Want to buy a home loan in India? If yes, you must be wondering which bank offers the best home loan in India. While every bank claims to provide the lowest interest rates on home loans, only a few selected ones have gained the trust of customers all over India. These banks offer the best loans in the Indian market, according to the 2022 analysis.
- State Bank of India
State Bank of India provides the best home loan in India. Apart from the home loan, they provide home loan products like remodelling, construction, and top-up loans. Every day the interest rate is calculated, and the charges for the partial payment vary from one day to the other. It is one of the best banks for applying for home loans in India.
- HDFC Bank
Another bank that offers the best home loan in India is HDFC bank. At this bank, you can get a loan on floating, fixed and TruFixed loans. The bank offers an interest rate between 7.55% – 8.05% on their home loan. The exact interest rate depends on the amount requested from the bank.
- Axis Bank
When it comes to Axis bank, you can expect to get loans starting from ₹3,00,000 up to ₹3,00,00,000. On home loan apply at Axis Bank, you can get both fixed and floating interest rates. You can repay the loan for upto 30 years.
- ICICI Bank
ICICI bank offers interest between 7.60% to 8.45% on home loans, making it the best home loan in India. The rates are cheaper for women and those opening up a joint account with a woman. If you wish to make a home loan apply at this bank, check the rules for part payment, processing fees, and pre-closure charges before appealing for the loan.
- Bank of Baroda
You can take upto a 20 crore loan from the Bank of Baroda and repay it in 30 years. Bank of Baroda provides the customers with an interest rate of 7.95% p.a on home loans. You can take up Baroda Housing Loan, Baroda Home Loan Takeover Scheme, Baroda Home Loan Advantage, Home Improvement Loan, Baroda Top-up Loan, Baroda Pre-Approved Home Loan, or Pradhan Mantri Awas Yojna, depending on your needs.
- PNB Bank
PNB bank provides 7.65% to 9.20% on home loans. The bank provides both fixed and floating rates. However, this bank does not offer top-up loans. You can repay the loan in 30 years, but in special cases, the tenure can be extended to 60 years. Call the bank to get a clear idea of these special cases if you wish to repay the loan after 30 years.
- LIC Housing Finance Limited
LIC housing finance limited provides mortgage loans on home construction, purchases, repayment, renovation and home extension. Top-up loans are available. You can repay the loan in 30 years. Compared to other banks, this bank provides low-interest rates.
- Kotak Mahindra Bank
Kotak Mahindra Bank offers Home Loan Balance Transfer, Kotak Housing Loan, NRI Home Loan, Home Improvement Loan, and NRI Home Improvement Loan. You can take up the home loan that best suits your needs. At Kotak Mahindra, the officials provide home loans starting from 7.99% p.a. You can return the loan to the bank within 30 years.
At CitiBank, the loan amount ranges between 5 lakh to 10 crores. You need to have two years of work experience to make a home loan apply at CitiBank. Like SBI, CitiBank conducts the daily reducing balance method, thereby reducing the interest rates daily.
- Bajaj Finserv
Bajaj Finserv offers top-up home loans and home loan balance transfers. They have a less loan repayment tenure of 20 years, yet they provide the best home loan in India. A salaried and self-employed individual can get upto Rs. 5 crores for a home loan.
ConclusionAmongst many other banks in India, these are the top 10 that offer low-interest rates, provide long repayment tenure, and have many loan options. Besides, they offer many other features to the customers to ease their home loan repayment. You can choose from the list specified above, cross-compare the deals and services provided by each bank and make a home loan apply to the bank that caters to your needs and requirements.