Buying or making a home is the most major achievement and investment in one’s life. Be it a very rich personality or an average earing person, everyone surely struggles with the loan problems when buying a home. Buying a home in India? Which banks offers the best home loans? Which are the best banks to get home loans in India? Read along, analyze your conditions and choose your bank with care. All banks offer exclusive home loan features to individuals, but the best selection can be done basically on the basis of the lower interest rates. Read on to compare.
7 banks to get home loans in India
1. SBI Bank
The SBI Bank offers the loan interest rate of 9.35 to 9.40 % making it one of the banks with the lowest interest rates for home loans. The market percentage which depends on upon the SBI for their home loan is a whopping 25.50% of the Indian population. The Market Share of the SBI is 16.20% and the processing fees are 0.35% for each lakh and 10000 rupees or service tax, whichever is minimum.
2. HDFC Ltd
HDFC too is considered to be one of the best when it comes to obtaining home loans in India. Interest rates are 9.40% to 9.45% and the current market percentage which favors HDFC is 24.13%. The housing finance market percentage taken up by it is more that SBI, 16.60% while the processing fee was taken is either 0.5% or 10000+service tax. The higher value is taken as the processing fee.
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3. LIC Housing
Suited especially for house loans, it has the interest rate of 9.50% which is fixed for 2 years. Its current market percentage is 15.83% and its market share is lesser than most banks. Processing fees are divided into two categories, 50 lakhs and above will require 15000 and service tax while the loan amounts of 50 lakhs and less will require 10000 and service tax.
4. ICICI Bank
9.40% to 9.70% are the interest percentages offered. It covers up 13.10% of the market and its housing finance market covers about 9.40%. Its processing schemes include .50%-1.00% of the loan or Rs.1500- Rs 2000 including the Service Charge and surcharge. Whichever fee is higher is taken into consideration.
5. Axis Bank
It offers the interest rates of 9.45% to 9.60%. Its market coverage is over 6.23 % while its market share is about 5.40%. The processing fees taken by the bank is up to 1% of the loan amount with a minimum value of 10000 rupees.
6. IDBI Home Loan
The interest percentage offered is 9.60% to 9.75%. The bank has the market coverage of over 4.67% while the market share that it covers is pretty less in comparison to the other banks. It does not take any processing fees.
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The PNB offers the interest percentage ranging from 9.55% to 9.80%. its market coverage is about 4.22% of the total and the market share it holds is extremely less than the other banks. Its processing fees are a simple 0.50% of the loan amount.
Read all details of the respective banks before applying for loans. Understand your amount, calculate the interest you have to pay, understand the market coverage and share and build your home with a secure and efficient way.