Want to know which is the Best Home loan provider in India for October 2019? Which is the cheapest home loan available in India on the basis of Interest Rates? 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 10 Oct 2019 – As per New RBI rule, most of the banks attached home loans with RPLR rates. At present, State Bank of India, offer lowest rates on housing loans @ 8.05% in special cases. HDFC Ltd, ICICI Bank, Oriental Bank of Commerce, LIC Housing all banks also cuts rates as per RLPR.
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.
Best Home Loan Interest rates for the month of October 2019
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 home loan with low interest rate.
|SBI||8.05 – 9.05%|
|HDFC Ltd||8.35 – 8.95%|
|ICICI Bank||8.65 – 9.20%|
|LIC Housing||8.35 – 8.95%|
|Axis Bank||8.90% – 9.10%|
|Bank of Baroda||8.45% – 9.45%|
|Canara Bank||8.50 – 8.75%|
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||34.00%|
|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 13.5 lakh Lakh Crore in Fiscal Year 2018
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 Home Loan 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 2019
|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||0.40 % of loan amount, up to a minimum of ₹10,000 +GST and maximum of 30,000 +GST||Nil|
|Axis Bank||Up-to 1% of the loan amount subject to minimum of Rs.10,000/-||Nil|
|LIC Housing||Up to 1 Crore : 10,000 + GST
1 Crore & above : 25,000 + GST
|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 are available for your service through this process and to guide you in making a diligent choice between Good and Bad loan.