joined APSense since, May 5th, 2016, From Gurgaon, India.

Created on Dec 31st 1969 18:00. Viewed 0 times.

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