Want to know which is the Best Home loan provider in India for January 2017? Building or buying home is a dream of every person. Do you want to fulfill your dream of having your own house?Now, changing your dream into reality is possible with Deal4loans! We believe in loans by choice and not by chance. At Deal4loans, We give you a chance to compare the best offerings in the market and make the best possible choice.
Latest Update as on 12 Jan 2017 – Great News!! Bank of Baroda offers lowest rates in market 8.35% its around .25% lower than SBI. Wow!! what a great news for home loan borrowers, interest rates coming down to 8.60% which is the lowest of last 6 years. Now SBI is the king of home loan market with 8.50% ROI for women & 8.55% for others. Fixed rate starts from 8.50% for first two years. EMI coming down to 768 per lakh.
New lowest Interest rates on Home Loans are 8.35%.
While comparing home loans, it is necessary to check some key facts from different lenders. The major key points of comparison when it comes to loans are as follows:
✔ Interest rates
✔ Processing fees
✔ Turnaround time
✔ Loan to value Ratio
However, you need to view the loan in the entire package and not just focus on individual elements. If a loan has a very low interest rate, the chances are the fee structure is high.
Interest rates for the month of January 2017
Interest rate offered is the primary factor of comparison. It affects your monthly EMI and total amount payable. For a long duration loan it is advised to go for a loan with low interest rate.
|SBI||8.60%(For Women) – 8.65%(For Others)|
|HDFC Ltd||8.65% – 8.75%|
|LIC Housing||8.50% – 8.90%|
|ICICI Bank||8.65% – 8.85%|
|Axis Bank||8.85% – 8.90%|
|IDBI Bank||9.15% – 9.20%|
|PNB||8.45% – 8.50%|
|Canara Bank||8.65% – 8.75%|
|Bank of India||9.30%|
|Bank of Baroda||8.35% – 8.55%|
Let’s first know which bank are currently favorite of home loan borrowers as per ICRA
|S.No||Bank Name||Market Percentage|
|1||SBI Home Loan||25.50%|
|5||PNB Housing Finance||6.23%|
|6||IDBI Home Loan||4.67%|
1. Share of home loans in Bank Lending is 11.00%
2. Size of Home Loan Industry is 12.5 lakh Lakh Crore in Fiscal Year 2016
Housing Finance Market
|Lender||Loans in Crore||Market Share|
Eligibility Calculator: How much loan am I eligible for?
Looking for how much loan amount you can get from bank for your dream home – Don’t wait!!! Check with Eligibility calculator.
Most of the customers first prefer to choose the property according to their needs and priorities and then apply for the loan among the options available. However, it may happen that they are not eligible for the larger amount of home loan. Therefore, when you finalize any home, it is essential to know whether you can obtain loan on that property and the exact amount you can apply for. It will prepare you in advance before buying the home and avoid problems in the future. It may happen that the properties under construction are not liable assets for obtaining home loan. Therefore, it is mandatory to check these details with your bank before you decide to buy a home.
Home Loan Processing fees of Major Banks in 2017
|Bank||Processing Fees||Pre Payment Charges|
|ICICI Bank||0.50% – 1.00% of the loan amount or Rs. 1500/- (Rs. 2000/- for Mumbai, Delhi & Bangalore), whichever is higher + applicable Service Tax & Surcharge||Nil|
|HDFC Ltd||0.5% or 10,000+service tax, whichever is higher||Nil|
|SBI Home Loan||0.35% for every Lakh+Service tax or Rs. 10,000 whichever is less, subject to minimum Rs 2000||Nil|
|Axis Bank||Up-to 1% of the loan amount subject to minimum of Rs.10,000/-||Nil|
|LIC Housing||Up to 50 lacs : 10,000 +(Service tax)
50 lacs & above : 15,000 +(service tax)
|IDBI Home Loan||Nil||Nil|
|PNB Home Loans||0.50% of the loan amount||Nil|
|Allahabad Bank||0.50% of the loan amount or maximum of Rs 10,000/- + service tax||NA|
|Citibank||Rs.5000 (Application fee)||Nil|
|Syndicate Bank||0.12% of the loan amount or maximum Rs 5,000||NA|
|Punjab National Bank||Nil||Nil|
|Bank of Baroda||0.25% of the loan amount or maximum of Rs 20,000||NA|
Ease of Home Loan Processing
The procedure to apply for home loan is a bit time consuming. You have to submit a large set of income and property related documents and the approval of the loan differs from bank to bank. There are many agents who specialize in the bank processes, but the credibility of such agents is under question. So, to choose the best bank to apply for home loan as per your convenience, you must do a little research in advance.
Keeping in mind the above things, you can surely save yourself from wasting your time as well as from fraud agents. We at Deal4loans.com are available for your service through this process and to guide you in making a diligent choice between Good and Bad loan.